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Gold/Mining/Energy : BLACK HAWK (TSE:BHK)

BHK 9.760

+0.7%

Nov 12 4:00 PM EST

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To: Stephen O who wrote (405)	5/7/2001 5:26:13 PM
From: Stephen O	Read Replies (1) of 545

More Manantial Espejo news BHK back to 50% interest Black Hawk M: Black Hawk Increases Interest In Manantial Esp 2001-05-03 08:25 (New York) BLACK HAWK MINING INC ("BHK-T") SILVER STANDARD RESOURCES INC ("SSO-V;SSRI-2") BARRICK GOLD CORP ("ABX-TBHDNPX3") - Black Hawk Increases Interest In Manantial Espejo To 90% BLACK HAWK MINING INC. reported that Silver Standard Resources Inc. entered into an agreement with a subsidiary of Barrick Gold Corporation to acquire a 20% direct interest in the Manantial Espejo silver - gold project, in southern Argentina. The agreement includes the deferral of the payment of a royalty of US$5.00 per ounce of gold and US$0.06 per ounce of silver, formerly to be paid to Barrick on the completion of a feasibility study on the project, to the commencement of commercial production. Barrick will also retain a 3% royalty on certain claims in respect of gold and silver discovered in addition to that identified at the time of production. The agreement is subject to regulatory approvals and is expected to close within a month. Black Hawk owns 80% of the Manantial Espejo project, subject to an option granted to Silver Standard to acquire 50% of Black Hawk's interest. Black Hawk and Silver Standard entered into a separate letter agreement in which Black Hawk will acquire one-half of Silver Standard's 20% direct interest in Manantial Espejo in exchange for Black Hawk's 40% direct interest in the Sulphurets gold-silver project in British Columbia and a cash payment by Silver Standard of Cdn$125,000. Silver Standard will also pay Black Hawk a net smelter return royalty of 1.2% on production from Sulphurets in excess of current resources of silver and gold. The agreement is subject to regulatory approval and Silver Standard completing its transaction with Barrick. It is expected that the transactions will close concurrently. On closing the transactions, Black Hawk will hold a 90% interest in Manantial Espejo, subject to Silver Standard's option to acquire a 40% interest in the project. TEL: (416) 365-5657 Mr. Garth MacRae, President and CEO E-mail: info@bhkmining.com Internet: www.bhkmining.com Look at the volume over the past few days. Black Hawk is being accumulated.

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