News ("press release") that gave DBRSY a small bump:
Monopros/De Beers Buys 51% of AK/CJ Gross Overriding Royalty
ONTARIO, Calif., Sept. 13 /PRNewswire/ -- Mountain Province Mining Inc. (Nasdaq: MPVIF, Toronto: MPV) announced today that Monopros Limited, a wholly owned subsidiary of De Beers Consolidated Mines Limited (Nasdaq: DBRSY - news), has elected to purchase, for $2.55 million, a 51% interest in a 3% gross overriding royalty (the ``Royalty') against production from the AK/CJ diamond property in the Northwest Territories. The Royalty is presently held by Mountain Province Mining (as to 90%) and by Camphor Ventures Inc. (as to 10%).
Monopros negotiated an option to purchase a 51% interest in the Royalty at the time it entered into the AK/CJ Joint Venture with the MP Group and Glenmore Highlands Inc.
Completion of the transfer of the Royalty is expected on or about November 25, 1999. Mountain Province Mining will receive 90% of the C$2,550,000 payment (being C$2,295,000), and Camphor will receive the remaining 10% (being C$255,000).
Upon completion, Monopros will hold an undivided 51% interest in the Royalty, Mountain Province Mining will hold an undivided 44.1% interest in the Royalty, and Camphor will hold an undivided 4.9% interest in the Royalty. Upon Monopros having earned a 51% interest in the AK/CJ diamond property in accordance with the requirements of the Joint Venture agreement, the Royalty will be cancelled for no further consideration. |
