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MINVEN GOLD ANNOUNCES GOLDEN REWARD JOINT VENTURE REORGANIZED

 MINVEN GOLD ANNOUNCES GOLDEN REWARD JOINT VENTURE REORGANIZED
 DENVER, Oct. 14 /PRNewswire/ -- MinVen Gold Corp. (AMEX; Toronto: MVG) today announced the successful completion of the previously announced agreements to purchase the remaining non-company owned interests in the assets of Golden Reward Mine and to subsequently form a new joint venture with Wharf Resources Ltd. Under the finalized terms of the new joint venture, MinVen sold a 60 percent interest in Golden Reward to Wharf for US$21,250,000 and retained a 40 percent interest in the mine.
 In connection with the overall transaction, Wharf also loaned MinVen US$2,000,000, repayable over a three year term and secured by MinVen's interest in the project. Additionally, MinVen retained US$1,000,000 from Golden Reward project funds.
 MinVen's president and chief executive officer, Alan Bell, stated, "These transactions strengthened the financial condition of Golden Reward, increased its gold reserves, will lower operating costs and resulted in net cash to MinVen of about US$11 million. This is a significant step in the implementation of the company's corporate restructuring plan."
 The Golden Reward Mine is an open pit heap leach gold producer located near Lead, S.D. Annual production is scheduled at the rate of 62,000 ounces in 1993.
 MinVen is a Denver-based gold mining company with a 100 percent interest in two other producing mines. 1991 annual gold production amounted to 87,525 ounces.
 -0- 10/14/92
 /CONTACT: Alan R. Bell or Robert R. Gilmore of MinVen Gold, 303-980-5615/
 (MVG) CO: MinVen Gold Corp.; Wharf Resources Ltd. ST: Colorado, South Dakota IN: MNG SU: JVN


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Publication:PR Newswire
Date:Oct 14, 1992
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