NEVADA SPECIAL — Turnaround at Jerritt Canyon

The chairman of Minorco told shareholders at the annual meeting that a year of restructuring has resulted in a turnaround at the Jerritt Canyon gold mine in Nevada.

In March 1990, Minorca acquired Independence Mining (formerly Freeport-McMoRan Gold), the operator and 70% owner of Jerritt Canyon.

The operation is near Tuscarora, a historic mining district, and includes a large package of exploration lands.

Mining at Jerritt Canyon began in mid-1980, with the first gold bar poured on July 4, 1981.

A change of management and a new mine plan enabled the operation to earn US$25 million in 1995, compared with a loss of US$12 million a year earlier.

Julian Oglivie Thompson also told shareholders that Independence has brought into production the Cresson heap-leach gold operation at Pikes Peak, Colo., “and this will make a significant contribution in the future.” Minorco has mineral projects all over the world, including an interest in the huge Collahuasi copper project being developed by partner Falconbridge.