Cda Mines Offers Deal To Echo Bay

Coeur d’Alene Mines Corp. Wednesday made an offer to buy Echo Bay Mines Ltd.’s half of an Alaska gold mine the two developed together.

Coeur and Echo Bay are partners in a gold project in Kensington, Alaska. The two are in a dispute over which company should be controlling the project.

Coeur d’Alene Mines officials believe that under the terms of the joint venture agreement that it can take control of the project if dissatisfied with Echo Bay’s management. But Echo Bay Mines filed suit Tuesday to prevent Coeur d’Alene Mines subsidiary Coeur Alaska from taking over management of the property.

Coeur d’Alene Mines offered $32.5 million for Echo Bay’s share in the project, which has an estimated 2 million ounces of gold. If Echo Bay agrees to the transaction, the deal within 10 days, and the dispute would end, according to Coeur d’Alene Mines officials.