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FOR FURTHER INFORMATION PLEASE CONTACT:
Dayton Mining Corporation
Diane Thomas
Vice President, Investor Relations
(604) 662-8383
Email: dmining@dayton-mining.com
Website: dayton-mining.com
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: DAYTON MINING CORPORATION
TSE, AMEX SYMBOL: DAY
OCTOBER 23, 1998
Dayton Mining Banking Update
VANCOUVER, BRITISH COLUMBIA--Dayton Mining Corporation (TSE, AMEX:
DAY) announces that discussions are continuing with the company's
banking syndicate and other lenders for the restructuring or
refinancing of the company's bank debt. All existing defaults
were previously waived by the lenders through October 19, 1998 but
an extension has not, to this date, been granted and as a result
the company's subsidiary is technically in default under the
existing loan agreement. As arranged earlier, Dayton's CEO, Bill
Myckatyn, and CFO, Don MacDonald, will be meeting the syndicate
members and other lenders in the coming week to discuss an
extension of the waiver and the restructuring or refinancing.
Mr. Myckatyn said, "Although there is no assurance that an
agreement will be reached, there is currently US$17.9 million
outstanding on the loan, of which US$12.9 million is cash
collateralized. Given that only US$5 million is not cash
collateralized and the lenders are secured by the Andacollo Gold
Mine, we are hopeful that a satisfactory agreement can be
reached." Dayton will announce the results of these discussions
as they progress.
Dayton Mining Corporation holds a 100 percent interest in the
Andacollo Gold Mine located in central Chile, and trades on both
the American Stock Exchange (AMEX) and Toronto Stock Exchange
(TSE) under the trading symbol DAY.
Notice: The Company relies on litigation protection for "forward
looking" statements.
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