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Gold/Mining/Energy : Gallery Resources (Alberta GYR) -- Ignore unavailable to you. Want to Upgrade?

To: david f. dempster who wrote (1153)	2/2/1998 4:50:00 PM
From: Kent C.	Read Replies (2) \| Respond to of 1829

Feb. 2 - GYR.ASE - Private Placement From: investor1.com Gallery Resources Limited (the "Company") wishes to announce that it intends to conduct a private placement of units at $0.30 per unit to raise up to $600,000. Each unit will consist of one common share and one share purchase warrant, each warrant entitling the holder to acquire one further common share for a period of two years, upon payment of $0.35 per share. Up to $300,000.00 of the proceeds will qualify for mining exploration flow through. The private placement is expected to close in late February, 1998. Mr. Bruce Costerd, President and a director of the Company, has indicated an intention to participate in the private placement. The pricing of the private placement represents a premium to the current trading price of the Company's common shares. Proceeds from the private placement will be used to pay outstanding expenses and the remainder will be used for the exploration of the Company's Voisey's Bay mineral properties and general working capital. The Company also wishes to announce that it has received regulatory approval to reprice 1,000,000 warrants currently outstanding of the Company exercisable until May 27, 1998 at $0.80 per share. The warrants have been repriced to $0.30 per share in order to provide additional funding to the Company. All of the warrants are held by Mr. Bruce Costerd. The Company is a junior exploration company listed on the Alberta Stock Exchange with mineral properties in Voisey's Bay Labrador and a mine in the Cariboo Mining District of British Columbia. Approved on behalf of the Board of Directors by: Bruce Costerd President & C.E.O. GALLERY RESOURCES LIMITED Suite 707-626 West Pender Street Vancouver, B.C. V6B 1V9 Telephone: (604) 662-8119 Facsimile: (604) 662-8616 Canada and U.S.A. Toll Free 1-800-565-7350