TSX-V: IFR | OTCQB: IFRTF
International Frontier Resources Corporation

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News Releases

 
May 17, 2004

Non-Brokered Private Placement



CALGARY, AB, May 17, 2004 - International Frontier Resources ("IFR" TSX-V) reported today the non-brokered private placement of 4,000,000 units announced on May 13, 2004 has been amended to a minimum 4,000,000 units -- maximum 6,000,000 units at $0.80 per unit. A unit consists of one common share, one series "A" warrant and one series "B" warrant. Two series "A" warrants entitle the warrant holder to acquire one common share at $1.15 for a period of 180 days. Two series "B" warrants entitle the holder to acquire one common share at $1.50 per share. The series "B" warrants can only be exercised if the holder has exercised the series "A" warrant. Series "A" warrant holders will be required to exercise, or forfeit their right to exercise, if the shares trade at a price of $1.38 for a period 20 consecutive trading days. Series "B" warrant holders will also be required to exercise, or forfeit their right to exercise, if the shares trade at a price of $2.00 for a period of 20 consecutive trading days. The Company has agreed to pay a commission to investment dealers in the form of common shares equal to ten percent of the number of units placed in the financing in accordance with TSX policy.

The private placement is subject to approval of the TSX Venture Exchange. Pursuant to TSX Venture policy the shares will be restricted from trading for a four month period.

Proceeds from the private placement, together with working capital of $1.5 million, will allow the Company to fulfill a summer 2004 seismic program and a Q-1, 2005 drilling program in the Central Mackenzie Valley, Northwest Territories and to commence a SIDOX production enhancement pilot project on the Brooks and Ferguson oil pools this summer.

The Company's shares are listed on the TSX Venture Exchange trading under the symbol IFR; for additional information visit www.internationalfrontier.com or contact;

Pat Boswell: 403-215-2780
Mark Powell: 403-215-2783

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. This news release is not intended for distribution to US news wire services or for dissemination in the United States and does not constitute an offer of the securities described herein.
 
 

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