PRESS RELEASE: Iriana Resources plans C$2.2M Indonesian properties write-down

Following is a press release from Iriana Resources Corporation

TORONTO, April 18, 2002 -- Iriana Resources Corporation advised that its board of directors at a meeting yesterday determined to write-down the book values of certain of its Indonesian properties by an aggregate value of approximately $2.2 million to a level of approximately $5 million.

One of the write-downs in the amount of $660,000 was because of a decision to relinquish Iriana's interest in the Sikalangan property.

A larger write-off of about $925,000 (or one-third of the book value) was taken on the Sentani and Siduarsi property interests as it has proven difficult to find a joint venture partner despite the nickel-laterite tonnage indications identified at these sites.

The balance of the reductions were on the Idenburg and adjoining Senggeh interests where findings have been attractive but not of such a size as to encourage Placer Dome to continue with its exploratory work.

Iriana Resources Corporation is a TSE listed mineral exploration and development company with mineral properties in Indonesia and Canada. (*)

For further information: Gordon Machej, (204) 797-7908; Doug Fogwill, (204) 487-4684