Douglas, Kachmar named to top Wharf positions

The president of Toronto-based Dickenson Mines, J. O. Kachmar, has been named president of Wharf Resources in a shake-up of the latter company’s board of directors.

Dickenson, which currently owns almost 29% of the common shares of Wharf, is the controlling shareholder in the Calgary-based company which operates a heap leach gold mine in South Dakota. Four Dickenson representatives now sit on the 7-member Wharf board, including the new chairman, R. P. Douglas.

The two other Dickenson-appointed representatives are J. C. McCartney and D. J. Libby. Retaining their seats on the board are C. S. L. Hoffmann and D. E. Scholz. The seventh member is newly appointed Hank Scholz.

During the past months Dickenson has been making small purchases of Wharf shares; the most recent acquisition of 390,000 shares (2.34%) increased Dickenson’s holding in Wharf to 28.6%.

Dickenson said the latest shares were acquired for investment purposes, and it may make additional purchases depending on the market and other factors.

“We like the investment, we like it very much. If the opportunity presents itself, we may make further purchases within the framework of regulatory guidelines,” Kachmar told The Northern Miner.

Kachmar said he is unaware of any other block of holdings in Wharf exceeding 5% of the outstanding shares.

Its holding in Wharf gives Dickenson control of annual gold production surpassing 100,000 oz (although its share of that output is less). Kachmar said Wharf’s 1987 production totalled an estimated 45,000 oz, while the Arthur W. White mine (in which Dickenson has a 66% interest) in northwestern Ontario produced an estimated 68,000-70,000 oz in 1987.