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Gold/Mining/Energy : WWS.T World Wide Minerals -- Ignore unavailable to you. Want to Upgrade?

To: traacs who wrote (497)	5/31/1998 2:52:00 PM
From: kingfisher	Respond to of 784

From Almaty Herald Kazakhstan Canadian Company File Suit Against Kazakhstan Canadian miners company and its US sales agent filed a suit in a Washington court requesting $220m in damages against the former Soviet republic of Kazakhstan for allegedly failing to honor an agreement permitting the export of uranium. World Wide Minerals said it had invested $82m in a dilapidated uranium mine in Northern Kazakhstan employing thousands of workers and proving light and heat for the region in 1996-1997. In July, Kazakhstan apparently changed its mind and refused to issue uranium export license. When World Wide stopped production; the government cancelled the contract. This caused Nuclear Fuel Resources of Denver to fail to deliver on a contract it had made when it promised delivery of Uranium to Consumers Energy of Michigan. Tom Evans Jr., a former congressman, now on World Wide's board, said Kazakhstan had 'arrogantly ignored the need to respect the role of low". While denying World Wide an export license, he said the Kazakh government had granted one to Nukem, a German company, along with the executives rights to sell Kazakh uranium in the US. The company said Kazakhstan acknowledged through official canals its obligations to provide compensation, but no specific offer of a settlement has been made. This month the Kazakh government discussed the possible sale of a 20 per cent stake in Kazakhstan or a bond issue for the state-owned oil company. Mr. Evans said Kazakhstan generally has threaten big oil investors well. However, the government is reportedly considering revoking current licensing agreements under an oil industry review.

To: traacs who wrote (497)	5/31/1998 9:50:00 PM
From: traacs	Read Replies (1) \| Respond to of 784

FOR FURTHER INFORMATION PLEASE CONTACT: World Wide Minerals Corinna J. de Beer Director of Investor Relations 1-416-369-6084 1-416-369-6088 (FAX) E-Mail:cdebeer@worldwideminerals.com NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: WORLD WIDE MINERALS LTD. TSE SYMBOL: WWS MAY 29, 1998 World Wide Reports 1998 First Quarter Results TORONTO, ONTARIO--World Wide Minerals Ltd. announced today its results for the three-month period ended March 31, 1998. Beginning with the first quarter of 1998, the Company adopted the United States dollar as its functional currency. Unless otherwise indicated, all figures are reported in United States dollars. The Company recorded a consolidated net loss of $516,000 or $0.01 per share for the three months ended March 31, 1998 compared to consolidated net income of $458,000 or $0.01 per share for the corresponding 1997 period. Results of operations for the first quarter of 1998 include sales of uranium concentrate aggregating $6,686,000 on which the Company realized an operating profit of $152,000 before charges for general corporate, interest and other costs. On-going costs associated with recovery of the Company's investment in Kazakhstan have been expensed as incurred following the provision for impairment in investment at year-end. Based on contracts in place, an additional $6.2 million of sales revenue will be generated in the second quarter resulting in an operating profit of about $450,000. To date, no deliveries are scheduled for the second half of 1998 although marketing efforts are ongoing. Contracted sales beyond 1998 exceed $37 million. It is the Company's strategy to emphasize base-price, multi-year sales contracts, which provide a more stable future commitment profile and resultant delivery prices than reliance upon the spot market. The delay in the recovery of the investment from Kazakhstan and the resulting shortfall in corporate capital has required the Company to substantially curtail development activities at the Dornod Mine in Mongolia. Stripping of overburden at the open pit mine commenced in December 1997 and the first ore was placed on the heap leach pad, taken from both the mine and the existing ore stockpile. Construction of the process plant has been delayed. Despite the delays, the Company is still in a position to complete construction of Phase 1 of the project in time to commence delivery of Mongolian-source uranium under contracts commencing in late 1998 or early 1999. /T/ 1998 First Quarter Highlights CONSOLIDATED STATEMENTS OF OPERATIONS (Thousands of United States dollars) March 31 1998 1997 ------------------------ Revenue $ 6,689 $ 289 --------- --------- Expenses Cost of sales 6,535 - General and administration 705 258 Kazakhstan negotiation costs 147 - Amortization 13 8 Interest 355 - Foreign currency gain (550) (435) --------- --------- 7,205 (169) --------- --------- Net income (loss) for the period $ (516) $ 458 --------- --------- --------- --------- Weighted average net income (loss) per share $ (0.01) $ 0.01 Weighted average number of shares (thousands) 55,037 51,272 /T/