Royal Oak to own Cons. Professor

Royal Oak Mines (TSE), having received more than 90% of the shares of Consolidated Professor Mines (TSE) under its 80 cents per share takeover offer, has announced it will acquire the remaining shares of the company.

Royal Oak had twice extended its deadline for shareholders of Consolidated Professor to tender their shares. Conwest Exploration, which was divesting its mining holdings after a merger with Alberta Energy (TSE), tendered its 41% holding shortly after Royal Oak announced its bid, on Feb. 5.

Consolidated Professor’s principal asset is the Duport gold project at Shoal Lake in northwestern Ontario, which has a resource of 2 million tonnes grading 12 grams gold per tonne. Environmental permitting for the project has been slow because of resistance from some local cottagers. Royal Oak plans to continue advancing the permitting process and review production plans.