Genesis Obtains Land Use Approval for 241 Acres in Airdrie



    TSE Stock Symbol: GDC

    CALGARY, June 18 /CNW/ - Genesis Land Development Corp. (TSX: GDC)
("Genesis" or "the Company") today announced that the Company received final
land use approval for an additional 97.57 hectares (241.09 acres) within the
City of Airdrie. This approval provides for the additional development of up
to 2,295 residential units consisting of single-family and multi-family units
as well as mixed use commercial/residential development. The Company's total
developable Single-Family and Multi-Family residential units in Airdrie now
total approximately 4,000 units based on 400 acres of fully approved lands.
However, the Company's fully approved development land holdings including the
City Of Calgary, City of Airdrie, Edmonton and Radium now comprise of 1,344
acres representing 18,570 residential units, 120 acres of industrial lands,
1.2 million sq. ft. of retail commercial and 1 million sq. ft. of office
space. Mr. Gobi Singh, President and Chief Executive Officer of Genesis,
stated; "Subject to market demand, Genesis is now well positioned for growth
and to generate strong revenues from these assets for approximately the next
10 years".

    Genesis Land Development Corp. is a Calgary based land development
company with an inventory of more than 35,000 future residential building
sites (single-family and multi-family) and over 300 acres of
commercial/industrial lands in Western Canada, of which more than 19,000
residential building sites and over 300 acres of commercial/industrial lands
are located in the Calgary metropolitan area.

    Certain statements in this news release could constitute forward-looking
statements. The Corporation's line of business involves risk, uncertainties
and other factors which may cause actual results, performance or achievements
of Genesis to be materially different from any future results, performance or
achievements expressed or implied by such forward looking statements. Such
factors include the number of dwelling sites that Genesis will actually
develop and sell.





For further information:

For further information: Gobi Singh, President and C.E.O., Genesis Land
Development Corp., Toll Free: (403) 265-8079, 1-800-341-7211, Fax: (403)
266-0746, E-Mail: genesis@genesisland.com, Internet: www.genesisland.com


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