Printer Friendly

Asset exchange.

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.
COPYRIGHT 1991 Laurentian Business Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
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
Words:94
Previous Article:Chief re-elected.
Next Article:Gold showings.
Topics:


Related Articles
Sharp production hike at Hemlo Gold.
Prospector disputes Hemlo Gold's ownership of the Golden Giant Mine.
Rich Hemlo gold field still churning it out.
Hemlo Gold offers answer to Flanagan McAdam's woes.
Mine, all mine; the great mineral grab.
Hemlo Gold announces record earnings - up 40 percent.
Holmer Gold Mines Limited -- company update.
Scintilore Explorations Limited Company Update.
Junior buys up patchwork properties in Hemlo camp.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters