VANCOUVER, British Columbia, April 9, 2003 — Miramar Mining Corp. announced that its subsidiary has completed the previously announced sale of the Bluefish hydroelectric power plant to Northwest Territories Power Corp.
Bluefish is a 7.0 mega Volt-Ampere hydroelectric power generating facility, located 25 miles northwest of Yellowknife, which supplies power to the Con Mine. Details of the transaction were announced in September, 2002.
Sale consideration includes a cash amount of C$10 million payable on December 31, 2004. The cash proceeds from the sale of Bluefish will be placed into a reclamation security trust to fund the reclamation of the Con Mine site upon completion of mining operations, which are currently forecast to end in early 2005.
In the interim, the Department of Indian Affairs and Northern Development (DIAND) has accepted a promissory from the Power Corporation against the $10 million payment as collateral for the bonding requirements at the Con Mine.
“Miramar is pleased that we have successfully completed the sale of Bluefish,” said Tony Walsh, Miramar’s President and CEO. “The cash proceeds from the sale will be used to satisfy our bonding requirements related to the Con Mine and is designed to ensure that sufficient funds are set aside to complete the abandonment and reclamation of the site on completion of operations.”