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CHANCE MINING & MANUFACTURING SHARES SOLD

TORONTO, March 8 /PRNewswire/ -- Chance Mining and Exploration Company Limited (Toronto: CHMG) announced today that Conwest Exploration Company Limited, (Toronto: CEX.A CEX.B), a wholly-owned subsidiary of Alberta Energy Corporation, sold 1,000,000 of its common shares in Chance to four purchasers by way of private sale. The shares sold represent an aggregate of 30.51% of the issued shares of Chance on a fully diluted basis. Conwest will continue to hold approximately 4% of the shares of Chance.

Messrs. Metcalfe, Coolican and Connell resigned from the board of directors of Chance and were replaced by Messrs. D.S. MacLeod, G.W. Felderhof and E.F. Merringer. After certain transitional matters have been effected, Messrs. Lamacraft and Zurowski will resign from the board of directors of Chance and will be replaced by Messrs. W.G. MacLeod and A.C.A. Howe. Mr. G.W. Felderhof will become new President of Chance.
 -0- 3/8/96


/CONTACT: G.W. Felderhof of Chance Mining and Manufacturing, 902-755-3245/

(CHMG. CEX.)

CO: Chance Mining and Exploration Company Limited; Conwest Exploration

Company Limited; Alberta Energy Corporation ST: Ontario IN: MNG SU: TNM

SC -- DEF018 -- 1648 03/08/96 14:19 EST
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Publication:PR Newswire
Date:Mar 8, 1996
Words:198
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