Busang gold deposit

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