NORTH BH SETS ONE-FOR-FIVE OFFER FOR NORGOLD FLOAT

  North Broken Hill Holdings Ltd
  &lt;NBHA.ME> (NBH) said it will offer one &lt;Norgold Ltd> share for
  every five NBH shares in the float of its newly created gold
  offshoot.
      The 20 cent par-value shares will be offered at 22 cents to
  shareholders registered April 3, NBH said in a statement.
      Norgold's issued capital will be 240.5 mln shares, of which
  63 pct will be held by NBH after 89 mln are issued to
  shareholders to raise 19.6 mln dlrs, it said.
      Norgold will take control of a portfolio of precious metal
  exploration and pre-development interests held by NBH.
      The major gold deposit to be acquired by Norgold is 100 pct
  of the Bottle Creek deposit, west of Leonora in Western
  Australia, NBH said.
      Production of gold from the project, at an annual rate of
  35,000 ounces, is scheduled to begin early in 1988.
      Norgold will also have a 10 pct stake in the Coronation
  Hill gold/platinum project in the Northern Territory and 43 pct
  of the Poona copper/gold project in South Australia.
      Other gold exploration interests to be acquired by Norgold
  are in Western Australia, Queensland, New South Wales and
  Tasmania, NBH said.
  

