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Gold/Mining/Energy : Central Asia Goldfields M.CGZ
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To: aki born who wrote ()1/21/1998 8:25:00 PM
From: roger fontaine   of 458
 
Central Asia Goldfields And Kazakstan Goldfields Status Report

Kazakstan Goldfields Corporation (KGFC - CDN) stated today that its claim against the Government
of Kazakstan submitted to the International Court of Justice in The Hague, Netherlands is ongoing.
The claim for a total of US$28.6 million relates to the unilateral cancellation by the Government of
Kazakstan of the company's management contract to manage, with an option to acquire, certain
gold mining operations by the state owned company JSC Kazakhaltyn. Company Chairman A.
Thomas Griffis stated ''although we are seeking a court resolution to this dispute with the
Government, we will continue to attempt to resolve this matter outside the courts. However, to date
the Government has shown little interest in settling this matter on a commercial basis''.

Kazakstan Goldfields Corporation and Central Asia Goldfields Corporation (CGZ - ME) also stated
today that the production advance to their Kazakstan joint venture company Gold Pool L.L.P. in the
amount of US$1.6 million continues to be in default. Both Kazakstan Goldfields Corporation and
Central Asia Goldfields Corporation are co-guarantors of this loan. To off-set this advance,
Kazakstan Goldfields Corporation has assigned 130 kilograms of gold (valued at US$1.2 million)
produced and processed at the Balkhash smelter to the lender. This gold has not been delivered to
the company and remains part of the companies previously mentioned claim against the Government
of Kazakstan.

Central Asia Goldfields stated that results from its 1997 exploration program have been detailed in
final reports which were submitted to Government authorities earlier this month. Two of the targets
outlined in the 1997 drilling program, Raigorodok and Novodneprovskoe deposits (see press releases
dated September 4th and 24th 1997) will be the subject of further testing in the 1998 exploration
program scheduled to start in April. The company also stated that for the past few weeks it has been
in discussion and continues to be in discussion with various groups interested in exploring and
developing the company's properties in Kazakstan. These discussions are expected to be concluded
prior to the commencement of the 1998 exploration program.

Kazakstan Goldfields Corporation also announces changes to its management and board of
directors. Mr. Charles Pitcher has resigned as President and CEO and will be replaced on interim
basis by Mr. A. Thomas Griffis.

There are currently 35,621,544 common shares issued and outstanding in the capital of Kazakstan
Goldfields Corporation and 14,303,887 common shares and 617,635 preferred shares series A
issued and outstanding in the capital of Central Asia Goldfields Corporation.
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