Blue Gold International Inc. - Update On Closing Of Financing.

TORONTO--(BUSINESS WIRE)--July 24, 1998--Blue Gold International (CANADIAN DEALING NETWORK:BGII.) On May 1, 1998 the Company announced the receipt of a purchase order from a private Australian corporation for the purchase of a modular mussel processing plant.

The purchase order is valued at approximately US$2,750,000 (US funds), and is conditional upon obtaining appropriate financing. Final approval of financing for the project was expected in June of 1998, but now is expected during August of 1998. The delay was due primarily to technical questions by the lenders. The Company expects to complete the project during 1998 despite the delay in startup of six weeks.

Since the Corporation obtained its trading status on CDN in Toronto on March 6, 1998, it has developed a program to export modular processing plants from the United States to international processing sites. Each of these sites is being established in key mussel and shellfish farming areas.

Blue Gold has received a Letter of Interest from the US Export-Import Bank, and is currently submitting a request for Final Commitment of the funds, approximately $17,000,000 (US funds). This Australian order represents the first in a series of such turnkey plant sales.

The following projection is based on hypothesis, and there is significant risk that actual results will vary, perhaps materially, from the results projected. The earnings derived from each turnkey plant sale will vary depending on the infrastructure available at or near the site where the plant will be located.

The Company estimates that the earnings from the first twelve months of the turnkey plant sale business will be approximately $.15 per share.

The sale of these plants is consistent with the Company's strategy of global expansion into selected regions. The Company will provide management and marketing services to the purchasers of the plants, thereby strengthening the global brand.

Blue Gold International Inc. is an integrated producer and manufacturer of value-added mussel and mussel meat products, including frozen, pre-cooked, vacuum packaged and microwaveable mussels and various mussel meat based dips and spreads. Product lines are targeted to the retail and food service markets.

The Company's operating facilities are located in New Bedford, Massachusetts, with corporate offices in Toronto, Ontario.

Issued and outstanding capitalization as at July 20, 1998 - 24,025,278 shares

Note to Editors: No stock exchange has reviewed or accepted responsibility for the adequacy or accuracy of the content of this Press Release.

        CONTACT: Blue Gold International Inc.
                  Colin G. James, 416/860-1550