Royal Oak, Pamour merger proceeding

An amalgamation between Royal Oak Resources (TSE) and the Pamour (TSE) group of companies should be completed by the end of March, Royal Oak says. The Pamour group, 67.1% owned by Royal Oak, includes Pamorex Minerals (TSE), Giant Yellowknife Mines (TSE), and Akaitcho Yellowknife Gold Mines (TSE). Proposed exchange ratios for the amalgamation will be announced following independent evaluations of the group.

Royal Oak says it continues to cut costs at its Yellowknife, N.W.T., and Timmins, Ont., operations. The company has hired new mine managers for both operations. In other news, shares and warrants sold to European investors as part of the company’s recent $16 million equity issue have been released from escrow.