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Gold/Mining/Energy : CHASE RESOURCES -- Ignore unavailable to you. Want to Upgrade?

To: B Hamilton who wrote (139)	1/7/1999 4:57:00 PM
From: Eagle	Read Replies (2) \| Respond to of 161

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: CHASE RESOURCE CORPORATION TSE, VSE SYMBOL: CQS JANUARY 7, 1999 Chase Resource Corporation Settlement with Marcopper VANCOUVER, BRITISH COLUMBIA--Mr. Ian Rozier, President, is pleased to announce that settlement has been reached in a long standing legal dispute with Marcopper Mining Corporation ("MMC") in the Philippines. The dispute arose in 1995 when MMC attempted to terminate an option agreement with the Company's subsidiary, Delta Minerals (Phils.) Corporation ("DMPC") which granted it rights to earn interests in MMC's gold prospects in southeastern Mindanao including the Diwalwal gold rush area. DMPC sought damages from MMC through arbitration. The arbitration panel has now issued a Consent Award which embodies the settlement negotiated between the parties and which is automatically enforceable in the courts in the Philippines. The award requires MMC to pay damages to the Company of US$300,000 over a ten- month schedule. The first payment was received on December 30. Subsequent payments are due in April, July and October, 1999. In the event of any default in such payments, the Company has a charge against the other assets of MMC. The Company had previously written down its investments in the Marcopper properties and the award funds will be applied to its working capital requirements. FOR FURTHER INFORMATION PLEASE CONTACT: Chase Resource Corporation Barbara Dunfield (604) 685-6851 (604) 685-6493 (FAX) Website: www.chaseresource.com Email: ir@chaseresource.com