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Gold/Mining/Energy : WWS.T World Wide Minerals -- Ignore unavailable to you. Want to Upgrade?

To: traacs who wrote (640)	12/7/1998 2:06:00 PM
From: Alex Harrington	Read Replies (1) \| Respond to of 784

News - some action re Kaz: FOR FURTHER INFORMATION PLEASE CONTACT: World Wide Minerals Paul A. Carroll Chairman and CEO 416-369-7217 or 416-369-6084 416-369-6088 (FAX) Email:wws@worldwideminerals.com Web Site:www.worldwideminerals.com NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: WORLD WIDE MINERALS TSE SYMBOL: WWS DECEMBER 7, 1998 World Wide Minerals To Attach Kazakhstan Uranium Shipments TORONTO, ONTARIO-- World Wide Minerals Ltd. announced today that it has served notice upon various international entities that are known to handle, process or purchase uranium concentrates from Kazakhstan. The notice is to the effect that World Wide claims either title to or a security interest in all uranium concentrates that have been received by such entities since October 7, 1996 or which may in future be received. Such entities include Cameco Corporation, ConverDyn (a unit of AlliedSignal Inc.), British Nuclear Fuels plc of the UK and Comurhex (a unit of Cogema, a French State-owned entity). Similar notices have been given to entities known to be purchasing uranium concentrates and nuclear fuel from Kazakhstan, including Nukem, Inc. of the USA and its German parent, Nukem Nuklear GmbH, Synatom, a Belgian nuclear utility, Cogema of France and General Electric Company of the USA. Nukem is the uranium-trading subsidiary of the German energy conglomerate, RWE Energie AG. Kazakhstan had stated that it would reimburse World Wide fully for its investment in that country. After several months of good faith negotiations by World Wide, the Company was forced to initiate a US$220 million lawsuit in the US Federal Court. The new steps being taken by World Wide are designed to ensure payment of the moneys owed to it on loans secured on the mining and production facilities in Kazakhstan as well as inventories of raw materials and processed uranium concentrates exported from Kazakhstan. Uranium concentrates processed in the Kazakhstan facilities are subject to security interests held by World Wide for the loan. World Wide is a Toronto-based producer and marketer of uranium concentrates used for the purpose of fueling nuclear power plants. It entered into a series of management and production sharing agreements in 1996 and 1997 with the Republic of Kazakhstan. Under these agreements, World Wide agreed to redevelop and expand uranium mining and processing facilities in the Central Asian republic. After World Wide lent over US$22 million for the operations, Kazakhstan refused to issue requisite permits to export the production, initially to the USA and Taiwan. Instead, Kazakhstan then canceled World Wide's management agreement and completed the sale of the production itself to foreign parties and has failed to repay World Wide's loans. Paul Carroll, Chairman and CEO of World Wide, stated that "it is the intention of the Company to attach shipments of uranium concentrates from Kazakhstan wherever they may be held. We will attach the product itself and the proceeds of its sale wherever we can" he said. "Kazakhstan should not underestimate our resolve to achieve full reimbursement of our loans as well as damages for our loss of profits. If necessary, we will invoke the assistance of Courts in countries in addition to the USA in our efforts to obtain redress, which will include any entity which has participated in this action by Kazakhstan." World Wide stated that its right to attach uranium extends to derivatives of uranium produced or shipped from Kazakhstan since October 1996, the date when its rights commenced. This would include upgraded or enriched uranium and nuclear fuel components, some of which are being imported into the USA by or for Nukem and General Electric Company. World Wide has appealed to the US Department of Commerce in this respect. The Commerce Department is considering a request made on November 9, 1998 by Kazakhstan for cancellation of the bilateral agreement which currently sets a quota for importation of Kazakhstan-source uranium into the USA. If the agreement is canceled, importation of Kazakhstan-source uranium into the USA would be subject to heavy anti-dumping duties but Kazakhstan-source uranium could be swapped for uranium from other countries which then could be imported into the USA freely, in circumvention of the anti-dumping duties. World Wide claims that its rights extend to any such swapped uranium.