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SKYCREEK MINERALS - UPDATE

 VANCOUVER, Aug. 12 /PRNewswire/ -- Skycreek Minerals (the "company") announces that the Ontario Securities Commission (the "OSC") has waived the formal valuation requirements set out in OSC Policy 9.1 which are applicable to the proposed debt settlement with Lanch Holdings Ltd. ("Lanch").
 Lanch, a related party to the company, has agreed to the settlement of the company's outstanding indebtedness to it in the amount of approximately $5 million by the issuance of 29,976,494 non-voting common shares of the company. The proposed settlement is subject to approval by shareholders of the company, exclusive of Lanch and its affiliates, at the extraordinary general meeting of the company to be held on Aug. 26, 1993, and is described in detail in the information circular for the meeting.
 The OSC waived the formal valuation requirements referred to above on the basis that the company can be considered to be in financial distress. Its only assets are intangible and have a minimal value as they could only be utilized in certain exceptional, unique and very carefully constructed circumstances, and it is still indebted to the Royal Bank of Canada in the amount of approximately $1.1 million and to Lanch as outlined above.
 -0- 8/12/93
 /CONTACT: Rupert A. Legge, secretary of Skycreek Minerals, 604-683-6865/
 (SKX.)


CO: Skycreek Minerals Inc. ST: British Columbia IN: MNG SU:

EH-xx -- LA030 -- 2238 08/12/93 15:59 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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