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Gold/Mining/Energy : CORNUCOPIA RESOURCES CNP.t

CNP 39.00

+0.3%

Nov 6 3:59 PM EST

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To: Essam Hamza who wrote (68)	2/4/1997 1:51:00 PM
From: bill718	of 336

Feb. 4 NEWS RELEASE US$23.5m financing for Mineral Ridge mine Cornucopia Resources Limited CNP Shares issued 29,008,040 Feb 3 close $1.08 Tue 4 Feb 97 News Release Mr B.J. Gordon reports The company has announced the formal execution of an agreement with Dresdner Bank AG which provides the company with a US$23.5 million in facilities for construction of its Mineral Ridge mine in Esmeralda County, Nevada. The company has begun drawing down funds under these facilities. The bank facilities include a hedging line under which 120,000 ounces of gold have been sold forward between 1997 and 2001 at an average price of US$417.57/oz. Mine construction is proceeding on schedule and within budget. Ore is being stockpiled in anticipation of production start-up in May 1997. Further to the previously reported restructuring of the board of its 34% owned associated company, Carlin Resources Corp, Mr Andrew P.B. Milligan,president of Cornucopia has stepped down as chairman of Carlin but will remain a director of that company. Mr James M. Carter has resigned as a director and executive vice president of Cornucopia Resources in order to devote his activities as president and CEO entirely to the affairs of Carlin Resources Corp. Ms B.J. Gordon, has been appointed vice president, finance and CFO of Cornucopia effective February 1 1997. ************************************************************* Regards, Wayne Wolinski

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