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Gold/Mining/Energy : Exall Resources/Glimmer Resources
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To: James N. Wilson who wrote (464)1/28/1998 6:45:00 PM
From: Crusader  Read Replies (2) of 1319
 
James - Re:"we could easily see Glimmer shares at $5 -$10 levels before the end of the year"

Maybe you better reivise your estimates. Looks like Exall will call the shots:

COURT DIRECTIONS BENEFIT EXALL POSITION IN GLIMMER MINE JOINT VENTURE

TORONTO, ONTARIO-- Exall Resources Limited announced today a further interim ruling by the court in the company's dispute with its joint-venture partner in the Glimmer Mine in northeastern Ontario.

The mine, which entered into commercial production on January 1, is a joint venture between Exall and Glimmer Resources Inc., which has challenged Exall's 65.53 per cent interest in the project.

In a ruling yesterday, The Honourable Mr. Justice Rosenberg of the Ontario Court (General Division) said that Exall was permitted to apply costs of supervision and certain engineering costs as part of the cash contributions used to calculate each partner's equity in the mine.

Stephen G. Roman, Exall's Chairman, President and CEO, said that "the
inclusion of these costs in the expense calculations brings our cash
contribution to the joint venture well over the level needed to ensure our majority interest and continued operation of the mine."

Mr. Roman said that "the calculations prepared in accordance with the judge's ruling will be referred to a court-appointed Referee for final determination of each partner's interest in the Glimmer Mine."

Exall Resources Limited is a mining and mineral exploration company operating and controlling the Glimmer Mine in northeastern Ontario as well as developing other gold and copper projects in the Americas. Shares of the
Company trade on the Toronto Stock Exchange under the symbol EXL. ( S.E.C. registration # 82-3535.)

For additional information contact:
Stephen G. Roman at (416) 368-3949 or Ed Shiller, Corporate Affairs,
at (416) 496-2243.
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