HECLA MINING CO. TO ACQUIRE EQUINOX RESOURCES LTD.
COEUR D'ALENE, Idaho, Nov. 3 /PRNewswire/ -- Hecla Mining Co. (NYSE: HL) announced today that it had entered into an agreement-in-principle to acquire Equinox Resources Ltd. (Toronto: EQX) of Vancouver, British Columbia. Hecla will exchange 0.3 share of Hecla common stock for each share of Equinox's outstanding common stock in the transaction which is designed to qualify for pooling of interest accounting treatment. The transaction is subject to a number of conditions, including satisfactory completion of due diligence and execution of a definitive acquisition agreement. The agreement also must be approved by Equinox shareholders. Equinox's primary asset is the Rosebud property in Pershing County, Nev., with an indicated mineral resource of 1.76 million tons containing approximately 0.33 ounce of gold and 2.0 ounces of silver per ton. The property has excellent potential for expansion of reserves, and work has begun on an underground exploration program to further define the deposit. Metallurgical testing indicates recoveries in excess of 90 percent for gold. Equinox has exploration and mining operations in western North America and Bolivia, and currently produces approximately 35,000 ounces of gold annually from its 50 percent-owned American Girl mine in southern California. In addition, Equinox holds interests in approximately 30 exploration projects in North America and Bolivia, many of which are operated and funded by other mining companies under joint-venture agreements. Hecla Mining Co. is headquartered in Coeur d'Alene. During its 102-year history, Hecla has been a leading U.S. producer of silver and lead, and more recently a significant supplier of gold and industrial minerals. -0- 11/3/93 /CONTACT: April Robertson, director of public relations, of Hecla Mines, 208-769-4100/ (HL EQX.)
CO: Hecla Mining Co.; Equinox Resources Ltd. ST: Idaho, California, British Columbia IN: MNG SU: TNM
RB-IC -- SE003 -- 9965 11/03/93 08:32 EST
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|Date:||Nov 3, 1993|
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