To: Daytek77 who wrote (8210 ) 5/14/2002 9:18:44 PM From: Al Collard Respond to of 11802 KRI-v ...in the news:Continental Ridge arranges $75,000 financing Tue 14 May 2002 Mr. Brian Fairbank reports PRIVATE PLACEMENT FINANCING, UPDATE ON DRILL PROGRAM Continental Ridge Resources has arranged the terms of a financing whereby the company will place approximately 215,000 units, at a price of 35 cents per unit, for gross proceeds of $75,000. Each unit is convertible into one common share and one-half common share purchase warrant, each full warrant entitling the holder to purchase one additional common share at 35 cents per share for a period of one year. All shares taken up will be subject to a hold period in accordance with the applicable securities laws. The company reports that a certain director of Continental Ridge arranged the sale of 58,000 common shares at a price of 35 cents per share through the facilities of the Canadian Venture Exchange. The proceeds from this sale will be used to participate in the private placement. Proceeds of the private placement will be used for evaluating possible acquisitions of other geothermal sites in Nevada and California and for general corporate purposes. Drilling progress update Continental Ridge president Brian Fairbank has just returned from visiting the Deep Blue No. 1 drill site on the Blue Mountain geothermal property in Nevada. He reports that the deep drill program is proceeding as planned, albeit slowly, due to encountering highly fractured rock formations. Fractured, permeable rocks are desirable in a geothermal reservoir because they allow for increased flow rates of hot water into the production wells. An additional two weeks may be required to complete the drill program due to the broken ground conditions. A 10-1/2-inch casing has been cemented down to 50 feet and seven-inch casing was cemented in a 10-inch hole down to 320 feet. A 6-1/2-inch hole is currently being drilled to the total depth of 2,000 feet to set 4-1/2-inch casing.