Thursday, 25th August 2005 (2904 views)

St Jude is to buy out Crew Gold's interest in Hwini Butre (HBM) for a sum of $5 million in shares.

This arrangement will increase St Jude's interest in Hwini Butre to 65 per cent.

Crew Gold hopes that the sale will increase its gold production over the next three years as it will now look to projects in or close to production.

One such interest is Apex Mining, which is based in the Philippines' southern province of Davao del Norte and operates over an area of around 18,000 hectares to mine deposits of gold, lead, zinc and silver.

Crew Gold has just agreed to purchase shares from Apex Mining shareholders who have a combined 72.87 per cent stake in the company.

The sale of HBM interests and possible purchase of Apex ones suggests a new chapter in Crew Gold's development.

 

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