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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (8658)1/23/1998 10:28:00 PM
From: Kerm Yerman   of 15196
 
PROPERTY ACQUISITION / Rapidfire Resources Closes Three Deals

RAPIDFIRE RESOURCES LTD.

ASE SYMBOL: RPF
JANUARY 22, 1998

CALGARY, ALBERTA--Rapidfire Resources Ltd. (RPF-ASE) announces it
has closed three transactions this week; the purchase of the
Kirkpatrick Lake project, the sale of its Fort St. John property
and the private placement issue of 1.0 million flow-through shares
at 30 cents.

Rapidfire has closed a cash purchase with Koch Exploration Canada
Ltd. for a shut-in gas property in the Kirkpatrick Lake area in
east-central Alberta. The property consists of 8860 net acres of
oil and gas rights including twelve shut-in gas wells, a
compressor station and associated lines and facilities. The
property last produced in 1991 and plans are underway for the
immediate start-up of the facility. Initial rates are expected to
be greater than 500 mcf per day, net to Rapidfire. Rapidfire
already holds an interest in some of the property and plans to
tie-in other Company interest wells in the area. Additional
drilling is planned after spring break-up. An independent
engineering evaluation of the acquired interest increases the
Company's net asset value by 18 cents per share to 50 cents per
share (fully diluted).

Rapidfire has sold its interest in the Fort St. John property for
cash. In the Company's opinion, no cash flow would have been
realized from this property during 1998.

The Alberta Stock Exchange has conditionally approved the listing
of an additional 1,000,000 common shares of Rapidfire issued under
a flow-through private placement agreement with Koch Pipelines
Ltd. Proceeds of $300,000 will be used for Rapidfire's drilling
program.
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