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Standard Mining Corporation: Financing Put on Hold.

VANCOUVER, British Columbia--(BUSINESS WIRE)--July 2, 1999--

Standard Mining Corporation (TSE:SDM.) announced today that it has terminated its agency agreement with Canaccord Capital Corporation and informed the regulatory authorities that the Company is temporarily placing the preliminary prospectus filed on April 26, 1999 on hold. The Company intends to complete a private placement over the next week that has received preliminary approval from the Toronto Stock Exchange.

Standard's main focus is its 100 percent owned Zopilote Gold Project located SW of San Pedro Honduras. Drilling to date has been limited, but already the project has a gold resource of 446,000 oz gold. Recent geological soil sampling has extended the large gold anomaly which had been previously identified on the 155 sq. km property outside of the drilled area. A drilling program is being planned to upgrade the existing resource and to drill the geochemical anomaly to expand the resource.

Standard is a TSE listed company involved in the exploration and development of mineral properties. Paul Saxton, President & CEO
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Publication:Business Wire
Geographic Code:4EXES
Date:Jul 5, 1999
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