Echo Bay Mines Ltd. to exchange equity investment in Muscocho companies for direct operating interest in two producing gold mines. (Muscocho Explorations Ltd., Flanaghan McAdam Resources Inc., McNellen Resources Inc.)

PR Newswire | December 28, 1989 | Copyright

ECHO BAY TO EXCHANGE EQUITY INVESTMENT IN MUSCOCHO COMPANIES

FOR DIRECT OPERATING INTEREST IN TWO PRODUCING GOLD MINES

EDMONTON, Alberta, Dec. 28 /PRNewswire/ -- Echo Bay Mines Ltd. (AMEX: ECO) announced today that it has reached an agreement with Muscocho Explorations Ltd., Flanagan McAdam Resources Inc., and McNellen Resources Inc. under which Echo Bay will exchange its approximate one-third ownership of the common shares of the Muscocho companies, plus Cdn.$10 million in cash, for a direct undivided 37.5 percent ownership of the Muscocho group's ...

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