Int'l Gold Resources Corporation - third quarter results update on exploration activities and corporate developments.

TORONTO--(BUSINESS WIRE)--Nov. 29, 1995--INT'L GOLD RESOURCES (TSE:IGC) International Gold Resources Corporation (IGR) reported results for the nine month period ended Sept. 30th, 1995.

For the nine months ended September 30th, 1995 IGR reported revenue of $512,958 versus revenue of $1,236,197 for the period ended September 30th, 1994. Net loss for the nine months ended September 30th was $979,772 or $0.06 per share versus income of $126,753 ($0.01 per share) for the same period ended Sept. 30th, 1994.

IGR's revenue consisted of interest income of $512,958 for the nine months ended Sept. 30th, 1995 versus interest income of $236,197 and $1,000,000 being reimbursement of expenditures pursuant to IGR's Joint Venture agreement with Echo Bay Mines Ltd., for the nine months ended Sept. 30, 1994.

During the first nine months of 1995, IGR incurred approximately $6.8 million in expenditures on its mineral properties versus approximately $2.3 million for the period ended Sept. 30th, 1994.

Bibiani, Ghana

In mid-August, IGR completed its Bibiani Gold Project Bankable Feasibility Study prepared by Minproc Engineers Limited of Sydney, Australia ( Minproc ) which indicated the project to be robust and economically viable with a start up production rate in the range of 300,000 ounces per annum.

Since the completion of the resource and open pit reserve estimates in the Minproc study which contemplated a minable reserve of 1,300,000 ounces of gold, the number of drill holes has been increased from 160 to 257 of which 234 have been drilled on the Main Bibiani Structure resulting in an anticipated increase in the reserve and resource figures.

IGR is continuing with its drilling program at Bibiani but has not initiated final engineering design for the project. The Company's present intent is to limit spending primarily to increasing the gold resource until such time as it has completed the organizational start up of Bibiani Goldfields Limited which will own the mineral rights to the Bibiani deposit and all appropriate licenses.

As previously announced IGR had been in discussions with the Ghana Government for the acquisition of 18 percent of the Ghana Government's interest in the Bibiani Project. IGR believed that an understanding had been reached last May but to date no agreement has been effected. Intense efforts are ongoing by IGR's management to acquire this additional interest and it is anticipated that the outcome of these efforts will be determined by year end.

Ghana Exploration - Echo Bay Joint Venture

Initial drilling of the North Bibiani, Mpatasie and Moseaso mineral concessions was completed during the first half of 1995 and the results are now being evaluated in anticipation of further drilling early in 1996. Drill targets on the Ashanti Gold Belt Reconnaissance Area Concession are now being identified and drilling by the IGR/Echo Bay Joint Venture will be scheduled once the 1996 exploration program for Ghana is finalized.

Poura, Burkina Faso - Echo Bay Joint Venture

IGR and its Joint Venture partner Echo Bay, presently have four core rigs and one RC rig drilling surface targets and underground targets on the Poura Concession. These rigs have so far drilled a total of 7,061 meters of core and 3,431 meters of RC. In addition, the Joint Venture has completed 153 auger holes and several kilometers of trenches. Despite the lengthy delays in obtaining assays, the partial results received to-date have been sufficiently encouraging to warrant a continuation of the accelerated exploration program through year-end 1995. Assuming the results of the on-going drilling prove to be positive, as presently anticipated, IGR and Echo Bay will assume operatorship for the entire Poura project on February 1, 1996.

Youga, Burkina Faso - Echo Bay Joint Venture

The IGR/Echo Bay Joint Venture, along with the Joint Venture's partner, Incanore Resources Limited, have resumed drilling on the Youga Concession which is located along the southern border with Ghana. Last August the initial 70 hole drill program provided very encouraging results including a significant drill indicated resource. The initial phase of the new work program will involve further RC drilling to complete the testing of certain surface geochem targets and will also attempt to define the limits of gold mineralization found in the area around Youga. This initial phase of the RC drilling program, now underway, will be followed by diamond drilling designed to delineate a reserve inventory. In a related development, IGR expects to very shortly finalize the process for obtaining a Reconnaissance Exploration License from the Ghana Government covering a very large, prospective area on the Ghana side of the border with Burkina Faso which is contiguous to the Youga Concession. Humbug, Idaho (U.S.A.)

The environmental and permitting program is underway, and IGR expects to have all relevant information required to initiate the Environmental Impact Statement (EIS) in hand by the end of the 1995 field season. IGR has commenced condemnation drilling in the areas of the proposed leach pads, waste dumps and surface facilities and has installed 10 groundwater quality monitoring wells as part of its environmental program. The various governmental agencies involved in the environmental studies initiated over the summer field season have expressed a high degree of confidence in IGR and the quality of work performed to date.

The pre-feasibility study is on-going and is expected to be completed by mid-December, 1995. On-going metallurgical test work has indicated that the fine crushing/heap leach process proposed for the Humbug ore should produce gold recoveries in the 80-82 percent range.

Humbug is expected to process 2.7 million tons of ore over a 5 1/2 - 6 year mine life producing in the range of 75,000 ounces of gold per annum.

A series of site visits were held during the quarter to increase public awareness in the project. Visitors included local residents and staff members of the Idaho congressmen. Arnett Creek, Idaho

IGR has commenced a 5 hole diamond drill program on the Arnett Creek property to test the open ended extensions of the Haidee Main Zone. Arnett Creek has a drill defined mineral resource of approximately 200,000 ounces and is located adjacent to the Beartrack operation of FMC Gold Corporation. Corporate Developments

While IGR remains in a solid financial position, the Bibiani Project will require approximately US$100 million in development capital. Project financing will take about six months to arrange and mine development will take twelve months from that date.

Having successfully explored and developed the Bibiani deposit to feasibility study, IGR is evaluating various corporate steps to maximizing value for its shareholders and developing its various mineral assets.

While IGR has taken steps to build its technical operating capability, as previously announced in August, it is contemplating a possible combination with a major mining company. Alternatively, IGR will consider the possibility of selling its Humbug Project and concurrently raising new equity in 1996 to supplement project financing which appears to be readily available for the development of the Bibiani Mine.

IGR is a Canadian public company whose shares are listed on the Toronto Stock Exchange (symbol-IGC).

CONTACT: Stephen R. Dattels, 1-800-396-5188/416-947-9208

or

Daniel C. Idzal, 713/654-3004