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Gold/Mining/Energy : Westmin Resources(T.WMI) -- Ignore unavailable to you. Want to Upgrade?

To: bbaeshta who wrote (57)	1/5/1998 11:10:00 AM
From: HAZ	Respond to of 63

Recent Article in Vancouver Sun LOCAL BUSINESS Westmin, Boliden agree to ceasefire Rod Nutt, Sun Mining reporter Vancouver Sun Westmin Resources Ltd. and Boliden have agreed to drop proceedings currently before several Canadian securities commissions after Boliden agreed to extend the expiry date of its hostile $513-million takeover bid for the Vancouver company. In exchange for the extension, Westmin will also waive its shareholder-rights plan and give Boliden access to confidential information and provide tours of the company's properties. The easing of the tension between the companies is the result of Boliden extending its offer to Jan. 21 from Jan. 9. "This is a good development for Westmin shareholders, because it gives the company the time it needs to maximize shareholder value," said Westmin chair Terry Lyons. "Furthermore, it will give Boliden a better understanding of the company's assets, its underlying value and exciting prospects for the future." Lyons said Boliden's access to the confidential data room will put the company on the same footing as other potential buyers currently scrutinizing Westmin with a view to submitting a higher bid. "The extension will also provide potential buyers with additional time to submit final proposals," he said. Lyons said the new development hasn't changed Westmin's original recommendation to shareholders that they reject Boliden's $5.40-a-share offer for all the common shares of Westmin as inadequate and opportunistic in today's weak metals market. "The current slump in metal prices does not affect the long-term value of Westmin's assets and it would be unwise to value the company at a low point in a normal price cycle," he said. Boliden said it expects to begin its review of Westmin's data room and properties next week. Westmin produces zinc, copper and gold concentrates at its Myra Falls operations near Campbell River. The company is also developing the low-cost Lomas Bayas copper mine in northern Chile. Boliden mines and processes zinc, copper and gold in Sweden, Spain and Saudi Arabia and has refining operations in Sweden and Norway. A successful acquisition would give Boliden an instant presence in North and South America. Westmin (TSE:WMI) gained 15 cents Friday to close at $5.65 on volume of 706,000 shares, while Boliden (TSE:BOL) slipped five cents to $3.60 as 25,000 shares changed hands.