>From bygmail@gold.sentex.ca Sat Apr 04 12:13:49 1998
Date: Sat, 4 Apr 1998 12:11:56 -0500 (EST)
From: BYG MAIL SLOT <bygmail@gold.sentex.ca>
Subject: New Board, Private Placement
To: undisclosed-recipients
Thursday Apr 2 1998
Mr Graham Dickson reports
At BYG's AGM held in March 1998, and the board meeting held immediately afterwards, the size of the board of directors was fixed at six, comprised of the following: Robert Bryce, Robert Chafee, Graham Dickson, Pascal Renardet, Bryan Rowntree and Alan Thompson.
Officers were appointed as follows: chairman and CEO - Robert Chafee, president and COO - Graham Dickson, secretary and vice-president operations - Pascal Renardet, vice-president mining - Brad Thiele, and vice-president exploration - Robert Stroshein.
The change in the board was agreed upon to facilitate a financing of $3,165,000 by way of private placement. The private placement consisted of the issuance of 10,433,334 units of one common share and one warrant. Each warrant entitles the holder to acquire one common share at $0.37 on or before March 12 2002.
Proceeds amounting to $3,165,000 will be used to undertake major exploration and drilling programs, starting in early April 1998, to delineate additional oxide ore reserves on the Mount Nansen mine property in the Yukon Territory and for working capital purposes.
The Mount Nansen operation is back into production and delivered its first gold and silver for sale last week. The operation has taken delivery of the pumps required to satisfy all of its operational requirements and which will allow it to mill at its designed capacity.
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