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Gold/Mining/Energy : Diamonds in Alberta, Ashton, Pure Gold, Montello, New Cla -- Ignore unavailable to you. Want to Upgrade?

To: Rick W. who wrote (510)	3/19/1998 11:22:00 AM
From: Colin Myrholm	Read Replies (1) \| Respond to of 822

Agau Announces Revised Plan to Acqurie Additional Major Alberta Diamond Property Interests EDMONTON, ALBERTA--Agau Resources, Inc. ("Agau") and the Shareholders of 695491 Alberta Ltd. ("Vendors") announce they have entered into a letter of intent dated March 13, 1998 whereby Agau will purchase all the issued and outstanding shares of 695491 Alberta Ltd. ("695491"). 695491 owns the following metallic and industrial mineral permits and net smelter returns: - Twenty-one permits containing approximately 475,700 acres in the Clearhills area of the Peace River District of Alberta. The property is approximately 75 miles west of Ashton's kimberlite discoveries and at least 45,000 acres is located within the boundary of the Buffalo Head Craton. - Twenty permits containing approximately 448,000 acres in the Spirit Ridge area of the Peace River District of Alberta. The property is approximately 25 miles northwest of the Monopros Mountain Lake Kimberlite. - Six permits containing approximately 136,600 acres in the Clearwater region, approximately 50 miles east of Fort McMurray. - Seventeen permits containing approximately 391,500 acres in the Stettler/Medicine Hat area of South Central Alberta. The property is in the area known as the Hearne Sub-province. - Seventy-five percent of two permits covering approximately 45,500 acres (34,200 net acres) in the Pelican Mountain area near Wabasca, Alberta. A portion of this property is located within the boundary of the Buffalo Head Craton. Ellesmere Minerals Ltd. have earned a twenty-five percent in the permits and have the right to earn a further twenty-five percent. - A 1 percent smelter return on approximately one million acres in the Fort McMurray area operated by Lytton Minerals Ltd. Consideration for the purchase of 695491 will be 1,200,000 common shares of Agau at a deemed price of $1.25 per share. $15,000 has been paid as a non-refundable deposit. Agau has also agreed to assume shareholder and inter-company loans of up to $75,000. Closing is scheduled for July 31, 1998. The transaction and issuance of securities is subject to regulatory approval and Agau filing format application with The Alberta Stock Exchange within fourteen calendar days. On January 19, 1998 Agau and 695491 announced they had entered into a letter of intent whereby Agau would purchase and option certain mineral permits owned by 695491. That letter of intent has now been cancelled. Mr. Kenneth Richardson, a director of Agau, is also a director and one sixth owner of 695491. The Richardson family holds the balance of 695491's ownership. Agau Resources, Inc. has also acquired Metallic and Industrial Mineral Permits on approximately 550,000 additional acres in Central Alberta at a nominal cost. Gross area in which Agau will have an interest will be approximately three million acres, of which approximately two million acres will be 100 percent owned. Agau is seeking joint venture partners for the wholly owned permits. Agau is a Canadian mineral exploration company based in Edmonton with a listing on The Alberta Stock Exchange. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Agau Resources, Inc. Einar Myrholm President (403) 413-9392 The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.