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Gold/Mining/Energy : Wheaton River Minerals (WRM Toronto) -- Ignore unavailable to you. Want to Upgrade?

To: Steve Johnston who wrote (231)	12/6/1999 1:54:00 AM
From: mr. ed	Respond to of 350

Thursday November 25, 8:42 am Eastern Time Wheaton , Kit merger (Full text of press release from Canadian Corporate News) NOVEMBER 25, 1999 Wheaton River and Kit Resources Agree to Merge TORONTO, ONTARIO--Wheaton River Minerals Ltd. (TSE: WRM) and Kit Resources Ltd. (TSE: KIT) announced today that their respective boards of directors have given approval in principal to a business combination of the two companies pursuant to which they will merge by way of a court approved plan of arrangement. The exchange ratio is one for one in the case of Wheaton River and 0.408 for one in the case of Kit. The name of the merged company will be Wheaton River Minerals Ltd. Committees of the independent members of the board of directors of each company have been formed to review the exchange ratios and determine that they are fair to the shareholders of each company. Completion of the merger will be subject to receipt of an appropriate valuation, fairness opinions, requisite shareholders' approvals and approvals by the independent committees, the boards of directors, regulatory authorities, and the Ontario Superior Court of Justice. Meetings of the shareholders of the companies will be scheduled as soon as practicable to consider the proposed combination. Homestake (NYSE:HM - news) Canada Inc., the beneficial owner of approximately 3,575,000 common shares of Kit representing approximately 9.5% of the total issued and outstanding shares of Kit, has entered into a Support Agreement with Wheaton River pursuant to which it has agreed to vote its shares in favour of the proposed merger. Wheaton River currently owns 8,602,822 shares of Kit. Wheaton River Minerals Ltd. is a Toronto-based gold mining company. During the 1999 season, the Golden Bear Mine, controlled through 89%-owned subsidiary, North American Metals Corp., produced 71,600 ounces of gold at a total cash cost of US$159 per ounce. The Golden Bear mine, which is operated on a seasonal basis, has two more years of profitable life. Wheaton River is also developing the 100%-owned Bellavista mine in Costa Rica. A feasibility completed in April, 1999, estimated that the project will produce 60,000 ounces of gold per year at a total cash cost of US$179 per ounce, over a mine life of 7.3 years. Capital cost to develop the project is estimated at US$28.3 million. Wheaton River had $11.7 million in cash on September 30, 1999. Kit Resources Ltd. owns a 100% interest in the George Lake gold project, located about 70 kilometres south of Bathurst Inlet in the Nunavut Territory of northern Canada. MRDI Canada Inc. estimates that the project has an indicated resource of 4,238,000 tonnes grading 9.8 grams gold per tonne, and a further inferred resource of 2,222,000 tonnes grading 9.69 grams gold per tonne. The total inferred and indicated gold resource is 2,027,000 ounces. The project is optioned to Kinross Gold Corporation, which can earn a 70% interest by spending $20 million by November 30, 2004. Wheaton River has 40,242,007 shares outstanding, and Kit Resources has 37,548,261 shares outstanding. The merged company would have approximately 52 million shares outstanding. FOR FURTHER INFORMATION PLEASE CONTACT: Wheaton River Minerals Ltd. Ian J. McDonald, Chairman and Chief Executive Officer or Kerry Knoll, Vice-President, Investor Relations Tel: (416) 860-0919 www.wheatonriver.com or Kit Resources Ltd. Robert Gilroy, President and Chief Operating Officer Tel: (604) 684-9648 www.kitgold.com

To: Steve Johnston who wrote (231)	12/21/1999 3:08:00 PM
From: mr. ed	Read Replies (1) \| Respond to of 350

Tuesday December 21, 11:16 am Eastern Time Company Press Release Wheaton River Successful in Red Mountain Bid TORONTO, ONTARIO--Wheaton River Minerals Ltd. is pleased to announce that its 89% owned subsidiary, North American Metals Corp., has reached agreement with PricewaterhouseCoopers Inc., the interim receiver of Royal Oak Mines Inc., to purchase the Red Mountain gold project. The purchase price is C$413,360. Closing of the transaction is expected to take place in January 2000, and is subject to approvals by the bankruptcy court and regulatory agencies. Red Mountain is an advanced gold project located 18 kilometres east of Stewart, British Columbia. The deposit was originally drilled by Bond Gold in the late 1980s, and was subsequently explored by Lac Minerals and Royal Oak. Approximately US$38 million has been spent by past operators. Diamond drilling on the property has totalled 127,000 metres and 2,000 metres of underground workings have been excavated, including a 1,000-metre production-sized decline. Mineralized material at Red Mountain as published in Royal Oak's 1998 annual report totals 13,238,000 tons grading 0.074 ounces gold per ton, or 918,000 ounces of gold. A technical evaluation completed by Wheaton River during its due diligence period indicates that a higher-grade core of the deposit could be economically extracted at a US$300 gold price, mining about 700,000 tonnes grading 12 grams gold per tonne, and recovering about 250,000 ounces of gold over a 4-5 year period. It is on this higher-grade, downsized basis, and the project's exploration potential, that the property is being purchased. A geostatistical evaluation carried out by Wheaton River indicates that no further drilling may be necessary for ore reserve estimation of the higher-grade core. The company intends to undertake a bankable feasibility study on the project, commencing immediately. ''This acquisition fits our long-term strategy of acquiring advanced gold projects that can be brought to production quickly and at a low cost,'' says Ian McDonald, Wheaton River's chairman and chief executive officer. ''We already have a proven operating team in northern British Columbia, and expect Red Mountain to replace the production from the nearby Golden Bear mine, hopefully by 2002.'' Wheaton River is examining the economics of moving the mill facility currently situated at the Golden Bear mine to the Red Mountain project. The purchase includes a considerable amount of mining equipment and an office/warehouse building in Stewart. Contact: Ian J. McDonald Chairman and Chief Executive Officer or Kerry Knoll Vice-President, Investor Relations (416) 860-0919