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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (10343)	4/24/1998 11:28:00 PM
From: Kerm Yerman	of 15196

FUND ACQUISITION / Position In Elk Resources Increased By R. Caney & Partners III L.P. R. CHANEY & PARTNERS III L.P. APRIL 24, 1998 RE: R. Chaney & Partners Updates Position in Elk Point CALGARY, ALBERTA--As a result of market purchases on The Toronto Stock Exchange and the conversion of previously issued special warrants, R. Chaney & Partners II L.P., R. Chaney & Partners III L.P. and R. Chaney & Partners IV L.P. have increased their collective ownership in Elk Point Resources Inc. and now, on an aggregate basis, exercise control and direction over 3,217,800 common shares (14.9 percent) of Elk Point Resources Inc. Robert H. Chaney is the sole shareholder of each of the general partners for these limited partnerships. Each of the limited partnerships are U.S. investment funds specializing in emerging energy technology companies. Although any or all of the limited partnerships may make further purchases of Elk Point Resources Inc., it is not the current intention of the limited partnerships to acquire control of Elk Point Resources Inc. This press release has been issued in order to comply with applicable securities legislation.

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