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Gold/Mining/Energy : Diamonds in Alberta, Ashton, Pure Gold, Montello, New Cla -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (698)	10/9/1998 8:16:00 AM
From: Famularo	Respond to of 822

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: PURE GOLD MINERALS INC. TSE SYMBOL: PUG OCTOBER 9, 1998 Pure Gold Minerals Completes Private Placement and Reprices and Extends Series C Warrants VANCOUVER, BRITISH COLUMBIA--Don Sheldon, President of Pure Gold Minerals Inc. (TSE: PUG), is pleased to announce the completion of its private placement, announced August 20, 1998, of 2 million units at $0.25 per unit, for gross proceeds of $500,000. 2 million common shares and 2 million warrants to purchase common shares at a price of $0.30 per share, expiring September 14, 2000 were placed. A commission of $40,000, payable by the issuance of 160,000 common shares of Pure Gold, was paid to Lines Overseas Management in connection with the transaction. The placee is at arm's length to Pure Gold. The placement is subject to Toronto Stock Exchange approval pending filing of final documentation. The Company also announces that the Company's 590,000 Series C share purchase warrants, issued in conjunction with a Special Warrant Financing initially announced September 12 and 18, 1997, have been amended as follows: - The expiry date has been extended to November 4, 1999 - The exercise price has been amended to $0.30 per share from $1.90 per share - The warrants provide that, if the closing price of Pure Gold shares exceeds $0.40 on any day, the warrants must be exercised within 30 days or they become null and void. The Series C Warrants are held by arm's length parties to Pure Gold. This extension and repricing is subject to the approval of The Toronto Stock Exchange. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Pure Gold Minerals Inc. Donald R. Sheldon President (604) 682-1240 1-800-667-1660 or Pure Gold Minerals Inc. Carina Bittel Shareholder Information (604) 682-1240 1-800-667-1660 The Toronto Stock Exchange has neither approved nor disapproved the contents of this News Release.