Third parties court Bethlehem

Copper and zinc producer Bethlehem Resources (TSE) recently received proposals for a merger as well as a takeover from two separate groups.

Henry Ewanchuk, president of the company, said Bethlehem received a merger offer from one party and an expression of interest from a second group with respect to a possible acquisition of the company.

No details on the proposals were released and management is now reviewing the two proposals with the board of directors as well as outside advisers. Bethlehem reports production at its 50% owned Goldstream copper-zinc mine near Revelstoke, B.C., is proceeding smoothly. Copper concentrate shipments to Japan are currently averaging about 5,500 wet tonnes per month for smelting and refining.

In addition, the zinc circuit at the mine was reactivated in April and shipments have started to Cominco Ltd.’s smelter in Trail, B.C. Ewanchuk estimated zinc production at 350,000-400,000 lb. per month while copper production sits at about three million pounds per month The remaining 50% interest in the mine is held by Goldnev Resources (VSE), which in turn is 87% owned by Prime Equities International (VSE) following a 4-for-5 merger last year.