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

To: Wafa SHIHABI who wrote (15)	2/11/1998 9:21:00 PM
From: nammir chucri	Read Replies (1) \| Respond to of 22

TRITON MINING CORPORATION AND BLACK HAWK MINING INC. ANNOUNCE AN AGREEMENT TO AMALGAMATE TORONTO, ONTARIO-- TRITON MINING CORPORATION (TSE-TTM) AND BLACK HAWK MINING INC. (TSE-BHK) are pleased to announce they have entered into an agreement providing for the amalgamation of Triton Mining Corporation ("Triton") with a wholly-owned subsidiary of Black Hawk Mining Inc. ("Black Hawk") under which each outstanding common share of Triton will be exchanged for one Black Hawk common share upon the effective date of the amalgamation. As a result of the proposed amalgamation, Triton will become a wholly owned subsidiary of Black Hawk. The amalgamation is subject to approval of the boards of directors of Triton and Black Hawk, the shareholders of Triton, The Toronto Stock Exchange, and other applicable regulatory authorities. The amalgamation is also conditional on the re-negotiation of certain Triton employment agreements as well as the re-negotiation of the royalty agreement between Triton and Repadre Capital Corporation ("Repadre"). The proposed agreement in principal with Repadre contemplates, among other things, a reduction from 5% to 3% in the Nicaragua royalty and a potential 2% royalty on the Manantial Espejo property in Argentina. The board of directors of the amalgamated corporation will initially be comprised of four representatives from the existing Black Hawk board of directors, including Mr. Gordon Bub as Chairman, one representative from the existing Triton board of directors and one independent director satisfactory to Triton and Black Hawk. Triton and Black Hawk expect to complete the proposed business combination within two months, and in any case no later than June 30, 1998. Triton's Limon Mine in Nicaragua produced 48,600 ounces of gold in 1997 and is expected to produce 55,000 ounces of gold in 1998. In Nicaragua, Triton also holds a highly prospective 3,400 km2 exploration concession. In Argentina, Triton holds an option with a subsidiary of Barrick Gold Corporation to purchase the Manantial Espejo property, an advanced stage gold/silver project. Black Hawk's Keystone Gold Mine in Northern Manitoba produced 67,000 ounces of gold during 1997 and is expected to produce 63,000 ounces of gold in 1998. Black Hawk also owns the Bald Mountain gold project in Maine, U.S.A. that currently has a mining permit application under review; the Hoyle Township gold project in Timmins, Ontario presently being considered for joint development with Kinross Gold Corporation; and 40% of the Sulphurets gold project in northern British Columbia. Triton's reserves and resources at the Limon Mine total 856,000 ounces of gold comprised of 415,000 ounces of mineable reserves and 441,000 ounces of measured indicated and inferred geological resources. In addition, Triton has previously announced a resource at the Manantial Espejo project of 1,543,000 ounces of gold equivalent. Black Hawk has reserves at Keystone of 142,000 ounces of gold and 180,000 ounces of gold equivalent at Bald Mountain. The Company's geological resource is 535,000 ounces of gold in the Lynn Lake area of Manitoba, 230,000 ounces of gold at the Hoyle Township property and 250,000 ounces of gold equivalent at the Sulphurets property. The combined mineable reserves of the two companies is 737,000 ounces of gold and the combined geological measured, indicated and inferred resources is 2,999,000 ounces of gold equivalent. Triton plans to complete a previously announced financing of between 4.5 and 9.0 million shares at $0.39 per share which closes on or about February 13, 1998. Triton currently has 24.4 million shares outstanding. Black Hawk has 83.2 million shares outstanding. For further information please contact: TRITON MINING CORPORATION BLACK HAWK MINING INC. Richard Godfrey Ian A. Shaw Vice President, Finance Vice President, Finance and Chief Financial Officer and Chief Financial Officer (604) 689-9554 (416) 363-2911 Ext. 266 ÿ Disclaimer: The information provided is from sources we believe to be reliable and complete, but Carlson On-line Services, its employees, directors, agents and associates cannot be held liable in any manner for the content, errors or omissions of the information provided through this service. We are not responsible for the use of this information. Further, this site is for informational purposes only and does not represent an invitation to purchase or trade shares. This is not a complete service. Other resources may be available on the Internet that also have relevant company information. c Copyright Carlson On-line Services Inc, 1996 & 1997. All rights reserved