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                                                                    EXHIBIT 99.5


             NEVADA MANHATTAN ANNOUNCES FISCAL FIRST-QUARTER RESULTS


        CALABASAS, Calif.--Nov. 3, 1997--Nevada Manhattan Mining (OTC/BB:NVMH)
Monday reported a gross profit as well as improvement in revenues for the fiscal
first quarter ended Aug. 31, based on the start of raw tropical hardwood
production and shipment from the company's Equatorial Resources facility in
Brazil.

        Revenues for the three-month period were $156,776, compared with no
revenues in 1996's fiscal first quarter. The company's gross profit, based on
cost of sales of $80,595, was $76,181 during the same period.

        Due to Nevada Manhattan Mining's increased development activities,
primarily the expansion of the sawmill to step up customer deliveries, the
company saw a sharp increase in expenses in the first fiscal quarter. Expenses
for the first fiscal quarter were $1,354,981, compared with $484,052 in the same
period a year ago.

        As a result, the company reported a net loss of approximately $1.3
million, or 10 cents per share, compared with a net loss of $517,592 in the same
period in 1996. There were 12,467,496 weighted average common shares outstanding
at Aug. 31, 1997.

        "Nevada Manhattan Mining's ability to bring its timber operations on
stream and having generated a gross profit marks a turning point for our
company," said Jeffrey S. Kramer, chief financial officer and chief operating
officer.

        Nevada Manhattan Mining owns the right to harvest virgin timber
properties on up to 750,000 hectares (1,875,000 acres) in the eastern Amazon
region, and it is in the process of capitalizing on those resources. The
recently completed major expansion of its sawmill facility near the city of
Belem, Brazil, has increased its facility's capacity for the production of
export-quality tropical hardwood. The mill facility is one of the largest of its
kind in the region.

        During the mill's expansion phase, Nevada Manhattan Mining saw an
increase in demand for its product and received purchase orders for sawn
tropical timber from several recognized buyers. They include Nordisk Timber
Ltd., Sabra International, Robco Madeiras Ltd. and Nevesexport. The orders to be
filled, which total 1,800 cubic meters, are valued at about $700,000. Additional
order inquiries are constantly being evaluated.

        Nevada Manhattan Mining is a diversified, global natural resource
company. In addition to its substantial timber operations in Brazil, it also has
significant gold and coal concessions in Indonesia as well as gold mining
operations in Nevada. For more information on Nevada Manhattan Mining, contact
Yvonne S. Cambere at 818/591-4400, or fax 818/591-4411 or e-mail
at administration@nevadamanhattan.com or visit Nevada Manhattan Mining's Website
at www.nevadamanhattan.com .