Release: Weda Bay Minerals Inc.: Indonesian parliament resolves forestry issue

(TORONTO, ONTARIO, Jul 23, 2004)-- Weda Bay Minerals Inc. (WDA) is pleased to advise that the Parliament of Indonesia has taken action which has finally resolved the issue of mining in protected forests.

The Company has previously announced that the Government of Indonesia had issued a Perpu (a Government Regulation substituting a law) and that a Presidential Decree had been issued, both of which were major advances in this matter. The initial problem arose with the passing of Law 41 of 1999 that banned mining in protected forest despite many companies holding granted Contracts of Work. The law had no direct impact on the activities of Weda Bay Minerals, but if not resolved would have restricted the areas in which the Company could mine.

On July 15, 2004 the full Parliament of Indonesia, by a majority vote, passed an addendum to Law 41 with identical wording to that used in the Perpu. This means that all companies with Contracts of Work signed prior to Law 41 may now proceed in accordance with their terms. The addendum to Law 41 also confirms the validity of the subsequent Presidential Decree which states that 13 companies, including WDA's subsidiary P.T. Weda Bay Nickel, have met the conditions which allow them to apply for the required licenses.

Mr. John Lynch, President & CEO of Weda Bay stated that "This action by Parliament has at last fully resolved the forestry issue and confirms legal certainty of the Contract of Work system of agreements between the Government of Indonesia and mining companies. Achievement of this outcome was the result of close cooperation between Government and the mining industry and in which P.T. Weda Bay Nickel played a leading role. This has only been possible through the excellent relationships the Company has made at all levels of Government and the relevant Parliamentary Commissions".

WEDA BAY MINERALS INC. JOHN E. LYNCH, PRESIDENT AND CHIEF EXECUTIVE OFFICER

Weda Bay Minerals Inc (WDA) is an exploration and development company focused on the world-class nickel and cobalt laterite project on the island of Halmahera in Indonesia. The project resources are currently 133 million tonnes grading 1.37% Ni and 0.11% Co of measured and indicated resources plus 82 million tonnes grading 1.33% Ni and 0.12% Co of inferred resource. All resource estimates are at cutoff grades of 1.0% Ni and 0.1% Co.

The Company has completed an independent Pre Feasibility Study which concludes that the Halmahera project is highly viable. The Company is now working towards the commencement of a Bankable Feasibility Study.

Weda Bay Minerals Inc. - John E. LynchLevel 2 - 120 Wickham St.Fortitude Valley, Queensland, Australia 400661 7 3250 220061 7 3250 2277 (FAX)jlynch@wedabay.com.auorWeda Bay Minerals Inc. - R. Michael Garvey or Ian Shaw12th Floor, 20 Toronto StreetToronto, ON, Canada M5C 2B8(416) 603-0591(416) 367-3638 (FAX)info@wedabay.com