Dayak Goldfields Corporation/International Pursuit Corporation - Pursuit bids for Dayak Goldfields.

TORONTO--(BUSINESS WIRE)--Feb. 4, 1997--(CANADIAN DEALING NETWORK:DAYK.) (TSE:IPJ.) International Pursuit Corporation ("Pursuit") announced today that it intends to make an offer to acquire all the shares of Dayak Goldfields Corporation ("Dayak") which it does not own by offering one share of Pursuit and 1/4 of a warrant to purchase shares of Pursuit for every three shares of Dayak.

A whole warrant will entitle the holder to purchase one share of Pursuit at any time during a twelve month period at a price of $5.50 (Canadian) per share. The offer will be subject to a number of conditions including all regulatory and corporate requirements.

If all shares of Dayak are acquired by Pursuit, Pursuit's share capital will be increased by the issuance of approximately 4,930,000 additional shares (representing an increase in the number of shares outstanding of approximately 20 percent) and there will be additional warrants outstanding for approximately a further 1,230,000 shares. Pursuit and Dayak have approximately $24 million and $13.5 million respectively in working capital.

Pursuit holds a 18.4 percent equity position in Dayak together with a first right of refusal to back-in to one Dayak discovery for a 60 percent interest by taking it to a production decision. Dayak holds a 20 percent free carried position in all of Pursuit's Kalimantan exploration ground. Together Pursuit and Dayak are the largest exploration rights holders in Kalimantan, with over 5 million hectares under management. Pursuit is an exploration mining company whose shares trade on the Toronto Stock Exchange under the symbol 'IPJ'. Dayak trades on the Canadian Dealing Network (Toronto) under the symbol 'DAYK'.

CONTACT: International Pursuit Corp., Toronto

Investor Relations, 416/947-9216

800/396-5188