well finally here is something from ssrif....anyone have comments??
Silver Standard Closes Acquisition of Mudgee Project
VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 29, 1997-- SILVER STANDARD (VSE:SSO., NASDAQ:SSRIF) Silver Standard Resources Inc. is pleased to announce the closing of an agreement with Golden Shamrock Mines Limited of Melbourne, Australia, to acquire GSM Exploration Pty Limited (GSM) whose sole asset is a 100 percent interest in the Bowdens Deposit, a 60 million ounce silver resource located near Mudgee, Australia, some 200 kilometres northwest of Sydney.
The acquisition cost for GSM is US$6.75 million. Silver Standard paid US$6.25 million on closing and will pay the remaining $500,000 by December 31, 1997. On July 31, 1997, Silver Standard reported an agreement with Rio Tinto Exploration Pty Limited for the waiver of certain of its security rights and the release of certain back- in rights with respect to GSM. Under this agreement, Rio Tinto agreed to the waiver and release of these rights for issuance of 160,000 common shares of Silver Standard, the payment of US$1.5 million on commencement of commercial production from the Mudgee property, a 2 percent net smelter royalty capped at US$5.0 million, and a 1 percent net smelter royalty thereafter. The shares issued to Rio Tinto have a one-year hold from July 31, 1997.
A finder's fee of 30,503 common shares is payable to each of Global Resource Investments Ltd. and Mining Finance Company International Ltd. These common shares have a one-year hold period from August 22, 1997.
A 2,500-metre program of reverse circulation drilling, which will test mineralization outside the limits of the currently defined resource, is expected to begin by mid-September. Further work in 1997 will include prospecting and surface sampling in several areas of anomalous stream geochemistry.
Silver Standard is a silver resource company with significant exploration projects in Mexico, Bolivia, the Russian East, Australia and the United States. Silver Standard now has in excess of 160 million in-situ resource ounces of silver owned or under option.
The Vancouver Stock Exchange has neither approved nor disapproved of the information contained herein. |
