We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : SSRIF Silver Standard Resources
SSO 82.90-0.4%Jun 21 4:00 PM EDT

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Stephen O who wrote (400)5/2/2001 5:51:42 PM
From: Stephen O  Read Replies (1) of 403
VANCOUVER (Dow Jones)--Silver Standard Resources Inc. (SSRI) has signed an
agreement with a unit of Barrick Gold Corp. (ABX) to purchase Barrick's 20%
direct interest in the Manantial Espejo silver-gold project in southern
In a press release, Silver Standard said it will issue 400,000 common shares
to Barrick for the 20% interest.
Silver Standard said that under the agreement, it will defer the payment of
a royalty of $5 an ounce of gold and 6 cents an ounce of silver, formerly due
to be paid to Barrick on completion of a final feasibility study on the
project, to the start of commercial production.
It said Barrick will retain a 3% royalty on certain gold and silver claims
discovered in addition to that identified at the time of production.
Silver Standard said the agreement, which is scheduled to close within a
month, is subject to regulatory approvals.
Black Hawk Mining Inc. (T.BHK) owns the remaining 80% interest in the
Silver Standard said it is earning a 50% stake in Black Hawk's interest
under a 1998 agreement.
Barrick, Silver Standard and Black Hawk are mining companies.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext