TORONTO, June 6 /CNW/ - MacDonald Mines Exploration Ltd. (ASE-MMP.A)
anticipates that it will shortly be provided with the terms of regulatory
approval for a proposed takeover bid to acquire its joint venture partner
Golden Hill Mining Corporation (CDN-GHMC). An amended application for the
listing of 11.6 million shares under a Rights Offering and up to 19.5 million
shares and 8.5 million warrants to be issued pursuant to the takeover bid, was
submitted on April 28th, 1997. The parties, together with Mill City Gold
Mining Corp. (VSE-MIY) which holds approximately 42% of Golden Hill Mining
Corporation, are discussing the terms of a consent to the dismissal of actions
brought in connection with the matter.
The joint venture partners have identified a resource of some 226,000
ounces of gold and 50 million pounds of copper at their Golden Hill discovery
in east central Cuba. A pre-feasibility study to determine the project's
optimum economic parameters, is currently underway. Operator MacDonald Mines,
and its Cuban partner GeoMinera S.A., are hopeful of commencing gold
production at the deposit in late 1998 or early 1999.
Currently also, field crews are conducting surface geophysical surveys,
sampling and geological mapping, of some 75 high-priority targets identified
in an airborne geophysical survey previously completed over the 2,000 square
kilometre concession. Present indications are that a number of drillable
targets are being defined in the prolific cretaceous arc rocks that traverse
approximately half of the large concession.
MacDonald Mines is also engaged in discussions with third parties for the
acquisition of additional mineral exploration assets in the Republic of Cuba.
The ASE have neither approved nor disapproved the information contained
herein.
Should we look for a rise in our stock price. |
