Argentina Gold Corp. - Newmont Mining Corp.
CDN$5 Million Private Placement at $1.96 Per Share
biz.yahoo.com
Tuesday October 20, 10:23 am Eastern Time
Company Press Release
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 20, 1998-- Argentina Gold Corp. (VSE:ARP. - news)and Newmont Mining Corp. (NYSE:NEM - news) are pleased to announce that Argentina Gold Corp. has agreed to sell to Newmont Mining Corp., on a private placement basis, an aggregate of 2,550,000 shares in the capital stock of Argentina Gold Corp. at a price of CDN$1.96 per share, for gross proceeds of CDN$5,000,000.
Newmont Mining Corp., listed on the New York Stock Exchange, is the largest gold producer in North America and the second largest in the world, annually producing in excess of 3.85 million ounces of gold.
The proceeds from the private placement will provide Argentina Gold Corp. with working capital to fund the drilling program currently being carried out at the Veladero property in San Juan province, Argentina.
Argentina Gold is the operator of the Veladero project holding a 60 percent interest. Barrick Gold Corp. [NYSE:ABX - news] holds the remaining 40 percent. The issuance of the shares is subject to the approval of the regulatory authorities.
ON BEHALF OF ARGENTINA GOLD CORP.
J. Patricio Jones, President |
