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AMAX GOLD INC. TAKES UP SHARES OF FAIRBANKS GOLD LTD.

 AMAX GOLD INC. TAKES UP SHARES OF FAIRBANKS GOLD LTD.
 GOLDEN, Colo., Jan. 3 /PRNewswire/ -- Amax Gold Inc. (NYSE: AU; TSE: AXG) announced that its wholly owned subsidiary, Amax Gold (B.C.) Ltd., has taken up all common shares of Fairbanks Gold Ltd. validly deposited as of Jan. 2, 1992, under the exchange offer and that it will pay for such shares in accordance with the terms of such exchange offer concurrently with the consummation of the merger of Gilmore Gold, Inc. into another wholly owned subsidiary of Amax Gold. The merger with Gilmore Gold, Inc. is expected to be consummated on Jan. 6, 1992.
 The depositary for the exchange offer has reported that as of midnight, Toronto, Ontario time, Jan. 2, 1992, approximately 13,292,769 common shares of Fairbanks Gold, representing approximately 96 percent of the outstanding common shares of Fairbanks Gold, had been deposited under the offer.
 Amax Gold Inc. produces and explores for gold in the United States and New Zealand and is 87 percent owned by AMAX Inc.
 -0- 1/3/92
 /CONTACT: Gina Wilson of Amax Gold, 303-273-0623/
 (AU) CO: Amax Gold Inc.; Fairbanks Gold Ltd. ST: Colorado IN: MNG SU: OFR


PS -- DV001 -- 6370 01/03/92 08:30 EST
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Publication:PR Newswire
Date:Jan 3, 1992
Words:207
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