To: The Osprey who wrote (7548 ) 4/4/2002 4:12:22 PM From: Al Collard Respond to of 11802 EXP-v ...in the news:EXP Resources acquires interest in exploration licences Thu 4 Apr 2002 Mr. Arthur Brown reports ACQUISITION OF A 75% INTEREST IN A 20,000 HECTARE EXPLORATION ... EXP Resources has acquired a 75-per-cent interest in an exploration licence in southern Mongolia located 170 kilometres southwest of Ivanhoe Energy Inc.'s Turquoise Hill (Oyu Tolgoi) gold-copper discovery. The property is located 15 to 20 kilometres south of the Tsagaan Suvarga copper porphyry deposit. This property is know as block 6. In addition, EXP has acquired a 15-per-cent interest in each of block 2, block 3, block 4, block 5 and block 7, which comprise five separate exploration licences approximately 115,000 hectares in Mongolia's South Gobi region, which hosts the Turquoise Hill (Oyu Tolgoi) discovery. Geologists retained by EXP believe the property to be prospective for gold copper porphyry deposits. EXP has acquired the interests through a series of assignments and joint venture agreements with Bell Coast Capital Corp. and Newport Exploration Ltd. The terms of these arrangements are as follows: Block 6 -- EXP will pay Bell and Newport Exploration in cash 100 per cent of the acquisition cost (being $20,000 (U.S.)) in staged payments, and shares to the same value based on the share price at closing of the acquisition to acquire the 75-per-cent interest in this block. EXP will contribute 100 per cent of all exploration costs up to completion of a feasibility study in order to maintain its 75-per-cent interest in the exploration licences. Block 2, Block 3, Block 4, Block 5 and Block 7 -- EXP will pay Bell and Newport Exploration in cash 20 per cent of the acquisition cost (being $115,000 (U.S.)) in staged payments, and shares to the same value based on the share price at closing of the acquisition to acquire the 15-per-cent interest in these blocks. EXP will contribute 20 per cent of all exploration costs up to completion of a feasibility study in order to maintain its 15-per-cent interest in the exploration licences. A finder's fee is payable in cash or securities in accordance with the policies of the Canadian Venture Exchange. The geology and tectonic setting of the South Gobi region compares favourably with gold-rich porphyry-copper deposits that have been discovered in other countries, and the high gold content and large size of Ivanhoe's Oyu Tolgoi porphyry system highlight the potential of the region. Mongolia enjoys one of the most favourable mineral tenure laws regarding exploration and development of mineral resources as it relates to ownership and title issues, and the New Mineral Law adopted in 1997 has attracted international mining companies including BHP, Rio Tinto, Phelps Dodge Corp. and Newmont Mining. The New Mineral Law guarantees secure title and transfer rights, allows for seven-year exploration period (with renewals for two years), and for a production period of 100 years. With these acquisitions EXP now holds an interest in mineral rights covering a total of 135,000 hectares. The company, in joint venture with Bell, will commence systematic geological mapping and sampling on the acquired properties, followed by geophysical surveys to delineate the extent of mineralization in order to define drill targets for diamond and reverse circulation drilling programs.