CITY RESOURCES <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.