RIO Nevada Energy Inc. ("RIO Nevada") hereby announces that the stay granted to it in connection with protection and time afforded under the Company Creditors Arrangement Act has ceased as of the end of business today. Ernst & Young, the monitor appointed by court, will be discharged and will have no further function on behalf of the company after today. Westcoast Capital Corporation, the major secured creditor, has applied for and Arthur Anderson Inc. has been declared appointed Receiver Manager of all the present and future property assets and undertaking of RIO Nevada, with the authority to take possession of and to manage and operate the business and undertaking of RIO Nevada.
RIO Nevada Energy Inc.'s common shares trade on the Canadian Venture Exchange (CDNX) under the symbol "RN".
For further information contact either:
Mr. David J. Badyk OR Mr. William R. Sattlegger Chief Executive Officer Chief Operating Officer RIO Nevada Energy Inc. RIO Nevada Energy Inc.
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