Exhibit 99.03 - (Subsuquent Event)


McKenzie Bay International Ltd: Lac Dore Takes First Step Towards Development:
Five Vanadium Products Targeted


BRIGHTON, MICHIGAN & MONTREAL, QUEBEC, Jul 24, 2002 -- McKenzie Bay
International Ltd. (OTCBB:MKBY) announces the Lac Dore Vanadium Project has
taken the first step towards development of the Lac Dore Vanadium deposit since
the completion of a Feasibility Study by SNC Lavalin (PR April 26, 2002).
Entraco Inc, a Montreal based environmental consulting firm, has been engaged to
proceed immediately with the environmental impact study and secure necessary
permits to construct a mine, refinery and product manufacturing facilities at
Lac Dore. Entraco has been instructed to apply the same high environmental
standards established when previously engaged for preparation of the Feasibility
Study, thus minimizing any unanticipated environmental constraints.

On June 22, 2002, McKenzie Bay announced that its wholly owned subsidiary,
McKenzie Bay Resources Ltd, and SOQUEM INC (http://www.soquem.qc.ca), a division
of SGF Mineral Inc, which is a subsidiary of Societe generale de financement du
Quebec "SGF" (Ministry of Finance Province of Quebec) signed a Letter of Intent
to negotiate a Joint Venture Agreement between the parties in which SOQUEM would
exercise its option to retain a 20% interest in the Lac Dor Vanadium deposit.
Another important step towards development of Lac Dore is securing contracts for
the lease or sale of Lac Dore's Vanadium products. MKBY is actively engaged in
the discovery of markets, products and demand for five Vanadium products
targeted specifically for their use in electricity storage technologies. These
products offer: high profit margin potential, limited or non-existent
competition, and strong likelihood for creation of significant downstream values
from leasing.

The final pre-construction engineering phase will begin shortly, subsequent to
securing contracts for the sale of products to be produced at Lac Dore. Plans
are currently being prepared and appropriate engineering firms will be engaged
to render these services and those of the related construction phase.

This press release contains certain forward-looking statements concerning
potential developments affecting the business, prospects, financial condition
and other aspects of the company to which this release pertains. The actual
results of the specific items described in this release, and the company's
operations generally, may differ materially from what is projected in such
forward-looking statements. Although such statements are based upon the best
judgments of management of the company as of the date of this release,
significant deviations in magnitude, timing and other factors may result from
business risks and uncertainties including, without limitation, the company's
dependence on third parties, general market and economic conditions, technical
factors, the availability of outside capital, receipt of revenues and other
factors, many of which are beyond the control of the company. The company
disclaims any obligation to update information contained in any forward-looking
statement. In addition, the description of past or present performance as to any
person is not an indication of future performance or success. The company will
remain dependent upon obtaining future financing to support its continued growth
and development to successfully implement its business plan.