Colony Pacific Explorations Ltd. Announces 1999 Year End Results.

Business Editors

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--March 9, 2000

Colony Pacific(TSE:CYX.) Colony Pacific Explorations Ltd. (CYX -TSE) reports that revenues for the year ended October 31, 1999 were virtually unchanged at $251,900 compared to $252,500 in 1998. Operating income increased to $173,900 from $153,400 in the previous year. Administrative expenses decreased from $221,200 in 1998 to $151,900 in 1999. The loss for the year was $32,800 compared to a loss of $3,379,800 in 1998, which was mainly attributable to a $3,308,000 one time property write off.

Cash provided by operating activities was $21,100 compared to a use of cash of $184,300 in the previous year. Working capital at year end was $1,554,700 compared to $1,514,700 in 1998.

In December 1999, the Company sold the Bonne Terre mineral property located near La Grange, California, for $282,600 realizing a pre-tax gain of $77,000 and increasing cash and cash equivalents to $1,863,000.

The primary focus of the Company in 1999 was the identification and evaluation of new business opportunities. This work is ongoing and will ultimately result in the Company engaging in a new business initiative. In the meantime the Company continues to improve its financial position with positive cash flow.