Shareholders of Pacific Silver Corp. and Silver King Mines Inc. have approved the merger of the two companies with the surviving company being called Alta Gold Co., which will have headquarters at 2319 Foothill Drive.
Dan S. Bushnell, chairman and chief executive of Alta Gold, said that beginning Nov. 27 the company stock will be traded on NASDAQ under the symbol ALTA.Bushnell said the merger is what everyone connected with the two companies has been working toward for a long time. He said the consolidation of assets means a strong, viable mining company that is among the top 20 North American gold producers and one of the top six U.S.-owned gold producers.
Under terms of the merger, Pacific Silver shareholders will convert each share of common stock into 0.667 share of Silver King common stock and Silver King shareholders will exchange their shares for equal shares of Alta Gold.
During 1990, Alta Gold expects to be producing gold at a rate of 150,000 ounces annually in addition to 27 million pounds of zinc, 3 million pounds of copper, 1.5 million pounds of lead and 300,000 ounces of silver.
"We are significantly more diversified now than a year ago with the added production of base metals from our major zinc-copper-silver-lead mine in Nevada and our copper-silver mine in Idaho," Bushnell said.