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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 14, 1999
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ALTA GOLD CO.
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(Exact name of Registrant as specified in charter)
Nevada
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(State or other jurisdiction of incorporation)
2-2274 87-0259249
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(Commission File Number) (IRS Employee Identification No.)
601 Whitney Ranch Drive, Henderson, Nevada 89014
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 433-8525
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On April 14, 1999, Alta Gold Co. (the "Company") filed a
voluntary petition to reorganize under Chapter 11 of the
Bankruptcy Code to facilitate the reorganization of the Company's
business and the restructuring of its long-term debt and other
liabilities. The petition was filed in United States Bankruptcy
Court in Reno, Nevada on April 14, 1999. As of that date, the
United States Bankruptcy Court for the District of Nevada assumed
jurisdiction over the assets of the Company. The Company is
acting as debtor-in-possession on behalf of its bankruptcy
estate, and is authorized as such to operate its business subject
to bankruptcy court supervision.
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) Press release issued by the Company dated April 14,
1999.
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 hereunto duly authorized.
ALTA GOLD CO.
(Registrant)
Date: April 14, 1999 By: /s/ John A. Bielun
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John A. Bielun
Senior Vice President and Chief
Financial Officer
2
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
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99.1 Press release issued by the Company dated 4
April 14, 1999
3
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EXHIBIT 99.1
4
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ALTA GOLD CO.
TO REORGANIZE UNDER CHAPTER 11
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FOR IMMEDIATE RELEASE
CONTACT: Margo Bergeson, DIRECTOR - INVESTOR RELATIONS (702) 433-8525
(April 14, 1999) W Henderson, Nevada: Alta Gold Co. (Nasdaq
National Market: ALTA) announced today that it filed voluntarily
to reorganize under Chapter 11 of the Bankruptcy Code, in Reno,
Nevada, to facilitate the reorganization of the Company's
business and the restructuring of approximately $29 million of
outstanding debt and $4 million in trade payables.
"With gold prices at 19-year lows and our current level of
gold production, the Company presently has insufficient cash flow
to service its debt and to meet its other obligations. We are
working to increase production and reduce costs, but we need
additional time for gold production to increase and cash flow to
improve. Based upon an in-depth analysis of our operations, we
believe that a reorganization plan is collectively the best
course of action for the Company and its stockholders, employees,
vendors and other creditors," said Robert N. Pratt, President and
Chief Executive Officer.
Mr. Pratt emphasized, "Daily operations will continue,
including the production of gold. I am convinced that the
Company's foundation is strong, and with the successful
completion of this reorganization, the Company can once again
establish its position in the gold industry."
THIS PRESS RELEASE CONTAINS STATEMENTS THAT MAY BE
CONSIDERED FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, SUCH AS
MANAGEMENT'S EXPECTATIONS REGARDING FUTURE OPERATIONS, LIQUIDITY
AND SOURCES OF FUNDS, SCHEDULED GOLD PRODUCTION FROM AND THE
OVERALL ECONOMICS OF ALTA GOLD'S MINING PROPERTIES AND THE
ABILITY TO PREPARE AND OBTAIN APPROVAL FOR A PLAN OF
REORGANIZATION FOR THE COMPANY. SUCH FORWARD-LOOKING STATEMENTS
ARE INHERENTLY UNCERTAIN, AND THE ACTUAL RESULTS MAY DIFFER FROM
MANAGEMENT'S EXPECTATIONS. FURTHER INFORMATION ON POTENTIAL
FACTORS WHICH COULD AFFECT THE FINANCIAL CONDITION AND RESULTS OF
OPERATIONS OF ALTA GOLD ARE INCLUDED IN THE FILINGS OF ALTA GOLD
WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, BUT NOT
LIMITED TO, ALTA GOLD'S ANNUAL REPORT ON FORM 10-K FOR THE FISCAL
YEAR-END DECEMBER 31, 1998.
