International Antam Resource Ltd - Q2 Fin Results

International Antam Resources Ltd. (the "Company") is pleased to announce its unaudited financial results for the six month period ended June 30, 2000.

In the period ended June 30, 2000, revenue of $752,087 was generated from the sale of 1,125 ounces of gold and 32,151 ounces of silver from the Company's operations at Cikidang on the Island of Java, Indonesia as compared to revenue of $1,649,521 for the six month period ended June 30, 1999.

Net loss, after tax, for the six-month period ended June 30, 2000 was ($508,994) compared to a net loss of ($77,572) for the six-month period ended June 30, 1999.

The net loss was comprised of an operating loss before tax of ($188,314), a write-off for abandoned mineral properties of ($238, 196) and a provision for income tax of ($82,484). Operating results were negatively impacted by the shutdown of the Pasir Gombong mill facility at Cikotok, West Java, Indonesia, owned and operated by Aneka Tambang and used to process the Company's ore. Revenues for the period were generated by the sale of inventories.

The Company recorded positive cash flow from operations of $467,773 for the six-month period ended June 30, 2000 compared to a positive cash flow of $25,940 for the six-month period ended June 30, 1999. The Company's cash position declined to $1,156,898 as at June 30, 2000 from $1,197,599 at June 30, 1999. Cash was used for ongoing exploration programs and the further development of the 400 level of the Cikidang mine.

At June 30, 2000, the Company's working capital was $692,267 compared to $1,224,755 at June 30, 1999. Working capital at June 30, 2000 included inventories of approximately 503 ounces of gold and 16,360 ounces of silver in the form of precipitate or refined bullion. These inventories are stated in the financial statements at cost, which is below current market value.

The Company's cash cost of production for the period was US $208 per ounce of gold equivalent produced. Amortization of property acquisition and development costs amounted to US $28 per ounce of gold equivalent for a total production cost of US $236 per ounce of gold equivalent produced. The average sales price received was US $312 per ounce of gold and US $5.21 per ounce of silver.

Repairs to the Pasir Gombong mill facility have been completed and the mill began initial start up procedures on May 23, 2000 with full through put capacity of approximately 110 tonnes per day being achieved early in August. During the mill shut down the Company continued the development of the 400 level and mining operations at Cikidang, resulting in an ore stockpile of approximately 8000 tons. This ore is being processed as quickly as possible to try to make up some of the production lost during the shut down.

The Company announced the assay results for three additional drill holes of the current exploration program on its Cibaliung gold project in joint venture with Austindo Resources Corporation N.L. These holes are part of a 10,000 meter drill program designed to confirm the current Inferred Resources of Cikoneng and Cibitung ore shoots, upgrade these to Indicated Status, explore extensions to the Zones and test priority targets. The results are as follows:

Hole Vein Intercepts Downhole Assay Results Core From(m) To(m) Length(m) Au (g/t) Ag (g/t) Recovery Cikoneng AC-4 231.20 238.60 7.40 6.71 43 93.2% 251.70 253.80 2.10 34.04 228 90.5% AC-5 200.55 206.50 5.95 1.61 18 94.1% Cibitung AC-6 122.40 123.35 0.95 19.10 133 100.0% 130.40 133.50 3.10 6.35 42 96.8% *

Results reported to 3 g/t Au cut-off except AC-5 (1 g/t cut-off). Holes AC-7 through AC-10 have been completed and results will be released as soon as they are made available. The Company retains a 37% working interest in the project and Austindo is funding the next stage of exploration expenditures up to US $1.425 million after which time the Company will provide its pro-rata share of expenditures or accept dilution of its interest.

The Company has terminated its lease agreements on its Arizona gold project and has written off deferred exploration expenditures associated with the project.

International Antam Resources Ltd. is a gold and silver producer carrying on mining and mineral exploration in Indonesia. (*)