NEWS RELEASE
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERNATIONAL PURSUIT CORPORATION
TSE SYMBOL: IPJ
NASDAQ SYMBOL: IPUCF
MAY 30, 1997
International Pursuit Corporation First Quarter Report
TORONTO, ONTARIO--International Pursuit Corporation (the "Company"
or "Pursuit") reported results for its three month period ended
March 31, 1997.
First Quarter Results
The Company's net loss was $1,810,682 or 7.6 cents per share for
the three months ended March 31, 1997, versus $440,655 or 3.0
cents per share for the three months ended March 31, 1996.
Revenue for the three months ended March 31, 1997 for Pursuit was
$103,803 versus $226,947 for the three months ended March 31,
1996. The Company's revenues were generated through interest
income of $43,994 and dividend income of $59,809.
Expenses increased to $3,713,549 for the three months ended March
31, 1997 from $867,602 for the three months ended March 31, 1996.
The increase in expenses was mainly a result of a $2,668,193 loss
on marketable securities included in the three months ended March
31, 1997 expenses versus a $115,043 gain on marketable securities
included in the three months ended March 31, 1996 revenues. Since
April 1, 1997, Pursuit's first quarter ended loss on marketable
securities has been eliminated and the Company's position as at
the date of this release would show a profit.
Issuer Bid
Management believes that given its current financial position, its
Philippines drill indicated copper resource of approximately 2
billion pounds of copper with the potential to substantially
increase the resource, its highly prospective exploration
portfolio in Central Kalimantan and its large exploration position
in Mongolia, that Pursuit's shares are undervalued. Accordingly,
management has participated in a normal course issuer bid program
resulting in the purchase of 434,900 shares at a cost of
$2,077,136 in 1996 and the purchase of 425,300 shares at a cost of
$1,852,432 from January 1, 1997 through to May 30, 1997. The
Company intends to continue with its normal course issuer bid
program.
Capitalization
The Company's offer to acquire all of the Dayak Goldfields
Corporation ("Dayak") shares that it did not own was accepted
during May, 1997. As a result, the Company issued 5,423,723
additional shares and now has approximately 29,067,395 shares
outstanding on an undiluted basis. Pursuit now has a current
working capital position in excess of $28 million, including the
Company's investment in Java Gold Corporation, and is in a strong
working capital position in comparison with many other junior
exploration companies.
Given Pursuit's strong financial position and the current low
market valuation for junior exploration companies and the
difficulties such companies have in raising equity capital,
management expects that there will be and it will continue to seek
out favourable gold and base metal acquisition opportunities
internationally.
ON BEHALF OF THE BOARD
Stephen R. Dattels President and CEO
William Burton Vice President, Exploration
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FOR FURTHER INFORMATION PLEASE CONTACT:
International Pursuit Corporation
Investor Relations
1-800-396-5188
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