Cartaway Resources Announces Okak Bay Assay Results.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 17, 1997-- Cartaway Resources C (Alberta Stock Exchange CWA.) CARTAWAY RESOURCES CORPORATION is pleased to announce exploration results on one of its option properties (Map Staked License 5446M) located in the Puttuaalu Brook area of Labrador some 100 kilometers north of the Voisey's Bay deposit and 12 kilometers north of the Cirque property.

Cartaway has an option to earn a 60 percent interest from International CanAlaska Resources Ltd. and International Freegold Mineral Development Inc. by expending $3,000,000 on or before September 1st, 1999. Map Staked License 5446M is located along the southwest boundary of the wholly owned LB-HJK property (Map Staked License 5427M).

Previous work on the properties has included helicopter borne magnetic-electromagnetic surveys, geophysical mapping and prospecting, ground magnetic and electromagnetic surveys including time domain big loop PEM by Crone geophysics. Cartaway tested two of the PEM anomalies with three drill holes during 1996, all of which intersected a layered succession of magnetite rich troctolite and anorthosite, and two holes on the J anomaly which had up to 20 percent net-textured sulphides over 2 meters at the base of a troctolite layer. A review of the PEM data by a geophysical consultant identified five targets on the LB-HJK and three on the option ground which require further work.

Hole CAN-97-1 is located 3.5 kilometers WNW of the J anomaly and was drilled vertically to test the south end of a flat conductor which extends 500 meters to the north. It intercepted lenses of disseminated to massive sulphides within an anorthosite host rock from 112.78 to 120.26 meters. The hole was completed to 215 meters and the last 6 meters is in norite-troctolite. Assays have been returned for the more massive intercepts and are as follows:

    Interval     Intercept    Percent   Percent   Percent
     Meters        Meters       Ni        Cu        Co
---------------   --------    ------    ------    ------
112.78 - 113.15     0.37       0.47      0.54      0.10
113.85 - 114.70     0.85       0.50      0.58      0.11
116.15 - 116.37     0.22       0.30      0.27      0.07
120.04 - 120.26     0.22       0.13      0.32      0.03

Cartaway will be releasing an exploration up-date on its other Labrador properties including drilling on its Cirque and BR-E properties in the near future. The BR-E property is located approximately 12 kilometers south of Northern Abitibi/Donner drill hole SVB97-75. The northern part of the BR-E property is underlain by the same mafic-ultramafic sills that occur on the Donner properties.

For further information please contact Sterling Pacific Capital Inc. toll free at 800/663-0510 or locally at 604/669-2701. We may also be reached by fax at 604/687-1405 or email to [e-mail] or visit our web site at www.sterlingpac.com/cartaway .

On behalf of the Board of Directors: John Ivany, President

The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

CONTACT: Sterling Pacific Capital Inc.

604/ 669-2701

or

1-800-663-0510

604/ 687-1405 (FAX)

[e-mail]

http://www.sterlingpac.com/cartaway