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Gold/Mining/Energy : Regal GOldfields (REGL -- Cdn over the counter)

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To: Brian Warner who wrote (298)	11/21/1997 1:13:00 PM
From: Brian Warner	Read Replies (1) of 370

192.139.81.46 NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: REGAL GOLDFIELDS LIMITED CANADIAN DEALING NETWORK SYMBOL: REGL NOVEMBER 21, 1997 Regal Goldfields Limited Annoucement TORONTO, ONTARIO--Regal Goldfields Limited announces that it has not received a reply to its November 3, 1997 letter to the Minister of Natural Resources of Nova Scotia which requested him to advise Regal as to what actions are intended to be taken to address the obvious substantial losses that Regal will suffer if it cannot proceed with its exploration programs as originally contemplated in the Jim Campbell's Barren where Regal holds valid exploration licences. Premier Russell MacLellan has announced that he will be placing the Jim Campbell's Barren back on Nova Scotia's list of candidate protected lands and spaces, and Regal has recently been advised by the Minister of Natural Resources that its consent for Regal to enter upon and carry out mineral exploration work within the Barren has been withdrawn. The Barren is located near Cheticamp, Cape Breton Island, an area of high unemployment in Nova Scotia. Regal has therefore instructed its lawyers to review all of its alternatives and will be instructing them to take any appropriate action to ensure that all its rights and entitlements are fully protected, including seeking compensation for the damages resulting from this political decision by the Premier of Nova Scotia. Regal has started the process of estimating the damages suffered by its shareholders with respect to past expenditures in the area, potential profits that may have flowed to Regal as a result of its exploration of the numerous mineral showings in the Barren, and the negative impact the decision had on Regal's ability to finance its activities. Similar actions by governments in North America, particularly in British Columbia and Montana, have set the precedent of compensation to companies for loss of mineral rights. -30- ÿ ÿ ÿ ÿ

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