Asia Pacific Announces US$ 1.5 Million Financing.

Business Editors

TORONTO--(BUSINESS WIRE)--March 22, 2004

Asia Pacific Resources Ltd. (TSX:APQ) announced that Olympus Capital Holdings Asia I, L.P. has provided a US$1,500,000 convertible loan to the Company with an interest rate of 5% per annum for working capital purposes.

"Asia Pacific is pleased by this clear demonstration of support from our major shareholder at this important stage in the Udon project development," said John Bovard, Asia Pacific President and CEO.

"The Company also notes that potash demand continues to increase, particularly in Asia, and that prices have risen rapidly in the past few months and are approaching all time highs. These increases, part of a long term trend, are yet another indicator of the growing significance and value of the Udon potash project.

"It's important to recognize that the mine will also provide substantial benefits to Thailand and to local communities. The project will create long term jobs, generate royalties and taxes, and enhance infrastructure. It will allow Thailand to underscore its interest in attracting investment from abroad for the benefit of Thai citizens," concluded Mr. Bovard.

Terms and conditions of the announced financing, similar to the previous Olympus loan, are:

-- The loan is for a term of one year, but may be extended in

increments of six months by the agreement of the parties.

-- Should Asia Pacific undertake a third party financing of at

least US$1,500,000, Olympus, subject to regulatory approval,

will have the right to convert the loan into such security on

the same terms as the financing.

-- Any proceeds from the sale by the Company or its subsidiary of

any securities or assets in excess of amounts required for the

development of its potash project may be required to be

applied to repay the loan, if not converted by Olympus,

subject to the Company maintaining adequate working capital.

This transaction is a related party transaction under applicable Canadian securities legislation as Olympus holds in excess of 50% of the issued capital of the Company and has three nominee directors on the Company's board of directors. The terms and conditions of the loan and the benefits to the Company of obtaining this financing were reviewed and approved by those members of the Company's Board of Directors who are at arm's length to Olympus. The Company has closed this financing with a notice period of less than 21 days as this financing became available on favourable terms and is of benefit to the Company.

Asia Pacific Resources Ltd. shares are traded on the Toronto, Frankfurt and Stuttgart stock exchanges under the symbol APQ, and on the OTCBB under the symbol APQCF.

The information provided in this news release may contain forward looking statements within the meaning of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements are based on Asia Pacific Resources' current expectations and beliefs and are subject to a number of risks and uncertainties that can cause actual results to differ materially from those described in forward looking statements.