SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 10, 1997
(Date of earliest event reported)
HOMESTAKE MINING COMPANY
(exact name of Registrant as specified in its charter)
Delaware 1-8736 94108-2788
(State or other jurisdiction of (Commission (I.R.S. Employer
Incorporation or organization) File Number) Identification No.)
650 California Street 94108-2788
San Francisco, California (Zip Code)
(Address of principal executive office)
Registrant's telephone number, including area code: (415) 981-8150
Exhibit index is on page 4 of this filing
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Item 5. Other Events.
On March 10, 1997, Homestake Mining Company ("Homestake")
issued a Press Release announcing that Santa Fe Pacific Gold
Corporation has terminated its previously announced merger agreement
with Homestake and, as a result, has paid Homestake a $65 million
break-up fee. A copy of the text of Homestake's Press Release is
attached as Exhibit 99.1, and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
Exhibit 99.1 - Text of Press Release issued by Homestake on
March 10, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
HOMESTAKE MINING COMPANY,
By: /S/ GENE G. ELAM
------------------------------
Name: Gene G. Elam
Title: Vice President,
Finance and Chief
Financial Officer
DATED: March 10, 1997
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EXHIBIT INDEX
Exhibit 99.1 - Text of Press Release issued by Homestake on
March 10, 1997.
Exhibit 99.1
Contact:
Gene G. Elam
Vice President Finance and
Chief Financial Officer
415-983-8106
George Sard/Paul Verbinnen
Michael A. Steeves Sard Verbinnen & Co.
Director, Investor Relations 212-687-8080
415-983-8169
HOMESTAKE WITHDRAWS FROM SANTA FE PACIFIC GOLD
AUCTION AND WILL PURSUE OTHER OPPORTUNITIES
San Francisco, CA, March 10, 1997-- Homestake Mining Company (NYSE:HM)
today announced that Santa Fe Pacific Gold Corporation (NYSE:GLD) has
terminated its previously announced merger agreement with Homestake
and, as a result, has paid Homestake a $65 million break-up fee.
"The auction got too expensive" said Jack E. Thompson, President and
Chief Executive Officer of Homestake. "While the Santa Fe merger fit
with our long range strategy, we were not willing to pay a price which
would result in significant dilution to our existing shareholders. We
are disappointed that Santa Fe has chosen an alternative transaction,
but we are unwilling to penalize our shareholders by overpaying for
Santa Fe. We remain committed to delivering superior value to our
shareholders in the years ahead. Homestake has many growth
opportunities both in the United States and abroad, and a solid
production base which will generate cash flow to fund exploration,
acquisitions and capital investments. We will continue executing our
strategic plan and put the $65 million to good use."
Homestake Mining Company is an international gold mining company with
substantial operations in the United States, Canada and Australia.
Homestake also has active exploration programs in the Andes,
Venezuela, French Guiana, Brazil and elsewhere in Latin America, and
development and/or evaluation projects in Chile, Russia and Bulgaria.
Homestake has won numerous industry environmental and safety awards.
