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Gold/Mining/Energy : Kinross Gold
KGC 25.45-0.3%Nov 14 9:30 AM EST
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To: jocko who wrote (393)10/26/1999 7:51:00 AM
From: Just G   of 530
 
NP says court approves Kinross bid for Royal Oak mines

Kinross Gold Corp K
Shares issued 302,476,501 Oct 25 close $3.86
Tue 26 Oct 99 In the News
See Royal Oak Mines Inc (RYOM) In the News
The National Post reports in its Tuesday edition that a last-minute bid to
save Royal Oak Mines Inc.'s troubled Northern Ontario mining operations
from closure was given some hope yesterday by an Ontario court. Ontario's
Superior Court of Justice approved Kinross Gold Corp.'s $5-million bid to
buy the Nighthawk and Parmour mines in Timmins on a shutdown basis. (All
figures in U.S. dollars.) But if the Toronto gold miner cannot solve some
potentially difficult liability issues and close the deal by Oct. 29, a
$4.8-million rival bid from a group of local investors will go ahead, Judge
James Farley said. "We're optimistic this could move forward," said Bill
Moffat, president of Timmins-based Potter Station Power Co. Inc. Potter
Station is leading a group of local investors that wants to preserve the
250 mine jobs by buying the two mines and restructuring operations. The
private developer's proposal was presented to PricewaterhouseCoopers Inc.
on Oct. 12, six days after Royal Oak's receiver had reached an agreement
with Kinross.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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