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MINVEN GOLD ANNOUNCES FINAL PROPOSED REORGANIZATION PLAN

 DENVER, May 6 /PRNewswire/ -- MinVen Gold Corp. ("MinVen") (AMEX; Toronto; Vancouver: MVG) today announced the final component of its proposed reorganization plan. As announced on April 23, 1993, it was a condition of the underwriting commitment made by Goepel Shields & Partners Inc. that all the issued and outstanding convertible indebtedness of MinVen, which aggregated approximately U.S.$14.9 million as at Dec. 31, 1992 (the "Convertible Debt"), and all of MinVen's issued and outstanding common shares should be converted into an aggregate total of approximately 5.3 million units ("Units"). Each Unit is to consist of one new consolidated common share and a warrant to purchase a new consolidated common share of MinVen.
 After negotiations conducted between MinVen's management and VenturesTrident L.P. and VenturesTrident II L.P. (collectively, "VenturesTrident"), it was agreed that VenturesTrident would receive 3,150,000 Units under the proposed Plan of Arrangement and that MinVen's shareholders would receive 2,215,204 Units in exchange for their 47,626,884 issued and outstanding common shares. The exchange ratio for the shareholders is 21.5 old shares for each new Unit. The Units have an agreed value of U.S.$1.50 per Unit.
 This last component of the reorganization plan was approved by a Special Committee of MinVen's board of directors excluding those directors who are affiliates or associates of VenturesTrident. The Special Committee has asked MinVen's management to identify a firm to provide an opinion as to the fairness, from a financial point of view, of these reorganization terms for shareholders of MinVen other than VenturesTrident.
 The share capital restructuring is subject to receipt of creditor, shareholder, stock exchange and regulatory approvals, all of which MinVen will be seeking as quickly as possible.
 MinVen is a publicly held mining company based in Denver with interests in four operating gold mines in the United States. Its shares are traded on the American, Toronto and Vancouver stock exchanges under the symbol MVG.
 For further information concerning the private placement of the Notes, the corporate capital restructuring or the other matters addressed in this press release, feel free to contact either Alan R. Bell, president, or Robert R. Gilmore, chief financial officer at 303-573-0221.
 -0- 5/6/93
 /CONTACT: Alan R. Bell or Robert R. Gilmore of MinVen Gold, 303-573-0221/
 (MVG)


CO: MinVen Gold Corp.; VenturesTrident L.P.; VenturesTrident II L.P. ST: Colorado IN: MNG SU:

BB -- DV004 -- 5500 05/06/93 13:19 EDT
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Publication:PR Newswire
Date:May 6, 1993
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