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Gold/Mining/Energy : Royal International Venture RIL.V (was Labrador Int'l LAB) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pakstas who wrote (963)	7/10/1998 12:26:00 AM
From: gtr	Respond to of 3380

Mr. Eugene Larabie also reports Management of Labrador International Mining would like to clarify misinformation being disseminated regarding the status of operations on the Labrador Nickel Syndicate (LNS) properties in South Voisey's Bay, Newfoundland. The LNS is comprised of Labrador (50 per cent), Pallaum Minerals (25 per cent) and GlobeNet Resources (25 per cent), with Labrador being the operator, as per a joint venture agreement signed April 9, 1998. Labrador, as operator on the LNS properties, entered into a contract with Donner Minerals dated May 18, 1998 for a two phase exploration program. Phase 1 is a geological and geophysical program and phase 2 is a diamond drill program if justified by the results of phase 1. Total budget for the two phase program is approximately $1,000,000, being $600,000 for phase 1 and $400,000 for phase 2. Labrador, as 50 per cent partner is liable for 50 per cent of this program. Labrador wishes to confirm that cash calls for $280,000 have been received as of July 9, 1998 and have been paid in full. It has been reported that the LNS and Donner Minerals met with individuals calling themselves "The Concerned Stakeholders Group" on July 8, 1998 to discuss future operations on the Adlatok River properties in South Voisey's Bay. News of this meeting comes as a surprise to the management of Labrador International, in that Labrador, operator on the LNS South Voisey's Bay properties, was not invited to attend. Furthermore, it is of great concern to Labrador, that Donner Minerals, contractor to the LNS, would undertake to meet with a group without legal standing in the affairs of the LNS, to discuss LNS operations. If the concerned stakeholders are truly interested in the status of the LNS properties, then Labrador believes that the appropriate route would be address those concerns to Labrador directly, as operator of the LNS. To date, they have not done so. Labrador International is seriously concerned by the attendance of the contractor, Donner Minerals, at a meeting of the affairs of the LNS without the consent and attendance of the LNS operator. This raises serious confidentiality and disclosure issues and Labrador is reviewing all appropriate legal ramifications arising from this unfortunate development.