Recently exercising its option to purchase 250,000 shares of Crown Butte Resources (VSE) at $2.40 per share was Noranda Inc., which now owns 18.4% of the former.
Earlie thi year Norand acquire 250,00 share o Crow Butte at $1.80 per share. Noranda may exercise a third option, consisting of 300 ,000 sharesat $2.50 per share, by April 30, 1989. The major metals producer has continuing rights to boost its ownership in Crown Butte to 60%.
The two companies are involved in an exploration program, managed by Noranda Exploration, at Crown Butte’s New World project near Cooke City, Mont.
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