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CHIPPEWA RESOURCES ANNOUNCES RESULTS

 CHIPPEWA RESOURCES ANNOUNCES RESULTS
 DENVER, Aug. 19 /PRNewswire/ -- Chippewa Resources Corp.'s


(AMEX: CWA) unaudited consolidated financial results for the three month and six month periods ended June 30, 1992, included in the following:
 CHIPPEWA RESOURCES INC.
 Second Quarter Six Months
 1992 1991 1992 1991
 Revenues $415,666 $606,536 $825,424 $1,048,791
 Net income (loss) (581,761)(b) 276,961(a) (797,061)(b) 459,665(b)
 Earnings (loss)
 per share $(.04) .029 (.058) .049
 (a) Includes a non-recurring amortization of a deferred credit of $100,362 and $200,724 respectively for the three and six month periods ended June 30, 1991.
 (b) Includes a non-recurring write down of $158,787 for uncollectible accounts.
 At June 30, 1992 At Dec. 31, 1991
 Current assets $1,304,285 $2,897,662
 Total assets 24,384,141 23,077,741
 Current liabilities 5,388,403 5,559,377
 Total liabilities 9,467,455 10,231,697
 Total stockholder's
 equity 14,285,986 12,301,287
 Copies of Chippewa's Form 10-Q for the quarter ended June 30, 1992 is available upon request by writing to Chippewa Resources Corp., 555 17th St., Suite 3310, Denver, CO 80202 or by calling Roger A. Parker or Aleron H. Larson Jr., at 303-298-7425.
 Chippewa's stock is traded on the American Stock Exchange under the symbol "CWA".
 -0- 8/19/92
 /CONTACT: Roger A. Parker or Aleron H. Larson, Jr. of Chippewa Resources, 303-298-7425/
 (CWA) CO: Chippewa Resources Corp. ST: Colorado IN: OIL SU: ERN


BB -- DV005 -- 1443 08/19/92 15:42 EDT
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Date:Aug 19, 1992
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