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AABBAX ENTERS INTO AGREEMENT TO ACQUIRE DIAMOND AND GOLD CONCESSIONS

 CALGARY, Alberta, April 27 /PRNewswire/ -- Aabbax International Financial Corp. (Vancouver: AXF) ("Aabbax") President Lawrence G. Ryckman announces Aabbax has entered into an agreement to purchase one, and up to four, diamond and gold bearing placer mining concessions in Africa. In a publicly available geological report, the proven reserves in the first concession to be mined have been estimated to be $200 million and to be capable of going into full production within six months of financing. Aabbax's preliminary assessment is that capital costs will be in the range of $2.5 million to $3.0 million.
 The agreement is a letter of intent. To perfect its interest, Aabbax will:
 (A) Deliver consideration to the Concession Vendors as follows:
 (i) Up to 5,000,000 voting shares of Aabbax, to be held
 subject to escrow or earn out requirements as imposed by
 regulatory authorities; and
 (ii) A warrant for a further 1,000,000 shares of Aabbax,
 exercisable at the lowest price allowed under
 applicable Vancouver Stock Exchange rules, for two
 years from May 15, 1993.
 (B) Advance or arrange funds (estimated at $2,000,000 U.S.), to
 complete property payments (approximately $50,000 U.S.) and
 to scale up and to effect mining operations on the
 concessions, such money to be advanced in stages.
 Aabbax would acquire 100 percent working interest, subject to government royalties and a royalty to underlying owners, all to be negotiated.
 The first advance ($50,000 U.S.) has been delivered to the Vendors (on a loan basis, pending finalization of the transactions); the next advance ($200,000 U.S.) will be due on May 15, 1993, subject to satisfaction of conditions. The balance of the advances will occur as necessary to fund scale up and operations.
 The agreement is subject to regulatory and, if required, shareholder approval and to satisfactory due diligence reviews including title, legal and technical, by Aabbax before May 15, 1993.
 The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
 -0- 4/27/93
 /CONTACT: Jamie Wheeler of Aabbax International Financial Corp., 403-234-7157/
 (AXF.)


CO: Aabbax International Financial Corp. ST: Alberta IN: MNG SU: TNM

JB -- LA031 -- 1377 04/27/93 12:26 EDT
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Date:Apr 27, 1993
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