Wheaton to bid for Omni Res.

Having recently purchased Mount Skukum mill southwest of Whitehorse, Yukon, Toronto-based Wheaton River Minerals (TSE) says it intends to make a takeover bid for all the outstanding shares of Omni Resources (VSE).

Wheaton River President Kerry Knoll says the proposal is a logical move for his company because Omni’s Skukum Creek gold and silver deposit is just five miles from the 300-ton-per-day mill.

With road access already in place, the Skukum Creek deposit contains minable fully diluted reserves of 513,000 tons grading 0.221 oz. gold and 8.0 oz. silver per ton.

Wheaton says it intends to offer one common share and one warrant to purchase one of its own common shares in exchange for every two Omni shares outstanding. There are currently about nine million Omni shares outstanding. Each warrant will entitle the holder to purchase one share of Wheaton River at 60 cents until Feb., 28, 1992. Wheaton must obtain regulatory approval.