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Microcap & Penny Stocks : IDCN - gold, garnet, etc. -- Ignore unavailable to you. Want to Upgrade?

To: BigTex who wrote (1642)	8/26/1998 9:56:00 AM
From: OFW	Respond to of 5908

VANCOUVER, BRITISH COLUMBIA (Aug. 26) BUSINESS WIRE -Aug. 26, 1998-- Indocan Resources Inc. (OTC BB: IDCN) On July 20, 1998 the company announced a private placement of $4 million. We have completed the first tranche of $250,000 today and will continue to accept additional amounts as the funds are needed. We are permitted for 100,000 tons bulk sampling at Isaac's Harbour and will commence the sampling when the blasting permit for this activity is issued. We expect to blast, test and have assay results sometime in late September or early October 1998. The three or four holes we have talked about will be drilled after the bulk sampling is completed. We have identified a driller and have obtained acceptable quotes for the drilling of up to 15 holes. The garnet property is being worked on and filing updates will be made in Sudbury in a timely manner. The Ragland base metals property also needs work and that will be performed this fall as well. We are in talks with other companies pertaining to their companies and properties and will have more news soon on these matters. Many people have been telephoning for additional information we thank you for your interest in the company and ask that you monitor the Business Wire for more news releases. We are not equipped to handle hundreds of calls each day and we really cannot be giving special information to each caller but rather disclose fully to all through the wire services. The CMI Capital offer to purchase all the company capital stock was accepted by the board of directors before the September 1, deadline that was published. This was done in order to give the shareholders the final say in whether to proceed with this offer. We are considering the details and the process for calling a shareholder's meeting to deal with this and other prospective issues. The process will take some time with a six-week minimum notice to shareholders of record on a given date. Stockholders should have their shares registered in their names to be sure of the ability to prove ownership and to cast your vote in the event of such a meeting. Request from your broker the shares. Our transfer agent charges $12.00 per stock certificate and will express, at your cost, the certificate back to your broker for delivery to you in three or four days. -0- nmb/ny* CONTACT: Jeffrey R. Bruhjell (604) 929 7224 jeffreyb@axion.net