Goldnev Signs Letter of Intent.

VANCOUVER, B.C. -- Goldnev Resources Inc. ("the Company") (TSX-V = GNZ OTC = GDNXF) is pleased to announce that it has entered into a letter of intent with the Moses Family Trust (the "Vendor") from Solana Beach, California, granting the Company the right to acquire a 51% interest in the #1 Roth and the #1 Titan State oil wells and leases located in eastern Montana. The #1 Roth well and the #1 Titan State well are presently shut-in.

The Company is advised that the #1 Roth well previously produced 142,000 barrels of oil. However, efforts in 1994 to rework the well were unsuccessful as a result of excessive amounts of hydrogen sulphide produced in the gas. The Company is further advised that there is now available a device that can successfully strip the hydrogen sulphide gas at a very economic cost. On this basis, a re-entry of the well is proposed.

In respect to the #1 Titan State well, it was drilled to a depth of 11,350 feet. Production tests were negative and the well was abandoned in 1985. It has been represented to the Company that the well was not effectively tested in the Dawson Bay formation (10,365 feet - 10,405 feet), and that a re-entry of the well should be undertaken.

In consideration of the sale to the Company of the Montana properties, the Company will issue and deliver to the Vendor, on the closing of the transaction contemplated herein (the "Closing"), a maximum of 3,000,000 share purchase warrants as allowed under TSX Venture Exchange policies, exercisable into common shares of the Company at a price of CDN$0.21 per share, for a period of two years. The final number of warrants to be delivered will be determined by an independent evaluation of the Montana properties.

In addition, the Company received a right of first refusal to partner with the Vendor and their associates ("The Trust Parties") in the acquisition of the three additional gas wells in Oklahoma, which were in production in the early 1970's but shut in due primarily to low gas prices. At present these wells have been plugged and abandoned. It has been recommended that the wells be re-entered. In the event it is determined between the parties to proceed together to acquire these gas leases, the Company agrees to provide the necessary capital to submit offers to acquire these leases (estimated at approximately $500,000 USD). The Company will also receive a "right of first refusal" to purchase The Trust Parties interest on a basis to be structured in a separate agreement at the time of the finalization of the acquisition of these leases.

The Company and the Vendor have estimated that to cover the cost of reclamation in respect to the two Montana wells, the funding to acquire the three Oklahoma leases, and to provide working capital, $1,500,000 USD is required, and the parties have agreed to jointly use their best efforts to raise these monies.

The Closing of this transaction is subject to the Company completing a 30 day due diligence review satisfactory to the Company, regulatory approval, and the approval of the Company's Board of Directors.

Basil Pantages
                               President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the information contained herein.