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Gold/Mining/Energy : Ontex Resources (ONT Alberta) -- Ignore unavailable to you. Want to Upgrade?

To: Skipper who wrote (420)	10/6/1999 11:06:00 AM
From: Skipper	Read Replies (1) \| Respond to of 519

ONTEX ANNOUNCES FORTUNE'S SALE OF CONTROL BLOCK Wednesday, October 6, 1999, 9:23 AM EDT Toronto, Ontario Ontex Resources Limited ("Ontex") is pleased to report that seven purchasers represented by Toronto investment dealer, IPO Capital Corp, have purchased all of the 5,714,286 common shares of Ontex, representing a 14.6% equity interest in Ontex, previously held by Fortune Minerals Limited ("Fortune"). The purchases of the shares received regulatory approval and were completed recently in Toronto. Ontex's management believes the deal to be in the best interests of Ontex shareholders. The transactions are expected to assist in alleviating concerns raised by shareholders of Ontex with regards to a conflict for Fortune between its own interests and those of Ontex. Ontex and Fortune could be perceived as competitors in the mineral exploration industry as Fortune continues to further explore other mineral properties. The deal helps to establish a structure for Ontex which will satisfy shareholders that Ontex will always be in a position to fully consider and exploit all worthwhile opportunities to explore and develop mineral exploration properties without any risk of perceived or actual conflict between the interests of any significant shareholder of Ontex and those of Ontex itself. For the time being, Robin Goad, President, CEO and a Director of Fortune, will continue to serve as President, CEO and a Director of Ontex until further notice. Having addressed the conflict of interest issue, the company is now in a position to move forward in the exploration of its Brookbank property, other properties optioned from Metalore Resources Limited and its Faymar Gold Property in the Timmins area. Ontex Resources Limited [signed] Sam Fuda, Chairman Further information can be obtained from Ontex Resources Limited in Toronto (contact Sam Fuda at: Tel. (416) 360-4031); in London (contact Mr. Robin Goad or Mr. Gary Conn at: Tel. (519) 858-8188); by Email. info@ontexresources.com; or visit our website at www.ontexresources.com Neither The Alberta Stock Exchange nor any securities Regulatory Authority has approved or disapproved of the contents of this news release. Issued Capital: 39,036,506 Common Shares