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Adulis Resources Inc (ADS)

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Thursday 02 December, 2004

Adulis Resources Inc

Admission to AIM

Adulis Resources Inc.
02 December 2004



ADULIS ANNOUNCES COMPLETION OF $50 MILLION (£22.7 MILLION) FINANCING AND
ACQUISITION

ADMISSION TO AIM

December 2, 2004

Adulis Resources Inc. (TSXV: ADE; LSE: ADS)) ('Adulis' or the 'Company') is
pleased to announce that it has completed a placing and sale of 18,181,000
common shares at a price of £1.25 ($2.75) per common share for gross proceeds of
approximately $50,000,000 (the 'Placing'). Canaccord Capital (Europe) Limited
and Canaccord Capital Corporation (collectively the 'Agents') acted as agents
for the Corporation in connection with the Placing in the United Kingdom and
other European jurisdictions and in the Canadian provinces of Alberta, British
Columbia and Ontario. Adulis intends to use the net proceeds of the Placing,
together with other funds currently available, to conduct exploration activities
on its oil and gas prospects in Colombia and for general corporate purposes.

Adulis has also completed the acquisition of all of the issued and outstanding
shares of Solana Petroleum Exploration Colombia Limited ('Solana') in exchange
for 12 million common shares of Adulis. In addition, Stephen Newton of Bogota,
Colombia, the President of the Company, has been appointed a director and Menno
Wiebe of Calgary, Alberta, has been appointed as Vice President of Exploration.

The issued and outstanding common shares are listed on the TSX Venture Exchange
and have been admitted to trading on the Alternative Investment Market of the
London Stock Exchange plc ('AIM'). Canaccord Capital (Europe) Limited is the
Corporation's Nominated Adviser and Broker in respect of Adulis' admission to
AIM.

Further information regarding the Corporation, Solana and their prospects in
Colombia can be found in the Corporation's prospectus dated November 24, 2004
which is filed on the SEDAR website at www.sedar.com.

Placing Price                                                 £1.25 (C$2.75)
Number of common shares in issue upon Admission to AIM              63,871,766
Market capitalisation on Admission at the Placing Price       Approx. £79.8m
Total gross proceeds of the Placing                           Approx. £22.7m

For further information please contact Raymond P. Antony, Chairman and CFO, at
1-403-266-7512 (Calgary, Alberta) or Stephen T. Newton, President., at 011-57-1-
618- 0377 (Bogota, Colombia).

This release may contain forward looking statements within the meaning of the
'safe harbor' provisions of US laws.
These statements are based on management's current expectations and beliefs and
are subject to a number of risks
and uncertainties that could cause actual results to differ materially from
those described in the forward looking
statements. Adulis does not assume any obligation to update any forward looking
information contained in this
news release.
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this
release.
CAL Library:20835.1




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