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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Alex who wrote (12628)	6/5/1998 2:33:00 AM
From: Eashoa' M'sheekha	Read Replies (2) \| Respond to of 116894

For Those Who Like " Oldies But Goodies "....... Glad to see Pete keepin up with the times,eh.:-) Investor buys chunk of Homestake By PETER KENNEDY Vancouver Bureau The Financial Post German industrialist August von Fink has placed a US$225-million bet on Homestake Mining Co., snapping up a 9.6% stake in the San Francisco gold mining giant. Homestake is the oldest publicly traded gold producer in the U.S. and has operations in Canada, the U.S. and Australia. The company has recently been on a buying spree, topped by the US$770-million acquisition of Plutonic Resources Ltd. of Australia. On May 25, Homestake launched a $443-million bid for the 49.4% of Vancouver-based Prime Resources Group Inc. it doesn't already own. Homestake is eyeing a bigger slice of production from Prime's profitable Eskay Creek gold-silver mine in British Columbia. Some investors have called the all-stock bid inadequate. Homestake's chief financial officer Gene Elam said the company is well aware of von Fink's activities. "We get the public documents just like anybody else,'' he said. Documents filed with the Securities & Exchange Commission in Washington show von Fink began buying in January when the stock (HM/NYSE) was trading around US$73/4. He continued buying until May 12, accumulating 17.3 million shares for an average of about US$10.38 a share. Von Fink has since bought another 4.4 million shares for an average of US$12.24, bringing his stake in Homestake up to 9.6%. On April 23, Homestake shares hit a 1998 peak of US$131/8. However, under pressure from weak gold prices, they have since slipped back to close yesterday up 1/16 at US$1013/16.