Altai Resources announces sale of control block in Menora and clarification on Guyana prospect.

TORONTO--(BUSINESS WIRE)--April 24, 1995--Altai Resources Inc. (TSE:ATI) has granted an option to a director of Menora Resources Inc. and certain other unrelated parties to buy from the Company its entire block of Menora Resources Inc. (ME:MEN) common shares (approximately 5.48 million shares) held by Altai.

The option is exercisable on or before August 14, 1995, with at least 50% of the block to be purchased by June 14, 1995. Closing of this transaction is subject to regulatory approval.

It has been brought to the attention of Altai that the 1995 Volume IV issue of the Mining Research Report published by D.A.C. Consulting, Inc. of Florida has published some erroneous information on the Tassawini prospect. Altai Resources Inc. wishes to clarify that the publication's printing of "Altai Resources Inc. - Guyana Shield property is estimated to contain 8 million oz. of gold and that gold production to begin this year" is totally erroneous. In its previous press releases, Altai pointed out that the Tassawini prospect, which is a 50/50 joint venture with Menora Resources Inc., was reported to contain drill indicated mineral inventory of 2 million tonnes averaging: 2.1 gr/tonne of gold; and a production decision has not been made at this time.

It has also come to the attention of Altai that the Guyanese Government has called for bids on the Tassawini prospect. Altai does not recognize this procedure as it violates the Agreement between Altai's agent on this prospect and the Guyanese Government.

Altai has granted an option to Menora to purchase from the Company its interest in this prospect if and when certain issues are resolved.

Altai Resources Inc. has several projects in progress and news will come soon.

CONTACT: Altai Resources Inc., Toronto

Niyazi Kacira, 416/869-1338 or 416/869-1238 (fax)