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Gold/Mining/Energy : RIOSUN--TRIPLED SINCE DEC 1st -- Ignore unavailable to you. Want to Upgrade?

To: kevin aseltine who wrote (132)	12/2/1997 8:42:00 PM
From: kevin aseltine	Read Replies (1) \| Respond to of 208

Another press release , but at least this time it sound's like maybe something might be happening over there ?? NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: RIOSUN RESOURCES CORPORATION VSE SYMBOL: RSR DECEMBER 1, 1997 Riosun Resources Receives Approval for Private Placement CALGARY, ALBERTA--The Company is pleased to announce that it has received formal approval from the Vancouver Stock Exchange (V.S.E.), for filing of a non-brokered Private Placement in the amount of $750,000.00. The previously announced Private Placement of November 4th, 1997, for 3,000,000 shares, and warrants to purchase 1,500,000 shares of Riosun. The Placement is subject to a 1 year hold period, pursuant to the Vancouver Stock Exchange Regulations. The funds will be used for the re-opening of the Eximad Emerald Mine in Madagascar, as well as ongoing operations of the Company. The Company has hired Mr. Gerhard K.W. Jacob, P. Geol. M.Sc. Geol., as Mine Manager. Mr. Jacob, a Canadian resident, has successful mining experience in Africa in circumstances similar to Eximad. P. Charles Cochrane, President, along with company Geologists Mr. Griff V. Lloyd, P. Eng, P. Geol., and Mr. Gerhard Jacob, will be traveling to Madagascar early in December to review the minesite conditions, and to develop a final plan. The Company has filed its third quarter financial report. Deferred costs related to exploration and development, and capitalized overhead amounted to $58,837.00 for the period. There was no income from operations during this quarter. The Company arranged to convert debt into equity in the amount of $560,000.00. During this quarter, Company President Mr. P. Charles Cochrane traveled to Madagascar and among other matters, made direct application to the Ministry of Mines to hold all permits and concessions directly. The Company withdrew its application to the V.S.E. regarding the "Glamorgan Farm-In Agreements", and has also chosen to defer involvement with People's Republic of China initiative. A copy of the third quarter financial statements will be mailed out to all registered shareholders, when the current mail strike is resolved. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Riosun Resources Corporation Ken Hughes Director (403) 266-3644 (403) 266-3648 (FAX)