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LA TEKO ANNOUNCES TRUE NORTH PROPERTY ACQUISITION, GOLD RESOURCES AND GOLD RESERVES

 SALT LAKE CITY, Jan. 13 /PRNewswire/ -- La Teko Resources Ltd. (NASDAQ: LAORF; Vancouver) today announced that it had completed its contract to acquire the 2,800-acre True North property from AMAX Gold Exploration Inc. (AMAX).
 La Teko company geologists believe that a probable and possible minable gold reserve of approximately 200,000 ounces exists at the True North project within a probable gold resource of 300,000 ounces and a gold potential of at least 500,000 ounces.
 A just-completed report by Mine Development Associates, a Reno, Nev.-based engineering company, certifies a probable minable gold reserve of 120,000 ounces and an additional possible minable gold reserve of 50,000 ounces, contained within a gold resource of 440,000 ounces. Grade of the ore is .082 OPT gold.
 Thirty-five drill holes have been completed on the True North property. Not enough drilling has been completed to allow the reserves to be categorized as proven reserves. The company is confident that close-spaced drilling in 1994 will accomplish this upgrade.
 The True North property is located 25 miles north of Fairbanks. The purchase contract with AMAX calls for a 1 percent net smelter return production royalty. Property and minimum advance royalty payments of $1,611,246 will be paid to AMAX in installments between Jan. 1, 1994, and April 1, 1998, $750,000 of which will apply to the 1 percent production royalty.
 In addition, property development expenses of $250,000 each are required for 1994 and 1995 and payments to the underlying property owners will total $152,000 year-end 1994; $175,000 year-end 1995; $185,000 annually 1996 through 2000 and $215,000 annually in subsequent years.
 The company will announce certified gold resources and minable reserves next week for both the True North and the Ryan Lode properties. Minable reserves at the True North deposit, combined with reserves at the company's large Ryan Lode deposit, are expected to total approximately 1 million ounces of gold.
 -0- 1/13/94
 /CONTACT: Sharon Mansfield, 801-484-8856/
 (LAORF)


CO: La Teko Resources Ltd. ST: Utah IN: MNG SU: TNM

MF-JB -- LA023 -- 1152 01/13/94 14:31 EST
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Publication:PR Newswire
Date:Jan 13, 1994
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