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Gold/Mining/Energy : Nora NXI on ME -- Ignore unavailable to you. Want to Upgrade?

To: John Stella who wrote (201)	5/20/1998 3:49:00 PM
From: John Stella	Read Replies (1) \| Respond to of 420

**********NEWS RELEASE********* News Release - For immediate distribution Date: May 20, 1998 Progress Report: NORA ANNOUNCES RECOVERY OF 2,084 CARATS FROM ITS OPERATIONS ON THE OTJUA CONCESSION Nora Exploration Inc. (NXI - ME), is pleased to release it's first monthly progress report on the company's contractual concession in Namibia and its exploration plans to increase both off-shore resources and on-shore reserves. Nora's affiliated company's contractual concession (OTJUA) is located on the eastern shores of the Atlantic Ocean and stretches 140 kilometers along the Namibian coastline. They include the beaches from North Rock in the south to Grosse Bucht (near Luderitz) in the north, are 100 meters wide above the high water mark, and extend five kilometers into the ocean. Under the terms of the contract with NAMDEB, areas must be completely mined before moving to another area. Having completely mined the area at First Rock, production has now been transferred to Jammerbucht. The repositioning of the processing plant was completed by February 1st, 1998 and operations started in mid-February 1998 and production has increased steadily since mid-March. During the period from March 9th, 1998 to April 26, 1998 a total of 15,500 tons of gravel were processed at the rate of 30 tons per hour and 1244 carats (mostly of gem quality) were recovered. The new zone covers an area of approximately 3 sq. km., prospecting and sampling in the area has suggested 15,000 carats of mineable resource. An additional 840 carats were produced offshore during the same period. Under contract to NAMDEB Diamond Corporation (Pty.) Ltd., Otjua's mineral rights are valid until at least 2019. NAMDEB is jointly and equally owned by the Namibian government and De Beers Consolidated Mines, the world's largest diamond mining company. NAMDEB holds the mineral rights to what is known as Diamond Area No. 1 extending from the Orange River (the geographical boundary between South Africa and Namibia) north past Hottentot Bay, including the Otjua concession. The central coastline north of the Orange River has been called the world's largest and greatest gem diamond deposit. Nora is following a systematic plan of action to increase both its on-shore and off-shore exploration activities which in turn will define both off-shore resources and on-shore reserves. The three major elements included in Nora's plan of action are: - Increase on-shore production through the addition of equipment. - Increase off-shore shallow water bulk sampling and production with the introduction of our "creepy crawler", (a sea-based shallow water platform with an operating capacity of 30 tons per hour). - Mandate Dr. Donald Sutherland, of Placer Analysis Limited, to prepare and coordinate a systematic exploration program which will enable Nora to reclassify it's inferred resource potential into proven reserves . Nora Exploration Inc., is a Canadian based exploration and mining company, actively involved in the acquisition, exploration and development of first rate diamond properties in Africa. The Corporation's rapid and dynamic growth will place it among the significant players in the world marine diamond business. Its shares are traded on the Montreal Stock Exchange under the symbol NXI-ME. For further information, please contact: Pierre L‚veill‚ President John Stella Investor Relations Tel: (514) 846-2133 Toll-free: 1-888-666-3431 E-Mail: info@nora.com Web-site: www.nora.com