Ambrex Mining Corporation Initiates Diamond Drilling Program on Aripuana Property, Mato Grosso, Brasil.

TORONTO--(BUSINESS WIRE)--July 10, 1998--Ambrex Mining Corporation (CDN:AMBX) ("Ambrex") announces the start-up of a diamond drilling program on the Aripuana zinc property in northern Brazil.

It is anticipated that 2200 meters of drilling in 6 holes will be completed during this program, envisioned by the management of Ambrex to enhance the previously disclosed resource estimate by independent consulting firm, A.C.A. Howe International ("Howe").

Howe who estimated that 6.97 million tonnes averaging 6.18 percent Zn., 2.03 percent Pb., 0.05 percent Cu., 65 g/t Ag and 0.24 g/t Au. have been identified thus far in the Valley Deposit portion of the Aripuana property.

Areas of insufficient drill density are apparent in the historical drill pattern over portions of the deposit which need filling-in prior to inclusion in a new resource estimate. This series of holes includes short (in the order of 100m) step-outs from existing intersections along strike, to depth, and near surface with respect to the previously identified Valley deposit.

The Aripuana property is 100 percent held by the Brazilian company Mineracao Rio Aripuana ("MRA"). MRA is now controlled 53.31 percent by Rio Taboco S.A. (wholly owned subsidiary of Ambrex); 30 percent by Madison do Brasil (wholly owned subsidiary of Ourominas Minerals Inc.) and 16.69 percent by SGV Merchant Bank (wholly owned subsidiary of St. Genevieve Resources Inc.).

Parties must contribute at their respective interest level in MRA or undergo dilution in accordance with a standard dilution formula based upon each participating party's required contribution levels. Cash calls have been delivered to the joint venture partners regarding their pro rata contribution to the cost of the exploration program which is estimated to total $Cdn450,000.

Ambrex also announces that it is seeking regulatory approval to undertake a rights offering to shareholders for the purchase of common shares of Ambrex. This rights offering is being proposed by Ambrex to allow existing shareholders the opportunity to participate on a prorata basis in the distribution of common shares. Subject to obtaining the appropriate approvals, Ambrex intends to issue, to eligible holders of common shares, one right for every four (4) common shares held. Four rights and the sum of $0.05 is required to purchase one (1) common share. Holders who have exercised all of their rights will be allowed to subscribe for additional common share not taken up under the initial subscription.

The Corporation proposes to issue up to an additional 11,477,814 common shares pursuant to the rights offering for the maximum gross proceeds of $573,891. The proceeds will be utilized by Ambrex to reduce outstanding liabilities and accounts payable.

A rights offering circular describing the rights offering in detail will be forwarded to all shareholders as soon as regulatory approval for offering has been granted.

Ambrex Mining Corporation is active in precious and base metal exploration in Brazil. The Company trades on the Canadian Dealing Network and as a result of 2,140,240 common shares recently being surrendered for cancellation to the Corporation's treasury, Ambrex currently has 45,911,255 issued and outstanding shares.

NO REGULATORY AUTHORITY HAS APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE

    CONTACT:  Ambrex Mining Corporation
               Mary Peschka, 416/941-8709
               or
               Ambrex Mining Corporation
               Neil Novak, 416/941-8708