Alexander Resources International Inc. - Announcement.

TORONTO--(BUSINESS WIRE)--Sept. 24, 1998--Oceania Limited Zambia, who Alexander (ASE:AWS.) has a 50% equity in, has informed the company that Dr. Paul M. Cole, Ph.D., of Cole & Associates has been retained by Oceania to review its plans in the telecommunications sector of Sub-Saharan Africa. Dr. Cole has written an assessment report on Oceania's Tele-Trade Centre (TTC) project. Following is a summary of the report.

Executive Summary

"The purpose of this document is to provide an assessment of the proposal by Oceania Limited to deploy "Tele-Trade Centres" throughout Sub-Saharan Africa. Cole & Associates has reviewed the Oceania proposal and compared Oceania's concept against empirical experience in other telecommunications markets around the world."

Positive Macro-Economic Impact

"Oceania's proposed deployment of TTCs is consistent with projects that have resulted in substantial, positive macro-economic impact elsewhere in the world. This is one of many reasons why telcom investment is a top priority for governments in emerging market nations as well as those trying to transform an economy. The TTCs proposed by Oceania will provide a high-tech infrastructure that has the potential to stimulate the effective use of telecommunications and computer technology for information access, education, trade, employment training, and other commercial uses."

"Economic development goes hand-in-hand with telecommunications development which is why the quality and sophistication of a nation's telecommunications network have become crucial competitive factors among nations seeking to attract foreign direct investment, or even tourism for that matter. The positive benefits of telecommunications are well known and need not be repeated in this assessment."

"In 1991, World Bank consultants Booz, Allen and Hamilton concluded that a lack of telecommunications infrastructure was costing Indonesia $2.5 billion in lost GDP per year. In 1967, Indonesia's GDP per capita was $70 (half of India), by 1990 it was $600 (double India), and the World Bank projects that Indonesia will reach $1000 in GDP/capita by 2000. Until the recent currency crisis, Indonesia's economy was one of the fastest growing in the world (annual growth rate of 6 percent). Telecommunications will certainly contribute to Indonesia's recovery as well."

Potential Revenue Estimates

"Oceania's proposal takes into account the fact that the vast majority of people living in remote areas do not earn enough to support one telephone line per household as is often found in developed economies. The only solution, therefore, is a plan that will allow one line to be shared by many individuals or several households. The TTC concept has been proven in Australia, Bangladesh, Brazil, Southwest Asia (including India) and other parts of Latin America. Oceania's proposal is, therefore, reasonable and economically viable."

Dr. Paul M. Cole is an applied economist specialising in telecommunications who has in the past fifteen years worked for/consulted for the Center for Strategic and International Studies (CSIS), the Rand Corporation, International Technology Consultants (ITC) and the South African Telecommunications Regulatory Authority (SATRA). Dr. Cole earned his Ph.D. from the Johns Hopkins School of Advanced International Studies, his MSFS degree in international economics from the George town University Graduate School of Foreign Service, and a B.A. in international studies from Gustavus Adolphus College. Dr. Cole who speaks French, Swedish and basic German resides in Johannesburg, South Africa.

FOR AND ON BEHALF OF THE BOARD

__________________ DONALD O'SULLIVAN EXECUTIVE CHAIRMAN

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