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METALL DOUBLES INTEREST IN OK TEDI

 TORONTO, Sept. 27 /PRNewswire/ - Dr. Klaus M. Zeitler, president and chief executive officer of Metall Mining Corporation announced today that Metall has reached an agreement in principle to purchase an additional 7.5 percent of the ordinary shares and 8.7 percent of the preferred shares of Ok Tedi Mining Limited ("Ok Tedi") from Degussa AG at a price of US $35 million. The purchase will double Metall's interest in Ok Tedi. Metall is also in discussions with another Ok Tedi shareholder with a view to further increasing its interest in Ok Tedi.
 Ok Tedi's principal asset is the Ok Tedi mine, a major open pit copper and gold mine in Papua New Guinea. In 1992, Ok Tedi had earnings of $64.1 million on production of 426.3 million pounds of copper in concentrates and 326,218 ounces of gold. The Ok Tedi mine's estimated mineable ore reserves at Dec. 31, 1992, were 430.6 million tons grading 0.75 per cent copper and 0.67 grams of gold per ton, giving a mine life of at least another fifteen years.
 Dr. Zeitler said: "Metall is pleased to be able to increase its interest in this mature, well-managed mining project. The acquisition will significantly increase Metall's share of copper and gold mine production".
 Metall Mining Corporation is a Canadian based international mining company with significant interest in copper, zinc, lead, gold, silver, and industrial mineral operations properties in North America, Europe and the Pacific Rim. It is in the process of completing the acquisition of copper smelting and refining operations in Europe and an option to acquire an interest in a copper smelting and refining project in Indonesia.
 -0- 9/27/93
 /CONTACT: Stefan Garber, vice-president-corporate development of Metall Mining Corporation, 416-361-6400/


CO: Metall Mining Corporation; Ok Tedi Mining Limited ST: Ontario IN: MNG SU:

TM -- NY100 -- 6148 09/27/93 18:59 EDT
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Publication:PR Newswire
Date:Sep 27, 1993
Words:315
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