Exhibit 99.02


McKenzie Bay And SOQUEM Sign Letter of Intent to Form Joint Venture


QUEBEC CITY, Quebec & BRIGHTON, Mich., Jun 20, 2002 -- McKenzie Bay
International Ltd. (OTCBB:MKBY) is pleased to announce 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) have signed a Letter of Intent to negotiate a Joint Venture Agreement
between the parties in which SOQUEM would acquire a 20% interest in the
development of the Lac Dore vanadium deposit.

Any Joint Venture Agreement will be subject to all required approvals, including
regulatory and board of directors of the respective parties.

In the event that the parties cannot execute a Joint Venture Agreement before
August 31, 2002, the existing Agreement between the parties will be extended
until August 31, 2003. SOQUEM has the Option to acquire a 20% interest in the
Lac Dore Project upon delivery of a positive bankable feasibility study as per
the existing SOQUEM/McKenzie Bay agreement.

A recently completed Feasibility Study prepared by SNC Lavalin Inc indicates Lac
Dore is capable of producing large quantities of the highest purity Vanadium
products in the world. Capital investment is estimated to be US$229 (C$364)
million including all equipment, infrastructure costs and C$39 million for
contingencies providing for planned initial annual production capacity of 25
million pounds for all Vanadium products combined. Total employment is estimated
at more than 300.

Located 300 hundred miles (500 kilometers) North of Montreal near Chibougamau,
Quebec, Lac Dore is the largest Vanadium deposit in North America and second
largest in the world. Lac Dore is expected to become the lowest cost producer in
the world of various high purity Vanadium products. The primary focus is the
production of various high purity Vanadium products for use in multiple
electricity storage technologies including Vanadium Electrolyte for use in
Vanadium Redox batteries. Plans to bring Lac Dore into production are ongoing.

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.