International Pursuit Corporation/Dayak Goldfields - Pursuit wildcat drilling hits gold zone in Kalimantan - Dayak drilling at Sebuluh encounters visible gold.

TORONTO--(BUSINESS WIRE)--Feb. 3, 1997--(TSE IPJ.) (CANADIAN DEALING NETWORK DAYK.) International Pursuit Corporation and Dayak Goldfields Corporation are pleased to announce the following results and updates from their respective Indonesian exploration activities.

Of particular interest is the number of gold prospects and anomalies located along a 20km portion of the Sebuluh Fault. The Sebuluh Hill prospect of Dayak Goldfields is located on the western end of this gold bearing structure while the L-N and Forest Road Prospects of Pursuit lie 12 and 18 km respectively to the east. The intervening areas have yielded stream sediment anomalies as high as 30gm/t gold.

L-N PROSPECT (PURSUIT)

One of Pursuit's most active projects is the L-N Prospect located within the Serigi Contract of Work ("CoW.") application which lies on the western end of the Company's Central claim group in Kalimantan, Indonesia. The L-N Prospect is situated on the Sebuluh Fault within an extensive area of prospective geology with numerous gold anomalies and alluvial gold washings. As part of a preliminary exploration program, Pursuit recently completed three reconnaissance drill holes. All three holes returned anomalous gold values with the best intersection grading 9.65 gm/t gold over 6.0 meters at a vertical depth of approximately 40 meters. This intersection is interpreted as part of a gold bearing zone that has been traced on the surface over 450 meters and may form part of a larger gold bearing system. Detailed programs are continuing in this area. (Serigi Block 191,000 ha).

SEBULUH HILL GOLD PROSPECT (DAYAK)

A six hole reconnaissance drill program is underway on the Sebuluh Hill Gold Prospect within Dayak's 191,000 ha Sintang CoW application. Prior surveys had outlined a highly anomalous Gold zone with dimensions of approximately 2km by 1km. A low grade bulk mineable gold deposit of porphyry and/or replacement skarn type is envisioned for this project. The drill is currently completing the third hole. Visible gold was noted in two sections of the second hole. Analytical results will await conclusion of this drill program.

FOREST ROAD PROSPECT (PURSUIT)

The Forest Road Prospect lies in an extensive area of altered (argillized and chloritized) sediments and volcanics. Accompanying gold mineralization is evident from the relatively extensive artisanal gold pitting and washing. Detailed geologic mapping and sampling programs are underway. This prospect is associated with another porphyry style target along the Sebuluh Fault.

SIBAU PROSPECT (PURSUIT)

Regional stream based prospecting and sampling is complete in the Sungai Jeng Karang stream system, south of Borneo Gold's Mentabah Prospect. An area of about 50 sq km has been covered in this first phase program. Brecciated rocks and zones of alteration, both signs of epithermal gold activity, were noted in several areas. Geochemical results are pending.

JURASSIC PARK (PURSUIT)

During the first phase exploration program in Jurassic Park (Kaso Block 264,000 ha), Pursuit geologists identified several rivers shedding rocks eroded from a series of high level epithermal gold systems. A subsequent prospecting program has now identified an extensive source area and detailed rock sampling has begun. The Batu Putih Prospect is the largest area of interest and is characterized by intense quartz veining. To the south, a distance of four kilometers, a similar prospect area has been identified with abundant epithermal quartz stockwork zones. Gold was easily panned from creeks in both of these areas. Reconnaissance prospecting programs continue to find new prospective gold targets in this unique geologic setting.

MAHAKAN (EAST AND WEST) (PURSUIT)

Exploration teams are now active in both of these prospective blocks. Several previously reported gold targets will also be investigated within the next few weeks, in conjunction with regional stream sampling. Satellite imagery (RADARSAT) has also revealed numerous anomalies which are being investigated. This region lies on strike with a rift structure which begins in Jurassic Park. Numerous Sintang intrusive structure,commonly associated with gold mineralization in Kalimantan, are located along this rift.

AIRBORNE GEOPHYSICAL SURVEYS

Pursuit has contracted World Geoscience to complete at least 40,000 line kilometers of airborne geophysical surveys predominantly through the area of Pursuit's Central Blocks. These surveys will greatly assist the targeting of potential gold structures throughout this region. No surveys of this kind have been undertaken before in this region. Results are expected in 3 to 4 months and once integrated with the Satellite imagery data a number of new exploration targets are likely to be identified.

STATUS OF CONTRACTS OF WORK

All of Pursuit and Dayak's holdings in Kalimantan represent 7th generation CoW applications which have been initialed with the Indonesian Department of Minerals and Energy in Jakarta. The Indonesian Government has suggested that the 7th generation CoWs will be considered by the Indonesian Parliament following final signature of the 6th generation CoWs.

CORPORATE SUMMARY

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 and Dayak have 8 field teams active at this time, identifying new gold prospects on a regular basis. Additional drilling is anticipated with this rapid generation of gold targets. 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'. Pursuit and Dayak jointly have a working capital base of approximately $37 million.

ON BEHALF OF THE BOARD OF DIRECTORS Stephen R. Dattels President William B. Burton Executive V.P., Exploration

CONTACT: International Pursuit Corporation

Investor Relations, 416/947-9216 or 800/396-5188