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Gold/Mining/Energy : DYNATEC CORPORATION (TSE & ME - DY) -- Ignore unavailable to you. Want to Upgrade?

To: pavlov 1 who wrote (36)	7/28/1998 11:59:00 AM
From: MrsNose	Read Replies (1) \| Respond to of 148

Saw the release...looks good and the market likes it too. Here it is for anyone who hasn't seen it yet. Tuesday July 28, 9:29 am Eastern Time Company Press Release Midas Joint Venture Reaches Agreement with Dynatec for Ken Snyder Mine and Mill Operation RICHMOND HILL, ONTARIO--(BUSINESS WIRE)--July 28, 1998--Dynatec Corporation (TSE:DY. - news; ME:DY. - news) The Midas Joint Venture (MJV), an equal partnership between Franco-Nevada and Euro-Nevada Mining Corporations, is pleased to announce that it has reached an agreement with Dynatec Corporation (''Dynatec'') to operate the Ken Snyder Mine/Mill complex. The operating contract will become effective once the mine development is completed and the mill is fully operational. Dynatec will provide all of the underground mining equipment, the necessary personnel and administration to operate the Ken Snyder Mine complex and to continue with future development. Dynatec will receive a fixed fee per ounce produced and up to an equivalent 5 percent Net Profit Interest. The Ken Snyder Mine is on schedule and on budget to be in full commercial production at a rate of 250,000 ounces of gold equivalent by May of 1999. Cash costs are projected to be $80 per ounce of gold equivalent. Franco-Nevada and Euro-Nevada are the world's largest gold royalty companies jointly holding royalties and working interests in approximately 80,000 acres along the Carlin Trend, as well as the 6.0 million ounce Midas property in northern Nevada. Franco-Nevada also holds oil and gas and platinum/palladium interests, while Euro-Nevada's gold royalty portfolio includes Australia and the Pacific Rim. Dynatec Corporation is a widely held Canadian public company that provides a broad range of services, principally to mineral exploration, mining and refining companies in North America and internationally. Its business is comprised of three divisions: mining services, drilling services and metallurgical technologies. Dynatec trades on both the Toronto Stock Exchange (''TSE'') and the Montreal Exchange (''ME'') under the symbol ''DY All the best, Margie