Correcting...RETRANSMISSION: NTI Resources Limited - Further Update on NTI's Nigerian Acquisition.

CALGARY, Alberta--(BUSINESS WIRE)--March 21, 1997--NTI Resources Limited (Alberta Stock Exchange: NTI) NTI Resources Limited is pleased to announce, further to its press release on March 11th, 1997, that on March 17th, 1997, it has completed and executed the formal Joint Venture Agreement and Joint Operating Agreement with Peak Petroleum Industries Nigeria Limited ("Peak Petroleum") to explore and develop OPL 460 (Oil Prospecting License No. 460), in the Niger Delta, offshore Nigeria.

After further negotiations, the structure of the drilling commitment was revised to provide more flexibility in the exploration program. Therefore, NTI's drilling commitment is now one (1) exploratory well instead of two (2) initial exploratory wells as previously announced. This first exploratory well will be spudded in the third quarter of 1997 and will cost the joint venture around US$14.8 million to complete. Under the agreement, NTI is required to fund 100 percent of the costs of drilling the exploratory well(s). The revised drilling covenant substantially reduces NTI's financial commitment. As contained in the agreement, NTI will also fund the acquisition of 1,800 square kilometres of 3D seismic data over the block.

In the event of a commercial discovery by the joint venture, the participating interests in the exploration area surrounding the discovery would be held 40 percent for NTI and Peak Petroleum will retain 60 percent. However, prior to payout, net revenue from production will be shared 80 percent to NTI and 20 percent to Peak Petroleum. All joint exploration and development expenditures and revenues on subsequent discoveries will be shared 70 percent and 30 percent for Peak Petroleum and NTI respectively. This transaction is subject to approvals from the Alberta Stock Exchange, the Nigerian Government and other relevant authorities.

OPL 460, which lied in water depth ranging from 50 to 300 metres, is located between 25 to 30 kilometres of the niger delta shoreline in Southern Nigeria. The license covers approximately 1,600 square kilometres and is also within 20 kilometres of Texaco's Pennington offshore oil export terminal. OPL 460 as presently constituted is a combination of two former offshore blocks, OPL 79 and OPL 80, previously operated by DEMINEX, a German oil and gas exploration company, in the early 1970s. During the period, seven exploration and appraisal wells were drilled on the said concessions. These drillings resulted in at least five (5) discovery wells with two (2) significant hydrocarbon discoveries, as follows:

1. BILABRI DISCOVERY (1973 - 1974)

The initial discovery well, Bilabri-1, drilled to a total depth of 3,397 metres, encountered 168 metres (551 feet) of total gross hydrocarbon pay in five (5) zones. Some 75 metres (246 feet) of net gas sands and 3 metres (10 feet) of net oil pay were encountered. Good quality oil was tested from the well at a rate of 3,250 STB (standard barrels) per day on a half-inch choke, while gas was produced at rates up to 26 MMSCF per day. Higher oil flow rates were achieved on a 48/64 inch choke, estimated at 5,300 STB per day. Proved gas reserves, as reported by DEMINEX, were in excess of 700 BCF (billion cubic feet).

2. IKUBIO DISCOVERY (1974)

The Ikubio-1 gas/condensate discovery well, drilled to a total depth of 2,374 metres, encountered 86 metres (282 feet) of gross hydrocarbon pay with 42.5 metres (139 feet) of net gas sands in two (2) major intervals. Gas was produced at rates of 10.4 to 11.5 MMSCF per day from these two (2) major zones. DEMINEX also reported, proved and probable gas reserves of 770 BCF.

However, due to the prevailing economics consideration at that time, these discovery wells were abandoned by DEMINEX.

NTI further clarifies that its recently completed private placement with warrants will provide NTI with adequate funding for its participation in Nigeria as well as in Mongolia. If all of the outstanding warrants are exercised, NTI's cash balance will be around $110 million which will be sufficient to meet all of NTI's work programs in Mongolia and Nigeria.

NTI common shares are traded on the Alberta Stock Exchange under the symbol NTI. -0-

Note to Edtiors: The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

CONTACT: NTI Resources Limited

Sandy Uno, [phone]

[e-mail]

Chu-King Eng, 403/233-8405

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[e-mail] (Calgary E-Mail)