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                                                                    EXHIBIT 99.4

                NEVADA MANHATTAN MINING ANNOUNCES AGREEMENT WITH
                              VANDERBILT GOLD CORP.


        CALABASAS, Calif.-- Oct. 20, 1997--Nevada Manhattan Mining Inc.
(OTC/BB:NVMH) Monday announced that the company has signed a preliminary
agreement with Vanderbilt Gold Corp. (OTC/BB:VAGO) to purchase and place into
production the Morning Star Gold Mine in San Bernardino, Calif.

        Based on third-party technical reports by Exploration and Development
Associates Inc. and Geomath Inc., proven and probable reserves at the Morning
Star Mine exceed 300,000 ounces of gold. Terms of the Morning Star purchase will
be released following a Nevada Manhattan due-diligence report.

        Upon completion of due diligence, Nevada Manhattan will make minor
modifications to the processing plant that will allow mining and processing to
start in 1998 at a rate of approximately 25,000 ounces per year.

        Nevada Manhattan has committed to start up the mine and vat-leach
gold-recovery facility located 70 miles southwest of Las Vegas. The company
expects to expand the reserve base with an intensive exploration program and
also plans to include heap-leach operations for the lower-grade portions of the
reserve.

        According to Jeffrey S. Kramer, chief operating officer, Nevada
Manhattan: "The new mining operation complements the current development work
under way by the company at its Manhattan Mine Project north of Tonopah, Nev.,
and will provide short-term gold production."

        The Manhattan Mine Project has produced a small quantity of gold on a
test basis at a nearby mill, and a major effort is under way to access and mine
the White Caps Mine, which historically was one of the highest-grade
underground, producing gold mines in Nevada.

        Nevada Manhattan Mining is a diversified, global natural- resource
company with significant timber operations near Belem, Brazil, and gold and coal
concessions in Indonesia as well as the company's operations in Nevada. For more
information on Nevada Manhattan Mining or this release, contact Christopher
Michaels, chief executive officer, or Jeffrey Kramer, chief operating officer,
at 818/591-4400; fax 818/591-4411; e-mail administration@nevadamanhattan.com; or
visit the company's Web site at www.nevadamanhattan.com .