Princeton Mining Corporation

Press Release

January 23, 1992

Cassiar Mining Corporation, a wholly owned subsidiary, was today advised that the Province of B.C. did not approve its revised reorganization plan that was filed on January 16th, 1992 pursuant to the Companies Creditors Arrangement Act. The Province had security over all of the Cassiar mining assets. No further reorganization plan is contemplated. Cassiar is holding ongoing discussions with the Province regarding the Cassiar mining operation as a result of the reorganization plan not being approved, but the Province has not yet advised the company of its final position. Without government funding, Cassiar will not be able to meet its liabilities.

Anthony T. Kana
Vice President, Finance
Princeton Mining Corporation
Vancouver, B.C.

Contributed by Simone Rowlinson

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