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Cathedral Gold - $1,275,000 Private Placement Financing Completed.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 28, 1996-- Cathedral Gold Corporation (CAT-TSE) announces that it has completed its private placement of 500,000 Units at the price of Cdn$2.55 per Unit to raise proceeds of Cdn$1,275,000.

Each Unit entitles the holder to receive one Common Share and one Share Purchase Warrant at no additional cost. One Share Purchase Warrant will entitle the holder to purchase one Common Share of the Company at Cdn$3.00 until August 28, 1997.

The net proceeds received by Cathedral from the sale of the units will be used principally for further exploration and drilling on the Company's Lady Property in Honduras and the Kaburi-Eldorado Project in Guyana. A 4 percent commission on the gross proceeds was paid to First Marathon Securities Limited.

R. Michael Jones, President

CONTACT: Cathedral Gold Corporation

R. Michael Jones

President

604/684-4659
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Publication:Business Wire
Date:Aug 28, 1996
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