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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (9553)3/16/1998 11:56:00 PM
From: Arnie   of 15196
 
CORP. / Sinorank Petroleum Resources announces Financials Delayed

VANCOUVER, March 16 /CNW/ - Sinorank Petroleum Resources Limited
(VSE: SNP)

Albert Li, President and Director of Sinorank Petroleum Resources Limited
(''Sinorank'' or the ''Company'') announces that the release of the financial
statements and Report to Shareholders for the nine months ending December 31,
1997 have been delayed for the following reasons:

- The Company's main priority has been providing financial and other
information to two major international oil companies which are
considering the acquisition of Sinorank's 60% interest in the
Zhanjiang Joint Venture. Formal indications of interest have been
requested for March 31, 1998.

- The major shareholder and former president of the Company, Mr. Fong
Kei Wah, has continued to impede the actions of the Company's
President and Chief Financial Officer, Mr. Albert Li and other senior
management in carrying out their duties.

A Board meeting has been scheduled for March 23 by the Directors to
approve such quarterly statement following which distribution of such
information will be made to shareholders.

As mentioned in our January 20 press release, further investigation has
indicated that part of Sinorank's investment in the Yunnan Joint Venture was
disbursed by the former president of the Company, Mr. Fong Kei Wah and his
former associate, Mr. Wong Jie on improper purposes and without authorization
by Sinorank. Charges are being laid with the Yunnan police authorities.
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