Juniors team with seniors

Following the stock market crash of 1987, a flurry of dealing has characterized the Canadian mining industry. Junior explorers, hurt by the market crash, low share prices and rarely beneficiaries of any cash flow, have been forced to team up with much larger cash-rich companies eager to expand via acquisition. A summary of some of the more important deals completed since October, 1987 is presented in the table below. Buyer Acquisition $(C) million Hemlo Gold Mines Windarra Minerals, 24.3% fully diluted 14.0

Central Crude, 11% 1.6 Northgate Audrey Resources, 20% 6.2 Explorations Campbell Resources, 20% 31.0

Geddes Resources, 15% 5.0

Chelsea Resources, 20% 2.5

Holmer Gold Mines, 32% 0.78 American Barrick Hayes Resources, 25% Homestake Mining North American Metals, 74%, takeover 29.0 Western Mining Seabright Resources, takeover 92.0

Western Goldfields, takeover 101.0

Grandview Resources, takeover 95.0 Total Resources Getty Resources, takeover 136.9 Dickenson Mines Wharf Resources, 33%, has proposed merger 45.0 Kerr Addison Mines MSV Resources, 20%, private placement 3.6 Echo Bay Mines Muscocho Group 50.0

(Muscocho Exploration 21%)

(Flanagan, McAdam Resources, 23.1%)

(McNellen Resources 27.1%)