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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: alan holman who wrote (28063)10/30/1998 7:24:00 PM
From: alan holman  Read Replies (2) of 28369
 
MACDONALD MINES RIGHTS OFFERING

981030 - MACDONALD MINES EXPLORATION LTD.(MMP.A) - TORONTO, ONTARIO

MacDonald Mines Exploration Ltd. (MMP.A - ASE) announced that it
has, today, filed for approval of regulatory authorities a
Rights Offering of 18.9 million units comprising a share and half
warrant each. The company currently has 75.7 million shares
issued and outstanding.

Under a Small Holder Additional Subscription privilege, MacDonald
Mines' shareholders owning fewer than 5,000 shares, will be
entitled to subscribe for up to 300 times their basic allotment,
from the exercise of Rights made available by the company's
principal shareholders. More than half MacDonald Mines'
shareholders own less than a 1,000-share board lot. The Small
Holder Additional Subscription Privilege provides those
shareholders with an opportunity to economically acquire tradable
board-lot positions.

The exercise price of the Rights to be distributed under the
Offering, will be determined prior to distribution, as will the
exercise price and term of any warrants issuable upon exercise of
the Rights. Proceeds of the Rights Offering will permit MacDonald
Mines to meet original listing requirements of the senior stock
exchanges where it has applied to list its shares for trading.
The exploration program outlined for use of the proceeds,
includes testing of some 12 high priority target areas of the 36
mineralized occurrences identified in the company's 2,000 sq. km.
concession in eastern Cuba. A number of these targets are
adjacent to the company's Golden Hill Area ephithermal gold
discovery.

-----

FOR FURTHER INFORMATION CONTACT:

MacDonald Mines Exploration Ltd.
Mario A. Miranda, President
Telephone: (416) 865-1625
Facsimile : (416) 865-9386

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