Directors of High River Gold Mines (TSE) have agreed to let TVX Gold (TSE) acquire a half interest in the Snow Lake gold property in northern Manitoba.
TVX must cancel all its 6 million shares, arrange financing for the property and perform development work. It hopes to achieve production by Dec. 31, 1995, at an annual rate of 100,000 oz. gold.
High River will seek shareholder approval for the deal at a meeting on June 13. Closing of the transaction is scheduled for June 14, at which time TVX and High River will form a 50-50 joint venture to mine the deposit. The partners have already applied to Revenue Canada for an advance tax ruling on production.
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