Wilanour shareholders sink Goldcorp deal

A deal that would have seen Wilanour Resources (WLR-T) sell its Cochenour mine and mill east of Red Lake, Ont., to Goldcorp (G-T) failed to win shareholder approval at the former’s annual meeting.

Under the proposed agreement, Goldcorp would have paid just over $3 million for the Cochenour operation combined with Wilanour’s 30% interest in a joint venture with TVX Gold (TVX-T) and certain private interests.

Wilanour would have retained a 2% net smelter return royalty on its Consolidated Marcus property and on properties in the joint venture.

TVX, Wilanour’s controlling shareholder, had previously made separate agreements with Goldcorp to sell its direct interests in the Wilanour properties on the condition that Wilanour shareholders approved the sale.

Inco (N-T), which had held direct interests in some of the properties, made a similar agreement with Goldcorp.