October 23, 2002

News Release: Continued Drilling Success at Princess & Sedalia

Gentry Resources Ltd. ('Gentry' GNY TSX ) is pleased to announce that the mid-stream company that had objected to the Company's proposed gas plant at Princess has withdrawn their objection. Gentry will now revert to its original plan of building a gas plant in this core area and will work with the Energy and Utilities Board to obtain the necessary approvals. An announcement regarding a revised Princess 'gas onstream'date will be made shortly.

Two successful Pekisko oil wells, drilled in late summer, will be tied into a partner oil battery in early November. The Company is pleased to announce that it has successfully drilled and cased two additional Pekisko oil wells in the Princess area. Both of these wells are currently awaiting completion. Several more wells are planned at Princess prior to year-end. The high productivity of these wells will serve to materially increase the Company's production volumes. Gentry maintains a 50% working interest in these wells.

At Sedalia, in west-central Alberta, the Company has drilled and cased one well as a Cretaceous gas well (100% working interest) and another well as a possible Cretaceous gas well (net 50% working interest). The tie-in for these wells is approximately 100 meters and Gentry expects to bring this gas onstream prior to month-end.

The Company continues to aggressively ramp up production, with current volumes at 2020 boe/d. With new production coming onstream shortly, Gentry expects to exit 2002 at production rates in excess of 2,300 boe/d. Further production increases are anticipated for the first quarter of 2003, due to further well tie-ins. Crude oil and liquids comprise 52% of Gentry's volumes, while natural gas makes up the remaining 48%.

Gentry currently trades on the Toronto Stock Exchange under the symbol 'GNY'and has 21,906,863 common shares issued and outstanding.

CONTACT: TEL: (403) 264-6161 Hugh Ross, President & Chief Executive Officer

TEL: (403) 264-6161 Gordon McKay, Chief Operating Officer

TEL: (952) 929-7243 Roger Fullerton, Manager, Investor Relations

Website: www.gentryresources.com

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