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JAN 1 5 2m
Governor announces Agreement in Principle j reached with Homestake Mining Company
i^ Gov. Mike Rounds announced Tuesday, Jan. I3thatan Agreement in Principle has been signed with the Homestake Mining Company that
for the transfer of the former gold mine in Lead. SD to an authority created by the State of South Dakota.
" very happy that wehave been able to work with Homestake to put together a land transfer plan, which is the first crilical step in making a deep underground science and engineering lab a reality," said Gov. Rounds on the
"This cooperative effort sends two clear messages to the National Sci-! ence Foundation and the scientific [ community.
First, that the best location in the , United States for an underground sci-- ence lab is available for development, k and second, that South Dakota will do f what it takes to make the lab areality." \ The governor's proposal to t Homestake includes creation of the South Dakota Science and Technol-
igy Authority. The purpose of the Authority will be to acquire, develop, and maintain facilities needed for scientific experimentation and techno- j logical development. The South Dakota State Legislature must approve the legislation necessary to implement the transfer.
"We are really pleased that all concerned took a constructive approach, I which led to the agreement in prin- I ciple," said Patrick Garver, Executive j Vice President and General Counsel ofHomestakeMiningCompany. "We will do all that we can to make the j laboratory areality."
Once formed, the Authority will ; also be able to take the steps needed to 1 indemnify Homestake from future potential liabilities caused by the operation of the underground labora- j tory. The agreement in principle with j Homestake calls for a combination of commercially-availableinsuranceand the establishment of a long-term escrow account to secure indemnifica-
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Devereaux Library. South Dakota School of Mines and Technology.