Share swap ratio is proposed by Syngold/Int. Thun.

Toronto affiliates Syngold Exploration (TSE) and International Thunderwood Exploration (TSE) have agreed to a share exchange ratio for a proposed amalgamation of the two companies. Pending shareholder and regulatory approval, Syngold shareholders will receive one common share of the amalgamated company for each 1.4 shares of Syngold held.

Thunderwood shareholders will receive one common share of the amalgamated company for each share of Thunderwood held.

The exchange ratios have been determined by the relative share prices of each company as well as on independently determined relative values of their respective assets and liabilities, according to Thunderwood President John Heslop.

Richardson Greenshields of Canada has been retained to provide a fairness opinion on the proposed amalgamation which was sparked by the resignation of Syngold President Barry Simmons.

He was recently appointed vice- president of explorations at Pamour Inc. (TSE).

If shareholder approval is achieved, Heslop is planning to raise between $1 million and $1.5 million in additional working capital for the new company through a rights offering.

Affiliate company Aur Resources (TSE) has agreed to provide a standby guarantee for the rights offering to ensure that at least $1 million is raised.