CITY RESOURCES &lt;CCIMF> TO SELL PROPERTY STAKE

  City Resources Ltd said it has agreed
  in principle to sell a 50 pct interest in a group of mineral
  properties in the southwest Pacific to a buyer it did not name
  for 30 mln Canadian dlrs.
      The company said a preliminary estimate of the geological
  resources of one of the properties to a depth of 200 meters
  indicates a potential of 1.2 mln ounces of gold, and by the
  middle of 1987 it expects to establish proven ore reserves
  containing at least 500,000 ounces of gold.  It said mining
  could start in 1988, subject to a satisfactory prefeasibility
  study.
      The company said completion of the transaction is subject
  to regulatory and shareholder approvals.
      City Resources is controlled by City Resources Ltd of
  Australia.
  

