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BIG CREEK AND PACIFIC SENTINEL TO AMALGAMATE

 BIG CREEK AND PACIFIC SENTINEL TO AMALGAMATE
 VANCOUVER, British Columbia, Aug. 21 /PRNewswire/ -- R.A. Bruce


McDonald, chairman of Big Creek Resources Ltd. (Vancouver: BIK) and Robert G. Hunter, chairman of Pacific Sentinel Gold Corp. (Vancouver: PSG) jointly announce the entering into by the two companies, and certain of their principal shareholders, of a Letter of Intent to effect a statutory amalgamation of the two companies on a one-for-one basis. The amalgamated company, to be known as "Pacific Sentinel Gold Corp.", will have approximately 14.5 million shares outstanding on a fully diluted basis, of which approximately 50 percent will be owned by each of the existing shareholders of PSG and BIK respectively.
 PSG has agreed to advance, by way of a convertible debenture, up to $500,000 to fund the ongoing drill program of the Casino deposit located north-west of Whitehorse, Yukon. The private placement announced by BIK on Aug. 20, 1992 is hereby terminated.
 The management of both companies actively support the amalgamation and will enter into a shareholder agreement to provide for timely completion. The amalgamated company will be well financed with approximately $2.5 million in cash and will have an option to acquire up to 100 percent working interest in the Casino bulk tonnage gold-copper-molybdenum deposit. The Casino deposit is in the development stage and is estimated to host a mineral inventory of 417 million tons having an average grade of 0.30 percent copper, 0.01 opt gold and 0.038 percent MoS2; the deposit is open in all directions. Recent large diameter drilling suggests an increased gold and copper content.
 The amalgamation will be subject to the execution of definitive legal documentation, completion of due diligence and both shareholder and regulatory approvals.
 -0- 8/21/92
 /CONTACT: R.A. Bruce McDonald, chairman of Big Creek Resources Ltd., 604-689-1428, or Robert G. Hunter, chairman of Pacific Sentinel Gold, 604-684-6365/
 (BIK PSG.) CO: Big Creek Resources Ltd.; Pacific Sentinel Gold Corp. ST: British Columbia IN: MNG SU: TNM


AL -- LA008 -- 2118 08/21/92 11:59 EDT
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Publication:PR Newswire
Date:Aug 21, 1992
Words:342
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