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Big Valley Resources: Information Update.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 16, 1998-- Big Valley (Alberta Stock Exchange:BV.) As announced on August 19, 1998, through 557363 B.C. LTD., Big Valley Resources Inc. ("Big Valley") and its joint venture partner, H.D.L. Wood Industries Inc. ("HDL"), a private British Columbia company, received a firm and irrevocable offer of $25 million (US) to finance a proposed wood hardening and fine veneer manufacturing business in British Columbia and Finland. The proposed business will be developed and operated through 557363 B.C. LTD., a private British Columbia holding company controlled equally by Big Valley and HDL.

At the time of the August 19, 1998 news release, trading in the shares of Big Valley was halted on the Alberta Stock Exchange (the "Exchange"). The trading halt was required as Big Valley's involvement in the $25 million (US) financing fell within the Exchange's change of business policy. In the normal course, the Exchange will approve a change of business transaction upon the filing and review of certain documents. Most notable of these documents is a feasibility report.

Due to the proprietary nature of the veneer business and underlying confidentiality agreements with various third parties, Big Valley and HDL have been attempting to provide the Exchange with the necessary level of comfort without the aid of a formal feasibility study. On October 14, 1998, Mr. Lloyd Tattersall, President of Big Valley and Dr. Donna-Marie Wood, President of HDL met with senior members of the Exchange Listing Department to specifically address the issue of a feasibility study. At the conclusion of the meeting, Mr. Tattersall was advised that the Exchange would waive the requirements of a feasibility study if sufficient information could be provided through other documentation.

Big Valley and HDL have addressed all but three issues with the Exchange. Outstanding matters relate to the confirmation of the various wood hardening patents, an independent third party confirmation of the viability of the fine veneer process and the identity of the parties providing the $25 million (US) financing. Patent information will be provided to the Exchange on October 16, 1998. The independent confirmation of the veneer process is expected on October 21, 1998. Mr. Tattersall and Dr. Wood will be meeting with the financing group in New York on October 27, 1998 and will provide the Exchange with the identity of the funding group immediately thereafter.

All independent due diligence on behalf of the financing group has been completed and the Exchange has been provided with a copy of the related due diligence report.

ON BEHALF OF THE BOARD

Lloyd Tattersall, President

The Alberta Stock Exchange has neither approved or disapproved the information contained herein.
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Publication:Business Wire
Geographic Code:1CANA
Date:Oct 16, 1998
Words:444
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