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Timbuktu Gold Corp. - Update.

CALGARY, Alberta--(BUSINESS WIRE)--Nov. 26, 1996--Timbuktu Gold Corp. (Alberta Stock Exchange: TBT) -- TIMBUKTU GOLD CORP. (the "Corporation") announced today that it has now completed the transactions contemplated by the Settlement Agreement entered into with Oliver Reese and a number of companies controlled by Mr. Reese, the terms of which were announced on November 21, 1996.

Accordingly, 9.8 million common shares of the Corporation formerly held by Mr. Reese and his affiliates have been cancelled leaving a total of 11,564,645 issued common shares of the Corporation. In addition, options to purchase, in aggregate 1,600,000 common shares of the Corporation issued to Mr. Reese and certain of his family members and associates have been cancelled.

The Corporation is filing by November 27, 1996 with the Alberta Securities Commission (the "Commission") and The Alberta Stock Exchange ("Exchange") a Material Change Report and Filing Statement which provides details of the material changes involving the Corporation's affairs, together with an update on the current status of the Corporation. This update includes a description of the current directors and officers of the Corporation, selected financial information, a description of the rights that the Corporation's subsidiary has in certain gold mining concessions in Mali, a summary of reports describing the geological potential of those concessions, a description of the proposed five phase exploration program with respect to those concessions and a description of the risk factors for current and prospective investors in shares of the Corporation. Mr. Grant Howard was appointed on November 22, 1996 as a new director of the Corporation to replace a retiring director, Mr. Dale Armstrong. A copy of the Material Change Report and Filing Statement will be available upon request from the Corporation or the Exchange.

The Corporation has sufficient funds and financing to complete the first two phases of its exploration program. It is expected that these first two phases will be completed by the end of April, 1997.

The directors of the Corporation have approved a resolution to take the necessary steps including all necessary regulatory and shareholder approvals, to change the name of the Corporation to "Marchmont Gold Corp." or such other name as the shareholders of the Corporation and such regulators may approve. The proposed name change will permit the Corporation to identify more closely with its operating subsidiary in Mali with a view to reducing confusion, particularly in Mali, with respect to the operations of the Corporation through its subsidiary. Management of the Corporation intends to propose a special resolution to change the name for consideration by the shareholders at a meeting of shareholders intended to be held in January, 1997.

The common shares of the Corporation will be reinstated for trading on the facilities of the Exchange on December 2, 1996. -0-

NOTE: The Alberta Stock Exchange neither approves nor

disapproves of the information contained herein.

CONTACT: Timbuktu Gold Corp.

Mr. Ray Antony, 403/266-7512
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Publication:Business Wire
Date:Nov 26, 1996
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