Noranda managers sell shares
Fifty senior managers at Noranda (TSE) have sold 1.6 million common shares at $20.50 per share through the Toronto Stock Exchange to raise $32.8 million. They used about $30 million of the proceeds to…
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NEWS ROUNDUP — Bre-X options Indonesian bet
Calgary-based Bre-X Minerals (ASE) has signed an agreement in principal to earn an 80% interest in an Indonesian gold project. The 57,571-hectare property contains three gold prospects, one of which r…
Citadel terminates lease on Wawa mill
Toronto-based Citadel Gold Mines (TSE) has terminated the lease on its Surluga gold mill in Wawa, Ont. The lease had been held by Monk Gold & Resources (ASE). Citadel is reviewing its gold property an…
Cyprus sells two gold mines
The sale of some gold mining assets is providing Cyprus Minerals (NYSE) with additional funds for capital programs aimed at reducing costs and expanding production. An 80% interest in the Golden Cross…
Federal government to sell Cameco shares
The federal government intends to sell half its 19.2% interest in Saskatchewan uranium producer Cameco (TSE) for $102.5 million. Five million shares will be sold to the public at $20.50 per share by a…
PEOPLE — IRON LADY RESOURCES
Clive Brookes, Sean O’Neill and Alan Rothenbush appointed directors.
Comstock drilling extends Lucerne
Drilling on the South Comstock gold project near Carson City, Nev., has successfully extended the Lucerne gold deposit to the east. Rea Gold (TSE) is earning a 50% interest in the property from BMR Go…
LETTERS TO THE EDITOR — Whitehorse Mining Initiative needs
The letter “Time to start fighting back” from Michael Leahy (T.N.M., Apr. 19/93) contains misplaced criticism of the Whitehorse Mining Initiative. One can understand and sympathize with Leahy’s frustr…
Dome mine team triumphs in first-aid competition
The first-aid team from the Dome gold mine of Placer Dome in Timmins, Ont., has won the annual McCrea First-Aid Competition sponsored by the Mines Accident Prevention Association of Ontario (MAPAO). T…
LATIN AMERICA ROUNDUP — Mexican mines ministry eases
The Ministry of Energy, Mines and State Industry (SEMIP) in Mexico has lessened the amount of paperwork through which mining companies must wade. Paradoxically, doing so has entailed the use of still …
NEWS ROUNDUP — Kerr Addison calls it a day
A company whose history reaches back more than half a century, is slowly winding down. Kerr Addison Mines (TSE) recently sold its exploration assets to Metall Mining (TSE) for $23.5 million. The holdi…
Placer to drill Mulatos deposit
Drilling is planned by Placer Dome (TSE) to test a previously defined gold resource and further explore the Mulatos property in the Sierra Madre mountains of Mexico’s Sonora state. The volcanic-hosted…