Placement by Jarden

Press, 23 March 1985, Page 26

Placement by Jarden

PA Wellington The Wellington investment bank, Jarden Corporation, has placed 104.800 ordinary shares at 660 c to help finance a mining venture.

The funds will be used to increase from 40 per cent to 63.5 per cent Jarden’s shareholding in the Bronze Boulder Mining and Development Company, Ltd, and its subsidiary Home Reef Mining, Ltd. The full cost of the increase was 82.35 M.

Jarden’s said arrangements had also been made to increase the Jarden stake in both companies to 76.5 per cent by an issue of 197,000 Jarden shares from April 1. Jarden acquired its original 40 per cent interest in

Bronze Boulder in late 1983. At that stage it held an extensive portfolio of mining and prospecting privileges. Since then a subsidiary company. Home Reef Mining, was’ set up to enter into a joint-venture with Homestake Mining, Ltd, the largest gold producer in the United States, to evaluate the Macraes Flat gold-tung-sten field in Otago. Home Reef has a 30 per cent interest in the joint venture and S2M in cash resources.

Large diameter core drilling began in July 1984 and over 20 drill holes had been completed to date. It is expected that the intensive drilling and evaluation will be completed by the end of the year.