Golden Bear mine interest purchased

A recently completed agreement-in-principle could result in North American Metals (TSE) owning 100% of the Golden Bear mine in northern British Columbia.

If a final agreement is completed, North American Metals will acquire the remaining 50% interest in the gold mine from a wholly owned unit of Chevron for US$1 million. The payment will be made in four monthly instalments from January through April, 1992. The payments are guaranteed by Homestake Mining (NYSE), 83% owner of North American Metals.

In return for the guarantee, Homestake will receive common shares of North American Metals equal to less than 1% of the company’s outstanding shares. In addition to the shareholding, Homestake is owed 122,000 oz. gold. The gold must be paid back at 2,000 oz. per quarter through to Sept. 30, 1995, with the unpaid balance due on Dec. 31, 1995.

Current reserves at the mine will be depleted by the end of 1995 and therefore additional reserves will have to be found in order to meet the full obligation.


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