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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Blue On Black who wrote (12400)	2/18/1999 11:38:00 AM
From: Lucky888	Respond to of 122087

Barrick to Acquire Sutton in Agreed Transaction VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 18, 1999-- Sutton Resources(NASDAQ:STTZF - news; TSE:STT. - news) Barrick Gold Corporation and Sutton Resources Ltd. announced today that Barrick will offer to purchase all the outstanding shares of Sutton. The offer of 0.463 Barrick shares reflects a value of C$13.25 for each Sutton share and is based on the February 16, 1999, closing price (C$28.60) of Barrick shares on The Toronto Stock Exchange. The value of Barrick's offer will be about C$525 million for the approximately 39.6 million shares of Sutton on a fully diluted basis. The Board of Directors of Sutton has unanimously agreed to recommend the offer to its shareholders and will cooperate with Barrick to implement the transaction. All of the Directors and senior officers of Sutton who own shares have agreed to tender to Barrick's offer. This represents about 15 percent on a fully diluted basis. ''We are pleased that Sutton's Board of Directors and Management have recognized the value of our offer,'' said Randall Oliphant, Executive Vice President and Chief Financial Officer of Barrick. ''This offer from Barrick provides exceptional value for our shareholders and the completion of the transaction will result in the early development of a mine at Bulyanhulu,'' said Michael Kenyon, President and Chief Executive Officer of Sutton. Barrick's offer represents an 89 percent premium over the closing price of Sutton's shares on February 16, 1999, on The Toronto Stock Exchange. The formal offer containing details will be mailed to all registered holders of Sutton's common shares as soon as possible after Barrick receives a list of Sutton's shareholders. The offer will be conditional on Barrick acquiring at least 75 percent of Sutton's common shares on a fully diluted basis. The only other conditions will be of a usual commercial nature. Sutton Resources Ltd. is an exploration company with properties in Tanzania, including the Bulyanhulu Project. Barrick Gold Corporation is a leading international gold producer with unrivaled financial strength, extensive mine development experience and operational expertise - all of which will assure the successful development of Bulyanhulu.