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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (8618)	1/22/1998 6:47:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Phrygian Continues Reorganization VSE SYMBOL: PHG JANUARY 22, 1998 TORONTO, ONTARIO-- CUSIP #: 71940U107 Published Standard & Poor's Corporation Records, September 17, 1996 Phrygian Mining Corporation ("Phrygian" or the "Company") has completed a further step in its reorganization with the sale of the Zeballos gold properties in British Columbia. The Zeballos interests were sold to Proprietary Energy Industries Inc. of Calgary, Alberta, an arms length party, for cash of Cdn $100,000. Phrygian has offered its interests in another British Columbia property to a private individual for a nominal sum and has received a positive response. Phrygian expects to close this asset sale within thirty days. Subsequent to these sales, Phrygian's primary asset remains the company's interest in the Casierra Diamond Corporation ("Casierra"), which Phrygian has agreed to sell to a partner in Casierra pursuant to a share exchange transaction. The transaction remains subject to confirmation of title and thereafter to the submission of materials to the appropriate regulatory authorities for approval. Phrygian is actively reviewing oil and gas acquisition opportunities in Texas. A very promising situation has been identified and negotiations have been initiated. John McKimm, Chairman