Altai Resources - Mabulao One project, Philippines planned drilling and results of data compilation.

TORONTO--(BUSINESS WIRE)--April 16, 1996--ALTAI RESOURCES INC.(TSE: ATI ) Altai Philippines Mining Corporation, the operating arm of Altai Resources Inc. (ATI, TSE; US Sec. Rule 12g3-2(b) File # 82-2950) in the Philippines, has partially completed the compilation of information obtained from previous exploration work in the Mabulao One property. The claim block which now exceeds 10,000 acres and growing, is located in the prolific Paracale gold camp, Camarines Norte Province, Luzon Island. The camp has a recorded gold production of 4.3 million ounces.

Previous exploration work, mostly prior to 1975, concentrated primarily on three of the five known zones. Based on all the information available to date, the preliminary estimates of resources in these three zones are as follow:

1) Submakin Zone

Oxide mineralization (leachable) possible inventory

- 6 million tonnes at 4.6 gr/t gold, 1.5 percent copper Sulfide Mineralization Polymetallic skarn deposits

Skarn deposit A - 1 million tonnes at 1.52 percent copper, 7.26 percent lead+zinc, 2.8 gr/t gold, 31 gr/t silver

Skarn deposit B - 10 million tonnes at 0.9 percent copper, 4.72 percent lead+zinc, 1.7 gr/t gold, 18 gr/t silver

Copper-gold deposit - 55 million tonnes at 0.5 percent copper, 1.55 gr/t gold (molybdenum not assayed)

The sulphide inventories are based on 36 drill holes whereas the potential inventories of oxide gold are based on 12 test pits and 18 trenches and auger drilling. The records of another 36 holes drilled in this zone by earlier workers are not at present available to Altai. Reports on grades of inventories based on these holes are however available.

2) Igang-iyawan Zone

Oxide Potential (leachable) - 13.9 million tonnes at 0.8 percent copper, 1.25 g/t gold

Sulphide mineralization - 54.3 million tonnes at 0.37 percent copper, 1 g/t gold, (molybdenum not assayed)

3) Panguno South Zone

Oxide Potential - 9 million tonnes at 1.3 g/t gold, 1.42 percent copper

Sulphide Potential - 35 million tonnes at 0.35 percent copper, 0.79 g/t gold, 0.06 molybdenum.

The results on Panguno South Zone are based on trenching and drilling; and data compilation is still continuing for this zone.

The primary sulphide inventories in the property are close to surface and are open-pittable.

The combined primary sulphide inventory of 155 million tonnes should at this point be considered largely geological inventory or possible reserves due to insufficient drilling information and the fact that nearly half of more than 100 drill logs are not available to Altai. Tonnage and grade figures will very likely change substantially (that is, inventories are likely to increase) as compilation is still in progress and Altai's exploration work is to start shortly.

Altai will implement a major program of trenching, pitting and drilling in this property in May this year with the aim of confirming the oxidized (supergene) copper-gold inventory amenable to heap leaching. Primary sulphide deposits, particularly two unnamed deposits which were not previously explored, will be the subjects of geophysical surveys (induced polarization) with some drilling in this year's program.

CONTACT: ALTAI RESOURCES INC.

Niyazi Kacira, 416/869-1338

or

ALTAI RESOURCES INC.

Ivan de Souza, 416/944-9132

INDUSTRY KEYWORD: MINING REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-236-4266 or

80