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Gold/Mining/Energy : Peruvian Gold Ltd. PVO
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To: Jon Warren who wrote (391)12/11/1997 2:26:00 PM
From: Jon Warren  Read Replies (1) of 892
 
News Release,

Independent financial adviser appointed

Peruvian Gold Limited PVO
Shares issued 14,227,466 Dec 10 close $0.78
Thu 11 Dec 97 News Release
Mr David Henstridge reports
The recent major fall in the price of gold has resulted in a material
decline in the share prices of both senior and junior mining companies and
has greatly restricted the availability of capital to finance junior mining
exploration and development projects. Peruvian Gold, with its strong
balance sheet including approximately $12.5 million in cash, has received
numerous proposals from mining companies, investment dealers and existing
shareholders relating to mining opportunities. As a result of the current
depressed market conditions, the financial terms of the various proposals
submitted to the company are substantially more attractive than the terms
that would have been proposed for the same transactions 6 to 12 months
earlier.
In order to take advantage of the current market conditions, the board of
directors has authorized management to review all potential opportunities
that can enhance the shareholder value of the company. To date in excess of
500 exploration properties have been reviewed and site visits have been
conducted on a number of these properties. Joint venture proposals were
subsequently made by the company on two specific properties but in both
cases the company was outbid by a major mining company. The company is also
evaluating several merger proposals as well as proposals relating to mine
development opportunities.
The company has appointed Goepel Shields & Partners as its independent
financial adviser to assist the company in among other things, identifying
and evaluating opportunities and in developing strategies to effect a
transaction. The management and the board are committed to reviewing all
opportunities that will allow the company to use its strong financial
position to take advantage of current market conditions with the goal of
enhancing shareholder value.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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