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Gold/Mining/Energy : Trump's 12 Diamond Picks, Discussions Limited -- Ignore unavailable to you. Want to Upgrade?

To: George J. Tromp who wrote (623)	2/12/1998 3:45:00 PM
From: John Stella	Read Replies (2) \| Respond to of 2251

****NEWS RELEASE NORA EXPLORATION******** FOR FURTHER INFORMATION PLEASE CONTACT: Nora Exploration Inc. Pierre Leveille (514) 846-2133 (514) 846-1435 (FAX) nora.com info@nora.com ------------------------------------------------------------------------ NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: NORA EXPLORATION INC. ME SYMBOL: NXI FEBRUARY 12, 1998 Nora's Offer and Option to Obtain 100 Percent Ownership of Otjua Minerals (PTY) Limited MONTREAL, QUEBEC--Nora Exploration Inc. ("Nora") is pleased to announce the terms of its offer and option agreement whereby Nora can obtain 100 percent ownership of Otjua Minerals (Pty) Limited. ("Otjua") Located on the eastern shores of the Atlantic Ocean the contractual concessions stretch 140 km along the Namibian coastline, they include the beaches from North Rock in the south to Grosse Bucht to the north, are 100 meters wide above the high water mark and extend 5 km into the ocean. With the use of publicly available information and historical data Dr. Donald Sutherland, a geologist with Placer Analysis Ltd., concluded in a 1996 report that "sampling and mining along the present coast within the contract area has shown significant mineralization throughout its entire length, of which 95 percent are gem quality". Pursuant to contractual obligations with NAMDEB (a corporation jointly and equally owned by the Namibian government and De Beers Consolidated Mines), no quotas are imposed on production and NAMDEB is required to purchase all production. Under contract with NAMDEB, the contractual rights are valid until 2019. TERMS OF OFFER AND OPTION AGREEMENT For an additional twenty-six percent (26 percent) interest in Otjua, Nora has offered Elizabeth Bay Diamonds (Pty) Limited, an amount totaling $5.4 million dollars (CND) payable in cash and shares of Nora. Furthermore, Nora will have an option, valid for two years (2) following the closing of the transaction whereby Nora can acquire the remaining twenty-seven percent (27 percent) interest in Otjua from Elizabeth Bay Diamonds (Pty) Limited for an amount totaling $ 3.4 million dollars (CND) payable in cash and shares of Nora. - All shares issued in this agreement shall be held in escrow for a period of no less than two years and no more than four years following the date of issue. - The Board of Directors shall mandate an independent consultant in order to present its recommendations to the shareholders. Both parties have agreed to a confidentiality clause pertaining to the conditions of the agreement stating that the conditions shall remain confidential until the independent consultant's report is received by Nora, which is expected to be completed and delivered by the end of March 1998. Due to the present uncertainty in Canadian Mining industry, management would like to take this opportunity to assure its shareholders that their investment is in a Company with strong fundamentals combined with profits and cash flow from its mining operations. Nora, a Quebec based exploration and mining company, is a fast growing diamond and precious metal producer with interests in Namibia, Ghana and Chile. Its shares are traded on the Montreal Stock Exchange under the symbol NXI-ME. Transaction is subject to approval from all regulatory authorities and the shareholders of Nora. -30-