Business News Tue, 31 Aug 1999

Birim Goldfields Inc. Receives Takeover Offer

09:18 a.m. Aug 30, 1999 Eastern

MONTREAL--(BUSINESS WIRE)--Aug. 30, 1999--The Board of Directors of Birim Goldfields Inc. (BGI: TSE) wishes to inform Company shareholders that it has received a business combination proposal from Denver-based Golden Star Resources Ltd. (GSC:TSE; GSR:AMEX) whereby Golden Star proposes to acquire all of the outstanding shares of Birim.

Terms of the proposal are that for each share of Birim, shareholders would receive one-half of a share of Golden Star. Based on the current trading of both companies, the transaction values each share of Birim at $0.40, equivalent to an approximately 100 percent premium on Birim's share price. The offer is subject only to customary terms including the tender of at least two-thirds of shares of Birim.


The Board of Directors of Birim is currently examining the offer and will make a recommendation to Birim shareholders once this review is completed.

Birim Goldfields Inc. is an emerging mining exploration firm whose mission is to explore and develop gold deposits in Ghana, West Africa. The Company currently has 21.2 million common shares outstanding.