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Gold/Mining/Energy : Consolidated Silver Tusk Mines Ltd. -- Ignore unavailable to you. Want to Upgrade?

To: stanley new who wrote (2051)	9/30/1999 10:05:00 AM
From: Brian MacDonald	Respond to of 2229

9/30/99 - Expiration of Following Warrants and/or Options CONSOLIDATED SILVER TUSK MINES, LTD ("CKS-V;CSITF-L") - Expiration of Following Warrants and/or Options William J. Van Der Merwe, Vice President - Finance & Administration, would like to announce the expiration of the following warrants and/or options. 110,000 warrants expired on September 2nd, 1999 and a further 836,500 stock options expired on September 18th, 1999. These warrants and/or options that have expired represented warrants and options that were granted under agreements with former board members, directors, company officers and compensated but non-contracted consultants. These securities ranged in exercised price from $0.34 to $0.51 per unit. As part of a new budgeting program, three current board members have decided to rescind incentive stock options that were granted to them through stock option agreements dated march 15th, 1999. An additional 225,000 options will therefore be cancelled at a price of $0.51 per unit. The total number of options and warrants that are expiring will be 1,171,500, which will represent approximately 6.57% of the 17,826,484 total outstanding shares. The shares as of September 29, 1999 representing the full diluted position of the Company have now been reduced from 25,186,215 to 24,014,715 shares. The Company wishes to further announce the implementation of a cost reduction plan that will reduce corporate overheads by 40% as of October 1st, 1999. Any further directors compensation packages will be based solely on a performance basis. New property agreements have been drafted and are currently under review by the Indonesian partners. Through the execution of said agreements the Company will save an additional USD$1.9 million (CAD$2.8 million) representing 38.8% savings. Said monies will be utilized to upgrade mining equipment to expedite and increase productivity levels. TEL: (561) 883-5728 William J. Van Der Merwe, Vice President - Finance & Administration TEL: (604) 602-1088 Vancouver Office ---------- Now I think I know why pacman said that the stock would 'consolidate' soon. This is a real change in direction. Nice to see!!