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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
(Date of Report)
MAY 29, 1998
COMMISSION FILE NUMBER 0-12207
PEGASUS GOLD INC.
(Exact name of registrant as specified in its charter)
PROVINCE OF BRITISH COLUMBIA NONE
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
601 W. FIRST AVE., SUITE 1500, SPOKANE, WASHINGTON 99201-3282
(Address of principal executive offices) (Zip Code)
(509) 624-4653
(Registrant's telephone number, including area code)
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ITEM 5. OTHER MATTERS
On May 29, 1998, Pegasus Gold Inc. (the "Company") issued a news release
indicating that the Company intends to file a Plan of Reorganization with the
U.S. Bankruptcy Court by July 31, 1998.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA INFORMATION, AND EXHIBITS.
(a) Financial statements - not applicable.
(b) Pro forma financial information - not applicable.
(c) Exhibits:
(99.1) News Release issued by the Company dated May 29, 1998.
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FORM 8-K
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PEGASUS GOLD INC. (Registrant)
Date: May 29, 1998 By: /s/ Michelle G. Viau
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Michelle G. Viau
Vice President, Finance and Chief
Financial Officer
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NEWS RELEASE
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PEGASUS GOLD UPDATE
SPOKANE, WA - MAY 29, 1998 - Pegasus Gold Inc. (PGU - ME; PSGQF - OTC B.B.)
reports that its efforts to file a Plan of Reorganization by July 31, 1998 are
on track pending the continued cooperation of all parties.
On May 13, 1998, the Bankruptcy Court granted the Company an extension to the
exclusive period to file a Plan of Reorganization to July 31, 1998. The
exclusive period to solicit acceptances of such plan has been extended to
September 30, 1998.
Based on evaluations of the Company's assets at current gold prices, the
preliminary work on the Plan of Reorganization indicates that common
shareholders of Pegasus Gold Inc. are unlikely to receive any value.
Pegasus Gold Inc. is an international gold mining company, headquartered in
Spokane, Washington. The Company operates three gold mines in the Western
United States and carries out exploration internationally through offices
located in Argentina and the United States. The common shares of Pegasus are
traded under the symbol PGU on the Montreal Exchange. The common shares also
trade over the counter in the United States under the symbol PSGQF.
FOR FURTHER INFORMATION, CONTACT:
John W. Pearson
Vice President, Investor and Public Relations
509-624-4653
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