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

To: JAS who wrote (973)	4/2/1998 11:56:00 PM
From: Lalit Jain	Read Replies (1) \| Respond to of 1326

JAS, WILLIAM RESOURCES INC. OBTAINS PERMIT FOR REFINING PLANT AT BJORKDAL 1998-04-02 TORONTO, ONTARIO William Resources Inc. ("William") is pleased to announce that Sweden's Licensing Board for Environmental Protection has approved the Company's application to upgrade the gold concentrates at its Bjorkdal mine to dore bars. The refining plant, being the first of its kind in Sweden, will upgrade the low and medium grade gold concentrates presently produced to dore bars, containing approximately 30 percent of the Bjorkdal mine's gold production. The high grade concentrate, containing 70 percent of the gold, will continue to be shipped to an outside refinery. This will result in an overall reduction in the mine's cash operating cost of approximately 10 percent and further enhance the competitive production cost of William's Swedish mine. The refining plant, which is estimated to cost approximately US$2.3 million, is scheduled to commence production seven months after start of construction. William is a gold mining company listed on The Toronto Stock Exchange (symbol TSE: WIM). Its wholly-owned gold mines include Bjorkdal in Sweden, Jacobina in Brazil and Pahtavaara in Finland. Bjorkdal is Europe's largest gold mine. William also provides engineering and contracting services to the international mining industry through the BLM Service Group. Contact: Stan Bharti, President or George Faught, Senior Vice President, Finance Tel: (416) 861-9500 Fax: (416) 861-8165 WILLIAM RESOURCES INC. 390 Bay Street, Suite 2008 Toronto, Ontario M5H 2Y2 Internet Address williamres.com E-mail Address: info@williamres.com

To: JAS who wrote (973)	4/3/1998 12:08:00 AM
From: Arthur V	Read Replies (1) \| Respond to of 1326

Rest of the Release (Very positive) Upgrade to Bjorkal bring will bring cash costs down for this mine from about 200 /oz to 180 /oz. A decent Number. If cash costs for Brazil are decreased from 320 to 280 (I think this was the objective), Cash costs for entire operation (100,000 oz /Sweden, 80,000 oz /Brazil) will be about $225 /oz G & A costs cut by 50%. All 180,000 oz hedged at $374 /oz I believe. Costs for Sweden upgrade - 2.3 million American Sale of Mexican equity - 2 million Canadian Interpret this however you want. There will be some writedowns for 1997 (mine shutdown in Australia). I think the market has already absorbed this. If cash costs can be achieved and gold reaches traditional levels, WIM should do well (IMHO) in 1998. Arthur ---------------------------------------------------------- Mr Bharti also reports Sweden's licencing board for environmental protection has approved the company's application to upgrade the gold concentrates at its Bjorkdal mine to dore bars. The refining plant, being the first of its kind in Sweden, will upgrade the low and medium grade gold concentrates presently produced to dore bars, containing approximately 30% of the Bjorkdal mine's gold production. The high grade concentrate, containing 70% of the gold, will continue to be shipped to an outside refinery. This will result in an overall reduction in the mine's cash operating cost of approximately 10% and further enhance the competitive production cost of William's Swedish mine. The refining plant, which is estimated to cost approximately US$2.3 million, is scheduled to commence production seven months after start of construction.