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To: LANCE B who wrote (7296)	6/17/2000 6:20:00 PM
From: LANCE B	Read Replies (1) \| Respond to of 11130

ASWT- NEW SYMBOL American Southwest Holdings Inc. Signs China Oil Joint Venture PHOENIX--(BUSINESS WIRE)--June 9, 2000--At the invitation of the County Government of Zichang in the Shaanxi Province of Northern China and the company's joint venture partner Wuhan Pengling Group Company Limited (Pengling), the senior management of NCMI (OTC BB:NCMI) traveled to China. The principal intent of this trip was to review resource opportunities in this province and formalize an agreement with Pengling on a previously negotiated oil transaction. In anticipation of the now reported trade agreement between China and the USA, negotiations were commenced by your management several months ago in regard to the acquisition by NCMI of oil and gas interests in China. The company has successfully negotiated the following transactions; *T 1. The right to drill 300 wells in the onshore Yanchang field in the Zichang County, which has existing reserves approximating 560 million barrels of oil, and unspecified amount of gas. This right provides NCMI with 80 percent equity in these 300 wells for the full expenditure, which is recouped out of production. This oil field is located near a railhead, which has direct access to oil refining facilities at Yan'an 120 miles to the south. All oil will be sold in China at a competitive world parity price with profits to be repatriated back to the USA along with the initial capital investment. Production levels on this field vary depending on location, however the range is between 15 and 150 barrels per day oil in the area specified for the 300 wells. This rate is utilizing production equipment technology that is approximately 50-60 years old. It is anticipated that the introduction of modern USA oil technology will increase these production rates substantially. These production rates also only account for production from one of the three oil-bearing horizons. Again modern technology may add substantially by the ability to produce from all three-pay zones. Independent due diligence will assist in providing more realistic numbers in terms of what is achievable from this area. 2. The right to refurbish up to 2,000 of the exiting government wells with a right to equity participation in these wells. All of these government wells are aging and in need of upgrading to modern technology. NCMI has the right to earn an equity participation in all of these wells by providing the funds and the management to refurbish and upgrade these existing wells. 3. An exploration right over certain areas not previously explored in the Zichang County which encompasses part of the Yanchang oil field. The Yanchang oil field is a large and not yet fully defined oil resource that has been developed utilizing non-western technology. The management of your company believe that over a period of time a concerted program of exploration and systematic production utilizing the latest Western technology will upgrade this resource. A great opportunity has presented itself to work in conjunction with the Chinese government and our local joint venture partners to upgrade a very valuable oil asset. This will make great in-roads to improve the quality of life for the local Chinese population, in what is generally recognized as one of the poorer regions of China. This development is also in keeping with the recently stated policy of the Chinese Central Government to support in the modernization of industry and resources in western China. It is the intention of the company to undertake a further period of due diligence utilizing USA-based oil consultants and contractors. During this period of due diligence, a number of methods of funding for the various components of the transactions described previously will be reviewed. These will range from equity-based capital to standard debt or a combination of both. It is the belief of the company that cash flow generated from the 300 new wells and equity participation in the existing government wells will be available during the next financial year. At a meeting of shareholders held in Phoenix on June 9, 2000, the name of the company was changed from Namibian Copper Mines Inc. to American Southwest Holdings Inc. Alan Doyle President & Chairman CONTACT: American Southwest Holdings Inc. John Yellich, 303/475-2929 KEYWORD: ARIZONA INTERNATIONAL ASIA PACIFIC