Mr. Michael O'Reilly reports

COMET INDUSTRIES ANNOUNCES ACQUISITION OF AN ADDITIONAL PROPERTY ON NELSON ISLAND, B.C.

Comet Industries Ltd. has closed on an agreement to acquire an additional 95.7-acre waterfront property located on Green Bay, Nelson Island, B.C. The consideration for the acquisition was $1,125,000. In addition to its waterfront access, the property contains a fresh water lake, roughed in roads, two small cabins and an existing dock for moorage. Mike O'Reilly, company president, commented that the purchase was a strategic acquisition that will enhance the value of the 86.6-hectare (approximate 214 acre) adjoining property in which the company owns a 51-per-cent interest.

Nelson Island is located in the Sunshine Coast region of the South Coast region of British Columbia. It is surrounded by Hotham Sound, Agamemnon Channel and Malaspina Strait. The closest communities are Pender Harbour and Egmont, both located on the Sechelt Peninsula.

About Comet Industries Ltd.

Comet Industries was incorporated in the province of British Columbia and is listed on the TSX Venture Exchange. The address of the company's corporate office and its principal place of business is 1177 West Hastings St., suite 1710, Vancouver, B.C., Canada, V6E 2L3. The company is in the business of holding and developing real properties, all in British Columbia. The company is currently working on advancing the Iron Mask Industrial Park, a proposed 190-acre light industrial parcel of land located in Kamloops, B.C.

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