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BP CANADA SELLS LES MINES SELBAIE

BP CANADA SELLS LES MINES SELBAIE
 CALGARY, Oct. 01 /CNW/ - BP Canada Inc. announced today it has signed a sales and purchase agreement for the sale of its 61.11 per cent interest in Les Mines Selbaie to its partner in the mine, Billiton Metals Canada Inc.
 The agreement is subject to certain conditions and regulatory approvals but the sale is expected to close on October 21, 1992. Financial details of the transaction were not disclosed.
 The mine, which is situated in northern Quebec 208 kilometres north of Rouyn-Noranda, produces copper and zinc concentrates with accompanying gold and silver.
 BP Canada announced last year that it was selling its mining assets and in its 1991 year-end accounts moved them into discontinued operations. "This is a major step toward achieving our goal of being a focused oil and gas company," said David Claydon, chairman and chief executive officer of BP Canada. "We have already sold the Hope Brook gold mine and Texada Lime and sale of our remaining minerals exploration properties is underway."
 BP Canada is a newly independent Canadian company in the upstream oil and gas business.
 For further information: David A. Claydon, Chairman and C.E.O., (403) 237-1123, or; Ruth Ann Yardley, Manager, Public Affairs, (403) 237-1362
 (BPC.)
 -0- 10/01/92


CO: BP CANADA INC. IN: OIL ST: -- c0020 -- X978 10/01/92
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Publication:PR Newswire
Date:Oct 1, 1992
Words:226
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