Placer wins battle over mine

Article Abstract:

Placer Dome Inc., based in Vancouver, British Columbia, owns the Las Cristinas gold mine in Venezuela, ruled that country's Supreme Court. The court further ruled that Crystallex International Corp. cannot appeal the decision. In its lawsuit, Crystallex based its claim on the mine on its acquisition of a Venezuelan company called Inversoras Mael, which it claims owns two of the richest areas of Las Cristinas. However, the Venezuelan government, which sold the mine to Placer Dome in 1992, said Inversoras' ownership had expired in 1989. Las Cristinas is projected to produce an average of 40,000 ounces of gold annually over its 20-year life span.

Comment:

Owns the Las Cristinas gold mine in Venezuela, rules that country's Supreme Court

Natural resources, Venezuela, Placer Dome Inc.

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Royal Oak gets access to cash

Article Abstract:

Royal Oak Mines, headquartered in Kirkland, WA, is expected to receive $120 million in bridge financing from company bondholders. The firm hopes to use the additional capitalization to finance payment of a $44 million debt owed to secured debenture holders. The company has also expressed plans to utilize part of the funds to supply sufficient working capital for its Kemess copper and gold mine in the north-central portion of British Columbia. The move is expected to resolve Royal Oak's financial difficulty brought about by the low prices of gold and the costs of building the Kemess operation.

Comment:

To receive $120 mil in bridge financing from company bondholders

Receipt of funds, Washington

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Royal Oak to reduce exercise price of options

Article Abstract:

Royal Oak Mines Inc. shareholders have approved a decrease in the exercise price of stock options granted to directors, officers and a number of senior employees. The miner, based in Kirkland, WA, is reducing granted options with exercise prices that range between C$1.50 and C$6.25 to C$1.10, subject to regulatory approval. Royal Oaks ha suffered from falling gold prices and cash crunches, which is mainly attributed to getting C$470-million Kemess gold and copper mine in north-central British Columbia in operation in May 1998.

Comment:

Shareholders approves decrease in exercise price of stock options granted to directors, officers and several senior employees

United States, Management development

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