Chapter closes on Crown Butte saga

The fate of the controversial New World project in Montana and its owner, Crown Butte Resources, was sealed last year by the personal intervention of American President Bill Clinton and Vice-President Al Gore. The gold-copper project was made part a wilderness preserve, whereas Crown Butte is about to be liquidated and dissolved.

Last summer, in response to environmental concerns and pressure from government officials, Crown Butte exchanged its interest in New World for US$65 million, then turned over $22.5 million of that amount for the completion of reclamation and restoration work at the past-producing mine site.

The remaining cash, which constitutes the only significant asset of the company, will be distributed to shareholders next month. Based on current exchange rates, shareholders can expect to receive between US$4.40 and $4.50 per share. A further small distribution will follow the liquidation.