Ambrex: Drilling Confirms Discovery of Volcanogenic Massive Sulphide Deposit at Ambrex's Aripuana Project, Brazil.

TORONTO--(BUSINESS WIRE)--Oct. 1, 1996-- AMBREX MINING CORP.(CANADIAN DEALING NETWORK AMBX.) Ambrex Mining Corporation announced today that two deep drill holes have confirmed the discovery of a rich massive sulphide deposit containing zinc, lead, copper, silver and gold on its 49 percent-owned Aripuana property in the state of Mato Grosso, Brazil. Geological consultants on-site at Aripuana have confirmed the probability that the discovery is a large volcanogenic massive sulphide (VMS) measuring over 700 meters in length and still open along strike and at depth. Drilling and trenching to date display high-grade zinc with values of gold, copper, lead and molybdenum.

The current drilling program has intersected thick massive sulphides in five of the eight holes. The latest two drill hole results are as follows: -0-

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Hole    Depth         Thickness             Grade
Number  (meters)      (meters)
        from     to             Zinc  Lead  Copper Silver Gold
                                  (in percent.)    g/t    g/t
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DDH 07  177.10   183.5   6.4     5.5   0.8   0.38   10   0.31
               includes  2.9    11.1   1.0   0.47   13   0.33

DDH 08  129.7    144.2  14.5    10.0   1.3   0.08 36.4   0.20
               includes  8.7    13.3   2.0   0.11 51.5   0.31
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-0-

As a point of reference, the Bathurst camp in New Brunswick, according to published geological reports, includes 29 VMS deposits averaging 8.7 million tonnes and grading an average 5.43 percent zinc, 2.17 percent lead and 0.56 percent copper with byproduct silver and gold. The biggest deposit in the camp is Brunswick Mining and Smelting's Brunswick No. 12 Mine with a reserve of 74.9 million tonnes grading approximately 8.82 percent zinc and 3.55 percent lead. President Bill Fisher said he was extremely pleased with the results and particularly encouraged by the interpretation of the geological potential noted in a consultant's recent report.

"Results of the work Ambrex has conducted to date strongly suggest that Ambrex is exploring part of a significant, polymetallic volcanogenic massive sulphide deposit which may be very large," said consultant Steve Enns. "The sulphide intersections in widely spaced holes (Nos. 6,7,8) indicate a large strike dimension (more than 700 meters) of significant stratiform (and stringer-type) mineralization. This by itself is very impressive."

Hole No. 6, which also intercepted mineralization, was drilled 300 meters west of No. 7. Hole No. 8 was collared 350 meters to the east of No. 7, confirming a total strike length of at least 650 meters. (Another mineralized hole, No. 5, was collared nearly midway between Nos. 7 and 8.) Surface geochemical sampling and mapping indicate the total trend on Ambrex ground is 3.1 kilometers long.

The core in Holes 7 and 8 intersected the upper part of the VMS deposit, where lead and zinc values were predicted to be highest. Weathered outcrops of both the zinc/lead and gold/copper phases of the VMS deposit occur on the property surface, suggesting continuity from surface to be more than 180 meters in depth.

As previously reported, the lower section of the VMS body yielded the following results: -0-

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Hole Number        Thickness       Gold         Copper
                    (meters)    (grams/ton)   (percent)
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DDH 05                2.5    3.6 or 0.12 oz./t   1.0

DDH 06                7.0    2.6 or 0.08 oz./t   1.3
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-0-

The original Expedito's Pit (6 meters grading 11.8 grams gold per ton, 1.45 percent copper and 277 grams molybdenum) has been interpreted to be the VMS feeder zone, which has been sheared and altered. This confirms that the complete system is a polymetallic, highly mineralized body. VMS bodies rarely occur singly, and Ambrex geological staff are interpreting the 3-kilometer strike length for extensions of the original discovery and other VMS lenses. Diamond drilling continues.

The structure that Ambrex is exploring completely traverses its property and passes onto ground both on the west and the southeast held by Anglo American Corp.'s Brazilian subsidiary, which is in the third year of a drilling program.

Ambrex is an exploration and development company specializing in mineral exploration in Brazil. The Company's shares trade on the Canadian Dealing Network (CDN) under the symbol AMBX.

(This release and a map of the Aripuana area are available on the Internet at: http://www.cdn-news.com).

CONTACT: Ambrex Mining Corporation

William Fisher, 416/ 865-9300

or

Hume, Kieran Inc.

Jon Kieran, 416/ 868-1079