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Gold/Mining/Energy : Dayton Mining (DAY) on TSE & AMEX -- Ignore unavailable to you. Want to Upgrade?

To: James F. Hopkins who wrote (454)	1/13/1999 9:15:00 PM
From: Gord Bolton	Read Replies (1) \| Respond to of 568

Dayton Reaches Agreement with Lenders Business Wire - January 11, 1999 09:27 VANCOUVER, BRITISH COLUMBIA, Canada--(BUSINESS WIRE)--Jan. 11, 1999--Dayton Mining Corporation (AMEX, TSE:DAY) is pleased to announce that it has reached an agreement with its banks that will form the basis of a long-term solution to the financing of the Andacollo Gold Mine. The bank loan balance is currently US$17.9 million of which US$12.9 million is cash collateralized. The banks have agreed to Dayton's request to utilize US$10.9 million of the collateralized cash to pay the loan balance down to US$7 million, leaving cash collateral of US$2 million. After this paydown Dayton will have total cash of approximately US$9.5 million, or US$7.5 million net of the cash collateral. The quarterly repayments due in January 1999 and April 1999 will be reduced from US$3.6 million each to US$1 million each and the interest rate through April 19, 1999 will continue at the reduced rate of LIBOR plus 1.25%. The banks have agreed to waive all existing defaults until April 19, 1999 at which time Dayton anticipates it will be in full compliance with all terms of the loan agreement. Bill Myckatyn, Chairman, President and CEO of Dayton stated "I am pleased with the resolution of these discussions with our banking syndicate. This agreement provides certainty going forward, reduces the costs of servicing the loan facility and permits management to concentrate its efforts on seeking other growth opportunities and further improving the operation. Gold production at the Andacollo Gold Mine was 11,058 ounces for the month of December, 30,558 ounces for the fourth quarter, and 92,548 ounces for 1998. Operating costs for the fourth quarter are being finalized." Dayton Mining Corporation holds a 100% interest in the Andacollo Gold Mine located in central Chile, and trades on both the American Stock Exchange (AMEX) and Toronto Stock Exchange (TSE) under the trading symbol DAY. Notice: The Company relies on litigation protection for "forward looking" statements. CONTACT: Dayton Mining Corporation Diane Thomas, 604/662-8383 Thought you guys needed some good news. Good Luck