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METALL MINING'S ZINC/LEAD PROJECT UNDER CONSTRUCTION

 METALL MINING'S ZINC/LEAD PROJECT UNDER CONSTRUCTION
 TORONTO, March 17 /PRNewswire/ -- Metall Mining Corporation


announced today that the financing for Metall's Tunisian zinc/lead project Bougrine has been finalized and engineering and construction of this project has begun.
 The shareholders of Bougrine held an extraordinary shareholders meeting in which they formally agreed to accept International Financing Corporation as an additional shareholder. Shareholders of Bougrine are now Metall Mining Corporation (45 percent), a group of Tunisian banks and a Tunisian government agency (45 percent) and International Financing Corporation (10 percent).
 The project will be financed by a banking group consisting of International Financing Corporation, Deutsche Investitions- und Entwicklungsgesellschaft mbH and a group of Tunisian banks providing a combination of credit lines and guarantees for suppliers' credits in various currencies totalling approximately US$50 million.
 The Bougrine orebody has mineable ore reserves of approximately 5 million tonnes grading 11.7 percent zinc and 2.6 percent lead. At full capacity, it will produce approximately 70,000 tonnes of zinc concentrates and 14,000 tonnes of lead concentrates per year. The orebody is located approximately 170 km southwest of Tunis, only a few hundred meters from an existing railway line to Tunis and a paved road. Engineering and construction for both the underground and surface facilities have started. Start-up of production is expected by the end of 1993.
 "Bougrine will be Metall's first new project in a string of four new substantial mining projects which will be brought into production in the next years. After Bougrine, the two Turkish projects, Dikili and Cayeli will start-up production by the end of 1994 or the beginning of 1995. The Izok Lake project is expected to start production in the second half of the 90's. By following a policy of acquiring only projects with high grades and substantial reserves, Metall now has an excellent portfolio of projects which will ensure its growth for the coming decade and beyond," said Dr. Klaus Zeitler, president and chief executive officer.
 Dikili is a Turkish gold project developed by a joint venture between the Australian Normandy Poseidon group (66.67 percent) and Metall Mining Corporation (33.33 percent) in the region of Izmir. It has proven, probable and indicated reserves of 2.0 million tonnes, having a gold content of 9.9 grams per tonne. It is expected to produce approximately 100,000 ounces of gold per year. The expected mine life is 8 years. Start-up of production is expected in 1994.
 The Cayeli project is developed by a joint venture between Metall Mining Corporation (49 percent), Etibank (45 percent) and Gama Endustri (6 percent). Drill indicated reserves are approximately 10.6 million tonnes of ore, grading 4.7 percent copper, 7.3 percent zinc and minor amounts of precious metals. A further 65 million tonnes and 9 million tonnes are in drill inferred and potential ore categories with similar grades. Production is expected to average 100,000 tonnes of copper concentrates and 70,000 tonnes of zinc concentrates per year. The project is located near the port of Rize in an area with well developed infrastructure. The necessary permits for the project are obtained and financing is expected to be finalized soon. Start-up of production is planned for late 1994 or early 1995.
 Izok Lake, located in the Northwest Territories, is a joint venture between Minnova Inc. (60 percent) and Metall Mining Corporation (40 per cent). Reserves are estimated at 13.4 million tonnes grading 14.4 percent zinc and 3.2 percent copper, plus lead and silver credits. Drilling will be performed in 1992 to further define and extend the ore reserves. As well, the drilling will provide representative samples for metallurgical test work, which will be carried out during the summer. Start-up of production is expected in the second half of the 90's.
 -0- 3/17/92
 /CONTACT: Dr. Klaus M. Zeitler, president and chief executive officer of Metall Mining, 416-361-6400/
 (MLM.) CO: Metall Mining Corporation ST: Ontario IN: MNG SU:


AH -- NY089 -- 8919 03/17/92 16:44 EST
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Date:Mar 17, 1992
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