AJ Perron Gold Corp., Perrex Resources Inc., Gwen Resources Ltd., The Alberta Gold Exploration Corp. and The Perron Gold Corp. - Strategic Alliance.

VIRGINIATOWN, Ontario--(BUSINESS WIRE)--Nov. 28, 1995--THE PERRON GOLD CORP. (Alberta Stock Exchange: PXO Alberta Stock Exchange: GWC Alberta Stock Exchange: AGJ TSE: AJP)--AJ Perron Gold Corp. ("AJP"), Perrex Resources Inc. ("Perrex"), Gwen Resources Ltd. ("Gwen"), The Alberta Gold Exploration Corp. ("Alberta Gold") and The Perron Gold Corp. ("Perron Gold") announced today that they have agreed to terminate the previously announced agreement between them with respect to a proposed strategic alliance transaction pursuant to which a 50 percent interest in certain properties held by Perrex, Gwen, Alberta Gold and Perron Gold was to be acquired by AJP in exchange for shares of AJP.

The agreement was terminated as all necessary regulatory approvals, including that of The Toronto Stock Exchange and the Ontario Securities Commission, to the proposed strategic alliance transaction were not obtained. The companies announced that they intend to consider alternative transactions which would combine AJP's milling assets and infrastructure with certain of the exploration properties held by Perrex, Gwen, Alberta Gold and Perron Gold.

However, at this time no specific alternative transaction is being pursued and, if any such transaction is proposed, it will be subject to regulatory and, if required, shareholder approval.

CONTACT: Alexander Perron, President

or

John Perron, Secretary-Treasurer

AJ Perron Gold Corp.

Perrex Resources Inc.

Gwen Resources Ltd.

The Alberta Gold Exploration Corp.

The Perron Gold Corp.

705/634-2121

705/634-2396 (fax)