Announcement: Re Mineral Ridge Resources Inc.

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 21, 1998-- Cornucopia Resources Ltd. reports that it has been notified by its bankers Dresdner Kleinwort Benson (Dresdner) that, effective May 1, 1998, the bank intends to declare Cornucopia's wholly-owned subsidiary Mineral Ridge Resources Inc. (MRRI MRRI Marine Resources Research Institute
MRRI Moss Rehabilitation Research Institute
MRRI Maintenance Replacement Rate I ) in default pursuant to the loan agreement between Dresdner and MRRI dated Jan. 17, 1997.

Dresdner reserves its rights to foreclose fore·close
v. fore·closed, fore·clos·ing, fore·clos·es

v.tr.
1.
a. To deprive (a mortgagor) of the right to redeem mortgaged property, as when payments have not been made.

b. on MRRI's assets and enforce Cornucopia's guarantee.

Dresdner has advised Cornucopia that it believes that prompt cooperative action could result in fulfillment of the obligations to the bank as well as preserve some value for equity. Cornucopia is therefore continuing with its efforts to arrange a corporate merger which would bring both physical and financial resources to Cornucopia's operations and it is expected that a proposal will be presented to the bank shortly.

In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified"
meantime, meanwhile , crushing and leaching of ore is continuing at the Mineral Ridge Mine and plans are underway for the resumption of the drilling program at the Ivanhoe property in the Carlin car·line or car·lin
n. Scots
A woman, especially an old one.

[Middle English kerling, from Old Norse, from karl, man.] Trend, Nevada.

ON BEHALF OF THE BOARD OF DIRECTORS

(signed)

Andrew F. B. Milligan

President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.

CONTACT: Cornucopia Resources Ltd.

Karyn Bachert, 800/436-4404

www.cornucopia-resources.com

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Publication:	Business Wire
Date:	Apr 21, 1998
Words:	197
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