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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (15083)1/30/1999 10:05:00 AM
From: Kerm Yerman  Read Replies (1) of 15196
 
CORP ANNOUNCEMENT / Chauvco Resources International Ltd. Announces
Bankruptcy in Canada

CALGARY, Jan. 29 /CNW/ - Chauvco Resources International Ltd., a Bermuda
company, announces that the Court of Queen's Bench of Alberta in the Judicial
District of Calgary has adjudged the Company bankrupt in Canada following a
three day contested hearing. A receiving order appointing KPMG as trustee is
expected to be filed with the Court early next week. The Company had been
petitioned into bankruptcy by a contractor for services provided to one of the
Company's Gabon subsidiaries in connection with its Gabon operations.

The Company has not yet decided whether to appeal the judgment.

Chauvco has significant claims against the same contractor and is seeking
damages for breach of contract and negligence pursuant to arbitration
proceedings commenced in accordance with the terms of the service contract
with the contractor and prior to the contractor filing the petition for
bankruptcy. Chauvco anticipates that these arbitration proceedings which are
being conducted at the International Chamber of Commerce in London, England
will continue.

Chauvco also previously announced that both the Toronto and Montreal
stock exchanges suspended trading in the shares of Chauvco effective July 16,
1998 for failing to meet continued listing requirements. The Toronto and
Montreal stock exchanges delisted Chauvco's shares effective January 12, 1999
at the request of the Company.

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