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Gold/Mining/Energy : William Resources - WIM-TSE -- Ignore unavailable to you. Want to Upgrade?

To: Natedog who wrote (1191)	4/13/1999 12:12:00 AM
From: Hart	Respond to of 1326

is this relevant? HART ================ RUXR CDN Add to Portfolio April 12, 1999 Sells Interest In Shkolnoye RUX RESOURCES INC ("RUXR-Z;RUXRF-L") - Sells Interest In Shkolnoye RUX Resources Inc. ("RUX") is pleased to announce that the board of directors approved the sale of a royalty to William Resources Inc. ("William") in its interest in the operating company that owns the Shkolnoye gold mine in Eastern Russia. William owns 12.8 million (52.4%) of the outstanding common shares of RUX and certain directors of William are directors of RUX. The royalty is based on the net smelter return from the production of gold from the Shkolnoye gold mine. The royalty is calculated as 1.5% of 10% (RUX's current interest in the operating company) of the net smelter returns. William will pay RUX Cdn.$475,000 for the royalty and the purchase price will be applied to an intercompany debt owed by RUX to William in the amount of approximately Cdn.$525,000. The balance of the debt will be forgiven. The royalty will be paid out of any distributions of dividends or assets RUX receives from the operating company. RUX's debt to William resulted from William paying from time to time for goods and services received by RUX. As RUX has no means of generating revenue, RUX is unable to repay William in cash and it was agreed that William would purchase the royalty to satisfy the debt. The transaction is expected to close on or before April 16, 1999. TEL: (416) 861-1031 Stan Bharti, President FAX: (416) 861-8165 ______________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041. This Report Updated by Canstock at 8:52:47 Pacific Time