Merko Ehitus                  NEWS RELEASE                      04/22/2004



AMENDMENT TO ARTICLE PUBLISHED IN EESTI PÄEVALEHT



In order to specify the article published in Eesti Päevaleht on April 21,

2004 titled "Merko commences oil shale mining late next year" we state that

the article in concern does not, in principle, include any new information

but, instead, describes the current situation regarding the preparations

conducted by OÜ Merko Kaevandused. Thus the amount of investments stated

in the article remains within the limits (80 to 150 million kroons) reported

to Tallinn Stock Exchange previously. Similarly, it is not possible to draw

a conclusion that Merko Kaevandused OÜ will commence oil-shale mining late

next year on the basis of the statement of the management board member Peep

Siitam in the above mentioned article.

According to Mr Siitam negotiations are currently conducted with the

possible suppliers of technical equipment and concluding of agreements with

the buyers of oil shale is perquisite for signing contracts with the

suppliers of technical equipment. Thus the claim concerning the commencement

of mining at the end of next year should be considered as a conceivable aim

rather than a certain promise made by OÜ Merko Kaevandused.





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