Brissenden offers to sell interest in White mine

A wholly-owned subsidiary of Sullivan Mines, Sullivan Resources, has received notice from one of its partners in the Arthur W. White gold mine in northwestern Ontario concerning a right of first refusal in a 1% undivided interest in the mine.

William G. Brissenden, Inc. of Toronto is offering to sell its 1% interest in the mine. The cash equivalent, consisting essentially of shares, of the deal for the 1% interest is $2,080,000. It is understood Dickenson Mines, which owns 65% of the White mine, wishes to purchase the Brissenden interest.

Sullivan Resources, which owns the remaining 34% in the White mine, does not expect to exercise its right of first refusal before a special general meeting of shareholders of the parent Sullivan company, scheduled for Oct 15. At that meeting, Sullivan shareholders will vote on a proposed amalgamation between Sullivan and a wholly-owned subsidiary of Cambior Inc.