Attention Business Editors:
Legg Mason retained to advise Birch Mountain on go-forward strategy
CALGARY, April 28 /CNW/ - Birch Mountain Resources Ltd. (CDNX:BMD) has
engaged Legg Mason Wood Walker, Inc. (``Legg Mason'') as a financial advisor.
Legg Mason will provide Birch Mountain with advisory services on developing a
corporate financial and capital structure, strategic corporate objectives, a
public market strategy for the U.S., and future financing options.
Legg Mason Wood Walker, Inc. is the principal broker-dealer subsidiary of
Legg Mason, Inc., a publicly traded holding company headquartered in
Baltimore, Maryland. Legg Mason provides investment advisory, securities
brokerage, investment banking and related financial services through its
wholly owned subsidiaries. Assets under management by Legg Mason, Inc.
exceeded $104 billion at December 31, 1999.
Birch Mountain has developed the Prairie Gold model and new technology to
explain the presence of precious metals on its two million acre Athabasca
property in northeastern Alberta. After more than 5 years and $15 million in
research and exploration expenditures, Birch Mountain believes it has defined
the origin and the nature of the mineralization occurring in this area. Birch
Mountain is filing appropriate applications to protect its proprietary
technology.
``At this important juncture in Birch Mountain's advancement of our
Prairie Gold project in Athabasca, we are very pleased to have engaged Legg
Mason to assist us with our go-forward strategy,'' said Doug Rowe, President
and CEO of Birch Mountain. ``Legg Mason's investment banking expertise and
advice in developing strategic corporate objectives will enable us to
capitalize on our leadership position in precious metals exploration and apply
our innovative technology to unlocking the wealth of our Athabasca property.
In turn, this will maximize benefits to Birch Mountain's shareholders,'' he
concluded.
Birch Mountain announces that 1,331,115 of the warrants that were issued
pursuant to a private placement announced on April 13, 1999 were exercised and
that the Company currently has approximately $4 million of working capital.
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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For further information: Douglas Rowe, President and CEO, or Jane
Quinn, Shareholder Services, Birch Mountain Resources Ltd., Tel. (403)
262-1838, Fax: (403) 263-9888, Home Page birchmountain.com,
To request a free copy of this organization's annual report please go to
www.newswire and click on reports@cnw.
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