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Borealis Corporate Press Release Dated 16 November 2000


November 16, 1998.

Borealis Exploration Limited (CDN: BSXC, BB-BOREF) announces its Redomiciliation into Gibraltar, 19 October 1998.

Borealis Exploration Limited believes this move, to a British Dominion within the European Union, is in the best interests of the company and its shareholders. A number of Borealis Exploration's subsidiary companies, notably Roche Bay Mining Company Limited, and Borealis Technical Limited and its Subsidiaries, are already Domiciled in Gibraltar.

Borealis Exploration Limited shares will continue to trade in Canada (CDN:BSXC) and in the USA (BB-BOREF) and the company has no plans to de-list from these markets. Shareholder rights will remain the same or better.

Borealis Exploration Limited has 4,991,000 shares outstanding.

Chris Bourne,
Public Relations

Tel: +44 181 571 5216
Fax: +44 181 455 8701

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Last Updated on Thursday, February 22, 2001.

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