OTHER NEWS - July 8, 1994

Royal Oak Launches Bid for Lac Minerals: The Vancouver company said it plans to offer $1.4 billion for stock in Lac Minerals Ltd. of Toronto in a deal that would make Royal Oak Mines Inc. Canada’s biggest gold producer. Royal Oak said it will formally make the offer to Lac stockholders once it has a list of them. It will offer about $2.70 in cash and 1.75 of its own shares for each outstanding Lac share; Lac shareholders may choose instead to get 2.416 Royal Oak shares for each Lac share. The combined companies would be able to produce about 1.5 million ounces of gold annually, Royal Oak Chairwoman Margaret K. Witte said.