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Gold/Mining/Energy : International Tournigan(ITG.V)announces major discovery
ITG 30.230.0%Feb 28 4:00 PM EST
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To: Ralph Kern who wrote (16)11/18/1996 6:39:00 PM
From: Robert Saito   of 347
 
Intl Tournigan Corporation
ITG VSE

November 18, 1996

Private Placement Update

INTERNATIONAL TOURNIGAN CORP ("ITG-V;ITGNF-L")

- Private Placement Update

A.E. (Ted) Daem, President and CEO wishes to announce the following:

The previously announced private placement of 700,000 shares at $3.50 has been cancelled.

The company has entered into a private placement of 1,000,000 special warrants at an issue price
of $2.38 per special warrant. Each special warrant will be exchangeable into one share and share
purchase warrant upon the issuance of a receipt for a qualifying prospectus. A commission, will be
paid in the form of special warrants. In addition, the agent will receive options exchangeable into
up to 50,000 shares at an exercise price of $2.80 for one year.

The funds from the offering will be used to finance the upcoming 300 hole drilling and exploration
program on the Diangounte property in Mali, scheduled to commence in early 1997.

Each share purchase warrant will be exercisable into one common share at an exercise price of
$2.75 for the first nine months, $3.10 in 15 months, $3.45 in 21 months and $3.75 at the end of
24 months.

TEL: (604) 681-7281 A.E. (Ted) Daem, President and CEO FAX: (604) 681-8313

________

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Tel:(604) 689-1101 Fax:(604) 689-1106

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