Delisted from TSE on June 4, 1999. Adios Muchachos!!
Dakota Mining Corporation DKT (TSE desisted)
Press Release 12July99:
Bankruptcy Proceedings. Dakota Mining Corporation ("Dakota") announced that its Board of Directors authorized the filing of assignments in Bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada). A Trustee in Bankruptcy will commence the bankruptcy proceedings on July 9, 1999. In addition, Dakota Mining Corporation announced the resignation of its directors. Prior to this action and throughout the past year, the Company has attempted to work out arrangements with its principal secured creditors and to solicit new financing to facilitate the startup of its mining operations. Also, attempts have been made at asset sales and merger. The Company's efforts were unsuccessful. The debt is secured by charges over the assets at the Company's mines held in subsidiaries in South Dakota, Alaska and Idaho. The amount of such secured debt in total amounts to approximately US $20 million The Company does not expect that its subsidiaries will continue operating the properties and reclamation of the various mine sites is likely. For further information, please contact Alan R. Bell, Former President (303) 376-2723, FAX (303) 573-1012. TEL: (303) 376-2723 Alan R. Bell, Former President FAX: (303) 573-1012 Dakota Mining Corporation
Completed merger with USMX on June 2, 1997. Agreement reached where shareholders receives 1.0 Dakota share for every 1.1. USMX share held. This makes USMX a wholly-owned subsidiary of Dakota. Pegasus Gold which presently holds 30% of USMX supports the merger.
MBD February, 1997
MBD December, 1996
MXUS, a wholly owned Mexican corporation, controls about 600,000 acres in Mexico,
principally in the northwest Sonora Gold Belt. Large northwestern Sonora land package covering nearly 1 million acres covered by several JV and/or lease agreements. (See below). USMX recently leased a 70,000 ha. parcel to Minefinders (MFL-VSE) which covers the Correo Au-Cu prospect located just south of their La Bolsa project. .
Sierra Mojada, Coahuila. Property was JVed with Spokane-based Cadgie Co. in 1997-1998 who reviewed base-metal and Ge potential through a major dump and underground sampling program. Property optioned out to Grand Central Silver Mines Inc. (formerly Centurion Mines) in 3Q98 subject to a 2% nsr.
Las Rastras (100%) located 25 km NE of Altar, Sonora was optioned by Teck for exploration for possible Cu porphyry target.
Noche Buena, Sonora (100%) located 60 km NW of Caborca, Sonora optioned 65% to Kennecott developed a 69,000 oz low-grade widespread Au resource.
Boludo (100%) leased to Resource Trend, an Australian company with proprietary "dry air" placer technology. Plant under construction for 3Q96 installation. Resource of 116,000 oz reported in Tertiary paleoplacers, USMX retains royalaty and hard-rock rights.
La Reserva, 176,000 acres (100%) leased to Echo Bay located 30 km SW of Nogales, Sonora. San Miguel located 12 mi N of Magdalena de Kino, Sonora. Surrounds Lluvia de Oro Property of Great Lakes and Jojoba Property of Aquiline.
El Cajon located 125 km SW of Santa Ana, Sonora under agreement with Mexican company with retained royalty position for USMX.
Los Apaches located 12 km E of Altar, Sonora. USMX in final process of agreements with Kennecott, geophysics are planned.
Samalayuca, Chihuahua located 30 km S of El Paso, TX optioned 65% to PD. Drilling planned. USMX retains right to participate at 35% level.
Amargosa, Chihuahua (100%) located 30 km SE of El Porvenir. Target is Au-Ag-Zn-Pb massive sulfide replacement. Possible JV.
NWM (Minefinders) 10/25/96
MBD November, 1996
Corporate Annual reports
Randol at Vancouver '96 exhibitor
NMN v82#17 06/24/96