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Gold/Mining/Energy : William Resources - WIM-TSE -- Ignore unavailable to you. Want to Upgrade?

To: EricVdP who wrote (935)	2/20/1998 10:01:00 AM
From: Brad Humphrey	Read Replies (1) \| Respond to of 1326

HI EVERYONE, HERE IS AN UPDATE: NEWS RELEASE WILLIAM RESOURCES INC. 390 Bay Street, Suite 2008 Toronto, Ontario M5H 2Y2 February 20, 1998 Internet Address williamres.com E-mail Address: info@williamres.com Trading Symbol TSE - WIM WILLIAM 1997 PRODUCTION OVER 200,000 OZ In 1997, William produced approximately 210,000 ounces at a cash cost of US$266 per ounce. William is budgeted to produce approximately 175,000 ounces in 1998 with further reduction in cash cost. Over ninety percent of the production will come from the Bj”rkdal mine in Sweden and the Jacobina mine in Brazil. The Company has hedged 160,000 ounces in 1998 at a minimum price of US$373 per ounce. The Company is in the process of implementing several alternatives to optimize its operations and minimize costs in the current gold environment, including the following: ú Significant emphasis is being placed on improving costs and productivities at Jacobina in 1998. Additional equipment has been purchased, the site manpower has been reduced by 20 percent and changes have been made to the senior management. The mine's performance is being closely monitored after poorer than expected 1997 results. ú The present open pit at the Pahtavaara mine in Finland will be mined out by July 1998. Discovery of a new zone North West of the existing pit may result in an extension of operations. Original plans to go underground have been deferred. ú The Australian operations have been put on a care and maintenance basis and overheads reduced to a minimum. In addition, William has recently sold the Ballarat East gold mine near Melbourne, Australia. Redundant equipment from the oxide plant at Rustler's Roost is being sold, and the mine will be maintained on standby pending higher gold prices. ú The general and administrative (G&A) costs have been significantly reduced throughout the Company. Costs at both the Toronto and Stockholm offices have been reduced and the office in Brisbane, Australia has been closed. The G&A costs at William (excluding the BLM Service Group) are expected to be approximately 50 percent of 1997 costs. ú The Company is examining all non-core assets and its investments for possible sale to generate additional cash flow. The Board and management of William has retained Nesbitt Burns to provide assistance with these and other strategic alternatives. William is an intermediate gold mining company listed on The Toronto Stock Exchange (symbol TSE: WIM). Its wholly-owned gold mines include Bj”rkdal in Sweden, Jacobina in Brazil and Pahtavaara in Finland. Bj”rkdal is Europe's largest gold mine. William also provides engineering and contracting services to the international mining industry through the BLM Service Group. -30- THANKS BRAD HUMPHREY WILLIAM RESOURCES INC.