John H. Works, Jr. Appointed to Indusmin Board of Directors.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 8, 2002

Indusmin Energy Corporation ("Indusmin") (OTCBB:IDMNF)(TSX VENTURE:IDM) is pleased to announce that John H. Works, Jr., President & CEO of Emerging Markets Finance International, LLC (www.emfi.biz), has been appointed to the Indusmin Board of Directors. Mr. Works' primary focus in this new capacity will be to close a major financing through utilization of his wide array of international finance contacts.

As the newest member of Indusmin's board, Mr. Works brings over 18 years of experience in the international oil & gas industry as an oil company banker, corporate executive, and lawyer focusing on Russia, Eastern Europe, Central Asia, the Middle East, North Africa, West Africa, and South America.

Mr. Works is adept at structuring and arranging financing for international oil & gas projects in emerging markets, including oil field exploration, development, production, transportation, refinery, and retail station projects. He is also known for his creative deal structuring capabilities and success derived from a deep understanding of the oil & gas financing requirements for projects in developing countries.

"It is with great pleasure that we can see how Indusmin has fully recovered from the recent transition period to become stronger than ever before; John brings to Indusmin Energy the expertise with the international financial institution, CIS Europe and Russia oil and gas experience and increased credibility to the project, which is exactly what we need at this new stage of our development," observes Carlos Munoz, President & CEO of Indusmin.

Prior to forming his present firm, Mr. Works served as Senior Vice President and head of International Producer Finance for Shell Capital in Houston, structuring international upstream finance opportunities in emerging markets. From 1999 to 2001 he was President & CEO of The Rompetrol Group in Bucharest, which is Romania's largest privately-owned oil & gas company; and from 1997 to 2001, he acted as Senior Vice President of Project Finance Advisory for ABN Amro in Amsterdam.

Previous to that, Mr. Works spent two years with J.P. Morgan in London as Vice President of Emerging Markets, Former Soviet Union. In that capacity, he was responsible for client relationships and transaction execution for oil & gas projects in Russia and Central Asia.

A graduate of the University of Kansas, Mr. Works received his J.D. from the University of Denver College of Law, and subsequent degrees from the Institut d'Etudes Politiques de Paris and the Universite de Paris-IV (Sorbonne) in Paris, France.

Mr. Works joins current board members Carlos Munoz, President & CEO of Indusmin; Konstantine Alenxandrovich Sukhodolsky, a Ukrainian economist and executive also trained as a geologist; and Victor Cantore, an executive in the Canadian securities industry.