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MINVEN ANNOUNCES RESTRUCTURE OF DEBT OBLIGATIONS

 MINVEN ANNOUNCES RESTRUCTURE OF DEBT OBLIGATIONS
 DENVER, July 27 /PRNewswire/ -- MinVen Gold Corp. (AMEX: MVG) of


Denver, announced today that agreement with its principal secured creditor has been reached to resolve past defaults and to establish revised payment terms.
 MinVen and Citibank, N.A. have restructured a $7.0 million loan which was to have been paid in full in January 1992. Under the terms of agreement, Citibank has agreed to a repayment schedule over the period from July 1992 through September 1993 and has released MinVen from compliance with various restructure financial covenants. The interest rate on the loan has been adjusted to Citibank's base rate plus 3 percent. MinVen has agreed to a prepayment of $4.0 million which will be made out of net proceeds generated by a previously announced transaction whereby MinVen will purchase from United Coin Mines Ltd. of Toronto, Ontario its interest in the Golden Reward Mine and will immediately sell 60 percent of Golden Reward to Wharf Resources Ltd. of Toronto, Ontario. MinVen has also agreed to pay Citibank a facilities fee of $150,000 and, subject to various approvals, issue options to acquire approximately 2.1 million MinVen Common shares at Cdn$0.38 per share.
 Alan Bell, president of MinVen, stated, "This agreement represents major progress in MinVen accomplishing one of its primary 1992 objectives of restructuring its debt obligations to a manageable level. We are appreciative of the continued support of Citibank."
 MinVen Gold is a Denver-based mining company with a 100 percent interest in two gold mines and joint venture interest in another two. The company produced 87,525 ounces of gold in 1991. The company's shares are traded on the American, Toronto and Vancouver stock exchanges under the symbol "MVG."
 -0- 7/27/92
 /CONTACT: Alan R. Bell or Robert R. Gilmore both of MinVen Gold, 303-980-5615/
 (MVG) CO: MinVen Gold Corp. ST: Colorado IN: MNG SU:


MC-BB -- DV004 -- 3702 07/27/92 17:15 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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