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VERONEX RESOURCES LTD. REPORTS RESULTS

 VERONEX RESOURCES LTD. REPORTS RESULTS
 VANCOUVER, British Columbia, Oct. 16 /PRNewswire/ -- Veronex


Resources Ltd. (the "company") (AMEX: VX; VSE: VEO) reported net losses of $441,000 ($0.03 per share) on revenues of $10,000 for the six months ended Aug. 31, 1992 as compared to net losses of $577,000 ($0.05 per share) on revenues of $5,000 for the six months ended Aug. 31, 1991.
 The increase of $5,000 in revenue during the six months ended Aug. 31, 1992 was a result of an increase in production from the company's United States resource properties.
 As of Aug. 31, 1992 the company had a working capital deficiency of $1,481,000. The company, in order to have adequate cash to fund its planned operations for the next twelve months, has negotiated a contract receivable with a financial partner. Additionally, the company has entered into a Letter of Intent to acquire Piper Aircraft Corporation ("Piper"). Veronex will acquire, as a minimum, a 50 percent interest in Piper, or, subject to certain terms and conditions, 100 percent of Piper.
 The company is pleased to announce that effective Oct. 20, 1992 Veronex Resources Ltd. will consolidate its shares on a seven for one basis, each seven shares prior to the consolidation being consolidated into one share. The name of the company will change at that time to International Veronex Resources Ltd.
 International Veronex Resources Ltd.'s common shares will be posted and called for trading on the American Stock Exchange under the symbol "VX.WI" and on the Vancouver Stock Exchange under the "IVX," effective Oct. 20, 1992. International Veronex Resources Ltd. does not satisfy fully the requirements for continued listing on the American Stock Exchange and there can be no assurance that its listing will continue.
 Veronex is an internationally diversified natural resource company.
 The Vancouver Stock Exchange has neither approved nor disapproved this news release.
 -0- 10/16/92
 /CONTACT: David Wooldridge of Veronex Resources, Ltd., 310-861-0383/
 (VX, VEO) CO: Veronex Resources, Ltd. ST: IN: AIR SU: ERN


BM -- CL013 -- 1022 10/16/92 14:17 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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