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Gold/Mining/Energy : SRR Mercantile Inc. (SRA.V) -- Ignore unavailable to you. Want to Upgrade?

To: Robert J. Mifsud who wrote (32)	3/26/1998 10:44:00 PM
From: John Lister	Read Replies (1) \| Respond to of 105

Latest Press Release "Vancouver, British Columbia, March 25, 1998 - SRR Mercantile Inc. (the "Company") (VSE:SRA), is pleased to announce that the Vancouver Stock Exchange ("VSE"), has approved the acquisition of a sapphire mining property in northern Madagascar. The Company signed an Option Agreement to acquire a 65 percent undivided interest in the sapphire mining property with Societe Victory S.a.r.l. ("Victory") on November 22, 1997. The mining property consists of eight permit areas of 2.5 kilometers by 2.5 kilometers each, totaling 50 square kilometers or 12,355 acres. The Company will issue 1,200,000 new shares for the acquisition, of which 400,000 shares will be free-trading and the balance of 800,000 shares will be issued into escrow. The escrowed shares shall be non-voting, non-dividend paying and non-participating. The escrowed shares will be released on the basis of one share for every $1.00 of cumulative cash flow received by the Company from the property within two years from November 22, 1997. CASH FLOW --------- The Company is also pleased to announce that US$100,000 will accrue to the Company as its share of profits in the production, processing, purchase and sale of rough sapphires conducted by Victory, since November 22, 1997. This $100,000 profit is payable to the Company on or before June 30, 1998. The Company intends to commence full mining operations in Madagascar as soon as possible. The Company is engaged in the acquisition, exploration and development of mineral properties. For further information contact: Mr. David Wong at (604) 443-5012. C.Y. Wong President & CEO The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy of this release."