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SKYLINE GOLD ANNOUNCES 1993 EXPLORATION FINANCING ARRANGED

 VANCOUVER, British Columbia, April 30 /PRNewswire/ -- Ronald C. Shon, chairman and chief executive officer, announced today Skyline Gold Corp. (Toronto, Vancouver: SKX) has completed arrangements to finance its 1993 exploration programs at a budgeted cost of $720,000. The proceeds of the issue will be received by International Skyline Gold Corp. which will hold all Skyline Gold Corp.'s mineral properties and mining assets after the plan of arrangement is completed.
 This exploration program is in addition to a $250,000 1993 program being undertaken and financed by Cominco with respect to their option to explore an extension to the Snip Deposit (Cominco must spend $2 million by 1996) on the company's Iskut River Property.
 International Skyline Gold Corp. has entered into an Agency Agreement with C.M. Oliver & Company Ltd. to undertake a brokered private placement of 130 units of capital stock of International Skyline Gold Corp. consisting of 3,750 flow through common shares, 1,250 ordinary common shares and 5,000 non-transferable share purchase warrants exercisable into one common share at a price of $1.40 for one year. The units are priced at $6,250 or the equivalent of $1.25 per share, for total proceeds of $812,250. The shares will be subject to a one-year hold period. The commission payable is 10 percent of gross proceeds.
 In addition, the company has entered into a Fiscal Agency Agreement with C.M. Oliver & Company Ltd. on a non-exclusive basis to provide an array of financial services in consideration for up to 150,000 share purchase warrants exercisable over two years at an exercise price of $1.25 per share. This agreement is subject to regulatory approval and the plan of arrangement recently approved by the shareholders being implemented.
 This financing together with a previous private placement of 250,000 shares to a company controlled by Shon, the chairman of the company, will provide sufficient funds for the company to finance its exploration programs and pay corporate operating and reorganization costs.
 Exploration of the company's Aztec property in Mexico is underway, and results will be announced as received. Exploration on the Johnny Mountain Mine and the Bronson Creek porphyry on the Iskut River property in northern British Columbia will commence in May.
 Skyline today announced it has received the approval of the Supreme Court of British Columbia to a section of the corporate reorganization termed "the arrangement." The arrangement will be effective upon compliance with certain conditions.
 -0- 4/30/93
 /CONTACT: Ronald C. Shon, chairman and CEO of Skyline Gold Corp., 604-683-6865/
 (SKX.)


CO: Skyline Gold Corp.; C.M. Oliver & Company Ltd. ST: British Columbia IN: MNG SU:

JB-LS -- LA017 -- 3248 04/30/93 13:28 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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