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Gold/Mining/Energy : A CANADIAN DIAMOND HUNT -- Ignore unavailable to you. Want to Upgrade?

To: Postman who wrote (208)	1/28/1998 1:00:00 PM
From: Kent C.	Respond to of 930

Jan. 28 - CYM.ASE - Merger Canadian Mountain Minerals Ltd., (''CYM''- Alberta) and Goldtex Resources Ltd., (''GXR''- Alberta) announced today that they have entered into an agreement to merge the two companies. The company resulting from the merger will be known as Cantex Mine Development Corp., (''Cantex'') and its common shares will continue to be listed on the Alberta Stock Exchange. Pursuant to the merger, which will be effected by way of a share exchange, shareholders of CYM will receive six (6) common shares of Cantex for each share of CYM held and shareholders of GXR will receive one (1) share of Cantex for each common share of GXR held, before giving effect to a proposed future share consolidation. Cantex will be managed by the existing board of directors and senior management of CYM. Lee Richardson, President of Goldtex stated, ''this transaction is structured to combine the operations of two related companies. The end result for GXR shareholders, in addition to our current holdings, will be a 100% interest in the Yemen gold and base metal project and a direct working interest in the West Greenland diamond project operated by Dia Met Minerals.'' Joseph Dutton, President of CYM added, ''besides the economic benefits to shareholders, this amalgamation produces a clear market horizon as we approach anticipated drilling operations in Greenland and Yemen.'' The merger is subject to receipt of all necessary regulatory and shareholder approvals. In addition this transaction is subject to final approval by both companies' independent committees and the receipt of a satisfactory property appraisal and fairness opinion. The Alberta Stock Exchange has neither approved nor disapproved this news release. Subject 17869