Consolidated Nevada Goldfields announces interim project financing for Nixon Fork.

DENVER--(BUSINESS WIRE)--March 7, 1995--Consolidated Nevada Goldfields Corp. announced Tuesday that it has completed a $1.5 million bridge financing for its Nixon Fork gold mine in Alaska.

The financing is a 60-day cash loan from Citibank Australia bearing interest at LIBOR plus 1.75%. The loan will be used to fund ongoing project expenditures including equipment acquisition and mobilization.

As previously announced, the company has received a commitment from Internationale Nederlanden (U.S.) Capital Corp. (ING) to make available $21.5 million in credit facilities for its Nixon Fork project.

It is the company's intent to pay down to Citibank Australia both its preexisting $2.4 million loan and the $1.5 million bridge loan out of proceeds from the ING financing.

Detailed due diligence for the ING financing is in progress. Management anticipates that closing of the ING financing could occur as early as the latter half of March 1995.

Consolidated Nevada Goldfields Corp. is a gold mining and exploration company which operates the Aurora Mine in Nevada, the Barite Hill mine in South Carolina, and the Nixon Fork development project in Alaska.

The company's common shares trade on the Toronto Stock Exchange under the symbol KNV, on NASDAQ under the symbol KNVCF, and on the Stuttgart exchange in Germany under the symbol CNV-SG.

CONTACT: Consolidated Nevada Goldfields Corp., Denver

Geoffrey Hoyl, 303/296-3200