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Gold/Mining/Energy : Olympic Resources - ORL,v

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To: Flea who wrote (11)	8/6/1997 2:51:00 PM
From: Flea	of 84

NEWS!!! Exploration completed in Indonesia Olympic Resources Ltd ORL Shares issued 5,731,878 Aug 5 close $0.44 Wed 6 Aug 97 News Release Mr Daryl Pollock reports During the first quarter ended May 31, the company completed exploration on several of its eleven, seventh generation contracts of work in Indonesia. Promising results were received on four properties and follow-up programs are being considered. Prior to making any further work commitments in Indonesia, the company intends to await final statutory approval on its seventh generation contracts. Approval on some of these contracts is expected in late September. The annual general meeting of the company was held in Vancouver in June 1997 and the shareholders re-elected the same board of directors for the ensuing year. The company intends to maintain a presence in Indonesia and is in early negotiations with potential joint venture partners. The company has a cash position in excess of $4,000,000 and it has extended its warrant financing now due to expire in June 1999. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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