DAKOTA MINING CORPORATION ANNOUNCES RECEIPT OF NOTICE FROM ONTARIO SECURITIES COMMISSION OF TEMPORARY CESSATION OF TRADING STOCK
DENVER, June 3 /CNW/ -- Dakota Mining Corporation (Toronto: DKT)
('Dakota') has received a notice of temporary order and hearing from the
Ontario Securities Commission which ceases trading in the securities of Dakota
until June 9, 1998 due to Dakota's failure to file with the Commission audited
annual statements for the year ending December 31, 1997. The Company has not
been able to file the required financial statements as a result of its
continuing financial problems. Dakota does not intend to contest the
Commission's order.
In a separate matter, the State of South Dakota has obtained a Temporary
Restraining Order requiring Dakota's subsidiary, Brohm Mining Corporation, to
continue to operate water treatment systems at the Gilt Edge mine in
accordance with state mine permits, pending a court hearing in South Dakota on
June 5, 1998. The Company intends to comply with this order.
Statements in this release which are not historical data are forward
looking and involve a number of risks and uncertainties, including but not
limited to the price of gold, production, construction and permitting or
regulatory delays, reserve estimation of tonnage, grade and metallurgical
recoveries, exploration success and reserve growth, litigation, capital costs
and other risks that are detailed in the Company's SEC filings.
For further information, please contact Alan R. Bell, President and Chief
Executive Officer (303) 573-0221, FAX (303) 573-1012.
-0- 06/03/98
For further information: Alan R. Bell, President and Chief Executive Officer of Dakota Mining Corporation, (303) 573-0221, or fax: (303) 573-1012
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