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Asset exchange.


Hemlo Gold Mines agreed last month to exchange about $80 million in shares and $10 million in royalties for all of the gold assets of its controlling shareholder, Noranda Inc. The agreement provides Hemlo with badly needed growth and exploration potential. Hemlo's Golden Giant Mine in Hemlo is one of the lowest-cost producers of gold in North America, but it offers little potential for new discovery and production is declining. The gold assets to be acquired include Noranda's interests in about 290 gold exploration properties, including the Holloway property in northeastern Ontario.
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Title Annotation:Hemlo Gold Mines to exchange shares and royalties for all of Noranda Inc.'s gold assets
Publication:Northern Ontario Business
Date:Aug 1, 1991
Previous Article:Chief re-elected.
Next Article:Gold showings.

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