Busang gold deposit

A statement which appeared in the April 1, 1997 Business section of The Jakarta Post and which was apparently picked up from the Associated Press news wire in Toronto has been incorrectly attributed to Graeme Currie of Canaccord Capital Corporation of Vancouver.

The statement reads as follows: "TORONTO (AP): Dozens of mining companies including Vancouver-based Placer Dome Inc. and Barrick Gold Corp. of Toronto will likely halt their mineral exploration programs in Indonesia until they get final approval, says an executive mining firm.

Graeme Currie of Canaccord in Vancouver said that the measure would be made after the Indonesian government decided not to grant any mining contracts to Bre-X until the size of its Busang gold deposit is clearly determined."

Canaccord and Mr. Currie each deny making the statement and feel that whatever was stated by Mr. Currie has been misinterpreted. Mr. Currie's response when asked about the intentions of Barrick and Placer, was to refer the journalist to the management of those companies.

Otherwise Mr. Currie's remarks on the subject are limited to those contained in the Canaccord Daily Letter of March 27 and March 31, 1997, copies of which are enclosed.

WARD A. MCMAHON

Vice President, Credit & Compliance

Canaccord Capital Corporation

Vancouver, Canada