Ambrex Accelerating Drill Program Following Assay Results at Aripuana Project in Brazil.

TORONTO--(BUSINESS WIRE)--Aug. 29, 1996--AMBREX MINING CORP. (CANADIAN DEALING NETWORK: AMBX) Ambrex Mining Corporation announced today that it is accelerating the Aripuana exploration program by adding a fourth drill at the property in the state of Mato Grosso, Brazil, following receipt of assay results from its trenching and drilling program. The 90 meters of deep trenching in gold-mineralized sulphides returned assays of 2.13 grams gold per tonne over 32 meters, which included 4.0 grams over 11 meters.

This gold occurrence appears structurally related to the Expedito mine 400 meters along strike to the southeast. The first two holes of the current 10-hole diamond drill program did not test the new trenches or the gold mineralization at the Expedito mine, but have confirmed a polymetallic deposit over a complex structure much larger than originally anticipated.

The Ambrex program has discovered gold and multi-phase metals mineralization with significant values of copper, lead, zinc, molybdenum and bismuth. The program has extended the structures under investigation to 6.3 kilometers from 3.0 kilometers on the Company's 49 percent-owned property.

The current exploration program consists of soil geochemical sampling, geophysics, trenching and drilling. The mineralization is hosted by Proterozoic tuffs of the Beneficiente Group. The metals are contained within sediform, disseminated sulphides throughout the complete tuffaceous sequence, and are locally concentrated within the sequence and by structural remobilization and late-stage quartz veins. The polymetallic nature of the deposit has been confirmed in all phases of the project.

Anglo American Corporation is drilling extensively on either side of Ambrex's property and has reported development of a large-scale polymetallic project based on their three-year drilling program.

Trenching at Aripuana has discovered two highly mineralized zones (the upper and lower Toddy) that lie 300 and 400 meters to the northwest of Expedito's mine on strong geophysical and geochemical anomalies.

Trench assay results are as follows:

Grade (all analyses complete)

Trench No. of Gold Copper Lead Zinc Moly True

one- g/t percent percent percent g/t Width

meter estimate

Channel

Samples

Upper Toddy 32 2.13 Minimum includes 3 6.58 8 meters

or 5 4.57

and 6 4.00

Lower Toddy 80 0.23 0.8 0.27 Minimum includes 5 1.40 2.6 1.15 10 meters

and 2 0.50 2.5 0.70

Expedito's Mine 6 11.87 1.45 277 6 meters

and 4 3.00 4 meters

The Soil Geochemistry program has confirmed the gold and base metal anomaly along a 3,100-meter northwest to southeast strike length. Grades in soils have ranged up to 4.2 grams per tonne gold, 0.35 percent copper, 7.8 percent lead and 0.37 percent zinc.

This geochemistry program recently defined two new gold occurrences, trending east-west and conforming to regional magnetic and radiometric anomalies. The structures are parallel and approximately 600 meters apart. The northern anomaly is 1,600 meters in length and open along strike in both directions. This northern structure is postulated to be the source of the gold in the rich Paraiba alluvial gold workings, where the gold lode source was previously unexplained. The southern anomaly trends 1,600 meters eastwards from the original workings at Expedito's mine and is open to the east, where Ambrex has recorded grades of up to 3.0 grams per tonne gold in the soils.

The Geophysical program was designed to investigate the western 1,200 meters of the structure and consisted of magnetic and induced polarization (IP) surveys, and has been integrated with a previous electromagnetic survey. The work has confirmed a strong conductor over the full 1,200 meters trending from the Anglo boundary and through the Expedito mine. Very strong EM and IP anomalies are remarkably coincident with the geochemistry anomalies, confirming a coherent mineralized zone. The initial geophysical survey did not cover the two new east-west gold anomalies.

The status of the Drilling is as follows:

DDH 01a intersected massive sulphides over 9.5 meters at a depth of 156 meters, but with no economic values assayed. The mineralization of this intersection is not consistent with the gold/copper values in the high-grade Expedito mine to the east, or the Todday trenches to the west, and is interpreted to represent a different horizon.

DDH 02 was completed at 350 meters, did not intersect the highly mineralized zones as seen to the south and east, but had mineralization with disseminated and banded sulphides over 300 meters. This hole established that the tuffaceous sequence has polymetallic separation and that the mineralogy changes with depth. It also defined the huge size of the mineralizing system.

Three rigs are in operation and although drilling progress is slow, the output is improving.

DDH 03a is drilling at 102 meters on a strong geophysical target evidenced by a 52-meter-long gossan at surface. DDH 04 is at 206 meters and located directly offsetting four Anglo drill holes at the northwest border with the Ambrex property. DDH 05 is 107 meters drilling directly underneath the Expedito pit.

Ambrex is very encouraged by the results to date and particularly by the vastly increased size of the project. The Company is deploying a fourth drill rig to arrive on site next month.

Ambrex Mining Corporation focuses on exploration and development of gold properties in Brazil. Common shares of Ambrex trade on the Canadian Dealing Network (CDN) under the symbol AMBX.

(This release and a map of the Aripuana area showing drill hole locations, trenches and geophysical targets are available on the Internet at http://www.cdn-news.com)

CONTACT: Ambrex Mining Corporation

William Fisher/Gary Last, 416/865-9300

or

Hume, Kieran Inc. - Investor Relations 

Jon W. Kieran/Olav Svela, 416/868-1079