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

To: Hesham El-Adly who wrote (255)	10/20/1998 1:26:00 PM
From: John Stella	Read Replies (1) \| Respond to of 420

********NEWS RELEASE********** Date: October 20th, 1998 Subject: News - for immediate release NORA EXPLORATION RATIFIES ITS JOINT-VENTURE AGREEMENT AND INCREASES OWNERSHIP TO FIFTY PERCENT (50%) OF THE NAMIBIAN GEMSTONES CONCESSION Montreal, QC - Nora Exploration Inc. “Nora” (NXI-ME) is pleased to announce that it has ratified its joint-venture agreement with Namibian Gemstones Mining Corporation (Pty) Limited. Nora increased its interest to forty percent (40%) by paying Namibian Gemstones Mining Corporation (Pty) Limited the sum of 720,000US$. Furthermore, Nora is in the process of issuing 1.1 million shares to Namibian Gemstones Mining Corporation (Pty) Limited to increase its interest to fifty percent (50%). The 720,000US$ originates from an advance made by a director of the company and shall be reimbursed via a Corporate financing which will be in place on or before December 31st, 1998. A subsequent payment of 720,000US$ scheduled for January 15th, 1999 will further increase Nora's ownership to sixty percent (60%), after which both parties will establish a timetable for the balance to be paid to increase Nora's ownership to eighty percent (80%). The Namibian Gemstones concession is the second largest offshore diamond marine concession in southern Africa, although consisting of 23 deep-water concessions, each with an area of 1,000 square kilometers it can be considered as a single block starting on the Namibia-South Africa border and extending northward along the outer edge of the continental shelf and on to the continental slope. The southern part of the concession is adjacent to the western border of Namdeb's main concessions from which the great majority of De Beers' offshore production is derived. Perhaps of most importance to the Namibian Gemstones concession is the age and origin of the various outcropping and the relationship they may have to periods in history when diamonds may have been introduced into the region via a former course of the Orange River drainage system. It seems probable that during the Oligocene (22-37 million years ago) the sea level was very low with the result that the Orange River discharged directly into the area of the Namibian Gemstones concession. Sediments of this age often contain diamonds. Along the eastern side of the concession, areas with extensive bedrock outcrop or with sediment thickness of less than 5m offer the highest potential. Geological surveys suggest that these comprise a total area of around 4200 sq. km., 45.4% of the area already surveyed, or 18.6% of the total concession area. Rock outcrops opposite the north of the Orange river mouth are also highly encouraging because such locations often contain the largest diamonds in the highest concentrations on the coast and in the offshore waters of Namibia. The identification of apparently extensive, eroded bedrock surfaces with potential diamond traps sites such as gullies, bowls and potholes, is a major step forward in assessing the potential of the area for economic diamond mineralisation. Management, in conjunction with the technical advisory board are now preparing the next stages in the exploration programme which will include a geophysical survey of the targeted areas followed by low cost dredging. Initiation of bulk sampling will be dependent on the results of the first two stages. Nora Exploration Inc., is a Canadian based exploration and mining company, actively involved in the acquisition, exploration and development of first rate diamond properties. The Corporation's rapid and dynamic growth will place it among the significant players in the world marine diamond business. The transactions are subject to regulatory approval. For further information, please contact: Pierre Léveillé President John Stella Investor Relations

To: Hesham El-Adly who wrote (255)	11/12/1998 10:24:00 AM
From: John Stella	Read Replies (1) \| Respond to of 420

**********NEWS RELEASE********************** DATE: November 11, 1998 NEWS - FOR IMMEDIATE RELEASE NORA EXPLORATION ANNOUNCES FOURTH QUARTER RESULTS Montreal ,(QC) - NORA EXPLORATION INC. "Nora" (NXI-ME) is pleased to announce the fourth quarter financial results from its Namibian operations for the period ended August 31,1998. Results of the Corporation's activities in Namibia during last quarter generated revenues of $1,197,788, operating expenses of $919,272 for an operating profit of $278,516. During the fourth quarter, revenues derived from operations increased by 106%, from $504,489 during the third quarter to $1,037,773. These figures will be compiled in the Corporation's consolidated financial statements for fiscal 1998. 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 MORE INFORMATION CONTACT Mr. Pierre Léveillé President John Stella Investor Relations