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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (14870)1/18/1999 12:59:00 PM
From: Kerm Yerman  Read Replies (24) of 15196
 
FIELD ACTIVITIES / International Gryphon Resources Reports Successful
Well

INTERNATIONAL GRYPHON DRILLS 2ND SUCCESSFUL GAS WELL AT GOLDEN SPIKE

CALGARY, ALBERTA--

International Gryphon Resources Inc. announces that it has
drilled a second successful gas well at its Golden Spike focus
area in Central Alberta. The well demonstrated significant
commercial productive capability during drill stem test
evaluation and is multi-zone prospective. The Company owns a 75%
interest in the well. The well will be completed imminently and
tested on an extended basis.

The Company also announces that it closed two acquisitions in the
Golden Spike area in late 1998, to hold an interest in over
10,000 acres. Included in the acquisitions were wells capable of
production which, when combined with its drilling successes and
the completion of a pipeline to processing facilities, are
expected to double the Company's production in the second quarter
of this year.

During the fourth quarter of 1998, the Company divested of its
interests in the Taber North Unit and Saskatchewan for cash. As
well, the Company's bank credit facility has been increased to
$1.5 million. The combination of these funds will be used,
primarily, for the continued development of the Golden Spike
prospect.

International Gryphon Resources Inc. trades on the Alberta Stock
Exchange under the symbol "INK".
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