Mill City updates corporate activity

Business Wire, July 14, 1995

CALGARY, Alberta--(BUSINESS WIRE)--July 14, 1995-- Mill City Gold Mining Corp. ("MILL CITY") has announced today that PANDORA INDUSTRIES INC. ("PANDORA")("VSE-PDR") has agreed to re-purchase the entire interest of Mill City in the agreement dated November 22, 1994 covering the Monterde Gold property, Chihuahua, Mexico, due to Mill City's commitment to shareholders to focus on its diamond exploration interests. Under the said exploration agreement, Mill City has thus far advanced a total of U.S. $157,000 (i.e. Canadian $209,595.20) for property payments and exploration expenditures.

Under the Purchase agreement, Pandora has agreed to issue to Mill City a total of 523,988 shares at a deemed price of $0.40 per share for Mill City's total advance payments. These shares will be held for one year from the date of issuance. Mill City has also agreed to grant to Hiro Ogata, President of Pandora Industries Inc., an option to purchase all these shares at $0.45 per share, exercisable within 13 months from the date of issuance. These transactions are subject to regulatory approval.

Mill City also announces that Mr. Ernest Kiss has recently resigned as an Officer and Director of the Company to pursue other interests. Mill City also thanks Mr. Kiss for his efforts and contributions, and wishes him success in his new endeavours. -0- Note to Editors: The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein.

CONTACT: Mill City Gold Mining Corp.

James R. Brown, 403/278-8500

403/278-8580 (FAX) REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

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