SOLV-EX &lt;SOLV> SHELL CANADA &lt;SHC> PACT COMPLETE

  Solv-Ex Corp said it
  successfully completed its oil sands pilot testing program
  under its agreement with Shell Canada Limited &lt;SHC> and
  received a 250,000 U.S. dlr bonus payment.
      It also said that Shell Canada exercised its option to take
  over Solv-Ex's 25 pct working interest in the construction of
  the oil facility, relieving it of its obligation to raise about
  62.5 mln Canadian dlrs for plant construction.
      It said 30 pct of that loan was guaranteed by the
  Government of Alberta.
      In exchange for Shell's participation, Solv-Ex said Shell
  is obligated to pay it an up-front royalty and a running
  royalty based on the operating profits of the oil sands
  facility. It said the Shell Canada 7,500 barrel per day oil
  sands project will be built on Shell's oil sand lease about 40
  miles north of Fort McMurray in the Athabasca region of
  northern Alberta.
      Solv-Ex said the project will cost about 260 mln Canadian
  dlrs. It said that following a final feasibility study the
  plant should open in the early 1990s when oil prices are
  expected to exceed 20 U.S. dlrs per barrel.
  

