>From newsout@canada-stockwatch.com Mon Jan 05 19:41:17 1998
Date: Mon, 05 Jan 1998 16:41:02 -0800
From: newsout@canada-stockwatch.com
Subject: Stockwatch: BYG Natural Resources Inc - News Release
New president; restart of production scheduled
BYG Natural Resources Inc BYG
Shares issued 47,110,485 Jan 5 close $0.30
Mon 5 Jan 98 News Release
Mr Graham Dickson reports
Mr Dickson has been appointed president to succeed Mr J Malcolm Slack who
has resigned. Mr Slack will continue on the board as a director of the
company. Mr Alan Thompson, chairman of the board, has been appointed CEO on
an interim basis.
While production at the Mt Nansen mine has been suspended for several weeks
to deal with a water balance problem, mining is scheduled to restart on
Tuesday, January 6 1998 and milling a few weeks later towards the end of
January.
In keeping with the new management's focus, on maximizing the profitability
of the Nansen operation, all company personnel will be at the mine site and
all other offices will be closed.
On December 30 1997 the company agreed to the private placement, with five
investors, of 3,333,333 shares at $0.30, to raise $1,000,000. The offering
consisted of 2,333,333 flow through shares and 1,000,000 shares.
Proceeds of the offering will be used to finance exploration and for
working capital. Subject to regulatory approval the closing of the offering
will be completed on January 7 1998.
Exploration in the coming season will concentrate on increasing the
company's cyanidable ore reserves in the Nansen camp. Drilling will
commence in February on the nearby Flex zone to further delineate this
orebody which is designated to provide the next mill feed after the Brown
McDade open pit.
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