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                SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C.

Litigation Release No. 15367 / May 16, 1997

Securities and Exchange Commission v. Nycal Corporation
Case No. 97-CV-01077 (D.D.C.)  (filed May 15, 1997)

     On May 15, 1997, the Commission filed a complaint in the
United States District Court for the District of Columbia against
Nycal Corporation ("Nycal").  The complaint alleges that Nycal, a
Dallas, Texas-based mineral exploration and development
corporation, failed to make available to the investing public
current and accurate information about its financial condition
and results of operation through the filing of periodic reports
with the Commission as required by the Securities Exchange Act of
1934 ("Exchange Act").  Specifically, the complaint alleges that
Nycal has not filed three of its Annual Reports on Form 10-K for
the fiscal years ended June 30, 1996, 1995 and 1994, eight
Quarterly Reports on Form 10-Q for the fiscal quarters ended
December 31, 1996, September 30, 1996, March 31, 1996, December
31, 1995, September 30, 1995, March 31, 1995, December 31, 1994
and September 30, 1994 and nine Notifications of Late Filing with
respect to its delinquent reports.  The Commission seeks to
compel Nycal to file its delinquent periodic reports and to
enjoin Nycal from further violations of Section 13(a) of the
Exchange Act of 1934 and Rules 12b-25, 13a-1 and 13a-13
thereunder.  Simultaneously with the filing of the Commission's
complaint, Nycal consented to the entry of a Final Judgment
granting the relief sought by the Commission and admitted that it
had not filed the periodic reports as described above.