January 15, 1996
(Industry, Trade and Technology)

Proposal call issued for Marble Mountain

Chuck Furey, Minister of Industry, Trade and Technology, announced today that a proposal call has been issued to solicit interest from private sector investors in the further development of Marble Mountain as a four-season resort. The firm of Ernst & Young has been retained to assist the Government of Newfoundland and Labrador in this effort.

The mandate of Marble Mountain Development Corporation includes day-to-day operations of the ski resort as well as long-term development of Marble Mountain into a four-season resort including a professional golf course, base level hotel, base level condominium and chalet accomodations. Preliminary information regarding the assets and operations of Marble Mountain Development Corporation is available from Ernst & Young in a confidential information package prepared solely for the use of prospective investors.

Mr. Furey said the call for proposals represents government's ongoing commitment to the privatization of Crown corporations and agencies as part of the province's strategic economic plan. He said: "We have consistently maintained that there are certain Crown agencies that serve the public's interests more effectively as part of the private sector. We believe that this approach will ultimately produce long term benefits for residents of the province."

He added that other examples of successful privatization include Newfoundland and Labrador Computer Services, Newfoundland Hardwoods, Labrador Stores, and part of the Holiday Inn hotel chain.

Interested parties may contact Paul D. Hickey, CA, at Ernst & Young Management Consultants, 7th Floor, Baine Johnston Centre, 10 Fort William Place, St. John's, Newfoundland, A1C 1K4 Telephone: (709) 726- 2840 Fax: (709) 726-0345.

Contact: John Doody, Director of Public Relations, at 729-0050; or Paul D. Hickey, Ernst & Young at 726-2840.