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Gold/Mining/Energy : GMD RESOURCE -- Ignore unavailable to you. Want to Upgrade?

To: FISHONFOUR who wrote (720)	4/24/1998 8:07:00 AM
From: Alex Harrington	Read Replies (2) \| Respond to of 1030

News release - new board and private placement GMD RESOURCE CORP. ANNOUNCES PRIVATE PLACEMENT FUNDING, BOARD AND MANAGEMENT CHANGES VANCOUVER, April 24 /CNW/ - GMD Resource Corp. VSE Symbol - GMD GMD Resource Corp. (the ''company'') reports that it has reached an agreement with several subscribers, subject to regulatory approval, for a private placement funding of 1,706,824 units at $0.68 per unit with each unit consisting of one share and one non-transferable share purchase warrant. Each warrant will be exercisable by the holder into one additional share of the Company at a price of $0.68 per share in the first year and $0.78 per share in the second year. The $1,147,000 proceeds will be applied to the further exploration of the Company's Royce group diamond claims north of Yellowknife, Northwest Territories and to working capital. Finder's fees on a portion of the placement, within regulatory guidelines, are due and payable on the closing of the private placements. The Company also reports the following changes to its Board and management, Mr. Rodney Duncan and Mr. Christopher Hebb have agreed to join the Board of Directors. Mr. Duncan has agreed to stand as President and Mr. Hebb has agreed to stand for Chairman. Mr. Duncan has extensive experience in managing public and privately held corporations and has been active in the venture capital field in North American and Europe over the past twenty years. He is a Director of New Sage Resources Ltd., a public Vancouver listed resource company which, in conjunction with another company, is developing the Beta Creek Diamond Project in the North Kimberley, Kimberley Province of Western Australia. Previously, Mr. Duncan was a senior executive of a number of major companies including Genstar Marine Inc. and Alcan (Bermuda) Limited. Mr. Duncan obtained his LL.B from McGill University. Mr. Hebb also has extensive experience in managing public and privately held corporations. He obtained his law degree from the University of Toronto and has extensive experience in securities law both in relation to Canadian Securities Commissions and the Securities and Exchange Commissions of the United States. Mr. Hebb spent seven years in the expansion capital business as a senior executive of the Quorum Group of Companies. During his ten years as a senior executive with Kaiser Resources Ltd., he was involved in coal mine development joint ventures with Japanese, Soviet and Korean partners. On behalf of the Board GMD RESOURCE CORP. Per: ''David Webb'' Dr. David Webb President The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this new release. -30- For further information: Dr. David Webb, President, (604) 662-3350, Toll free: 800-808-3350, Fax: (604) 681-2879