UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE ~~SECURITIES EXCHANGE ACT OF 1934~~

SECURITIES EXCHANGE ACT OF 1934

For the month

~~May~~ July 2005

Commission File Number

0-26636

ASIA PACIFIC RESOURCES LTD.

Suite 405 -– 555 Sixth Street, New Westminster, B.C. V3L 5H1 (Address of principal executive office)

(Address of principal executive office)

(indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40 F.

Form 20-F X Form 40 F

Indicate by check mark whether by furnishing the information contained in this Form the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes No X

(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

DOCUMENTS FILED: July 22, 2005

~~May~~ DESCRIPTION: Unaudited 13Interim Financial Statements and Management Discussion & Analysis for the three and six months ended June 30, 2005 Form 52-109FT2 Certification of Interim Filings – Chief Executive Officer and Form 52-109FT2 – Certification of Interim Filings – Chief Financial Officer for Unaudited Interim Financial Statements and Management Discussion & Analysis for the three and six months ended June 30, 2005 News Release dated July 22, 2005: Udon South Potash Project Update

DESCRIPTION:

Unaudited Interim Financial Statements and Management Discussion & Analysis for the three months ended March 31, 2005

Form 52-109FT2 - Certification of Interim Filings - Chief Executive Officer and Form 52-109FT2 - Certification of Interim Filings - Chief Financial Officer for Unaudited Interim Financial Statements and Management Discussion & Analysis for the three months ended March 31, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ASIA PACIFIC RESOURCES LTD.

(Registrant)

~~Date May~~ 13Date July 22, 2005

By "By “Doris Meyer" ”

(Signature)

Doris Meyer, Assistant Corporate Secretary

Asia Pacific Resources Ltd.

ASIA PACIFIC RESOURCES LTD.

SECOND QUARTER REPORT

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2005

Unaudited (prepared by management) Stated in Canadian dollars

Notice to Reader

These interim financial statements of Asia Pacific Resources Ltd. have been prepared by management and approved by the Audit Committee and Board of Directors of the Company. In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed these interim financial statements, notes to financial statements and the related quarterly Management Discussion and Analysis.

ASIA PACIFIC RESOURCES LTD.

Interim Consolidated Balance Sheet
June 30, 2005 and December 31, 2004
(expressed in Canadian dollars)

		June 30		December 31
		2005		2004
		(Unaudited)		(Audited)



ASSETS
CURRENT
Cash	$	4,726,781	$	7,138,196
Accounts receivable		20,415		4,704
Prepaid expenses		169,602		54,072
Other current assets		132,373		99,028

TOTAL CURRENT ASSETS		5,049,171		7,296,000

INVESTMENT IN POTASH CONCESSION (Note 3)		91,313,688		90,749,721
INVESTMENT IN LAND		7,950,011		7,946,308
PROPERTY AND EQUIPMENT (Note 4)		283,336		255,108

	$	104,596,206	$	106,247,137



LIABILITIES
CURRENT
Accounts payable and accrued liabilities	$	333,487	$	328,840
FUTURE INCOME TAXES		13,620,172		14,231,127

		13,953,659		14,559,967



SHAREHOLDERS' EQUITY

Share Capital (Note 5)		170,386,125		169,939,997
Contributed surplus (Note 5)		1,817,645		2,279,398
Deficit		(81,561,223)		(80,532,225)

		90,642,547		91,687,170

	$	104,596,206		106,247,137

GOING CONCERN (Note 1)
COMMITMENTS (Note 7)
CONTINGENCIES (Note 7)

APPROVED BY THE BOARD

"John Bovard"		"Robert G. Connochie"
John Bovard, Director		Robert G. Connochie, Director

ASIA PACIFIC RESOURCES LTD.
Interim Consolidated Statements of Loss and Deficit
For the three and six months ended June 30, 2005 and June 30, 2004
(expressed in Canadian dollars)



		Three months ended				Six months ended
		June 30,		June 30,		June 30,		June 30,
		2005		2004		2005		2004

		(Unaudited)	(Unaudited)		(Unaudited)		(Unaudited)


EXPENSES
Accounting and legal	$	206,058	$	101,719	$	266,511	$	191,699
Amortization of property and equipment		18,087		7,337		35,157		17,580
Consulting		267,207		109,162		491,438		223,312
Interest and bank charges		4,903		24,695		5,909		35,388
Office and miscellaneous		91,636		113,895		196,850		194,847
Promotion and travel		211,490		431,493		424,208		735,066
Rent		25,647		19,385		52,119		40,042
Salaries		303,786		281,686		664,000		518,981
Stock compensation expense		(525,611)		(678,650)		(414,976)		(1,091,856)
Transfer fees and filing costs		27,707		20,861		47,725		55,234

		630,910		431,583		1,768,941		920,293



LOSS BEFORE THE UNDERNOTED		(630,910 )		(431,583)		(1,768,941)		(920,293)

INTEREST AND OTHER INCOME		30,351		8,953		59,799		9,799
FOREIGN EXCHANGE (LOSS) GAIN		738,398		168,440		680,144		(145,041)


NET PROFIT (LOSS) FOR THE PERIOD		137,839		(254,190)		(1,028,998)		(1,055,535)


DEFICIT, BEGINNING OF PERIOD		(81,699,062)		(77,647,771)		(80,532,225)		(76,846,426)



DEFICIT, END OF PERIOD	$	(81,561,223)	$	(77,901,961)	$	(81,561,223)	$	(77,901,961)




LOSS PER SHARE	$	0.00	$	(0.00)	$	(0.00)	$	(0.00)



WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING	595,573,504			513,444,872	595,676,717			488,956,610

ASIA PACIFIC RESOURCES LTD.

Consolidated Statements of Cash Flows
For the three and six months ended June 30, 2005 and June 30, 2004
(expressed in Canadian dollars)

		Three months ended				Six months ended

		June 30,		June 30,		June 30,		June 30,
		2005		2004		2005		2004
		(Unaudited)		(Unaudited)		(Unaudited)	(Unaudited)

CASH FLOW FROM OPERATING ACTIVITIES
Net profit (loss) for the period	$	137,839	$	(254,190)	$	(1,028,998)	$	(1,055,535
Items not involving cash
Amortization of property and equipment		18,087		7,337		35,157		17,580
Foreign exchange (gain) loss and other		(583,394)		(280,213)		(610,955)		37,208
Stock compensation expense		(525,611)		(678,650)		(414,976)		(1,091,856

		(953,079)		(1,205,716)		(2,019,772)		(2,092,603
Change in non-cash operating working capital items		80,735		(27,916)		(159,939)		99,630

		(872,344)		(1,233,632)		(2,179,711)		(1,992,973



CASH FLOW FROM FINANCING ACTIVITIES
Issue of share capital		22,195		11,794,705		399,351		11,808,205
Receipt of convertible loan		-		(2,622,600)		-

		22,195		9,172,105		399,351		11,808,205


CASH FLOW FROM INVESTING ACTIVITIES
Purchase of capital assets		(2,627)		(18,688)		(63,385)		(24,489
Investment in land		(145)		(199)		(3,703)		(199)
Investment in potash concession		(394,441)		(216,845)		(563,967)		(306,200)
(Increase) decrease in deposit		-		4,898		-		(6,178)

		(397,213)		(230,834)		(631,055)		(337,066)

NET CASH INFLOW (OUTFLOW)		(1,247,362)		7,707,639		(2,411,415)		9,478,166
CASH POSITION, BEGINNING OF PERIOD		5,974,143		2,154,260		7,138,196		383,733

CASH POSITION, END OF PERIOD	$	4,726,781	$	9,861,899	$	4,726,781	$	9,861,899


Supplemental Disclosure:
Change in non-cash operating working capital items:
Accounts receivable $ $ (4,411) $ (24,497)						(15,711)	$	13,981
Prepaid expenses and deposits		83,591		62,096		(115,530)		110,397
Other current assets		(7,905)		2,593		(33,345)		786
Accounts payable and accrued charges		9,460		(68,108)		4,647		(25,534

	$	80,735	$	(27,916)		(159,939)	$	99,630

Cash receipts for interest $ $ - $ 7,612 $						-	$	8,457
Cash payments for interest $ $ - $ - $						-	$

ASIA PACIFIC RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the three and six month periods ending June 30, 2005 Unaudited (expressed in Canadian dollars)

1. NATURE OF OPERATIONS

Asia Pacific Resources Ltd. (the "Company") is incorporated in New Brunswick, Canada and is in the business of exploring and developing its potash concession in Thailand. These consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes the realization of assets and settlement of liabilities in the normal course of business. The Company incurred a net loss of $1,028,998 for the six months ended June 30, 2005 comp ared to the net loss of $1,055,535 for the six months ended June 30, 2004.

The Company's continuing ability to meet its obligations as they come due, complete development of the potash concession and continue as a going concern, is dependent upon its ability to raise additional funds.

These consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classifications of assets and liabilities should the Company be unable to continue as a going concern.

2. ACCOUNTING POLICIES

These interim consolidated financial statements follow the same accounting policies and methods of their application as the most recent audited annual financial statements and should be read in conjunction with the consolidated financial statements and the accompanying notes for the year ended December 31, 2004 that may be read on www.sedar.com.

3. INVESTMENT IN POTASH CONCESSION

The investment in potash concession consists of the following:

	Six months ended		Six months ended
	June 30, 2005		June 30, 2004
Balance, beginning of period	$	90,749,721	$	89,580,496
Deferred exploration and development expenditures		563,967		306,200

Balance, end of period	$	91,313,688	$	89,886,696

ASIA PACIFIC RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the three and six month periods ending June 30, 2005 Unaudited (expressed in Canadian dollars)

4. PROPERTY AND EQUIPMENT

June 30

December 31,

2005

2004

Accumulated

Net Book

Cost

Depreciation

Value

Furniture and fixtures

298,347

236,575

61,772

58,026

Exploration equipment

11,598

Vehicles

27,689

27,458

231

231

Leasehold improvements

179,426

121,466

57,960

47,354

Computer equipment

304,012

140,639

163,373

149,497

821,072

537,736

283,336

255,108

A motor vehicle; cost C$36,054 with zero net book value, was disposed of in the second quarter.

5. SHARE CAPITAL

a)	Details of share capital from December 31, 2004 to June 30, 2005 are as follows:



				Contributed
		Number of shares	Capital stock	surplus
Balance at December 31, 2004		595,367,046	169,939,997	2,279,398
Warrants exercised		3,000,000	375,000
Broker units exercised		211,750	38,128	(13,777)
Fair value of shares issued for compensation		200,000	33,000	(33,000)
Stock-based compensation		-	-	(414,976)
Balance at June 30, 2005		598,778,796	170,386,125	1,817,645


b)	Share purchase warrants outstanding at June 30, 2005:

	Number of	Exercise
	Shares	Prices	$	Expiry Date


	123,517,852	0.125	May 26, 2006 *
	9,725,100	0.115	May 26, 2006 **
	9,725,100	0.125	May 26, 2006 ***

	142,968,052

ASIA PACIFIC RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the three and six month periods ending June 30, 2005 Unaudited (expressed in Canadian dollars)

* Each warrant entitles the holder to acquire one common share of the Company at a price of C$0.125 from the date of issue until the earlier of May 26, 2006 and 10 business days following the deemed receipt by the holder of notice by the Company of the issuance of the Udon South Mining License.

** Each broker warrant entitles the holder to purchase one broker unit at a price of $0.115 for each broker warrant exercised. Each broker unit consists of one common share and one common share purchase warrant entitling the holder to acquire one common share at a price of $0.125 until May 26, 2006. The $1,266,034 fair value of the broker units was recorded to contributed surplus at the time of issue, broken down as to $646,522 for the fair value of the broker unit and $619,512 for the underlying common share purchase warrant included in the broker unit. As the broker units and as the underlying broker warrants are exercised the fair value of each will be transferred from contributed surplus to share capital.

*** These common share purchase warrants are not outstanding at June 30, 2005 and will be issued as the broker units described in ** above are exercised.

A summary of share purchase warrant activity during the six month period ending June 30, 2005 is as follows:

			Weighted
			Average
			Exercise
	Shares		Price


Balance, December 31, 2004	148,587,965	$	0.130
Warrants exercised	(3,000,000)		(0.125)
Broker units exercised	(211,750)		(0.115)
Warrants expired	(2,408,163)		(0.170)

Balance, June 30, 2005	142,968,052	$	0.120

A summary of share option activity during the six month period ending June 30, 2005 is as follows:

	Common	Average
	Shares	Exercise Price

Balance, December 31, 2004	21,574,500	$	0.10
Granted	6,000,000		0.18
Cancelled	(6,000,000)		(0.18)

Balance, June 30, 2005	21,574,500	$	0.10

ASIA PACIFIC RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the three and six month periods ending June 30, 2005 Unaudited (expressed in Canadian dollars)

The following table summarizes information concerning outstanding and exercisable options at June 30, 2005:


of Options	of Options	Price
Outstanding	Exercisable	per Share		Expiry Date


16,874,500	11,199,667	$	0.099	September 9, 2007
2,700,000	1,800,000		0.077	November 24, 2007
1,000,000	666,667		0.065	May 18, 2008
1,000,000	-		0.100	September 6, 2009

21,574,500	13,666,334

The weighted average exercise price of the 13,666,334 exercisable stock options at June 30, 2005 is $0.09.

Stock options outstanding at June 30, 2005 consist of 21,574,500 options some of which have variable exercise prices as described above. The weighted average exercise price has been calculated based on the exercise price which is effective until the next anniversary of the grant date.

6. RELATED PARTY TRANSACTIONS

Related party transactions not disclosed elsewhere in these financial statements include consulting and management fees of $197,831 (six months ended June 30, 2004 - $141,284) paid to directors or officers or to companies controlled by or affiliated to directors or officers.

7. COMMITMENTS AND CONTINGENCIES

In the first quarter 2005 the Company entered into a new success fee based agreement with PAG Worldwide Limited ("PAG"), specialist advisors, to assist the Company to secure an Udon South Mining License ("USML"). The new agreement included a series of milestone events, and associated payments, leading up to the issue of the USML. The milestones were not achieved. The agreement was terminated and the options granted at the initiation of the agreement with PAG were cancelled on June 17, 2005.

8. SEGMENTED INFORMATION

The Company considers its business to consist o f one operating segment, and the majority of its operations and capital assets are located in Thailand. Capital assets consist of investment in potash concession, investment in land and property and equipment.

ASIA PACIFIC RESOURCES LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

~~FIRST~~ SECOND QUARTER REPORT

FOR THE THREE AND SIX MONTHS ENDED ~~MARCH 31~~JUNE 30, 2005

(Unaudited) Prepared by Management

Prepared by Management

Notice to Reader

This Management Discussion and Analysis and the related consolidated interim financial statements and notes to consolidated financial statements have not been reviewed by the Company Auditors.

ASIA PACIFIC RESOURCES LTD.

(An exploration stage enterprise)

Management Discussion and Analysis

Three and six month period ended ~~March~~ 31June 30, 2005

Unaudited (expressed in Canadian dollars)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE COMPANY'S FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~FINANCIAL~~Management discussion and analysis ~~CONDITION~~("MD&A") ~~AND~~of Asia ~~RESULTS~~Pacific OFResources ~~OPERATIONS~~Ltd. (the "Company" or "Asia Pacific") should be read in conjunction with the accompanying unaudited consolidated financial statements for the three and six month period ended June 30, 2005 and with the audited consolidated financial statements for the years ended December 31, 2004 and 2003, and the 10 months ended December 31, 2002, all of which are available at the SEDAR website at www.sedar.com.

Management discussion and analysis ("MD&A") of Asia Pacific Resources Ltd. (the "Company" or "Asia Pacific") should be read in conjunction with the accompanying unaudited consolidated financial statements for the three month period ended March 31, 2005 and with the audited consolidated financial statements for the years ended December 31, 2004 and 2003, and the 10 months ended December 31, 2002 of which are available at the SEDAR website at www.sedar.com.

All financial information in this MD&A is prepared in accordance with Canadian generally accepted accounting principles and all dollar amounts are expressed in Canadian dollars unless otherwise indicated.

The effective date of this report is ~~May~~July 1022, 2005.

FORWARD LOOKING STATEMENTS

This document contains "Forward Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, and Asia Pacific's future plans are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements are based upon estimates and opinions of management on the date the statements are made, and the Company does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change.

Description of the Business

Asia Pacific is incorporated in New Brunswick, Canada and is in the business of exploring and developing its potash concession in Thailand. The Company is an exploration stage enterprise and holds a 90% direct and indirect beneficial interest in Asia Pacific Potash Corporation ("APPC"), a company incorporated in Thailand that holds the Udon Thani Potash Concession situated in North East Thailand. The Government of Thailand has a 10% carried interest.

The Company is a reporting issuer in all of the Canadian jurisdictions, a foreign private issuer to the Securities and Exchange Commission and trades on the Toronto Stock Exchange under the symbol APQ.

OVERVIEW OF BUSINESS

The overview of the Company's business is unchanged from that described in the Company's management discussion and analysis of the fiscal year ended December 31, 2004 as filed on Sedar.

RESULTS OF OPERATIONS

Summary

~~The Company incurred a net loss of $1.17 million for the three month period ended March 31, 2005, compared to a loss of $801,345 for the three month period ended March 31, 2004.~~10

~~At March 31, 2005 working~~ASIA ~~capital~~PACIFIC ~~was~~RESOURCES ~~$6 million compared to $7 million at December 31, 2004~~LTD.

(An exploration stage enterprise)

Management Discussion and Analysis

Three and six month period ended June 30, 2005

Unaudited (expressed in Canadian dollars)

The Company reports a net profit of $137,839 for the three month period ended June 30, 2005, compared to a net loss of ($254,190) for the three month period ended June 30, 2004.

At June 30, 2005 working capital was $4.7 million compared to $7 million at December 31, 2004.

Results of operations

The Company ~~incurred~~reports a net ~~loss~~ profit of $~~1.17~~137,839 ~~million~~ for the three month period ended ~~March~~June 3130, 2005, compared to a net loss of ($~~801~~254,~~345~~ 190) for the three month period ended ~~March~~June 3130, 2004.

2The net profit for the three month period ended June 30, 2005 includes a non-cash stock compensation recovery of $525,611 relating to the variable priced options as fully described in the December 31, 2004 financial statements.

Interest received and other income was $30,351 for the three months to June 30, 2005 compared to $8,953 for the comparable period to June 30, 2004 a reflection of the higher cash balances in the current period.

Interest expense for the three months to June 30, 2005 relates to withholding taxes paid for 2004 interest expense not previously remitted. Interest expense for the three months to June 30, 2004 relates to a loan converted to shares later in the year.

The Company's primary efforts are devoted to the ongoing development of its potash project near to Udon Thani in North-Eastern Thailand, in particular, progressing issues raised in the review of its application for a Mining License. In addition the Company has been engaged in discussions with prospective partners to secure financing for development of its potash concession.

Accounting and legal fees were $206,058 for the three months ending June 30, 2005 compared to $101,719 for the three months ending June 30, 2004. The Company has been responding to due diligence enquiries from a number of potential partners and financiers and has incurred additional consulting, accounting and legal fees in the process.

Consulting fees have increased to $267,207 for the three months ending June 30, 2005 compared to $109,162 for the three months ending June 30, 2004. Consulting costs in 2005 include payments to the Company's financial advisor in the People's Republic of China together with work on due diligence matters referred to above.

Promotion and travel was $211,490 for the three months ended June 30, 2005 compared to $431,493 for the same period in 2004. The expense category includes travel costs, an active public information program in N.E. Thailand and external relations costs relating to working with the government at all levels to process the Company's mining license application. Promotion and travel costs in the three months to June 2004 also reflected management and the directors' cost of travel for the Company's May 2004 fund raising.

Salaries were $303,786 in the current quarter ended June 30, 2005 compared to $281,686 in the quarter ended June 30, 2004. The increase of 7.8% recognizes the annual increases for Thailand staff on 1 January 2005 and the impact of recruiting a replacement Vice President, Operations in September 2004 as well as new Thai staff for community relations.

Transfer fees and filing costs were comparable for the three months ended June 30, 2005 to the same period in 2004.

ASIA PACIFIC RESOURCES LTD.

(An exploration stage enterprise)

Management Discussion and Analysis

Three and six month period ended ~~March~~ 31June 30, 2005

Unaudited (expressed in Canadian dollars)

The ~~net~~Company ~~loss includes~~reported aan ~~non-cash~~unrealized ~~stock~~foreign exchange ~~compensation~~gain ~~expense~~ of $~~110~~738,~~635~~398 ~~relating~~in tothe current quarter ended June 30, 2005 as the ~~variable~~exchange ~~priced~~rate ~~options~~moved asto ~~fully~~0.29650 ~~described~~Thai inBaht ~~the~~for ~~December~~each Canadian dollar on June 30, 2005 from 0.030920 at March 31, ~~2004~~2005. ~~financial~~The impact of this change is primarily on ~~statements~~the Future Income Tax liability held in Thai Baht and translated to Canadian dollars on consolidation.

Interest received and other income was $29,448 for the three months to March 31, 2004 compared to $845 for the comparable period to March 31, 2004 a reflection of the higher cash balances in the current period.

Accounting and legal fees were $60,453 for the three months ending March 31, 2005 compared to $89,980 for the three months ending March 31, 2004. Professional fees in Thailand relating to the Udon North issue are no longer being incurred.

Consulting fees have increased to $224,231 for the three months ending March 31, 2005 compared to $114,150 for the three months ending March 31, 2004. Consulting costs in 2005 include payments to the Company's financial advisor in the People's Republic of China.

Promotion and travel was $212,717 for the three months ended March 31, 2005 compared to $303,573 for the same period in 2004. The expense category includes travel costs, an active public information programmes in N.E. Thailand and external relations costs relating to working with the government at all levels to process the Company's mining license application.

Transfer fees and filing costs reduced to $20,018 for the three months ended March 31, 2005 from $34,373 for the same period in 2004.

UPDATE ON THE PROJECT

Investing activities with respect to expenditures on the potash concession were $~~0.2 million~~394,441in in the three months to ~~March~~June 3130, 2005 compared to $~~0.1~~216,845 ~~million~~ for three months to ~~March~~June 3130, 2004. Expenditure in 2005 has been on environmental monitoring and maintenance of the property.

Development of the Udon South project remains the Company's first priority. ~~exploration~~Exploration, engineering and environmental activities for the Udon South Project have all been completed and the project, subject to the grant of the Mining License, is ready for financing and construction. ~~The management discussion and analysis report for the year ended December 31, 2004 fully describes the Company's progress to date.~~

During the quarter, the Department of Primary Industries and Mining (DPIM) completed a survey of the mine boundaries. However, the DPIM has made a new request that the plant site boundary also be surveyed before the survey results may be posted on the community notice boards. This activity must be completed before the stakeholder research program can commence.

The Environmental Department has not completed the required review of the supplementary improvements to the Environmental Impact Assessment pending completion of the survey. The Department has also requested a notification from the DPIM of an approved Mine Plan which details how the Company will mine and process the deposit.

In June 2005, the Company's agreement with PAG Worldwide Limited was terminated.

During the quarter, the Company continued in discussions with potential partners and financiers primarily from China and Thailand. While the Company has responded to a number of due diligence enquiries, no agreements have been reached and there is no assurance of any agreements being finalized.

SUMMARY OF QUARTERLY RESULTS

The financial results for each of the eight most recently completed quarters are summarized below:

	3 months ended March 31, 2005	3 months ended December 31, 2004	3 months ended September 30, 2004	3 months ended June 30, 2004	3 months ended March 31, 2004	3 months ended December 31, 2003	3 months ended September 30, 2003	3 months ended June 30, 2003
	3 months			3 months			3 months		3 months		3 months		3 months		3 months		3 months
Total revenues	29,448	$33,113	$23,233	$8,953	$845	$6,842	$13,947	$30,932
		ended			ended			ended		ended	ended		ended		ended			ended
Net loss	(1,166,837)	(2,496,441)	(133,823)	(254,190)	(801,345)	(1,324,913)	(538,163)	(1,489,696)
	June 30,			March 31,			December 31,		September 30,		June 30,		March 31,		December 31,		September 30,
Net loss per share	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.01)	(0.00)	(0.00)
	2005			2005			2004		2004		2004		2004		2003		2003
Total revenues	$	30,351		$	29,448		$	33,113	$	23,233	$	8,953	$	845	$	6,842	$	13,947
Net profit (loss)	137,839			(1,166,837)			(2,496,441)		(133,823)		(254,190)		(801,345)		(1,324,913)		(538,163)
Net profit (loss)
per share		0.00			(0.00)			(0.00)		(0.00)	(0.00)		(0.00)		(0.01)			(0.00)

~~The Company is an exploration stage enterprise. At this time any issues of seasonality or market fluctuations do not impact revenues or expenditure.~~12

Foreign exchange movement impacts the Company's quarterly performance. Foreign currency monetary assets and liabilities, including the monetary assets and liabilities of the Company's integrated subsidiaries, are translated into Canadian dollars at the exchange rate in effect at the balance sheet date. Non-monetary assets, liabilities, revenues and expenses are translated into Canadian dollars at the rate of exchange prevailing on the respective dates of the transactions. Exchange gains and losses on translation are included in the statement of loss.

ASIA PACIFIC RESOURCES LTD.

(An exploration stage enterprise)

Management Discussion and Analysis

Three and six month period ended ~~March~~ 31June 30, 2005

Unaudited (expressed in Canadian dollars)

The Company is an exploration stage enterprise. At this time any issues of seasonality or market fluctuations do not impact revenues or expenditure.

LIQUIDITY

At ~~March~~June 3130, 2005 the working capital of the Company was $64.07 million compared to $7.0 million at December 31, 2004.

Other than for administrative expenditures, the Company will continue to spend funds on the ongoing development of its potash project, in particular, responding to issues raised in the review of its application for a Mining License. The Company has been responding to due diligence enquiries from a number of potential partners and financers and has incurred additional consulting, accounting and legal fees and travel costs in the process.

The Company has been engaged in discussions with prospective partners to secure financing for development of its potash concession but there is no assurance that these discussions will be concluded successfully or the financing achieved.

CONTRACTUAL COMMITMENTS

Contractual Commitments for expenditure by the Company are unchanged from that described in Note 11 of the Company's audited consolidated financial statements for the fiscal year ended December 31, 2004 as filed on Sedar.

CONTINGENCIES

Contingencies for expenditure by the Company are unchanged from that described in Note 12 a, c, d and e of the Company's audited consolidated financial statements for the fiscal year ended December 31, 2004 as filed on Sedar. The contingency described in Note 12 b related to a new success fee based agreement with PAG Worldwide Limited ("PAG"), specialist advisors, to assist the Company to secure an Udon South Mining License ("USML"). The new agreement included a series of milestone events, and associated payments, leading up to the issue of the USML. The milestones were not achieved. The agreement was terminated and the options granted at the initiation of the PAG contract were cancelled on June 17, 2005.

PROPOSED TRANSACTIONS

The Company continues its ongoing fund raising efforts to ensure that it can meet its commitments on receipt of the Mining License; for working capital and administrative expenses; to purchase additional land and/or surface rights and ultimately for construction of the mine facilities. There is no assurance that the Company will be able to raise some or all of the required funds.

The Company expects that the implementation of the project will involve a commercial relationship with one or more other companies for the purposes of market development and to obtain debt and equity financing to implement the

ASIA PACIFIC RESOURCES LTD.

(An exploration stage enterprise)

Management Discussion and Analysis

Three and six month period ended June 30, 2005

Unaudited (expressed in Canadian dollars)

project. The level of third party equity participation to finance the project relative to the level of debt financing potentially will have a diluting effect on existing shareholders directly or on the Company's holding in the project.

Other than as discussed herein, the Company is not aware of any trends, demands, commitments, events or uncertainties that may result in the Company's liquidity materially decreasing over and above current projected expenditures.

CRITICAL ACCOUNTING POLICIES

The critical accounting policies of the Company are unchanged from that described in the Company's management discussion and analysis of the fiscal year ended December 31, 2004 as filed on Sedar.

RISKS AND UNCERTAINTIES

The risks and uncertainties affecting the Company are unchanged from that described in the Company's management discussion and analysis of the fiscal year ended December 31, 2004 as filed on Sedar.

OUTSTANDING SHARE DATA

The Company's authorized share capital is unlimited.

	Common Shares Issued and Outstanding	Common Share Purchase Warrants	Common Share Purchase Options
	Common Shares		Common Share	Common Share
Balance March 31, 2005	598,585,796	145,569,215	27,574,500
	Issued and		Purchase	Purchase
Warrants exercised	193,000	(193,000)	-
	Outstanding		Warrants	Options
Balance May 10, 2005	598,778,796	145,376,215	27,574,500
Balance June 30, 2005	598,778,796		142,968,052	21,574,500
Change	-		-	-
Balance July 22, 2005	598,778,796		142,968,052	21,574,500

414

~~ASIA~~Suite ~~PACIFIC~~405, ~~RESOURCES~~555 Sixth Street, New ~~LTD.~~Westminster, BC, V3L 5H1 Tel: (604) 516-0566 | Fax: (604) 516-0568

~~(An~~Form ~~exploration~~52-109FT2 ~~stage~~-Certification of ~~enterprise)~~Interim Filings during Transition Period

Management Discussion and Analysis

Three month period ended March 31, 2005

Unaudited (expressed in Canadian dollars)

From April 1, 2005 to May 10, 2005 the Company issued 193,000 units pursuant to the exercise of broker stock purchase warrants for proceeds of $22,195. A unit comprised one common share and one common share purchase warrant entitling the holder to purchase one common share at an exercise price of $0.125 until May 26, 2006. The share purchase warrant portion of the unit is already included in the March 31, 2005 balance as a conditional item.

ASIA PACIFIC RESOURCES LTD.

FIRST QUARTER REPORT

FOR THE THREE MONTHS ENDED MARCH 31, 2005

Unaudited (prepared by management)

Stated in Canadian dollars

Notice to Reader

These interim consolidated financial statements of Asia Pacific Resources Ltd. have been prepared by management and approved by the Audit Committee and Board of Directors of the Company. In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed these interim consolidated financial statements, notes to financial statements and the related quarterly Management Discussion and Analysis.

ASIA PACIFIC RESOURCES LTD.

Interim Consolidated Balance Sheets

March 31, 2005 and December 31, 2004

(Expressed in Canadian dollars)

ASIA PACIFIC RESOURCES LTD.
(An exploration stage enterprise)
Consolidated Balance Sheets
(Expressed in Canadian dollars)
March 31,				December 31,
2005				2004
ASSETS
CURRENT
Cash and cash equivalents		$5,974,143		$7,138,196
Accounts receivable		16,004		4,704
Prepaid expenses		253,193		54,072
Other current assets		124,468		99,028
		6,367,808		7,296,000
INVESTMENT IN POTASH CONCESSION (Note 3)		90,919,247		90,749,721
INVESTMENT IN LAND		7,949,866		7,946,308
PROPERTY AND EQUIPMENT (Note 4)		298,795		255,108
		$105,535,716		$106,247,137
LIABILITIES
CURRENT
Accounts payable and accrued liabilities		$324,027		$328,840
FUTURE INCOME TAXES		14,203,565		14,231,127
		14,527,592		14,559,967
SHAREHOLDERS' EQUITY
Share capital (Note 5 (a))		170,350,153		169,939,997
Contributed surplus (Note 5 (d))		2,357,033		2,279,398
Deficit		(81,699,062)		(80,532,225)
		91,008,124	-	91,687,170
		$105,535,716		$106,247,137
GOING CONCERN (Note 1)
COMMITMENTS (Note 7)
CONTINGENCIES (Note 7)
APPROVED BY THE DIRECTORS
signed "John Bovard"	signed "Robert G. Connochie"
John Bovard, Director	Robert G. Connochie, Director
See accompanying Notes to the Consolidated Financial Statements.

ASIA PACIFIC RESOURCES LTD.

Interim Consolidated Statements of Loss and Deficit

For the three months ended March 31, 2005 and March 31, 2004

(Expressed in Canadian dollars)

		Three months ended
		March 31, 2005		March 31, 2004
		(Unaudited)		(Unaudited)
EXPENSES
Accounting and legal	$	60,453	$	89,980
Amortization of property and equipment		17,070		10,243
Consulting		224,231		114,150
Interest and bank charges		1,006		10,693
Office and miscellaneous		105,214		80,952
Promotion and travel		212,718		303,573
Rent		26,472		20,657
Salaries		360,214		237,295
Stock compensation expense		110,635		(413,206)
Transfer fees and filing costs		20,018		34,373
		1,138,031		488,710
LOSS BEFORE THE UNDERNOTED		(1,138,031)		(488,710)
INTEREST AND OTHER INCOME		29,448		845
FOREIGN EXCHANGE (LOSS) GAIN		(58,254)		(313,480)
WRITE-DOWN OF PROPERTY AND EQUIPMENT		-		-
LOSS BEFORE INCOME TAXES		(1,166,837)		(801,345)
FUTURE INCOME TAX RECOVERY		-		-
NET LOSS FOR THE PERIOD		(1,166,837)		(801,345)
DEFICIT, BEGINNING OF PERIOD		(80,532,225)		(76,846,426)
DEFICIT, END OF PERIOD	$	(81,699,062)	$	(77,647,771)
LOSS PER SHARE	$	(0.00)	$	(0.00)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING		595,808,921		464,469,448

See accompanying Notes to the Consolidated Financial Statements.

ASIA PACIFIC RESOURCES LTD.

Interim Consolidated Statements of Cash Flows

For the three months ended March 31, 2005 and March 31, 2004

(Expressed in Canadian dollars)

				Three months ended
				March 31,		March 31,
				2005		2004
				(Unaudited)		(Unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Net loss for the period			$	(1,166,837)	$	(801,345)
Items not involving cash
		Amortization of property and equipment		17,070		10,243
		Stock compensation expense		110,635		(413,206)
		Write-down of property and equipment		-		-
		Foreign exchange loss		(27,562)		317,421
				(1,066,694)		(886,887)
Change in non-cash operating working capital items				(240,674)		127,546
				(1,307,368)		(759,341)
CASH FLOW FROM FINANCING ACTIVITIES
		Issue of share capital		377,156		-
		Exercise of stock options		-		13,500
		Receipt of convertible loan		-		2,622,600
				377,156		2,636,100
CASH FLOW FROM INVESTING ACTIVITIES
		Purchase of capital assets		(60,757)		(5,801)
		Investment in potash concession		(169,526)		(89,355)
		Deposit		-		(11,076)
		Land		(3,558)		-
				(233,841)		(106,232)
NET CASH INFLOW (OUTFLOW)				(1,164,053)		1,770,527
CASH POSITION, BEGINNING OF PERIOD				7,138,196		383,733
CASH POSITION, END OF PERIOD			$	5,974,143	$	2,154,260
Supplemental Disclosure:
Change in non-cash operating working capital items:
	Accounts receivable			(11,300)		38,478
	Prepaid expenses and deposits			(199,121)		48,301
	Other current assets			(25,440)		(1,807)
	Accounts payable and accrued liabilities			(4,813)		42,574
			$	(240,674)	$	127,546
Cash receipts for interest			$	29,448	$	845
Cash payments for interest			$	-	$	10,693

See accompanying Notes to the Consolidated Financial Statements.

ASIA PACIFIC RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the three month periods ending March 31, 2005

Unaudited (expressed in Canadian dollars)

NATURE OF OPERATIONS

Asia Pacific Resources Ltd. (the "Company") is incorporated in New Brunswick, Canada and is in the business of exploring and developing its potash concession in Thailand. These consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes the realization of assets and settlement of liabilities in the normal course of business. The Company incurred a net loss of $1.17 million for the three months ended March 31, 2005 compared to the net loss of $801,345 at March 31, 2004.

ACCOUNTING POLICIES

These interim consolidated financial statements follow the same accounting policies and methods of their application as the most recent annual financial statements and should be read in conjunction with the consolidated financial statements and the accompanying notes for the year ended December 31, 2004 that may be read on www.sedar.com.

INVESTMENT IN POTASH CONCESSION

The investment in potash concession consists of the following:

	March 31, 2005
Balance, beginning of period		$90,749,721
Deferred exploration and development expenditures		169,526
Balance, end of period		$90,919,247

PROPERTY AND EQUIPMENT

	March 31 2005			December 31, 2004
		Accumulated	Net Book	Net Book
	Cost	Depreciation	Value	Value
Furniture and fixtures	$298,523	$230,964	$67,559	$58,026
Exploration equipment	11,598	11,598	-	-
Vehicles	63,743	63,568	175	231
Leasehold improvements	178,205	119,411	58,794	47,354
Computer equipment	302,485	130,218	172,267	149,497
	$854,554	$555,759	$298,795	$255,108

ASIA PACIFIC RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the three month periods ending March 31, 2005

Unaudited (expressed in Canadian dollars)

SHARE CAPITAL

Details of share capital from December 31, 2004 to March 31, 2005 are as follows:

	Number
	of shares	Amount
Balance at December 31, 2004	595,367,046	$169,939,997
Warrants exercised	3,018,750	377,156
Fair value of shares issued for compensation	200,000	33,000
Balance at March 31, 2005	598,585,796	170,350,153

Share purchase warrants outstanding at March 31, 2005:

Number of	Exercise
Shares	Prices $	Expiry Date
123,324,852	0.125	May 26, 2006 *
9,918,100	0.115	May 26, 2006 **
9,918,100	0.125	May 26, 2006 ***
2,408,163	0.170	May 2, 2005 ****
145,569,215

*** These common share purchase warrants are not outstanding at March 31, 2005 and will be issued as the broker units described in ** above are exercised.

**** These warrants expired unexercised on May 2, 2005.

ASIA PACIFIC RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the three month periods ending March 31, 2005

Unaudited (expressed in Canadian dollars)

SHARE CAPITAL (Continued)

A summary of share purchase warrant activity during the three month period ending March 31, 2005 is as follows:

Weighted
Average
Exercise
SharesPrice
Balance, December 31, 2004	148,587,965	$0.130
Exercised	(3,000,000)	0.125
Exercised	(18,750)	0.115
Balance, March 31, 2005	145,569,215	$0.130

A summary of share option activity during the three month period ending March 31, 2005 is as follows:

	Options Outstanding
	Number of	Weighted
	Common	Average
	Shares	Exercise Price
Balance, December 31, 2004	21,574,500	0.10
Granted	6,000,000	0.18
Balance, March 31, 2005	27,574,500	$0.11

The following table summarizes information concerning outstanding and exercisable options at March 31, 2005:

Number	Number	Exercise
of Options	of Options	Price
Outstanding	Exercisable	per Share	Expiry Date
16,874,500	11,199,667	$0.099	September 9, 2007
2,700,000	1,800,000	0.077	November 24, 2007
1,000,000	333,333	0.065	May 18, 2008
1,000,000	-	0.100	September 6, 2009
6,000,000	-	0.180	July 31, 2005
27,574,500	13,333,000

The weighted average exercise price of the 13,333,333 exercisable stock options at March 31, 2005 is $0.10.

Stock options outstanding at March 31, 2005 consist of 27,574,500 options some of which have variable exercise prices as described above. The weighted average exercise price has been calculated based on the exercise price which is effective until the next anniversary of the grant date.

ASIA PACIFIC RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the three month periods ending March 31, 2005

Unaudited (expressed in Canadian dollars)

Contributed surplus

Balance at December 31, 2004									$2,279,398
Stock issued for compensation									(33,000)
Stock compensation expense									110,635
Balance at March 31, 2005									$2,357,033

RELATED PARTY TRANSACTIONS

Related party transactions not disclosed elsewhere in these financial statements include consulting and management fees of $98,852 (three months ended March 31, 2003 - $72,095) paid to directors or officers or to companies controlled by or affiliated to directors or officers.

COMMITMENTS AND CONTINGENCIES

On January 10, 2005, and as amended on March 24, 2005 to recognise the focus of government officers on post Tsunami recovery efforts, the Company entered into a new agreement with PAG Worldwide Limited ("PAG"), specialist advisors, to assist the Company to secure an Udon South Mining License ("USML"). The new agreement includes a series of milestone events leading up to the public consultation process, after which the Minister of Primary Industry and Mines is expected to make a decision on the USML Application. Progress payments will be paid to the specialist advisors upon successful completion of the milestone events, with the balance of the success fee payable on receipt of a commercially acceptable Mining Lease.

Interim success fees will be paid provided that two defined interim milestones are completed no later than May 31, 2005 in the amount of US$200,000. Upon receipt of the USML before September 30, 2005, the Company shall pay PAG a cash success fee of US$5 million, less the interim success fee, as to US$1 million 30 days following receipt of the USML and the remainder 90 days later.

Pursuant to the Agreement and the Company's 2002 Plan, the Company granted PAG an option to acquire up to 6,000,000 common shares of the Company at an exercise price of C$0.18 ("PAG Option"). The PAG Option will only vest if the USML is received prior to September 30, 2005 and will be exercisable for 90 days from the USML grant date and expire not later than December 31, 2005.

Pursuant to the Agreement, and immediately following receipt of the USML the Company shall issue PAG 2,000,000 units consisting of one common share of the Company and a warrant, exercisable for a period of ninety days following its relevant issuance date, to acquire one common share of the Company at an exercise price of C$0.18 per share.

PAG are at arm's length to the Company and have specific regional expertise to assist the Company to secure a commercially viable USML.

SUBSEQUENT EVENTS

Pursuant to the exercise of broker warrants to purchase broker units, on April 12, 2005 the Company issued 193,000 common shares and 193,000 common share purchase warrants exercisable to buy common shares of the Company at an exercise price of $0.125 until they expire on May 26, 2006 for proceeds of $22,195.

Suite 405, 555 Sixth Street, New Westminster, BC, V3L 5H1

Tel: (604) 516-0566 | Fax: (604) 516-0568

Form 52-109FT2 - Certification of Interim Filings during Transition Period

I, John Bovard, President and Chief Executive Officer of Asia Pacific Resources Ltd., certify that:

1. I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings) of Asia Pacific Resources Ltd. (the "Issuer") for the interim period ending June 30, 2005;

~~I have~~2. Based ~~reviewed~~on ~~the~~my knowledge, the interim filings ~~(as~~do ~~this~~not ~~term~~contain isany ~~defined~~untrue instatement ~~Multilateral~~of a material fact or omit ~~Instrument~~to ~~52-109~~state ~~Certification~~a ofmaterial ~~Disclosure~~fact inrequired ~~Issuers'~~to ~~Annual~~be ~~and~~stated or that is necessary to make a ~~Interim~~statement ~~Filings)~~not misleading in light of ~~Asia~~the ~~Pacific~~circumstances ~~Resources~~under ~~Ltd.~~which ~~(the~~it ~~"Issuer")~~was ~~for~~made, with respect to the ~~interim~~ period ~~ending~~covered ~~March~~by ~~31,~~the ~~2005~~interim filings; and

23. Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the period presented in the interim filings.

Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings; and

Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the period presented in the interim filings.

Dated:

~~May 13~~July 22, 2005

"signed" John Bovard

______________________________________________ John Bovard, President and Chief Executive Officer

~~John Bovard~~Suite 405, ~~President~~555 ~~and~~Sixth ~~Chief~~Street, ~~Executive~~New ~~Officer~~Westminster, BC, V3L 5H1 Tel: (604) 516-0566 | Fax: (604) 516-0568

~~Suite~~Form ~~405,~~52-109FT2 ~~555 Sixth~~-Certification ~~Street,~~of ~~New~~Interim ~~Westminster,~~Filings during ~~BC,~~Transition ~~V3L 5H1~~Period

Tel: (604) 516-0566 | Fax: (604) 516-0568

Form 52-109FT2 - Certification of Interim Filings during Transition Period

I, Robert A. Scott, Chief Financial Officer and Corporate Secretary of Asia Pacific Resources Ltd., certify that:

14. I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings) of Asia Pacific Resources Ltd. (the "Issuer") for the interim period ending June 30, 2005;

I5. Based ~~have~~on ~~reviewed~~my knowledge, the interim filings ~~(as~~do ~~this~~not ~~term~~contain isany ~~defined~~untrue instatement ~~Multilateral~~of a ~~Instrument~~material ~~52-109~~fact ~~Certification~~or ofomit ~~Disclosure~~to instate ~~Issuers'~~a ~~Annual~~material ~~and~~fact required to be stated or that is ~~Interim~~necessary ~~Filings)~~to ofmake ~~Asia~~a ~~Pacific~~statement ~~Resources~~not ~~Ltd.~~misleading ~~(the~~in ~~"Issuer")~~light ~~for~~of the circumstances under ~~interim~~which it was made, with respect to the period ~~ending~~covered ~~March~~by ~~31,~~the ~~2005~~interim filings; and

26. Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the period presented in the interim filings.

Dated:

May 13, 2005

"signed" Robert A. Scott

~~_____________________________________________________~~July 22, 2005

~~Robert~~_____________________________________________________ Robert A. Scott, Chief Financial Officer and Corporate Secretary

Press Release

Asia Pacific Resources -Udon South Potash Project Update

(Toronto ON, July 22, 2005) Asia Pacific Resources has provided the following update in respect of the Udon South project:

Development of the Udon South project remains the Company's first priority. Exploration, engineering and environmental activities for the Udon South Project have all been completed and the project, subject to the grant of the Mining License, is ready for financing and construction.

The process of obtaining the Mining License has proved to be more bureaucratic than anticipated by the Company or apparent in the legislation. Rising potash prices and increasing demand, particularly in Asia, mean that the benefits of this project to Thailand are very significant and are well understood by many officials connected to the project. Local parties which object to the project, who are in the minority, obstructed government officials during the survey process and continue to escalate their objections to the project.

During the last three months, the Department of Primary Industries and Mining (DPIM) completed the survey of the mine boundaries. However, the DPIM have made a new request that the plant site boundary also be surveyed before the survey results may be posted on the community notice boards. This activity must be completed before the stakeholder research program can commence.

The Environmental Department has not completed the required review of the supplementary improvements to the

Environmental Impact Assessment pending completion of the survey. The Department has also requested a notification from the DPIM of an approved Mine Plan which details how the Company will mine and process the deposit.

In June 2005, the Company's agreement with PAG Worldwide Limited was terminated.

The Company continues in discussions with potential partners and financers primarily from China and Thailand. While the Company has responded to a number of due diligence enquiries, no agreements have been reached and there is no assurance of any agreements being finalized.

It is worth emphasizing that, over the lifetime of the Udon mine, in excess of US$4.4 billion of cash will remain in Thailand directly generated by this project. The indirect benefits together with savings from current imports of potash to Thailand add substantially to the economic benefits to Thailand .

FORWARD LOOKING STATEMENTS

upon estimates and opinions of management on the date the statements are made, and the Company does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change.

Asia Pacific Resources shares are traded on the TSX as well as the Frankfurt and Stuttgart Stock Exchanges, under the symbol APQ, and on the OTCBB under the Symbol APQCF.

FOR FURTHER INFORMATION PLEASE CONTACT:

The Sherbourne Group

Forbes West

(416) 203-2200 or 1-888-655-5532

forbes@sherbournegroup.ca

Filing Compare · ASIA PACIFIC RESOURCES LTD