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

To: David Luton who wrote (952)	2/23/1998 11:31:00 PM
From: Lalit Jain	Respond to of 1326

David, WIM's BLM Bharati Engineering Services lands another contract ! Tyranex retained the professional services of BLM Bharti Engineering Inc. Full release: TORONTO, Feb. 23 /CNW/ - On behalf of shareholders, Tyranex Gold Inc. (TXGI-CDN 9,095,889 issued) is pleased to announce it has completed due diligence examinations for acquisition of the Mineral Hill Mine (MHM) and is proceeding with the transaction, subject to completion of a CDN $10 million dollar financing. Tyranex retained the professional services of BLM Bharti Engineering Inc., Westec Environmental Inc., and Webcon Equipment Inc. to analyze and confirm the in situ resource and engineer the mine plan, to analyze the environmental conditions and constraints, to provide a plant and equipment valuation, respectively. In addition, extensive meetings have been held with Montana based-stakeholders in the environmental, political, legal and financial constituencies, to determine if these interests' and the public's consent would be forth coming to permit Tyranex to proceed with the transaction. The following points are the highlights of these due diligence activities: - Bharti Engineering Inc. has concluded that MHM contains an economic drill-indicated mineable reserve of 385,265 ounces gold at a mineable grade of 0.287 ounces gold per ton, recoverable at a cash operating cost of U.S. $237 per ounce, at an annual production rate of 56,650 ounces over a project life of 7.1 years. - Westec Engineering Inc. has concluded that all air, water, and surface permits are current and in good standing, and that the site can meet these standards in the future. - Webcon Equipment Inc., has concluded that the mining equipment is in fair to good condition, with some equipment in need of rebuild prior to mine start up. - Tyranex has received unilateral environmental, political, legal and community support for its ''made in Montana solution''--an employee share ownership plan (ESOP)--for mining at MHM. A Montanan who is an environmental activist and a director of the Greater Yellowstone Coalition, the Bear Creek Council, a member of the Northern Plains Resource Council, and is the current Chairman of the Montana Democratic Party Chairmen's Association, joined the company's board of directors on January 27, 1998. - Advanced discussions for project debt and equity financing are under way. Tyranex is proposing to raise 70 percent of project financing in Montana, utilizing the ESOP as the leveraged buy out vehicle for a Montana State Board of Investment asset-backed debt financing. Interested investors, shareholders, brokers and analysts are invited to a short presentation followed by a reception on Tuesday, February 24, 1998, 12:00 noon, or at 4:30 (Toronto time) at the National Club, 303 Bay Street, Toronto, Ontario. A complete company profile is available at www.tyranex.com.