LETTERS TO THE EDITOR — Rio Algom retains St. Philips

Your article “Rio not funding Kemess work, partners consider alternatives” (T.N.M., June 29/92) may create a misleading impression that Rio Algom has no further interest in the South Kemess project. Nothing could be further from the truth. Rio Algom made no announcement.

On June 17, 1992, a St. Philips Resources news release reported that it had been advised that Rio Algom would not be exercising additional options pursuant to an existing agreement. Rio retains a 30% shareholding in St. Philips with the right to maintain this interest, and discussions among all parties are continuing as to the content and financing of the 1992 program.

C.K. O’Connor

Vice-President of Exploration

Rio Algom Ltd.

Toronto