Cypress Makes Early Warning Report



    VANCOUVER, July 30 /CNW/ - Cypress Capital Management Limited ("Cypress")
today announced that as a result of the acquisition of 200,000 shares,
Cypress, on behalf of its clients, now has direction over:

    
    -   1,498,009 shares (or 13.88 % of the outstanding shares calculated on
        a fully diluted basis) of Badger Income Fund (T.BAD.UN).
    

    The acquisition of these securities by Cypress, on behalf of its clients,
was made in the ordinary course of business for investment purposes and was
not for the purpose of influencing the control or direction of Badger Income
Fund (T.BAD.UN). Previous reports were filed on an aggregate basis with AGF
Management Limited.





For further information:

For further information: Carl Hoyt, Managing Partner, Cypress Capital
Management Limited, (604) 659-1850

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CYPRESS CAPITAL MANAGEMENT LIMITED

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