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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: J. Nelson who wrote (6898)	10/25/1998 7:34:00 PM
From: Ken Sammut	Read Replies (1) \| Respond to of 25548

delayed 20 mins - disclaimerSunday October 25, 3:08 pm Eastern Time Dayton Mining in default on debt NEW YORK, Oct 25 (Reuters) - Dayton Mining Corp. said late Friday that it is in default of a loan agreement. The company said that it has been discussing restructuring or refinancing its bank debt with its banking syndicate and other lenders. It said that defaults were previously waived by the lenders through October 19, 1998 but an extension has not, to this date, been granted. As a result, the company is technically in default under the existing loan agreement, it said. Dayton said that it will be meeting the syndicate members and other lenders in the coming week to discuss an extension of the waiver and the restructuring or refinancing. There is currently US$17.9 million outstanding on the loan, of which US$12.9 million is cash collateralized. US$5 million is not cash collateralized. The lenders are secured by the Andacollo Gold Mine, Dayton said. Dayton Mining holds a 100 percent interest in the Andacollo Gold Mine located in central Chile.