Black Hawk Mining Inc. Announces The Purchase Of Call Options An
1/12/0 16:54 (New York)
BLACK HAWK MINING INC. (TSE-BHK) previously reported that the
Company had sold call options on a total of 160,960 ounces of
gold for the years 2000, 2001 and 2002 at an average strike price
of US$ 273 per ounce. These options were sold, at the request of
Black Hawk's banker, to pay for the purchase of put options in
order to ensure minimum cash flows for the repayment of an
outstanding loan.
The Company is pleased to announce that it has recently purchased
call options on 50,000 ounces of gold, at a strike price of $290
per ounce, for the year 2000. This transaction will allow the
company to participate in any increase in the price of gold
beyond the $290 strike price for 2000.
Black Hawk also announces that Mr. Blois Hennigar, Vice
President, Finance and Chief Financial Officer has resigned. This
position will be filled internally on an interim basis until the
restructuring of the Company is completed. The Board of
Directors acknowledges and appreciates the contributions of Mr.
Hennigar and wishes him well in his future endeavours.
Black Hawk Mining Inc. is a gold mining company with two mines,
the Keystone Gold Mine in Manitoba and El Limon Mine in
Nicaragua. These two mines produced a total of 117,000 ounces of
gold in 1999 and are expected to produce approximately 85,000
ounces of gold in 2000. The company also holds exploration
properties in Manitoba and Nicaragua as well as in northern
Ontario, Maine and British Columbia. Black Hawk is listed on The
Toronto Stock Exchange under the symbol BHK.
For further information please contact:
Mr. Garth MacRae
Interim President and Chief Executive Officer
Tel: (416) 365-5657
Ms. Blanca Medina
Office Manager
Tel. (416) 216-3532 |
