Sungold Gaming International Company Update

Business Wire, Oct 15, 1998

VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 14, 1998-- Today Kevin Gover, the Assistant Secretary of the Interior signed the Final Determination, a positive decision, for the Gun Lake Band (aka: Match-e-be-nash-she-wish).

Sungold (OTC-BB/SGGNF)is currently negotiating a management agreement with the Gun Lake Band for the development and management of a Class III casino on its "initial reservation" land as per the Indian Gaming Regulatory Act of 1988 (IGRA). Sungold is preparing to place land in trust as described in Gun Lake Tribal Resolution No. 98-02, which will be the tribe's "initial reservation" land.

Mr. Tim Gladieux has been appointed V.P. of operations for Sungold. Mr. Gladieux has a distinguished career as the President and C.E.O. of V/Gladieux Enterprises, Inc., which is a diversified firm involved in a pro sport franchise, hospitality and food services, real estate development and recreational marinas.

V/Gladieux Enterprises contracts to over 100 facilities, has sales in excess of US$50 million and employs over 1,000 people. Mr. Gladieux is subscribing for a private placement of 550,000 units (the private placement unit). Each unit is comprised of one common share and one non-transferable share purchase warrant in the capital stock of the Company at US$2.00 per unit to net the treasury an aggregate of US$1,100,000.

Each two share purchase warrants entitle the placee to purchase one additional common share of the Company exercisable at any time within (2) years of the date of this agreement at a price of US$2.00 per share during the first year and at a price of US$2.50 per share during the second year.

Mr. Gladieux will be nominated for the position of Director at the next Sungold A.G.M. Mr. Gladieux has been issued 100,000 options of Sungold Gaming International Ltd. at 1.25 per share.

The Company has completed the private placement of a total of 75,000 units (the "private placement units") with Donald R. Harris (the "placee"), each unit comprised of one common share and one non-transferable share purchase warrant, in the capital stock of the Company at US$2.00 per unit to net the treasury an aggregate of US$150,000.

Each two share purchase warrants entitle the placee to purchase one additional common share of the Company for a period of two years from October 14, 1998, being the date of the distribution, at US$2.00 per share during the first year and at a price of US $2.50 per share during the second year.

Exercisable date of the TAC International Investments LLC US$24,000,000 equity financing of Richmond Downs has been changed to May 1, 1999. The terms of the letter of intent remain 6,000,000 shares at US$4.00 per share.

SUNGOLD GAMING INTERNATIONAL LTD. Per: Kim N. Hart, President