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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Walter who wrote (28045)9/14/1998 9:07:00 PM
From: alan holman  Read Replies (1) of 28369
 
Well, I really do not believe it, BUT, it is in print. Lalit at the BXO SI site had it posted............................................. BRO-X TO MERGE WITH MACDONALD OIL

980914 - MACDONALD OIL EXPLORATION LTD.(MACO) - TORONTO, ONTARIO

MacDonald Oil Exploration Ltd. (CDN: MACO) and Bro-X Minerals
Ltd. have signed a letter of intent to seek all requisite
approvals to merge.

Under the terms of the letter of intent, MacDonald Oil
shareholders would receive one share and one warrant of the
merged company ("Amalco") for each MacDonald Oil share and Bro-X
shareholders would receive two shares and one warrant of Amalco
for every four shares held. The warrants would all be exercisable
at $0.25 each at any time within twelve months of their issue. A
Bro- X preferred share issue for $2 million, convertible into
common shares at $1.00 each would become convertible at $0.25 per
common share of Amalco. Bro-X has 22 million common shares issued
and outstanding; MacDonald Oil has 18 million shares outstanding.
22% of Bro-X common shares and all its preferred shares are held
by Bresea Resources Ltd.

MacDonald Oil now holds a 30% interest in Block 22, the single
largest onshore hydrocarbon exploration concession in Cuba,
comprising 9,900 square kilometres. Earlier this summer MacDonald
Oil announced its agreement to farm-out a 70% operating interest
in Block 22, to Genoil Inc., a subsidiary of Beau Canada
Exploration Ltd. An initial seismic program identified at least
four potential drilling prospects which will be detailed with a
further seismic program that commenced today. A first exploration
well is scheduled for the second quarter of 1999. The
operatorship of Beau Canada's Genoil Inc. has brought significant
experience and economies to the companys' exploration programs in
Cuba.

-----

Frank C. Smeenk Thomas P. Devlin
MacDonald Oil Exploration Ltd. Bro-X Minerals Ltd.
Tel: (416) 865-1625 Tel: (403) 543-7080
Fax: (416) 865-9386 Fax: (403) 543-7060

No regulatory authority has approved nor disapproved the content
of this news release.

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