Adrian Resources Update on Petaquilla Project.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--May 14, 1998-- Adrian Resources Ltd (TSE:ADL.) (VSE:ADL.) (NASDAQ:ADLRF) Adrian Resources Ltd. ("Adrian") reports that it has received notice from Teck Corporation ("Teck") that Teck has deferred for one year its decision whether or not to place Adrian's Petaquilla project into production and thereby complete its acquisition of one half of Adrian's 52 percent interest in Petaquilla. A Teck spokesman stated that, in Teck's view, "current depressed copper prices (approximately 20 percent below the long-term price used by Teck in its economic analysis of Petaquilla) and the expectation that the copper over-supply situation will continue necessitate delaying a production decision." Teck, which presently holds no interest in the Petaquilla Property, can acquire an effective 26 percent interest in Petaquilla by funding Adrian's share of the cost of placing Petaquilla into production.

While Teck's decision is disappointing, it is not a serious hurdle to the eventual development of Petaquilla. Teck's spokesman went on to say that Teck holds the view that "Petaquilla is a major copper resource that can and should be developed into a mine when economic conditions warrant." He explained that "international metals prices are cyclical and depend on world economic growth, in this particular case copper demand", and "that with the feasibility study complete Petaquilla should be ready to take advantage of the next window of opportunity for the development of new copper mines."

Teck is obliged to keep updated the final bankable feasibility study (the "Study") prepared by H.A. Simons Ltd. on behalf of Teck, which was completed in January of this year. The Study (full details of which were announced in Adrian's news release of February 4, 1998) clearly indicated the feasibility of the Petaquilla project, concluding that the project's total after-tax cash flow is US$2.1 billion, with a net present value of US$364.4 million (using Teck's assumed long-term metals prices of US$1.10/lb. copper, US$375/oz. gold and US$3.50/lb. molybdenum, a 10 percent discount rate and a throughput rate of 120,000 tonnes per day on a 100 percent debt basis). Using these assumptions, the project will have an internal rate of return of 14.2 percent and a payback period of 4.8 years. Assuming a debt to equity ratio of 60:40, the Study states that the loan portion of the financing would be retired in about four years.

The Study estimates that the proven and probable mineable reserves for the Petaquilla Project total 1.1 billion tonnes. The in-pit mineable reserves which will be mined and milled total 986 million tonnes grading 0.50 percent Cu, 0.09 g/t Au, 0.016 percent MoS2 as well as recoverable silver with an average waste to ore ratio of 0.97:1. The project is scheduled to produce an average of 509 million pounds of copper, 83,600 ounces of gold and 10.6 million pounds of MoS2 during the first six years of the project's 23 year mine life at an average cash cost per pound of copper, net of by- product credits of US$0.51. The total recoverable payable metal content contained in these reserves is at least 9.4 billion pounds of copper, 1.37 million ounces of gold, 24.1 million ounces of silver and 131.1 million pounds of molybdenum, not including the contained metal in the low grade stockpile. The effect of milling the additional mineable reserves contained in the low grade stockpile of 130 million tonnes was not included in the Study's financial analyses.

The Study estimates that on-site net cash costs for the Petaquilla project will average US$0.58/lb. copper over the life of the mine. The operational break-even price (net cash costs plus sustaining capital, taxes, royalties, etc.) is US$0.69/lb. copper while the project break-even price for Petaquilla (operational break-even plus payback of initial capital of US$1.12 billion) is US$0.89/lb. copper based on an estimated debt equity ratio of 60:40. -0-

     The Study also examines, as an alternate case, a number of
opportunities which are not included in its main financial analysis.
These are:

(a)  the inclusion of 356 million tonnes of preliminary scoping level
     reserves at the Valle Grande deposit (grading 0.43 percent
     copper, 0.06 g/t gold and 0.13 percent MoS2, with recoverable
     silver);

(b)  mining of 570,000 ounces of gold in diluted mineable resources
     totalling approximately 8 million tonnes averaging 2.2 g/t gold
     and 5.1 g/t silver at a 2.3:1 strip ratio from the Molejon
     deposit; and

(c)  the use of third party power supply instead of an owner operated
     diesel-fired power generating plant which could reduce initial
     capital costs by approximately US$135 million, with a marginal
     reduction in operating costs from those estimated for the owner
     operated scenario.

-0-

These three opportunities are estimated to increase the project's net present value by a further US$146 million to US$510 million, add an additional US$991 million in net cash flow, increase the internal rate of return to 16.7 percent and decrease the payback period by about half a year, assuming a 10 percent discount rate, and add a further eight years to the mine life. Discussions are ongoing with power suppliers to examine alternate power supply options. Teck has advised Adrian that it will continue to pursue the opportunities for the reduction of initial and ongoing capital costs identified in the Study in an effort to reduce any further delays in the development of the Petaquilla project.

The mineable reserves outlined in the Study represent only a part of Petaquilla's ultimate potential. At a 0.2 percent copper equivalent cut-off grade, Adrian's engineering consultant, Fluor Daniel Wright Ltd., estimated the geological resources of all known Petaquilla area copper and gold deposits to total approximately 3.7 billion tonnes containing approximately 31.8 billion pounds of copper, 9.8 million ounces of gold and 962 million pounds of molybdenite.

Under the Petaquilla Shareholders Agreement, in one year's time Teck must again make an election whether or not to proceed with the development of Petaquilla. In the event that Teck again asserts its deferral right, Adrian can elect to proceed with development whereupon Teck must either fund 52 percent of the costs of placing Petaquilla into production or its right to acquire one half of Adrian's interest will terminate.

In anticipation of an eventual production decision, Minera Petaquilla, the joint operating company owned by Adrian, Teck and Inmet, recently purchased the land needed for the port site and posted with the Government of Panama a US$3,000,000 performance bond to secure performance of Minera Petaquilla's commitment to carry out the minimum investment of US$400 million required under the Petaquilla Contract Law. This bond takes the form of a letter of credit, jointly guaranteed by Adrian, Teck and Inmet. Adrian and Teck have thus far each invested approximately C$33 million in Petaquilla since 1991.

On Behalf of the Board of Directors of ADRIAN RESOURCES LTD. Chet Idziszek, President -0-

NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. STATEMENTS IN THIS NEWS RELEASE REGARDING EXPECTED COMPLETION DATES OF FEASIBILITY STUDIES, ANTICIPATED COMMENCEMENT DATES OF MINING OR METAL PRODUCTION OPERATIONS, PROJECTED QUANTITIES OF FUTURE METAL PRODUCTION AND ANTICIPATED PRODUCTION RATES, OPERATING EFFICIENCIES, COSTS AND EXPENDITURES ARE FORWARD-LOOKING STATEMENTS. ACTUAL RESULTS COULD DIFFER MATERIALLY DEPENDING UPON THE AVAILABILITY OF MATERIALS, EQUIPMENT, REQUIRED PERMITS OR APPROVALS AND FINANCING, THE OCCURRENCE OF UNUSUAL WEATHER OR OPERATING CONDITIONS, THE ACCURACY OF RESERVE ESTIMATES, LOWER THAN EXPECTED ORE GRADES OR THE FAILURE OF EQUIPMENT OR PROCESSES TO OPERATE IN ACCORDANCE WITH SPECIFICATIONS. RESULTS OF OPERATIONS ARE DIRECTLY AFFECTED BY METALS PRICES ON COMMODITY EXCHANGES WHICH CAN BE VOLATILE.

CONTACT: Adrian Resources Ltd.

Chet Idziszek, 604/688-3008

604/688-0063 (FAX)