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GIANT BAY RESOURCES LTD. ANNOUNCES GARNISHING ORDER BEFORE JUDGEMENT SET ASIDE

 VANCOUVER, British Columbia, Dec. 14 /PRNewswire/ -- Giant Bay Resources Ltd. ("Giant Bay") of Vancouver announces the Supreme Court of British Columbia has set aside a Garnishing Order Before Judgement, whereby Giant Bay's Bankers paid into court the sum of $1,646,416.07 on an alleged loan claim of $1,750,000 dated Jan. 26, 1990.
 The court further ordered the money be returned to Giant Bay and the claimant pay costs to the company.
 Giant Bay has no loan outstanding and never received reasonable demand for any repayment of any loan from the claimant.
 Giant Bay has instructed its solicitors to now consider a counter- claim for damage to the company and its shareholders.
 On Sept. 16, 1993, Giant Bay reached an agreement in principle to acquire Montana Reserves Corp. ("MRC"), that holds from Noranda Minerals of Toronto a 5 percent net proceeds royalty convertible to a full 45 percent participating interest in Montanore silver-copper fully permitted mining property located in the Cabinet Mountains of northwest Montana. The Montanore property has current geological ore reserves of 142,155,000 tons of 2.10 ounces of silver and .78 percent (15.6 pounds) of copper per ton. The company is proceeding with this acquisition.
 -0- 12/14/93
 /CONTACT: Catherine Stauber, president, 604-685-8880/
 (GBY.)


CO: Giant Bay Resources Ltd. ST: British Columbia IN: MNG SU:

JL -- LA024 -- 3700 12/14/93 13:36 EST
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Publication:PR Newswire
Date:Dec 14, 1993
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