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VERONEX ENTERS INTO AN AGREEMENT WITH WESTCHESTER REINSURANCE

 VERONEX ENTERS INTO AN AGREEMENT WITH WESTCHESTER REINSURANCE
 VANCOUVER, British Columbia, Aug. 28 /PRNewswire/ -- Veronex Resources Ltd. (AMEX: VX, VSE: VEO) (the "Company") has entered into an agreement with Westchester Reinsurance, Limited, Hamilton, Bermuda, dated Aug. 25, 1992, to purchase a five year annuity in exchange for a convertible debenture. The debenture is convertible into 300,000 post- consolidation shares of the common stock of the company. The consolidation on a one for seven basis was approved by the shareholders at the company's annual general meeting held Aug. 20, 1992 and the company is in the process of obtaining regulatory approval to the consolidation.
 This annuity matures on Aug. 24, 1997 and the company will receive $2,838,027 at that time. The annuity interest rate is 7.25 percent during the contract years.
 The debenture will be converted upon the company obtaining regulatory approval and registering the shares to be issued with all appropriate regulatory agencies in the United States and Canada.
 The purpose of purchasing this annuity together with the previous annuity is to provide the company with adequate working capital to fund daily operations for the next twelve months.
 The Vancouver Stock Exchange has neither approved nor disapproved this news release.
 -0- 8/28/92
 /CONTACT: David Wooldridge of Veronex Resources Ltd., 310-861-0383/
 (VX, VEO) CO: Veronex Resources Ltd. ST: IN: OIL SU:


BM -- CL015 -- 4434 08/28/92 14:10 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
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