Indocan Resources and Allied Energy Corp Parent in Uranium JV

LONDON, March 5  /PRNewswire-FirstCall/ -- Indocan Resources Inc (OTC:IDCN) and Allied Energy Corp's (OTC:AGYP) parent Australian Gold Holdings Limited have executed a Memorandum of Understanding whereby Indocan will earn certain interests in properties of Australian Gold Holdings Limited and its subsidiaries including AGYP and Australian Gold Holdings Nevada Inc. that hold substantial interests in uranium properties in Queensland, Australia.

Indocan shall upon payment of the sum of AUD$1,700,000 to Australian Gold Holdings Limited and on behalf of its subsidiaries including AGYP be deemed to have earned 25 percent interest in the uranium properties described as four (4) sub-blocks reference D, E, J, K in CLER 1328, the Robyn Lorraine Anomaly, Radioactive Anomalous Area on which the sum shall be applied.

Australian Gold Holdings Limited is an international investment company focused on proven and high potential opportunities in the resource sector. The company holds substantial exploration assets in oil and gas, gold, copper, uranium and other trace elements. It also has strong interests in clean and sustainable energy.

More information is available at http://www.indocan.com/ and at http://www.australiangoldholdings.com/

  We seek "Safe Harbor"

  Company Info: [phone] Jeffrey R Bruhjell, president

  Investor Relations Indocan Resources, Inc.: Ken Ash [phone]

  Investor Relations Allied Energy Corporation Inc. [phone]

  Investor Relations Australian Gold Holdings Ltd. [phone]


DATASOURCE: Indocan Resources Inc



CONTACT:  Jeffrey R Bruhjell, President, [phone], or investors,

Ken Ash, [phone], both of Ken Ash; or Investor Relations of Allied

Energy Corporation Inc., [phone]; or Investor Relations of Australian

Gold Holdings Ltd., [phone]



Web site:  http://www.indocan.com/

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