Ashanti announces intention to acquire International Gold Resources.

ACCRA, Ghana--(BUSINESS WIRE)--April 1, 1996--Sam E. Jonah, managing director and chief executive of Ashanti Goldfields Co. Ltd. ("Ashanti") of Ghana and Stephen Dattels, chairman of International Gold Resources Corp. ("IGR") are pleased to announced that they have signed a Heads of Agreement dated March 30, 1996 relating to the acquisition by Ashanti of all the outstanding issued and to be issued shares of IGR.

The Heads of Agreement provides that for each IGR share held, IGR shareholders will receive 0.175 of an Ashanti Global Depositary Security ("GDS") and Can$0.90 in cash. Ashanti's shares or GDSs are listed on the Ghana Stock Exchange, The London Stock Exchange Limited, the New York Stock Exchange (symbol: ASL) and, as of March 29, 1996, The Toronto Stock Exchange (symbol: AHD.U). Based on the closing price of the GDSs on the NYSE on March 29, 1996, this places a value on IGR's shares of Can$6.85 each and values IGR, on a fully diluted basis, at approximately Can$136 million.

The transaction will be effected via a plan of arrangement pursuant to which IGR will be amalgamated with a wholly-owned subsidiary of Ashanti. IGR and Ashanti anticipate mailing an information circular to IGR shareholders on or about April 23, 1996. The completion of the transaction is subject to a number of conditions, including receipt of all necessary regulatory, governmental, shareholder and judicial approvals, Ashanti and IGR board approvals and the completion of satisfactory confirmatory due diligence by Ashanti prior to April 15, 1996.

IGR is a Canadian public company whose shares are listed on The Toronto Stock Exchange (symbol: IGC). Through its subsidiaries, IGR acquires, evaluates and develops prospective gold properties in Ghana, Burkina Faso and the western United States. Its most significant asset is a right to acquire a 45 percent operating interest in the proposed Bibiani mine in Ghana. For the year ended Dec. 31, 1994, IGR reported a loss of approximately US$1.0 million and net assets of US$22.6 million as at that date.

Ashanti owns and operates one of the oldest, largest and richest gold mines in the world, located at Obuasi in Ghana. The mine has been in production for 100 years and in its last financial year it produced over 930,000 ounces of gold. As at Sept. 30, 1995 the mine had proven and probable reserves of 21 million ounces. Through its acquisition of Cluff Resources plc earlier this year, Ashanti now also owns controlling interests in the Ayanfuri mine in Ghana and the Freda Rebecca operations in Zimbabwe, which together produced approximately 140,000 ounces of gold in 1995 and have proven and probable reserves of more than one million ounces. Ashanti is pursuing exploration for gold in licenses in nine African countries, including the Geita property in the Lake Victoria Goldfields area of Tanzania. The acquisition of IGR will give Ashanti access to a potential new source of gold production in Ghana through the development of the Bibiani deposit.

CONTACT: Ashanti Goldfields Co. Ltd.

Chief Financial Officer

Mark Keatley, (233) 21 776501

or

Executive Director-Strategic Planning

John Clarke, (233) 21 777075

or

Corporate Affairs Manager

James Anaman, (233) 21 778178

or

International Gold Resources Corp.

Chairman

Stephen R. Dattels, 416/947-9208

or

President

Daniel C. Idzal, 713/654-3004

or

Golin/Harris (New York)

Allan Jordan, 212/309-0613

or

Continental Communications (Toronto)

Allan Reynolds, 416/964-6444

or

Shandwick Consultants (London)

John Goold, [phone]