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Gold/Mining/Energy : Coleville Resources - CLL

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To: JD who wrote (1434)	4/8/1997 5:52:00 PM
From: Gerry Belanger Jr.	of 3058

There has been recent speculation that we at CLL are not on the job. That is far from the truth. CLL IS PROGRESSING ON ALL FRONTS. Indonesia - The CLL/ANZ JV is presently completely a magnetic/radiometric survey of the Ojolali property. 10,000 metres (30,000 feet) of drilling is planned and will test all five high priority targets. Drilling is expected in April, but no date set yet. Drilling can take place without further permits or licenses. News regarding the much talked about Strathcona report is reputed to be on the way, although ANZ has not confirmed their interest in releasing the information. Venezuela - Coleville senior management is back in Venezuela to oversee operations and recently implemented upgrades to exploration and exploitation facilities. Additional information concerning exploration results, production goals and revenue at Pemon should all be forthcoming prior to Mr. Perry's departure. There have been no material changes over the last few weeks to account for the recent share price decline other than the potential problems at BRE-X. The Ojolali project is not directly effected by this. Several of the largest precious metal mines in the world are still in Indonesia and Coleville firmly believes that there are great mining opportunities in Indonesia. CLL/ANZ will be continuing on course in Indonesia as planned. Rumors - 1> CLL to be taken over by ANZ - NO. - 2> ANZ will force CLL to sell its interest in Ojolali - NO. - 3> Bruce McDonald is back - NO. - 4> There is a problem in Indonesia with permitting - NO. A draft of the CLL investor summary has been forwarded to Venezuela and we expect that the final draft will be ready by Thursday. This is the final step towards a formal investor package. Silicon Capital Corp. is providing Investor Relations for Coleville and is always available at (403)205-3660 or by e-mail at stockmkt@cadvision.com. Gerry Belanger Silicon Capital Corp.

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