NIKOS EXPLORATIONS LTD. (the “Company”) advises that its news release dated January 14, 2004, contained an error with respect to the shares issuable to Amerigo Resources Ltd. (“Amerigo”). Specifically, the news release dated January 14, 2004 should have read that Amerigo will receive 5,000,000 common shares of the Company upon exchange acceptance, and will receive 5,000,000 additional common shares at the option of the Company on or before June 30, 2005 if the Company retains an interest in any of the properties.

Additionally, the Company wishes to advise that, pursuant to a Voting Trust Agreement dated December 24, 2003, entered into among the Company, Robert Cross and Quest Capital Corporation, whereby Quest Capital Corporation has the right to deliver to Robert Cross written notice providing direction and control over the voting shares owned by Mr. Cross. Quest Capital Corporation is a “control person” as defined by the Securities Act (British Columbia) and will remain a “control person” of the Company. As such the issuance of the first tranche of 5,000,000 shares to Amerigo will not constitute a change of control.

ON BEHALF OF THE BOARD OF DIRECTORS OF
NIKOS EXPLORATIONS LTD.

“Peter Dunfield”
Peter Dunfield,
President and Director

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