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Gold/Mining/Energy : SSRIF Silver Standard Resources
SSO 82.90-0.4%Jun 21 4:00 PM EDT

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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
Argentina.
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
project.
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.
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