Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

*** Gold related post (WHT) ***

G'morning mlsoft,

I'm pleased that they didn't have to further dilute their shares to get this done.
Telfer rules...... <VBG>


Wheaton River Completes Acquisition of 12.5% Interest in Bajo de la Alumbrera Mine

Tuesday June 24, 5:46 pm ET


VANCOUVER, British Columbia--(BUSINESS WIRE)--June 24, 2003--Wheaton River Minerals Ltd. (TSX: WRM - News; AMEX: WHT - News) announces the completion of its previously announced acquisition of an additional 12.5% interest in Bajo de la Alumbrera gold-copper mine in Argentina from BHP Billiton's wholly-owned subsidiary, Rio Algom Limited.
"Wheaton River now owns 37.5% of the Bajo de la Alumbrera mine and we were able to acquire this latest 12.5% without issuing any additional equity," stated Ian Telfer, Chairman & CEO, "In late May we received over US$11 million as our first cash distribution from the operation and we expect significant cash payments over the next ten years."

The US$90 million purchase price for the additional 12.5% interest was satisfied by the payment of US$65 million in cash and by the issuance of a promissory note in the amount of US$25 million at an interest of LIBOR plus 2%, which is due May 30, 2005. The cash portion of the purchase price was funded by a US$50 million term loan and a US$25 million revolving credit facility provided by HVB, SG Corporate & Investment Banking and Standard Bank London Limited. Endeavour Financial acted as financial adviser to Wheaton River on these facilities.

Wheaton River now has annualized production of over 500,000 gold equivalent ounces (over 400,000 gold ounces and over 6 million silver ounces) at a cash cost per gold equivalent ounce of less than US$125.

(emphasis mine)

http://biz.yahoo.com/bw/030624/245815_1.html

Good luck,
Dan