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MINNOVA TO BE ACQUIRED BY METALL

 MINNOVA TO BE ACQUIRED BY METALL
 TORONTO, July 27 /PRNewswire/ -- Kerr Addison Mines Limited


(TSE: KER) and Metall Mining Corporation jointly announced an agreement in principle for Metall to purchase for cash Kerr Addison's 50.4 percent interest in Minnova Inc. (TSE: MVA). The agreement is valued at $136.6 million. The transaction is subject to receipt of all necessary corporate and regulatory approvals. A closing date has been set for Sept. 30, 1992. Metall's present intention is to limit its investment in Minnova to this transaction.
 Minnova is a Canadian mining company with operating mines in Quebec, Ontario and British Columbia. It is engaged in exploration, mine development and the mining of base and precious metals, primarily copper, zinc, gold and silver. Minnova and Metall currently are engaged in the Izok Lake joint venture, a high grade base metal deposit in the North West Territories.
 Metall is a Canadian-based international mining company, with significant operations and interests in copper, zinc, lead, gold and silver properties. In addition to its proposed interest in Minnova, Metall has strategic investments in M.I.M. Holdings Ltd., a major Australian diversified mineral/metal producing organization and Teck Corporation, which owns a number of mines in Canada producing gold, copper and other minerals, and which together with MIM controls Cominco Ltd.
 "This transaction allows the realization of the gains arising out of the association with Minnova since its acquisition in 1986. It is a significant step in the enhancement of the wealth of our shareholders", said Andre Fortier, president and chief executive officer of Kerr.
 Klaus Zeitler, president and chief executive officer of Metall said that "This transaction will strengthen Metall's position in the Canadian mining industry. The combined expertise of both Metall and Minnova will benefit the future mining developments of both companies."
 -0- 7/27/92
 /CONTACT: Andre Fortier, president and CEO of Kerr Addison Mines Limited, 416-982-7071; or K.M. Zeitler, president and CEO of Metall Mining, 416-361-6400/
 (MLM. MVA KER) CO: Metall Mining Corp.; Minnova Inc.; Kerr Addison Mines Limited ST: Ontario IN: MNG SU: TNM


SH -- NY020 -- 3366 07/27/92 09:16 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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