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NERCO AGREES TO SELL SUBSIDIARIES

 PORTLAND, Ore., June 28 /PRNewswire/ -- NERCO Inc. today announced that it has agreed to sell subsidiaries of NERCO Minerals Co. to Kinross Gold Corp. for $16.75 million cash. The sale is expected to close in early August 1993.
 The sale includes all of the shares of NERCO DeLamar Co. and NERCO Metals Inc. NERCO DeLamar Co. owns a 100-percent interest in the DeLamar Mine located in southwestern Idaho about 90 miles southwest of Boise. NERCO Metals Inc. owns a 100-percent interest in the Candelaria Mine located in western Nevada between the towns of Tonapah and Hawthorne. In 1992, the two mines produced a total of 122,000 ounces of gold and 2.9 million ounces of silver.
 The sale will also include the American Mine gold prospect near Twenty-Nine Palms, Calif., and the Dunka Road base-metal mine in northern Minnesota.
 NERCO Inc., headquartered in Portland, Ore., is an affiliate of Kennecott Corp., both wholly owned by RTZ America Inc.
 -0- 6/28/93
 /CONTACT: John Cummings of NERCO, 503-731-6649; or Alexis Fernandez of Kennecott Corp., 801-322-8036/


CO: NERCO Inc., Kincross Gold Corp. ST: Oregon IN: MNG SU: TNM

JH -- SE011 -- 6475 06/28/93 18:31 EDT
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Publication:PR Newswire
Date:Jun 28, 1993
Words:198
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