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Gold/Mining/Energy : Big Valley Resources (BV-ASE) -- Ignore unavailable to you. Want to Upgrade?

To: bcjt who wrote (207)	12/24/1999 7:34:00 PM
From: bcjt	Read Replies (1) \| Respond to of 231

Big Valley Resources Wood Veneer Update VANCOUVER, BRITISH COLUMBIA--Further to the Company's release No. 99-12 dated November 19, 1999, the dispute between the Company and HDL Wood Industries Inc. ("HDL") relates to the inability of the parties to agree upon a division of the assets which were acquired in furtherance of their wood products business. The assets in question consist of: i) a 54 acre commercial lot located in Ucluelet, British Columbia; ii) a small scale wood hardening plant located in Pappeenranta, Finland; and iii) the equipment from a small re-saw mill, currently in storage in Surrey, British Columbia Title to the commercial lot is held by a private company controlled by the solicitor for HDL. The shares of the private company are held in trust equally for the Company and HDL. Until such time as all matters in dispute are resolved, title to the commercial lot will remain the in the private company. The commercial lot was originally zoned A-3 (Forest Rural). Effective September 30, 1998, approximately 4.05 hectares were rezoned to M-1 (Industrial Park) and 1.20 hectares were rezoned to M-3 (Heavy Industrial). The purpose of the rezoning was to accommodate the wood products business. The balance of the commercial lot remains zoned A-3 (Forest Rural). To the Company's knowledge, the property has not been subdivided, nor has any application been made to subdivide the property. The wood hardening plant and the re-saw mill were to be set up as a separate business from the wood products business. The Company announces that John Enns has resigned as a director of the Company. ON BEHALF OF THE BOARD Lloyd Tattersall, President -30- FOR FURTHER INFORMATION PLEASE CONTACT: Big Valley Resources Inc. Mr. Lloyd Tattersall President (250) 243-2337 or Big Valley Resources Inc. Mr. John Enns (604) 824-2122 Website: www.bigvalleyres.com bcjt