On Nov. 5, 1996--KINROSS GOLD CORPORATION (TSE-K;NYSE- KGC)
announced results for the three and nine months ended
September 30, 1996.
Part of their announcement included the following:
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New Developments
Hoyle Pond
Kinross recently announced that it had agreed to acquire an effective 2% net smelter return royalty from Inco
Limited, covering many of the key claims at Kinross' Hoyle Pond property. Inco Limited will be issued 1,000,000
Kinross common shares plus 200,000 Kinross share purchase warrants exercisable at Cdn $12 per share for one
year. Kinross anticipates that this transaction will be non-dilutive to Kinross' earnings and has the potential to be
increasingly positive to earnings as exploration continues on this very prospective property.
Kinross and Black Hawk Mining Inc. have entered into an agreement to develop Black Hawk's Hoyle Township
property which is contiguous with Kinross' Hoyle Pond property. As a result of this agreement Kinross has
committed to spend Cdn $1,000,000 by May 1, 1997 drilling the property. Contingent on a successful drilling
program, a development plan will be completed whereby Kinross will earn a 50% interest (subject to certain rights
held by Thunderwood Resources Inc.) for providing the first Cdn $12,000,000 for development.
During the quarter, 41% owned affiliate, Pentland Firth Ventures Ltd., began dewatering the Marlhill underground
workings as a follow-up to previous drilling success.
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Look for more news on this area in the near future. |
