Wheaton River acquires more Kit shares; Kit board changes
Wheaton River Minerals Ltd WRM
Shares issued 40,614,132 Feb 9 close $0.275
Tue 9 Feb 99 News Release
Also Kit Resources Ltd (KIT)
Mr. Ian McDonald reports
Wheaton River Minerals Ltd. has purchased privately 5,395,279 shares of Kit
Resources Ltd., a developing Canadian gold company. The shares were
purchased from Echo Bay Mines Ltd. for 13.5 cents per share. Prior to the
acquisition, Wheaton River held 3,207,543 shares of Kit Resources,
representing 8.65 per cent of the issued shares of Kit Resources. After the
purchase, Wheaton River will own 8,602,822 shares, or 23.2 per cent of the
outstanding shares of Kit, making it the largest shareholder.
In conjunction with the purchase of the additional Kit Resources shares,
Ian J. McDonald, the chairman and chief executive officer of Wheaton River,
was added to Kit's board of directors and was appointed chairman and chief
executive officer of Kit Resources, and John Zigarlick resigned as chairman
of Kit, but will continue to serve as a director with Kit Resources. Morris
Medd, a director of Kit, has resigned his position.
Wheaton River has purchased these securities for investment purposes and
may increase or decrease its holdings in Kit Resources if additional common
shares of Kit Resources become available at prices attractive to Wheaton
River.
Kit owns a 100 per cent interest in the George Lake gold project in the
Northwest Territories. Approximately $44-million has been spent on the
project since its discovery in 1982. More than 900 drill holes have
outlined a resource of 6,461,000 tonnes grading 9.76 grams gold per tonne,
or 2,027,000 contained ounces. About 65 per cent of this is in the
indicated category, with the remainder in the inferred category.
Although Kit's George Lake project will likely need a higher gold price
before it could be developed into a mine, it is nevertheless one of the
largest undeveloped gold projects in Canada.
Wheaton River currently operates the Golden Bear mine in Northwestern
British Columbia, and is developing the Bellavista gold project in Costa
Rica. |
