Altai Resources Inc. To Commercialize Mapconnects Inc.'s Internet Portal Technology; Appoints New Director And Makes A Private Placement.

TORONTO--(BUSINESS WIRE)--June 28, 1999--

Altai Resources Inc.(TSE:ATI.)

Altai Resources Inc. (ATI, TSE; US Sec. Rule 12g3-2(b) File No. 82-2950) ("Altai"), through its wholly-owned subsidiary, Altai Technologies Inc., has signed a Letter of Intent with the Waterloo, Ontario-based MapConnects Inc.

The two companies will commercialize Internet-based eBusiness community portal applications of the MapConnects technology (MapConnects is a trademark of Mapconnects Inc. All rights reserved). The technology provides easy-to-use access to information through a graphical-user-interface based on geographic maps. An estimated 80 percent of current corporate and institutional data has a geographic component, making it suitable for presentation this way. The technology provides a quantum improvement on current key-word searches which often return large numbers of irrelevant "hits".

Building on work started at the University of Waterloo, MapConnects Inc. has tackled various community-based applications including local heritage, an environmental database in Waterloo County (Ontario) and the Waterloo Information Network for the City of Waterloo. The applications provide ease-of-use and simplicity beyond traditional geographical information systems and won a "1999 Award for Planning Excellence" from the Canadian Institute of Planners, as well as broad endorsement from general users.

Altai Technologies Inc. will provide management and business support, including funding, for a proposed new company (jointly owned by Altai Technologies Inc. and MapConnects Inc.) that will carry out the commercialization. Details are still confidential.

Altai Technologies Inc. has stated its intentions of acquiring a synergistic group of promising businesses focused on enabling eBuisness, in order to provide sustainable value to its investors, business partners and customers.

The Directors of Altai Resources Inc. are pleased to announce the election of Mr. Robert G. Shoniker as a Director of the Company. Mr n's University, Ontario, has a track record of success as a leading investment analyst, high-tech entrepreneur and investment banker specializing in financing emerging growth companies. In the last twelve years, he has been the President of R.G. Shoniker & Associates Inc., a boutique investment banking firm which has arranged over $400 million of financings, mergers and acquisitions. Previously, he has held various positions including Director, Emerging Growth Investments at McCarthy Securities Limited, a co-founder and CEO of Accugraph Corporation, a computer graphics applications software company, and founder of two consulting companies providing economic/market research and strategic planning counselling to consumer oriented companies in North America. He is currently director of several companies and cultural and charitable organizations and serves as a board member of Photonics Research Ontario, one of the four technologies Centres of Excellence sponsored by the Province of Ontario. His business experience and knowledge of the information technology industry and of the financial markets will be of great assistance to Altai.

Pursuant to an agreement signed on June 12, 1999, Dr. N. Kacira, President of Altai Resources Inc., has agreed to make a C$150,000 private placement in Altai. The private placement consists of 500,000 units at C$0.30 per unit. Each unit consists of one Altai common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share from the Company at C$0.30 per share in the first year and C$0.35 per share in the second year. Altai share price closed at C$0.24 the day prior to the signature date of the agreement. Therefore this private placement, subject to TSE approval, is made at a 25 percent premium to the then market price.