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Gold/Mining/Energy : Gran Colombia Resources Inc (TSE.GRM)
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To: keith massey who wrote (241)10/8/1997 8:54:00 AM
From: kfdkfd   of 308
 
News Cash Sale
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS

FOR: GRAN COLOMBIA RESOURCES INC.

TSE SYMBOL: GRM

OCTOBER 8, 1997

Gran Colombia Sells Mineros Nacionales Shares

TORONTO, ONTARIO--Gran Colombia Resources Inc. announced today
that it had sold its shares in Mineros Nacionales S.A. to Mineros
de Antioquia S.A. for US$1.5 million, the market value of the
shares at the time of the commitment to sell. Mineros Nacionales
operates an underground mine in the Marmato region, adjacent to
Gran Colombia's Marmato property.

Gran Colombia had invested in Mineros Nacionales because of the
proximity of its landholdings to the Marmato property, with the
possibility that the mineralisation at Gran Colombia's Marmato
property would extend onto Mineros Nacionales' property. As a
result of Gran Colombia's decision to cease work on the Marmato
property, based on the results of an independent scoping study,
plus the continued unprofitabilty of the Mineros Nacionales mine,
Gran Colombia decided to sell its shares to Mineros Antioquia, the
majority owner of Mineros Nacionales. The book value of Gran
Colombia's investment in Mineros Nacionales, which had been
diluted to 34 percent due to non-participation in ongoing
investment requirements, stood at approximately US$2.2 million at
the time of the sale.
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