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VERONEX RELEASES FOURTH QUARTER EARNINGS

 VERONEX RELEASES FOURTH QUARTER EARNINGS
 VANCOUVER, British Columbia, June 17 /PRNewswire/ -- The following


is a statement issued by the Veronex Resources Ltd. (AMEX: VX, VSE: VEO) board of directors:
 "Veronex Resources Ltd. reported net losses of $1,378,000 ($0.11 per share) on revenues of $17,000 for the fiscal year ended February 29, 1992 as compared to net losses of $12,995,000 ($1.02 per share) on revenues of $2,382,000 for the fiscal year ended February 28, 1991.
 The decrease of $2,365,000 in revenue for fiscal 1992 was the result of the arbitration award which was effective October 1, 1990. Accordingly, the Company has excluded the revenue and expenses associated with production from the Enim Oil Project since the effective date of the Arbitration Award, pending the outcome of the legal proceedings.
 David A. Hite, president and chief executive officer, attributed the decline in revenues to the adverse Arbitration Award relating to its ongoing dispute and litigation with Triton Indonesia, Inc., a wholly owned subsidiary of Triton Energy Corp. (NYSE: OIL), the Operator of the Enim Project in Indonesia. The Company attributed the reduction in the net loss to (i) the fact that the Company did not write-down the carrying value of oil and gas assets in fiscal 1992 as compared to the substantial write-down as at February 28, 1991 and (ii) the continued cost cutting measures instituted by management in fiscal 1992, as a result of the Arbitration Award.
 Veronex is an internationally diversified natural resource company.
 On behalf of the Board of Directors, Veronex Resources Ltd., Sandra M. Milligan, Director."
 According to the company, the Vancouver Stock Exchange has neither approved nor disapproved this news release.
 /CONTACT: David Wooldridge of Veronex Resources Ltd., 310-861-0383/
 -0- 6/17/92
 (VX,VEO) CO: Veronex Resources Ltd. ST: IN: OIL SU: ERN


BM -- CL007 -- 1252 06/17/92 17:26 EDT
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Publication:PR Newswire
Date:Jun 17, 1992
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