INDOCHINA GOLDFIELDS ENTERS INTO CONTRACTS OF WORK FOR EXPLORATION PROJECTS IN INDONESIA SINGAPORE, April 28 /CNW-AsiaNet/ - Robert M. Friedland, Chairman, and R. Edward Flood, President, announced today that Indochina Goldfields Ltd. and the Indonesian government have finalized three sixth-generation contracts of work for mineral exploration on three million hectares (7.4 million acres) in northeast Kalimantan. Indochina Goldfields has a 90% interest in each of the three joint-venture companies that have entered into contracts for these highly prospective areas. The company also has options to take up positions of 51% in each of two additional sixth-generation contracts of work totalling 1.1 million hectares (2.7 million acres) in northwest Kalimantan. Indochina Goldfields has previously announced a significant gold discovery on the Hallam Assets property, one of the two COWs in northwest Kalimantan. The second northwest Kalimantan contract to which Indochina Goldfields has back-in rights has been awarded to Birch Mountain Resources, an Alberta-listed company. All five Kalimantan contracts were in a group of 65 COWs that were signed today in Jakarta at a formal ceremony held by the Ministry of Mines. The contracts clear the way for Indochina Goldfields to accelerate its current exploration program in northeast Kalimantan and to initiate drilling on several high-priority targets which have been identified to date. The contracts also provide secure title to mining rights on the properties for a term of 30 years, which can be extended to 50 years if active development is still underway. "We are gratified that the government of Indonesia has taken this landmark action to sign the outstanding applications for contracts of work," Mr. Flood said. "This is a major advance for Indochina Goldfields in our quest to play a role in the development of the large mineral resource potential that exists in Indonesia." Indochina Goldfields has been conducting surface exploration within its project areas in Kalimantan for more than 18 months. Until now, this work has been restricted to surveying, mapping, sampling and limited surface excavations under the terms of the company's preliminary prospecting permits (SIPPs). "We have identified a number of large mineralized systems on our exploration blocks during the initial prospecting period, and we're ready to begin testing these targets with an extensive drilling program," Mr. Flood said. Indochina Goldfields has a portfolio of assets that includes gold and copper properties and other interests in Indonesia, Myanmar, Kazakstan, South Korea, Vietnam and Fiji. The company's shares trade on the Toronto Stock Exchange and on the Australian Stock Exchange under the symbol ING. Information about the company and its projects is available on its Web site, http://www.goldfields.com. BUSINESS/PHOTO EDITORS: Copies of the Indochina maps of the Kalimantan contract areas are available by fax by calling Canada NewsWire Vancouver at (604) 669-7764. For further information: R. Edward Flood, President - North America (604) 688-5755; cellular (702) 843-3388.