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Gold/Mining/Energy : ISLAND-ARC RESOURCES IAR-VSE

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To: The Fix who wrote ()	1/3/1998 1:18:00 PM
From: The Fix	of 186

Recent News for IAR......... Island-Arc Resources Corporation - 226 Back Lake diamonds recovered Island-Arc Resources Corporation IAR Shares issued 8533285 1997-12-12 close $0.27 Monday Dec 15 1997 Also SouthernEra Resources Limited (SUF) Mr Kim Phillips reports Island-Arc has received the following information from its Back Lake diamond project joint venture partner, SouthernEra Resources. Island-Arc has a 10.62% carried interest in the project. Following a strong indicator mineral train in August, a kimberlite occurrence was discovered (Yuri) on the Back Lake claims. Six pits were subsequently put down and 1,590 lb of green clay kimberlite was deslimed and screened. The resulting diamond counts are listed below: Sample Kimberlite Total Diamonds* dry weight diamonds -.5mm +.5mm (kg) Kim A 213.87 81 60 21 Kim B 200.07 89 66 23 Kim C 115.17 32 24 8 Kim D 97.35 17 12 5 971060 19.60 3 0 3 971061 20.00 4 2 2 ---------------------------------------- Totals 666.06 226 164 62 micros macros * in one dimension Note the size of these diamonds from the various pits: Kim A 1 diamond .01 ct Kim B 2 diamonds .01 ct Kim D 1 diamond .03 ct 971061 1 diamond .12 ct Drilling in the pit area has confirmed that the Yuri kimberlite is not in place and is likely the result of the deposition of large fragments transported from a source area in Munn Lake in the Back Lake claim area. On the ice of Munn Lake, opposite the Yuri diamond discovery, 75km of geophysics is being completed. A crew of six men has been on geophysics while two other men are taking 240 sediment samples from the bottom of Munn Lake (one sample taken every 300 ft). This year, 1,700 indicator mineral samples were taken and are being processed. The above data will be processed, targets prioritized and refined targets on the Back Lake claims will be drilled in February-May 1998. A winterized camp is in place in the discovery area as are the drill and supplies. There are six indicator mineral trains in the southwest corner of Back Lake to follow up to their respective sources.

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