NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE
FOR : World Wide Minerals Ltd.
March 6, 2002
World Wide Declares Kazakhstan In Default On $29 Million Demand Loan
WASHINGTON, DISTRICT OF COLUMBIA--World Wide Minerals Ltd. and its subsidiaries today served
formal notice on the Republic of Kazakhstan that it was in default on a demand loan made by
World Wide to Kazakhstan to revitalize its uranium mining industry. The loan is a direct
unconditional obligation of the Republic of Kazakhstan and is a direct charge on the treasury of
that nation. To date, the full principal amount of the loan, together with interest, fees and
other costs accrued thereon, totalling more than US$29 million, remains unpaid.
Under loan agreements made in November, 1996 and March, 1997 between the Republic of Kazakhstan
and World Wide and certain of its affiliates, World Wide extended the loan on a demand basis and
made advances on the loan until mid-1997 when Kazakhstan defaulted. In October, 1997, by letter
to the Ministry of Finance of Kazakhstan, World Wide demanded payment in full of the principal
amount of the loan, together with all interest, fees and other costs accrued thereon. The
demand for payment has not been honored by Kazakhstan.
Paul Carroll, Chairman of World Wide, stated "what happened to us with our good faith investment
and operations in Kazakhstan should be a warning to all international banks and other investors.
The refusal of Kazakhstan to pay its legal obligations, if not rectified, would mean that a
sovereign state could refuse to pay its debts without impunity.
- 30 -
FOR FURTHER INFORMATION PLEASE CONTACT :
World Wide Minerals Ltd.
Paul A. Carroll
Chairman
Phone: (416) 369-7217
Fax: (416) 369-6088
Email: pcarroll@worldwideminerals.com
INDUSTRY : MNG
SUBJECT : NWS |
