Goldray Seeks Creditor Protection to Allow Financial

Goldray Inc. announced that the Corporation has filed a Notice of Intention to Make a Proposal pursuant to section 50.4(1) of the Bankruptcy and Insolvency Act (Canada) seeking creditor protection ("Proposal") in an effort to reorganize the financial affairs of the Corporation.

Richter, Allan and Taylor, a licensed trustee (the "Trustee"), has been appointed by the Corporation as trustee under the Proposal.After an exhaustive process over the last year of reviewing various strategic alternatives available to the Corporation, including possible debt and equity financings, mergers and asset sale possibilities, the Corporation has elected to seek creditor protection under the Bankruptcy and Insolvency Act (Canada) in order to allow the Corporation to reorganize the financial affairs of the Corporation. This action will allow Goldray reasonable time to deal with the creditors of the Corporation on an equitable basis and to consider written expressions of interest to purchase the assets of the Corporation as a going concern.
It is anticipated that the Trustee will be contacting all creditors of the Corporation in the near future regarding the Proposal. In addition, over the next 30 days, the Trustee, in conjunction with an Independent Committee of the Board of Directors of the Corporation, will attempt to finalize a sale of the assets of the Corporation as a going concern and to submit a proposal to the creditors of the Corporation in conjunction therewith.

600450 Goldray Seeks Creditor Protection to Allow Financial
Date: 25 September 2003

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