LAC banks proceeds from Stillwater sale

Proceeds of $48 million(C) accruing to LAC Minerals (TSE) from the sale of its one-third interest in the Stillwater platinum-palladium mine in Montana have not been earmarked for any particular corporate purpose, a company spokesman said. LAC bought into the mining venture, the only producing platinum- palladium mine in North America, in 1985. Its Stillwater partners, operator Chevron Resources and Manville Sales Corp., bought LAC’s interest and have agreed to become joint (50/50) owners. The mine was opened in March, 1987.