Business Wire (press release), CA
Aug 23 2004

Firebird Global Master Fund, Ltd. Invests in Indusmin

VANCOUVER, British Columbia–(BUSINESS WIRE)–Aug. 23, 2004–Indusmin
Energy Corp.. (TSX Venture:IDM) announces that further to its news
release dated July 27, 2004, related to a proposed private placement,
the Corporation is pleased to announce that the Corporation has
received $ 1,000,000.00 from Firebird Global Master Fund, Ltd.
() Firebird Global Master Fund, Ltd. is a contrarian
portfolio equity fund that invests in exotic markets and sectors
around the world. Firebird Global Master Fund, Ltd. is associated
with Firebird, which manages approximately $625 million in six funds
dedicated primarily to equity investment in Russia, Eastern Europe
and Central Asia. A total of 3,333,333 units will be issued to
Firebird Global Master Fund, Ltd each unit will consist of one (1)
common share and one (1) share purchase warrant. each share purchase
warrant will entitle the holder thereof to purchase one (1) common
share of the Corporation at a purchase price of $0.30 per common
share in year one and $ 0.40 in year two from the date of issuance of
the share purchase warrants.

The proceeds of the private placement will be used for exploration
and development of the newly acquired licenses in the Republic of
Armenia and further development of the Kerch project in Ukraine. For
information on these projects please visit our website
.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.