Canamax closes deal

Situated in the Yukon, the Ketza River mine was owned equally between Canamax and Pacific. Under the terms of the deal, Canamax will acquire the interest held by Pacific, Central Capital and Lloyds Bank in the mine.

The purchase price is $425,000, 1.4 million Canamax shares and 950,000 Canamax share purchase warrants. Each warrant gives the holder the right to purchase a common share at a price of $4.75 during a 2-year period. The Ketza River mine is expected to produce more than 30,000 oz of gold this year. In 1989, the three mines owned by Canamax will produce approximately 90,000 oz of gold.

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