ST. JOHN'S and TORONTO - After almost three months of wrangling Anaconda Mining and takeover target New Island Resources have come to an amicable settlement. Under the plan of arrangement, Anaconda will issue 22.6 million shares to shareholders of New Island in exchange for New Island's interest in the Pine Cove gold mine and mill near Baie Verte, NL. New Island will remain a public company and retain control of its Glover Island polymetallic property.
The two companies formed a joint venture several years ago with Anaconda as the operator at Pine Cove. Anaconda currently holds approximately 50% of New Island. The Pine Cove feasibility study may be read at www.AnacondaMining.com.