Jupiter Enters Letter of Intent With Caterpillar Power Ventures to Fund Cambodian Power Plant and Establish a Power Generation Joint Venture.

CALGARY, Alberta--(BUSINESS WIRE)--Oct. 28, 1998--Jupiter International Resources Inc. (Alberta Stock Exchange:JPP.)(ASE:JPP) announced today that it has entered a Letter of Intent with Caterpillar Power Ventures International Ltd. (CPVI) a unit of Caterpillar Inc., for the purpose of, first, providing funding of $1.7 million (CDN) to complete the purchase and installation of a 3.5 MW power plant to power the City of Battambang, Cambodia.

Second, the agreement sets out the basis for the formulation of a joint venture between Jupiter and CPVI for the development of certain power generation facilities, including existing projects in Cambodia and any other projects that may be secured in Cambodia or Indonesia.

Jupiter has commissioned Finning International Inc. to commence construction of the Caterpillar engine-based power station for this project. Expected completion is by late December 1998, with installation and commissioning to occur in late January 1999.

Jupiter and CPVI have agreed to move as quickly as possible to the completion of documentation to create a joint venture entity, and intend to have parameters established and an operating vehicle in place within 60 days, or by Dec. 26, 1998. The joint venture will initially pursue power generation projects in Cambodia and Indonesia with a particular focus on projects of less than 20 MW.

Management of Jupiter International Resources Inc. is extremely enthusiastic about the partnership with CPVI, and anticipates a strong and profitable relationship will grow from this alliance.

The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.