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Gold/Mining/Energy : Canabrava Diamond -- Ignore unavailable to you. Want to Upgrade?

To: Lazarus Long who wrote (1809)	2/2/2000 10:03:00 AM
From: m.philli	Read Replies (1) \| Respond to of 2402

These guys keep stalling, all their problems will disappear! ........... HLB TSE February 1, 2000 Correction - Corporate Update VANCOUVER, BRITISH COLUMBIA--In the release issued earlier today, February 1, 2000 for Hillsborough Resources Ltd. a word was left out in the fifth paragraph. The complete and corrected release follows. NOT FOR DISTRIBUTION TO U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES Vulcan Offer Hillsborough Resources Limited (TSE/HLB) ("Hillsborough") announced today that a proposal received from a New York based investment firm specializing in coal investments, which will form the basis for a restructuring plan for Hillsborough and its subsidiary, Quinsam Coal Corporation ("Quinsam"), under the Companies Creditor Arrangements Act ("CCAA") was approved by the Supreme Court of British Columbia on January 31, 2000. The principal elements of the restructuring proposal are: -Refinancing of the existing secured creditors of Hillsborough and Quinsam -Payment to the unsecured creditors of Quinsam of the lesser of (i) a pro rata allocation of 25% of the Company's free cash flow generated over the next two calendar years and (ii) 20% of the ammount of the debt in question: and -Issuance of new equity to Vulcan, such that the existing shareholders of Hillsborough will own 5% of the equity of Hillsborough with Vulcan owning the remainder. The proposal remains subject to a number of conditions precedent which will need to be set prior to completion of the transaction. Quinsam will be applying to the Court in Vancouver, BC on Wednesday, February 9, 2000 in the CCAA proceedings for an order directing that the restructuring plan be presented to the creditors of Quinsam at a meeting tentatively scheduled for March 14, 2000. David Slater, President and Chief Executive Officer FOR FURTHER INFORMATION PLEASE CONTACT: Hillsborough Resources Limited David Slater President and Chief Executive Officer (604) 684-9288 (604) 684-3178 (FAX) Email: hillsbor@direct.ca