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

To: Ron Wilkinson who wrote (4336)	12/16/1997 2:40:00 PM
From: Bucky Katt	Read Replies (1) \| Respond to of 117274

Here comes the fallout>>REA GOLD CORPORATION announced that on December 15, 1997, its board of directors and the board of directors of its wholly-owned subsidiary, Bissett Gold Mining Company Ltd., authorized the filing of assignments in bankruptcy pursuant to the Bankruptcy & Insolvency Act (Canada) for each of the companies. It is anticipated that a Trustee in Bankruptcy will commence the bankruptcy proceedings on December 16, 1997 and the operations and development at the Bissett Gold Mine at Bissett, Manitoba will cease. In addition, Rea Gold Corporation also announced the resignation of its directors and officers and the directors of Bissett Gold Mining Company Ltd. Prior to receiving the directors' and officers' resignations, the Company attempted to conclude a workout with its principal tender at Bissett, NM Rothschild & Sons Ltd. but was unable to reach agreement. Bissett is indebted to Rothschild in the approximate principal amount of US$23 million. The indebtedness is guaranteed by Rea Gold Corporation and secured by charges over the assets of Bissett and Rea Gold.