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SKYLINE REORGANIZATION WILL RESULT IN TWO PUBLIC COMPANIES

 VANCOUVER, British Columbia, March 19 /PRNewswire/ -- Ronald C. Shon, chairman and chief executive officer of Skyline Gold Corp. (Vancouver, Toronto: SKX), has announced the approval of the board of directors to a corporate reorganization. The reorganization will result in Skyline shareholders receiving one additional share of a newly created public corporation, for each Skyline share held.
 Under the terms of the reorganization, all of the assets of the company will be transferred to a wholly owned subsidiary in exchange for a net smelter royalty (from the Johnny Mountain Mine) and common shares of the new company. This subsidiary will be renamed Skyline Gold Corp. and will own all the mining equipment and mineral properties and will be entirely debt-free.
 The present company will be renamed Skycreek Minerals Inc. and will hold certain residual assets, benefits and indebtedness. Management will be actively pursuing discussions with principals regarding a merger or acquisition to utilize these assets and benefits and eliminate the debt.
 A full Information Circular with respect to the company's annual general meeting scheduled for April 22, 1993 will discuss in detail the steps of the reorganization and will be distributed to all shareholders on March 26, 1993.
 Shareholders of Skyline Gold Corp. will be entitled to one additional share of Skycreek Minerals Inc. on the effective date of the reorganization. The effective date will be on or about May 31, 1993.
 Shareholders will be asked to approve the reorganization at the annual and special general meetings to be held on April 22, 1993. The reorganization is also subject to court and regulatory approval.
 -0- 3/19/93
 /CONTACT: Ronald C. Shon, chairman and chief executive officer of Skyline, 604-683-6865/
 (SKX.)


CO: Skyline Gold Corp. ST: British Columbia IN: MNG SU:

EH -- LA009 -- 7896 03/19/93 12:17 EST
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Publication:PR Newswire
Date:Mar 19, 1993
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