Shareholders of British Silbak Premier Mines recently voted to split the company in two, to create a resource company and a real estate company.
Under the reorganization, all non-mining assets of the firm will be transferred to a new company, British Silbak Industries Ltd., which will be traded on the vse, subject to regulatory approval.
The mining assets, comprising joint ownership of gold-silver property at Stewart, B.C., will remain with the present company, which will be renamed Silbak Premier Mines.
The non-mining assets have a net value of approximately $6 million. Shareholders of the present company (as of July 14) will receive identical shareholdings in British Silbak Industries on a share-for- share basis.
The renamed Silbak Premier Mines will trade on the vse and the tse, subject to regulatory approval.
Silbak’s joint-venture partner in the Stewart mine is Westmin Resources. The final feasibility study and production decision on the property is expected by mid- August, with production possible by the fall of 1988.
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