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SPIRIT RESOURCES COMPLETES REVERSE TAKE-OVER

 SPIRIT RESOURCES COMPLETES REVERSE TAKE-OVER
 VANCOUVER, British Columbia, Oct. 9 /PRNewswire/ -- A


biotechnology company resumed trading Sept. 23 after completing a reverse take-over, whereby an established, non-listed company takes over one already listed on the exchange.
 Spirit Resources (Vancouver: SBR) entered into an agreement with two companies, one a California-based company and the other Delaware- based. It trades under the symbol "SRR" and is classified as a "Venture" company.
 The company is now involved in developing and marketing human health products using biotechnology, concentrating on a treatment for lung, pancreatic and colon cancer. Its principle office is presently located in San Diego.
 The company completed a distribution of 1,400,000 units to the public at $1.05 per unit, each unit consisting of one share and one purchase warrant. Two series "A" warrants allows the purchase of one share of the company at $1.05 per share up to March 23, 1993, and at $1.25 per share to Sept. 23, 1993. The sponsoring Member for the company was L.O.M. Western Securities (now Canaccord Capital Corp.) and the transfer agent for the company is Montreal Trust Co.
 Proceeds of the offering are to be utilized to acquire a 47 percent interest in Hygeia Pharmaceuticals, Inc. with the residual interest to be obtained upon the issuance of 5.4 million shares of the company.
 The company has issued to its sponsor 350,000 non-transferable warrants exercisable to purchase one share at $1.05 per share to March 23, 1993 and at $1.25 per share to September 23, 1993.
 -0- 10/9/92
 /CONTACT: David A. Laundy for Spirit Resources, 604-689-3334/
 (SBR.) CO: Spirit Resources ST: British Columbia IN: SU:


KJ -- LA024 -- 8518 10/09/92 16:44 EDT
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Date:Oct 9, 1992
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