RJK Options Diamond and Gold Concessions Venezuela.

KIRKLAND LAKE, Ontario--(BUSINESS WIRE)--May 5, 1998--R.J. Kasner, President of RJK Explorations Ltd., "RJK", (Alberta Stock Exchange:RJX.A) is pleased to report that RJK has entered into an Option arrangement with Coleville Resources Ltd., "CLL" to explore the hard rock diamond and gold potential of the Pemon Concession in Southeastern Venezuela. RJK may earn a 70 percent interest in the Property by making a cash payment of $30,000.00 U.S., which has been paid, and by carrying out work expenditures of $700,000.00 Cdn. by May 1, 2000. Upon completion of the above, RJK will have earned an undivided 70 percent interest in the Property. Normal pro-rata dilution will apply after the formation of a Joint Venture and should either party fail to participate and dilutes to a 5 percent interest, this interest shall be converted to a 10 percent Net Profits Interest.

The Property is a producing placer and gold property underlain by basal conglomerates of the Uairen Formation of the Protozoic Roraima Group where there are widespread kimberlite indicator minerals, including pyrope garnets, chrome diopside, Ti bearing minerals such as rutile, Ilmenite and most importantly, diamonds. It is located approximately 40 kilometres Northwest of the Town of Santa Elena, Gran Sabana County of the state of Bolivar, Venezuela and consists of six exploration licences with four adjacent exploration concessions under application for a total area of approximately 6,780 hectares. The Property may be accessed by road from the Town of Santa Elena. A small airstrip is also located on the Property.

The following is an excerpt from a report prepared for RJK by its Consultant, detailing the integration of multiple exploration data sets, including magnetic, remote sensing (radar and Landsat), geophysical data sets and Property geological data.

The Pemon Property is located at the SE edge of the Proterozoic Roraima basin at the intersection of four Precambrian basement faults. Exploration data sets include satellite borne Landsat TM and ERS-1 Radar, and airborne magnetic data sets at 1:25,000 scale. Viewed together with gold and diamond mineral occurrence maps, the data sets suggest that the Property is underlain by a large intrusive body 5 kilometres in diameter and centred south of the right angle bend in the Cuquenon River. The Pemon intrusion has an almost perfect circular drainage signature, and it is bounded to the north and south by large E-W magnetic faults and topographic lows. Magnetic data reveal broad zoning patters, which conform with drainage and vegetation patters. More important, a central circular magnetic body, 1,800 metres in diameter, is located in the centre of the intrusion. It is composed of a cluster of smaller pipe-like magnetic anomalies, both highs and lows, suggesting the existence of a vertical cylinder, and possible kimberlitoid diatreme body. The diatreme forms a hilltop and it has a distinct thermal, vegetation and drainage signature as shown on excerpt TM ratio images.

Further details about the Pemon intrusion interpreted from image data, are the clustering and stacking of circular-curvilinear and rectangular drainage structures around the inferred central diatreme suggesting a composite intrusive with multiple, different lithologic phases and hydrothermally altered and quartz veined basement regolith. The surface morphology suggests a buried pipe structure inviting exploration follow-up. Of particular interest is a square shaped lagoon, 1 x 1 kilometre in area, near the Cuquenon River. Whilst it is underlain by Roraima conglomerates, recent exposures have documented quartz veining and graphite in hydrothermally altered regolith. The surface morphology suggests a buried pipe structure inviting exploration follow up.

The entire Pemon Property is considered to be a structural window and intrusive centre located at a large Precambrian basement fault intersections. Whilst alluvial, eluvial and in situ diamond and gold occurrences are associated with/or derivied from basal conglomerates in the Uairen formation in the Roraima Group, the magnetics and merged Radar and Landsat data strongly point to intrusive sources within the Property. The hardrock diamond and gold mineral potential is untested and the idea was brought about by data integration and stacking of multiple exploration data sets. The Property has considerable hard rock exploration potential because of its numerous diamond and gold occurrances and tectonic setting.

RJK envisions a detailed and comprehensive field exploration follow up, including: -0-

i) Drainage and airphoto analysis using digital terrain elevation data
obtained from the Airborne Survey with follow up heavy minerals and
auger sampling at depositional trap sites,

ii) Analysis and processing of magnetic data with follow up Airborne
EM/Radiometric Surveying,

iii) Systematic prospecting, geologic mapping and sampling program to
follow up drainage anomalies to source intrusive mineralized centres
and locate drill targets.

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Currently, small scale mining activity is being conducted on the concession. From past production records in excess of 70 percent of the diamonds recovered were of gem quality with the largest being 7.8 carats. Gold is also being recovered. -0-

Note to Editors: Neither the Alberta Stock Exchange, nor any regulatory authorities or similar body, have approved or disapproved the information contained herein

CONTACT: RJK Explorations Ltd.

Robert Kasner Jr., 705/567-5351

705/567-5557 (FAX)

[e-mail]

www.kasnergroup.com