Weda Bay announces financial results for period ended September 30, 2000

Weda Bay Minerals (TSE:WDA) today announced their financial results for the period ended September 30, 2000.

For the nine months ended September 30, 2000 the Company incurred a net loss of $532,259 or $0.02 per share compared to a loss of $96,086 or $0.01 per share for the same period of 1999.

Costs in the first nine months of 2000 totaled $1,270,227 compared to $529,647 in the same period of 1999. The increase relates to non recurring consulting, legal and financing fees incurred to complete the financing arrangement which resulted in the US$18 million feasibility study financing agreement with the OM Group (NYSE:OMG) The company earned exclusivity fees of $938,500 in the year ended 1999 plus $724,550 in the nine months ended September 30, 2000 which more than covered the costs of negotiating the feasibility study financing.

Working capital at September 30, 2000 amounted to $3,437,359 compared to $256,370 at September 30, 1999. The increase was due to funds received for the feasibility study. This includes a cash position of $5,235,791 at September 30, 2000 versus $565,991 on September 30, 1999.

Weda Bay Minerals Inc. is a Canadian base metals exploration and development company focused on its nickel/cobalt laterite project in Halmahera, Indonesia. The project is held under a Contract of Work between the Government of Indonesia and PT Weda Bay Nickel (90% owned by WDA's wholly owned Singapore subsidiary and 10% owned by PT Aneka Tambang Tbk., (a public listed mining company majority owned by the Government of Indonesia). The company is conducting a feasibility study in support of project financing.

Contacts:

Doug Fosbrooke, Telephone: (604) 687-6223 or 1-888-933-2646, Facsimile: (604) 608-6163

Ian Shaw, Telephone: (416) 260-2771, Facsimile: (416) 352-5534 (*)