Printer Friendly

KAZMINCO INCREASES ITS SHAREHOLDING TO 80% IN SIX EXISTING JOINT VENTURES INCLUDING THE VARVARINSKOYE AND SAMARSKOYE PROPERTIES.

--(BUSINESS WIRE)--Nov. 26, 1996--KazMinCo is pleased to announce it has reached agreement with its Joint Venture partner JSC Acier to increase KazMinCo's shareholding in all KazMinCo - Acier Joint Ventures to 80%. Currently KazMinCo has six joint ventures with Acier in which it holds either 49% or 50%. The increase to 80% in all cases greatly enhances KazMinCo's asset base and allows the company greater flexibility to extract shareholder value from the projects. The acquisition is subject to regulatory approval and satisfactory due diligence and is at a cost of US$1.0 million cash and 500,000 KazMinCo common shares. A finder's fee will be paid to an arm's length party in respect of the transaction.

he flagship projects in which KazMinCo and Acier are joint venture partners are the Varvarinskoye gold-copper deposit and exploration territory in northern Kazakstan; and the Samarskoye copper-gold porphyry and Northern Gold Deposit in central Kazakstan. KazMinCo has recently announced very encouraging drill results from these projects which confirm their world-class potential. Pre-feasibility studies at Varvarinskoye are scheduled for completion by the end of 1996; while at Samarskoye pre-feasibility studies will be complete by mid-1997 on the copper-gold porphyry deposit.

KazMinCo also recently announced encouraging exploration results from its Shatyrgul, Duman-Shuak and Svetinskoye properties in southern Kazakstan in which the Company has also increased its shareholding to 80% via the acquisition.

In addition to the Acier joint ventures, KazMinCo has a further four joint ventures on gold and copper-gold projects with other Kazak partners in which it has between a 50% and 75% shareholding as well as management control. The Company is actively exploring on all its properties and continuing its strategy to increase shareholder value by building a minerals business in Kazakstan.

KazMinCo is listed on The Toronto Stock Exchange and its shares trade under the symbol KMC.U. -0-

On Behalf of the Board

Tony Williams Bert Kennedy Chairman President & CEO

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVE THE INFORMATION CONTAINED HEREIN.

CONTACT: Dragon Capital Corporation Ltd., UK

Tony Williams, +44 (0) 171 491 2525

or

KazMinCo

Bert Kennedy, +44 (0) 1483 729995

or

David Williamson Associates, Europe

D. Williamson, +44 (0) 171 628 3989

or

The Barrington Communication Group, Inc.

Maureen Luck, 604/682 1700, 800 663 0321 (Fax)
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 26, 1996
Words:384
Previous Article:PCPI announces new development contract for multifunction product controllers.
Next Article:Vicom Achieves a World First at COMDEX Trade Show.
Topics:


Related Articles
INTERNATIONAL PLATINUM ANNOUNCES RENEGOTIATION OF THE BLACK ROCK AGREEMENT.
Tan Range Closes Final Agreement With Major South African Mining & Finance House.
KazMinCo's treasury increased by US$14.7 million on exercise of US$7 warrants to US$28 million.
Altai Resources Inc. Announces Strategic Alliance with Normandy Mining Limited.
Living Dangerously.
Carlton closes $74M Broad St deal.
Stora Enso in carry out NETSS, phase two.
Spider And KWG Agree To Amend Joint Venture, Parties Select Individual Projects For Advancement.
CDP recognizes Stora Enso.

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