Goldcorp, Como in venture

Press, 14 May 1987, Page 25

Goldcorp, Como in venture

A gold mining joint venture, initially capitalised at $20,000,000 has been announced by Goldcorp Holdings, Ltd, of Auckland and Como Holdings, Ltd, of Hokitika.

Goldcorp’s chairman, Mr Raymond Smith, and Como’s chairman, Mr Bruce Smith, said it was intended to invest in alluvial and hard-rock production in New Zealand and overseas. The consortium will be known as Goldcorp-Como, the chairman said.

Goldcorp Holdings is an Auckland-based listed

company with substantial interests in . property, precious metals, futures trading, jewellery retailing and gold refining. Its subsidiary company, Auckland Coin and Bullion Exchange, Ltd, is the country’s leading bullion dealer. Goldcorp already purchasses approximately 75 per cent of New Zealand’s gold output, and recently has been sekking a closer involvement in gold mining both within New Zealand and overseas. Como Holdings is a South Island unlisted public company with extensive interests in gold

mining. The two chairmen announced yesterday that negotiations are underway for joint venturing that part of Como’s gold mining interests which are held by its subsidiary, Accretion Holdings, Ltd. Accretion Holdings controls two mining licence applications and two prospecting licence applications for the Napoleon Hill resource located in an area 1.5 kilometres by 180 metres near Reefton. According to a geologist’s report from Minex Services, Ltd,. commissioned by Accretion Hold-

ings, the area has possible ore yields of 110,000 oz of gold valued at approximately $NZ77,000,000 based on a gold price of SNZ7OO per ounce. The consortium hopes to be able to offer participation in this venture to its respective companies’ shareholders. The financial consideration for the Goldcorp Holdings participation in the joint venture involves the allotment to Como Holdings of 3.9 M ordinary Goldcorp shares at 120 c a share.