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Gold/Mining/Energy : MILL CITY MIY-V -- Ignore unavailable to you. Want to Upgrade?

To: eyewatch who wrote (187)	10/21/1997 3:02:00 PM
From: Mo	Read Replies (1) \| Respond to of 707

Here's the latest: Canadian Corporate News disclaimer FOR FURTHER INFORMATION PLEASE CONTACT: Mill City Gold Mining Corp. Larry D. Revitt President (403) 278-8500 (403) 278-8580 (FAX) millcitygold.com millcity@cadvision.com or Golden Hill Mining Corp. Larry D. Revitt (403) 278-8500 (403) 278-8580 (FAX) Neither the Vancouver Stock Exchange nor the Canadian Dealing Network have either approved nor disapproved the information contained herein. NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: MILL CITY GOLD MINING CORP. VSE SYMBOL: MIY AND GOLDEN HILL MINING CORP. CANADIAN DEALING NETWORK SYMBOL: GHMC OCTOBER 21, 1997 Golden Hill/Mill City Gold Mining - Cuban Take-Over Terms Finalized CALGARY, ALBERTA--GOLDEN HILL MINING CORP (GHMC-CDN) and MILL CITY GOLD MINING CORP. (MIY-VSE) are pleased to report that an Agreement has been entered into with MACDONALD MINES EXPLORATION LTD. (MMP.A-ASE) whereby the controlling shareholders of GHMC have agreed to tender their shares of GHMC pursuant to a securities exchange take-over bid by MacDonald Mines on the basis of 0.63 MacDonald Mines shares and 0.26 MacDonald Mines warrants to be received for each issued and outstanding GHMC share. Each full MacDonald warrant will be exercisable at $0.30 for a period of one year. MacDonald Mines advises that the offering will be made to other shareholders of GHMC on the same basis resulting in the issue of an aggregate of approximately 19,500,000 MacDonald Shares and 8,000,000 share purchase warrants if the take-over is completed. Mill City owns approximately 46.5 percent of GHMC. Completion of the transaction is subject to receipt of all necessary regulatory approvals and the escrow of 9.5 million of the MacDonald Mines shares issued to GHMC shareholders pursuant to an escrow agreement under which one third of such shares would be released at the end of each of the next three years. If completed, the transaction will give MacDonald a 100 percent operating interest in the jointly held Cuban exploration concession, subject to the right of state-controlled GeoMinera S.A. to back-in for a non-operating working interest. Mill City Gold Mining Corp. also announces the retirement of Donald J. Lavigne as a Director of the Company. Mr. Lavigne, a long-time Director of the Company, provided years of valuable experience and advice relating to the Company's exploration activities. The Company thanks Mr. Lavigne and wishes him well in his ongoing endeavours. -30- Retrieve more news for this company. Access more information for this company. View stock price chart for this company. Search for News keyword stock symbol company name Search for: exchange industry time frame