Akiko Receives Asarco Offer On Nevada Gold Property.

VANCOUVER, British Columbia--(BUSINESS WIRE)--June 4, 1996--AKIKO GOLD RESOURCES(VSE: AKI ) Akiko Gold Resources Ltd. and Bradner Resources Ltd. have received a conditional written proposal from ASARCO Incorporated to lease their 50/50 interests, below 700 feet, in the Colorback mining claims located in Lander County, Nevada in the Battle Mountain-Eureka mineral belt. The nearly 1000-acre property is situated approximately 5 miles north of Placer Dome's 10 million oz Pipeline gold deposits. On its adjoining property, ASARCO recently drilled between 6 to 9 deep holes in close proximity to Akiko's eastern boundary.

Previous drilling in the central portion of the Colorback claims resulted in the discovery of shallow potentially open pit mineable gold mineralization. For example, a 35 foot thick intersection in hole CB-94-2 averaged 0.069 oz/t gold at a depth of 65 feet. Follow- up drilling has partially defined a gently dipping tabular zone of gold mineralization varying from 25-50 feet thick that remains open to the southeast. Based on the results of 8 holes this zone now contains a preliminary geologic resource of 297,000 tons averaging 0.038 oz/t.

Under the proposed agreement with ASARCO, all rights to this shallow gold resource would be retained, and it is anticipated that drilling of it would be resumed by Akiko and Bradner later this year. Akiko believes there is a potential for a small open pit deposit which it can explore for the accounts of Akiko and Bradner (subject to a 5 percent royalty due to the property owners), while ASARCO drills deep holes seeking a large tonnage high grade lower plate hosed deposit similar to those being developed and mined by Placer Dome to the south.

The Principal terms of ASARCO's offer provide for cash payments to Akiko, the retention by Akiko of net profits royalty on minerals produced below 700 feet, and a substantial work commitment by ASARCO. Detailed terms are subject to negotiation, but Akiko agrees in principal with ASARCO's proposal.

At the Annual General meeting of the company held 31 May 1996, shareholders approved Akiko's change of name to "Ultramin Resources Inc.", subject to Vancouver Stock Exchange acceptance.

For further information about Akiko Gold Resources Ltd. or the contents of this news release, please contact Christine Reynolds in Vancouver at [phone].

This news release has been prepared by management who assume full responsibility for its content. The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein.

CONTACT: Akiko Gold Resources Ltd.

Christine Reynolds, 604/689-0988