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Gold/Mining/Energy : Franco & Euro Nevada FN , EN

FN 402.40

-10.0%

Nov 13 3:59 PM EST

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To: Gemini who wrote (493)	6/24/1999 11:03:00 AM
From: Jim Bishop	Read Replies (1) of 658

TORONTO, June 24 /CNW/ - Franco-Nevada Mining Corporation Limited (TSE:FN) and Euro-Nevada Mining Corporation Limited (TSE:EN) announce that their respective boards of directors have given approval in principle to a business combination of the two companies pursuant to which they will amalgamate by plan of arrangement. The exchange ratio is one for one in the case of Franco-Nevada and 0.77 for one in the case of Euro-Nevada. The name of the amalgamated company will be Franco-Nevada Mining Corporation Limited. Committees of the independent members of the boards of directors of each company have been established to review the exchange ratios and determine that they are fair to the shareholders of each company. Financial advisors will be engaged to provide a fairness opinion to each of the independent committees. Completion of the business combination will be subject to receipt of such fairness opinions, approvals by the independent committees and boards of directors of both companies, and approvals of regulatory authorities, the shareholders of both companies and the Ontario Superior Court of Justice. The shareholders' meetings have been scheduled for September 8, 1999. The proposed board of the amalgamated company will consist of the nine individuals who are currently directors of the companies and are standing for re-election at today's annual meetings. The boards of directors based their approval in principle of the business combination on a preliminary assessment of a number of factors including that the amalgamated company will have a larger market capitalization with greater liquidity and increased financial capacity for larger transactions. The two companies already have common management and significant common assets. The amalgamation will simplify administration and clarify presentations to shareholders and potential investors. Franco-Nevada and Euro-Nevada are the world's largest public precious metals royalty companies. Together, the companies are equal partners in the Midas Joint Venture which manages the Ken Snyder Mine and have a growing portfolio of over 60 royalties spanning six countries with direct or royalty land interests exceeding 5 million acres. Both companies trade on the Toronto Stock Exchange with a combined market capitalization of $3.5 billion. %SEDAR: 00002195E -30- For further information: Ron Binns, Chief Financial Officer, (416) 480-6490; David Harquail, Senior Vice-President, (416) 480-6497

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