Having acquired the Con underground gold mine in Yellowknife, N.W.T., Miramar Mining (VSE) ranks as one of the 15 highest-producing gold miners in Canada.
The company acquired the mine from Nerco Minerals (Kennecott) through Red Lion Management, which in turn is owned by Miramar President Walter Berukoff. Minority shareholders decided to pay Nerco US$25 million plus 1.5 million shares of Miramar for the mine, as well as issue Red Lion 2.4 million shares for its role as guarantor of the agreement.
An independent review of the transaction has determined that Miramar would not have been able to complete the deal without the guarantor. Proven and probable reserves, as of January, 1993, are 3.5 million tons grading 0.31 oz. gold per ton.
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