STANSBURY MINING <STBY> GETS FUNDING FOR MINE
Stansbury Mining Corp said it has
arranged the financing it needs to bring its vermiculite mine
into operation later this year.
    The company said New York investment banking firm Matthews
and Wright has arranged 7,300,000 dlrs in tax-free industrial
revenue bonds and 4,700,000 dlrs in conventional bonds.
    It said it expects to produce saleable ore from the mine
before year-end.
    The company said it has also signed an agreement for Wright
Engineers Ltd of British Columbia to recoup the cost of its
services to Stansbury by converting warrants.
    The company said Wright Engineers would convert the
warrants to Stansbury common on a monthly basis at the monthly
market value as the 1,700,000 dlrs of engineering work is
completed.  It said it does not expect more than 400,000
warrants to be converted over the next 12 months.
 Reuter
