TVX, High River go Dutch at Snow Lake

Toronto-listed TVX Gold is gaining a half interest in the Snow Lake gold project in western Manitoba.

In return, it must transfer back to High River Gold Mines (TSE) 6 million common shares of that company.

Also included in the agreement is a provision for TVX to transfer back to High River 408,497 Class A and 166,667 Class B High River purchase warrants. TVX must also finance and finish developing the project. Priorities include dewatering the existing shaft, forming a mining plan and constructing a plant by Dec. 31, 1995. The production target is 100,000 oz. per year. High River retains a half interest under the agreement, which has yet to be approved by shareholders and regulators.