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MERLIN MINING AND REMINGTON FINANCIAL EXECUTE LETTER OF INTENT

 MERLIN MINING AND REMINGTON FINANCIAL EXECUTE LETTER OF INTENT
 SALT LAKE CITY, July 6 /PRNewswire/ -- Merlin V. Fish, president of Merlin Mining Co. ("Merlin") (NASDAQ: MMCO), an exploration stage Delaware corporation with mining claims located in Nevada, and Robert Gunther, president of Remington Financial Group Inc. ("Remington"), a small, publicly held company, announced today that the parties have executed a letter of intent whereby Remington would acquire 80 percent of the common stock of Merlin in exchange for an undivided 50 percent interest in Remington's loan portfolio originally acquired from the Resolution Trust Co.
 Upon completion of the transfer, the parties intend to enter into an agreement with an experienced collection company to process the loan portfolio acquired and to divide the proceeds between the parties. The Merlin stock to be issued to Remington will be restricted common stock.
 As part of the transaction, Remington is providing funds to Merlin via loans in the aggregate amount of $450,000 through Nov. 15, 1992 which will be used by Merlin to complete annual assessment work on its mining claims and to pay certain of its obligations. The agreement also contemplates that Merlin will change its name and undertake a 20 for 1 reverse stock split of its common stock in the near future.
 The agreement has been scheduled to close on or about July 15, 1992, but is subject to completion of due diligence investigation including review of the loan portfolio set forth above, execution of a definitive agreement and review of the appropriate financial statements.
 -0- 7/6/92
 NOTE TO EDIOTRS: Investors are cautioned against trading in Merlin Mining Co.'s stock on the basis of any rumor or speculation.
 /CONTACT: Merlin V. Fish of Merlin Mining, 801-262-5511/
 (MMCO) CO: Merlin Mining Co.; Remington Financial Group Inc. ST: Utah, Nevada IN: MNG SU:


MC-BB -- DV004 -- 6519 07/06/92 09:01 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
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