ABACAN UPDATES AMALGAMATION ACTIVITY.

CALGARY, ALBERTA--(BUSINESS WIRE)--JAN. 23, 1995-- ABACAN RESOURCE CORPOR (Alberta Stock Exchange Alberta Stock Exchange

See Canadian Venture Exchange (CDNX). : ABC ABC
in full American Broadcasting Co.

Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ) CANADIAN ANGUS RESOURC (Alberta Stock Exchange: AGB AGB Game Boy Advance
AGB Allgemeine Geschäftsbedingungen (German: General terms and conditions / Standard business conditions)
AGB Ice Breaker (USCG)
AGB Asymptotic Giant Branch VSE See DOS/VSE.

VSE - Virtual Storage Extended : CIJ CIJ Continuous Ink Jet
CIJ Center for Independent Journalism
CIJ Centres d'Information Jeunesse (French)
CIJ Close in Jamming
CIJ Citizens for Impartial Justice Alberta Stock Exchange: CZV Alberta Stock Exchange: PCU)

Abacan Resource Corporation, Canadian Angus Resources Ltd., Canadian Industrial Minerals Corp., Canstar Ventures Corp. and Profile Capital Corporation (the "Corporations") wish to announce that each Corporation has obtained requisite shareholder approval for the proposed amalgamation of the respective Corporations into an amalgamated Corporation ("Amalco"). It is anticipated that Amalco shall carry on business under the name Abacan Resource Corporation.

The completion of the proposed amalgamation is subject to approval of the Court of Queen's Bench of Alberta The Court of Queen's Bench of Alberta is the superior court of the Canadian province of Alberta. Structure

The Court of Queen's Bench of Alberta consists of a Chief Justice and several judges plus those judges who have elected supernumerary status after many years

. An application for court approval has been scheduled for February 6, 1995.

Profile Capital Corporation has also obtained shareholder approval for a reorganization of its affairs, which reorganization was a condition of Profile amalgamating with the other amalgamating Corporations. -0- THE ALBERTA STOCK EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE INFORMATION CONTAINED HEREIN.

CONTACT: ABACAN RESOURCE CORPORATION

Wade G. Cherwayko or Ms. Lon Boshouwers, 403/262-1220

or

CANADIAN ANGUS RESOURCES LTD.

Frank Elliott, 403/233-9268

or

CANSTAR VENTURES CORP.

Darold H. Parken, 403/262-3238

or

CANADIAN INDUSTRIAL MINERALS CORP.

Vince Hamilton, 403/233-7113

or

PROFILE CAPITAL CORPORATION

Bob McDonald, 403/262-8411 REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

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Publication:	Business Wire
Date:	Jan 23, 1995
Words:	218
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