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MOUNT DAKOTA RECEIVES APPROVAL FOR $575,000 LINE OF CREDIT

 Vancouver B.C.- The Company is pleased to announce the conditional approval of a line of credit for $575,000 from a major Canadian bank. This line of credit will available in approximately four weeks and will be used for the acquisition and development of oil and gas projects. The Company has been actively participating in land sales in search of development as well as high yielding, higher risk exploration projects. The line of credit significantly strengthens the Company's ability to successfully acquire these projects.

Further to the January 29, 2001, the Company has decided not to proceed with the joint venture with Sovereign Chief Ventures Ltd. The Company also reports that Mr. Michael Waggett has resigned as an officer of the Company.

For further information, please visit our web site at www.mountdakota.com or contact Panstar at 604-625-9177.

On behalf of the Board

Gary Claytens
President


The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the contents of this news release
 
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