Solv-Ex’s “production” claims shown to be false.

Solv-Ex Corporation has an approval from Alberta Environmental Protection (“AEP”) # 17233-00-04 that is not applicable to its existing so-called “plant”. In its application for this approval, Solv-Ex described a Utility Supply Facility (water, steam and power supply) to support the oil sands project. In an application to amend this approval, Solv-Ex applied to the AEP for approval to commence its so-called “production” using a temporary boiler. AEP has announced that the subject amended approval has not been approved. Yet Solv-Ex claimed it has commenced production.

The following was sent and confirmation of its accuracy was received by Asensio & Company, Inc. from Mr. Parker Hogan of the AEP. “Solv-Ex Corporation has been approved for experimental production of bitumen from tar sands (Approval # 17233-00-04). Solv-Ex is awaiting amended approval to their original approval #17233-00-04 in order to use temporary boilers.”

On March 31, 1997 at 9:25A.M. Solv-Ex issued a press release stating “oil (bitumen) production commenced on March 29, 1997.” Solv-Ex does not have any approval that would allow it to commence production.

Solv-Ex Corporation (Trading Symbol: SOLVQ) (Price: $13.125)

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