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
Date of Report (Date of earliest event reported):
October 14, 1998
THE PITTSTON COMPANY
(Exact Name of registrant as specified in its charter)
Virginia 1-9148 54-1317776
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
1000 Virginia Center Parkway
P. O. Box 4229
Glen Allen, VA 23058-4229
(Address of principal (Zip Code)
executive offices)
(804)553-3600
(Registrant's telephone number, including area code)
Item 5. Other Events
The Registrant reports that, on October 14, 1998, its
affiliate, Mining Project Investors Pty Ltd ("MPI"), issued a
press release substantially in the form as the release attached
as an exhibit to this report and incorporated herein by
reference. The consummation of the transactions contemplated by
MPI's press release is subject to significant conditions
precedent.
EXHIBITS
99(a) MPI's press release dated October 14, 1998.
SIGNATURE
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.
THE PITTSTON COMPANY
(Registrant)
By /s/ James B. Hartough
Vice President - Corporate
Finance and Treasurer
Dated: October 15, 1998
EXHIBITS
Exhibit Description
99(a) MPI's press release dated October 14, 1998
Exhibit 99(a)
[MPI Logo] 7th Floor
Mining Project Investors Pty Ltd 600 Bourke Street
Melbourne Victoria
Australia 3000
Telephone: 61 3 9672 3222
Facsimile: 61 3 9672 3263
email: mpimel@m-p-i.com.au
14 October 1998
PRESS RELEASE
MINING PROJECT INVESTORS PTY LTD TO SELL ITS INTEREST IN THE
BLACK SWAN NICKEL JOINT VENTURE TO OUTOKUMPU AND
BUY BACK FROM OUTOKUMPU ITS SHAREHOLDING IN MPI
Mining Project Investors Pty Ltd ("MPI"), (ACN 054 584 191)
intends to sell its 50% interest in the Black Swan Joint Venture
to its shareholder Outokumpu, and buy-back from Outokumpu its
shareholding in MPI.
The Black Swan Joint Venture is based on mining tenements some 45
kilometres north-east of Kalgoorlie in Western Australia. The
high-grade Silver Swan nickel sulphide mineralisation was
discovered in 1995 and exploration has continued since then,
outlining further high-grade and disseminated deposits. The
Silver Swan deposit was fast-tracked into production by June 1997
at an annual rate of 12,000 tonnes of nickel in concentrate.
MPI managed the Black Swan Joint Venture through exploration to
development and operation. MPI's wholly owned Management Company
Black Swan Nickel Pty Ltd will also be sold to Outokumpu. No
significant changes in operations or employment levels are
expected as a result of this sale.
MPI's primary objective is to create shareholder value through
exploration and development of mineral deposits. This
transaction will enable Outokumpu to create further value by
fully integrating the Black Swan operation into its nickel
production chain, and allows MPI to capture value created by its
exploration and development success.
MPI also owns a 50% joint venture interest in, and is operator of
the Stawell Gold Mine in Victoria, where annual production is
around 90,000 ounces per year.
MPI is a private mineral exploration and development company
active in Australia and the USA.
For further information please contact:
Mr Ken Fletcher
Managing Director
Mining Project Investors Pty Ltd
Ph: 61 3 9672 3222
Fax: 61 3 9672 3263