NEWS ROUNDUP — Coeur d’Alene gains stake in Orion

In a move to strengthen its position in Western Australia, Coeur d’Alene Mines (NYSE) has acquired a stake in Orion Resources. Only recently, that very stake in Orion was acquired by Homestake Mining (NYSE).

Coeur has acquired from Homestake 5.5 million shares and an option to buy another 5 million shares of Orion for US$10.6 million. (Homestake paid US$10.4 million for the shares and option from Ranger Minerals in December 1995.)

Coeur already owns 3.3 million shares of Orion; the additional 10.5 million shares will give the company a 19.2% interest on a fully diluted basis.