Yahoo News: Crew To Acquire Majority Stake In Philippine Gold Co

Crew To Acquire Majority Stake In Philippine Gold Co

LONDON (Dow Jones)--Crew Gold Corp. (CRU.T) has agreed to acquire 72.5% of Philippine-based Apex Mining Co. (APX.PH) for $7 million

In a news release, Crew said the acquisition is expected to be concluded within a maximum of four months, subject to completion of satisfactory due diligence by Crew.

Apex's principal asset is the Masara Gold Mine in the south of Mindanao Island, which ceased production in March 2000.

Crew said it expects to bring the original mine and the treatment plant back into operation relatively quickly. It will also undertake a major exploration program in the surrounding area with a view to defining a significantly increased resource.

The Apex property also contains a copper-gold porphyry mineralization with promising potential.

Crew is a mining company.

Company Web Site: http://www.crewgold.com