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Gold/Mining/Energy : Homestake Mining
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To: long-gone who wrote (76)4/3/1998 12:59:00 PM
From: A. K. Giddings  Read Replies (1) of 415
 
News out today on Homestake with a good movement on the stock - I have also heard HM mentioned in a positive light on CNBC today.

<<paste>>

Plutonic sale approved by Tronoh holders

KUALA LUMPUR, April 3 (Reuters) - Tronoh Mines Malaysia Bhd (TMMS.KL) said its shareholders had approved
the planned sale of its 29.83 percent equity interest in Australian gold miner Plutonic Resources Ltd (PLU.AX).

In a statement to the Kuala Lumpur Stock Exchange dated April 2, Tronoh said the sale of 56.115 million Plutonic
shares for US$189.65 million will be paid with about 19.079 million common shares of Homestake Mining Co (HM -
news) at an issue price of US$9.94 each.

Homestake is an international gold mining company with operations and exploration in the United States, Canada and
Australia.

Homestake and Plutonic in December announced an agreed bid for the Australian miner under which Plutonic
shareholders would receive 34 Homestake shares for every 100 Plutonic shares held.

Tronoh said in a March 1998 circular that the combination of Homestake and Plutonic would create the third largest
North American-based gold mining company in terms of production and reserves and mineralised materials.

The combination would also create the second largest gold mining firm in Australia as measured by Australian production
and reserves, Tronoh said.

The proposed Tronoh sale is still subject to approval from the Supreme Court of New South Wales and from Plutonic
and Homestake shareholders at separate extraordinary meetings to be convened.
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