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GOLD COMPANY OF AMERICA ANNUAL REPORT ON FORM 10-K

 NEW YORK, Feb. 4 /PRNewswire/ -- Gold Company of America (BSE: GCA) ("the partnership") announced today that its recently filed Annual Report on Form 10-K discloses that the partnership's general partners have determined that it would be in the best interest of the partners to terminate the partnership's remaining agreement for the purchase of gold and all related agreements, dissolve the partnership and distribute all of the partnership's remaining assets to the limited partners.
 The proved and probable reserves of the Camflo Mine were exhausted in December 1992. The partnership was advised by the operator, as confirmed by a report to the operator of an independent mining consultant, that the potential for finding a further deposit of gold to extend the life of the mine is negligible. Consequently, the mine has now been closed. Given the prospects for the mine, the operator has advised the partnership that it has determined that the remaining mining rights, which extend to the partnership under the gold purchase agreements, have no value.
 The Form 10-K contains further information concerning the basis for this decision, the remaining amount of partnership assets and the proposed terms of the termination of the various agreements.
 -0- 2/4/93
 /CONTACT: James M. Kelso, president and chief executive officer of Prudential-Bache Minerals Inc., 212-214-6246/


CO: Gold Company of America ST: IN: MNG SU:

TM-LD -- NY120 -- 3212 02/04/93 17:07 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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