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YUBA WESTGOLD SIGNS LETTER OF INTENT TO SELL YUBA PLACER GOLD COMPANY

YUBA WESTGOLD SIGNS LETTER OF INTENT TO SELL YUBA PLACER GOLD COMPANY
 MARYSVILLE, Calif., Sept. 25 /PRNewswire/ -- Yuba WestGold, Inc. (Yuba) announced today it has signed a letter of intent to sell to Robinson Enterprises, Inc., or its subsidiary (Robinson), its gold dredging operations which are conducted by Yuba Placer Gold Company. The sale will be subject to the execution of definitive agreements and the approval of the bankruptcy court. Yuba filed a voluntary bankruptcy petition on September 4, 1992.
 The total consideration for the transaction has not been disclosed, but would include the repayment of Yuba's bank indebtedness, a payment to Western Gold Exploration and Mining Company, Limited Partnership (Western Gold), the principal stockholder of Yuba, in consideration of the forgiveness by Western Gold of $9 million of indebtedness of Yuba and Yuba Placer Gold Company, a payment to Yuba, and the assumption by Robinson of certain royalty obligations.
 Yuba's vice president-operations, William E. Brooks, said: "Yuba is encouraged by Robinson's offer and believes that the completion of a transaction that ensures the continuity of dredging operations in the Gold Fields is in the best interests of Yuba, its employees, suppliers and customers and the community in which it operates."
 Yuba is engaged in the dredging of gold and other precious metals located along the Yuba River in Yuba County, Calif.
 -0- 9/25/92
 /CONTACT: William Brooks vice president-operations of Yuba WestGold, 916-742-7164, or Daniel W. Rumsey, 712-277-7363, for Yuba WestGold/ CO: Yuba WestGold, Inc.; Robinson Enterprises, Inc. ST: California IN: MTC SU:


TM -- NY058 -- 3667 09/25/92 17:10 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
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