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Gold/Mining/Energy : Exall Resources/Glimmer Resources -- Ignore unavailable to you. Want to Upgrade?

To: Winzer who wrote (450)	1/6/1998 7:05:00 PM
From: James N. Wilson	Respond to of 1319

Financial Post says Mine battle continues Glimmer Resources Inc GME Shares issued 5240412 Tuesday Jan 6 1998 Also Exall Resources Limited (EXL) The Financial Post reports in its Tuesday edition that there were smiles all around when the first gold was poured at the Glimmer gold mine near Timmins last April, and for good reason. Reporter Paul Bagnell says that years of exploration work at the site had finally led to what all geologists and investors dream of, a producing gold mine. These days, however, Canada's newest gold mine has become better known for a nasty legal fight involving its two Toronto-based owners. An uneasy partnership between Exall Resources and Glimmer Resources exploded into lawsuits last March, when the two companies were unable to resolve disagreements over how much money each should be contributing to the mine's operating costs. The courts may determine which partner ends up controlling Canada's newest gold mine. In October, Glimmer came out on the winning end of a judgment in the Ontario Court, general division, and may be close to wresting majority ownership and operator status from Exall.

To: Winzer who wrote (450)	1/6/1998 7:11:00 PM
From: James N. Wilson	Read Replies (1) \| Respond to of 1319

$500,000 Financing completed Glimmer Resources Inc GME Shares issued 5240412 Tuesday Jan 6 1998 Mr Richard McCloskey reports The company has completed the previously announced private placement of $500,000 principal amount of convertible debentures. The convertible debentures bear interest at 8% and are convertible into common shares on the basis of $1.10 principal amount in the first year, $1.265 in the second year and $1.455 in the third year. The convertible debentures are subject to a one year hold period. Glimmer is a mining and mineral exploration company presently acknowledged to hold a 34.47% interest in the Glimmer mine joint venture as well as exploring and reviewing prospects in Ontario, Yukon Territory and the US.