William Sells Its 50 Percent Interest in the Brazilian Sabara Gold Project
WILLIAM will receive US $2,000,000 in cash, in scheduled payments, over 24 months, and 2,000,000 shares of Brazilian Resources. WILLIAM will receive further cash payments of up to US $6,250,000, depending on progress with further exploration on the Property. A portion of the US $6,250,000 payment may revert to a 2 percent Net Smelter Royalty (NSR), if certain production targets and milestones are not achieved.
"The sale of our interest in Sabara is consistent with WILLIAM's growth strategy to focus on production and exploration at its core operations and become an intermediate gold producer in 1997. The cash from Sabara will be used to expand and explore our other mines and for the recently announced acquisition of Terra Mining AB," Mr. S. Bharti, President, stated. WILLIAM also recently announced its divestment of RUX Resources Inc., a subsidiary with gold projects in Russia and Uzbekistan, through a reverse takeover of Lago Resources, a reporting issuer in Ontario and Alberta and a listed company on the Canadian Dealer Network (Trading Symbol - LAGO), as part of the same strategy to focus on core operations. The reverse takeover is subject to shareholder approval of RUX Resources and Lago Resources.
WILLIAM has made an offer for all the outstanding shares of Terra Mining AB, a listed company on the Swedish Stock Exchange with operating mines in Sweden and Finland. With Terra, WILLIAM is expected to produce over 275,000 ounces of gold at a competitive cash cost in 1997, increasing to over 500,000 ounces at a cash cost of under US $250 per ounce, by the year 2000.
WILLIAM is a natural resource precious metals producing company listed on the Toronto Stock Exchange and Australian Stock Exchange. WILLIAM owns and operates the Rustler's Roost mine in Northern Australia, the Jacobina mines in Brazil, the Velardena mine in Mexico and the Ballarat East project in Victoria, Australia. Furthermore, WILLIAM provides engineering and contracting services to the international mining industry through the BLM Service Group.
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