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MINING SERVICES INTERNATIONAL ANNOUNCES RESTRUCTURING OF CYANCO FINANCING

 MINING SERVICES INTERNATIONAL ANNOUNCES
 RESTRUCTURING OF CYANCO FINANCING
 SALT LAKE CITY, April 10 /PRNewswire/ -- Mining Services International Inc. (NASDAQ: MSIX) ("MSI"), announced today that Cyanco has signed a negotiated settlement agreement with its primary lender on the CYANCO plant to terminate its construction loan relating to the CYANCO plant for $6 million cash and $2.5 million in future payments based on plant sales. The total construction loan, including interest, was approximately $13 million on Feb. 28, 1992. "Signing of the settlement agreement will allow us to refinance the plant on much more favorable terms and puts Cyanco in a position to become profitable in 1992," said Dr. Lex L. Udy, president of MSI. MSI is presently negotiating with third parties to complete the refinancing of the plant, which under the settlement agreement must be completed by April 26, 1992.
 Cyanco is a joint venture company owned 66.7 percent by MSI and 33.3 percent by Alta Gold Inc., through their respective subsidiaries. Cyanco built and now operates a manufacturing plant near Winnemucca, Nev., to supply aqueous sodium cyanide to gold mining operations in the western United States. The 28 million pound capacity plant was substantially completed in late 1990. Sodium cyanide is used in the extraction of gold from precious metal bearing ores.
 Mining Services International is a leading developer of explosives technology and a supplier of high-quality explosives to the mining industry. The company markets its products and technology in five of the major mining countries worldwide. The company also manufactures and sells aqueous sodium cyanide to precious metal mines in the western United States through Cyanco, its majority owned joint venture company in Nevada.
 -0- 4/10/92
 /CONTACT: Dr. Lex L. Udy or Scot M. Schwendiman both of Mining Services International, 801-261-5666; or Shirley Thompson or Linda Etzel both of Carl Thompson, 801-533-0303, for Mining Services International/
 (MSIX) CO: Mining Services International Inc.; Alta Gold Inc.; Cyanco ST: Utah, Nevada IN: MNG SU:


MC -- DV007 -- 7190 04/10/92 11:25 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
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