Altarich announces name change and letter of intent.

CALGARY, ALBERTA--(BUSINESS WIRE)--June 12, 1996--ALTARICH ENERGY INC. (Alberta Stock Exchange:AEY.A) Altarich Energy Inc. ("Millennium Corp." via an approved name change to take effect after its June 11th shareholder meeting) is pleased to announce that it has entered into a letter of intent to acquire 50 percent of the issued and outstanding shares of Location Based Entertainment Inc. ("LBE"). LBE specializes in the creation of sophisticated software used to create virtual reality experiences for the purpose of simulation and entertainment. Their clients include Hughes Aircraft, Computer Sciences Corp., Logicon/Syscon, ADTI, and Questech.

James Ray, President of LBE says, "The combination of the Millennium Group of companies and our organization will result in a dynamic and effective force that will dominate the Virtual Reality world." Currently LBE is in final negotiations with a Canadian entertainment centre to produce all of the interactive gaming environments within this centre.

The consideration to be paid for the shares of LBE is presently being negotiated, however this acquisition will not affect the management, control or direction of the Corporation.

At Altarich's shareholder meeting further general and special resolutions were passed, as follows:

1. The election to the Board of Directors of Brian Walters, Jan Kestle, Phillip Moy and Mark Fletcher. Jan Kestle has over 25 years of experience in the development and distribution of information products for Canadian businesses and public sector organizations. She is currently President of Compusearch, Canada's oldest and largest provider of demographics and marketing data to businesses.

2. A resolution authorizing the Company to acquire all of the issued and outstanding shares of Fireworks Data Verification Corp., formerly "Cyphertech Systems (Canada) Inc."

3. A special resolution authorizing the Company to hold meetings of shareholders outside of Alberta.

4. A resolution authorizing the Board of Directors to issue up to 1,500,000 Class "A" common shares at a price of $0.50 per share to raise $750,000 for the Company through a private placement.

The terms of the private placement have been amended to provide that 3 million common shares will be offered at a price of $1.50 per share.

The Corporation is also pleased to announce the addition of several key members of the Millennium team.

Phil Moy has joined Millennium as Vice President of Sales. Mr. Moy's experience spans over 15 years in the field of computer graphics. Most recently with SOFTIMAGE Inc., a wholly owned subsidiary of Microsoft Corporation, he was the District Sales Manager covering the midwestern United States and the eastern provinces of Canada.

Kim Bruni has also joined Millennium as the Director of Marketing. Ms. Bruni brings over 20 years of experience with Bell Canada in voice communications, including both pre and post-sales roles. Most recently she was responsible for North American support of Nortel call centres. -0-

Note to Editors: "The Alberta Stock Exchange has neither approved nor disapproved the information contained herein."

CONTACT: Altarich Energy Inc.

Jennifer Crook, 905/886-8199