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INTERNATIONAL VERONEX TRADES ON NASDAQ OTC MARKET

 DOWNEY, Calif., Feb. 5 /PRNewswire/ -- International Veronex Resources Ltd. ("Veronex") (VSE: IVX; NASDAQ: IVXRF) reported today that negotiations to acquire an interest in Piper Aircraft Corporation ("Piper") have been terminated and the Letter of Intent dated Sept. 30, 1992 has also been terminated. Veronex had previously reported that it would acquire, as a minimum, a 50 percent interest in Piper, or, subject to certain terms and conditions, 100 percent of Piper.
 The original Letter of Intent to acquire Piper specifically required Veronex to remain listed and trading on the American Stock Exchange ("AMEX"). Accordingly, as a direct result of AMEX's request to delist Veronex, the acquisition negotiations were terminated.
 International Veronex Resources Ltd. is an internationally diversified natural resource company with commercial oil production interests in Indonesia, and gold exploration and development interests in Canada and Papua New Guinea. Veronex's common stock trades on the Vancouver Stock Exchange under the symbol IVX and on the NASDAQ over- the-counter electronic bulletin board system under the symbol IVXRF.
 -0- 2/5/93
 /CONTACT: David A. Wooldridge, International Veronex Resources Ltd., 310-861-0383, or by fax, 310-861-1256/
 (IVX IVXRF)


CO: International Veronex Resources Ltd. ST: IN: OIL AIR SU:

BM -- CL013 -- 3579 02/05/93 13:52 EST
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Publication:PR Newswire
Date:Feb 5, 1993
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