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Gold/Mining/Energy : ISLAND-ARC RESOURCES IAR-VSE -- Ignore unavailable to you. Want to Upgrade?

To: leaf who wrote (32)	1/15/1998 5:16:00 PM
From: Ed Pakstas	Read Replies (1) \| Respond to of 186

!!!NEWS RELEASE!!! Funds advanced against private placementÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Island-Arc Resources Corporationÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ IAR Shares issued 8,583,285ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Jan 14 close $0.35 Thu 15 Jan 98ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release Mr Lawrence Barr reports Directors ofÿ theÿ companyÿ haveÿ advancedÿ financesÿ againstÿ theÿ private placementÿ reported in Stockwatch January 15, and the company has completed the cash payments required under its agreements to acquireÿ itsÿ additional interestsÿ in the Back Lake diamond project in the Northwest Territories of Canada. $292,500 has been paid to the five companies who soldÿ theirÿ carriedÿ Back Lake diamond project interests to the company, raising its carried interest in the project to 10.62%. SouthernEra Resourcesÿ isÿ theÿ operatorÿ ofÿ the project and drilling on Mann Lake is expected later this winter. If a commercial diamondÿ mineÿ isÿ discoveredÿ onÿ theÿ projectÿ area,ÿ the underlyingÿ agreementÿ withÿ Kennecottÿ Canadaÿ (fromÿ which SouthernEra is earning its interest) allows Island-Arc to take its 10.62% share of diamond productionÿ inÿ kind.ÿ Island-Arc would thus be able to directly market its share of diamond production independently of the operator'sÿ marketing,ÿ if it so chose. The special warrants from the $80,000 December flow through financingÿ have nowÿ beenÿ issued.ÿ Theÿ 320,000 underlying shares and warrants have a hold period ending December 30 1998. The bonus special warrants from the December loan financings have also been issued.ÿ Anyÿ ofÿ the shares issued upon exercise of the 330,000 underlying warrants will have a hold period ending January 9 1999. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com