Anglo Developing Gold Property In Nevada.

CALGARY, ALBERTA--(BUSINESS WIRE)--Jan. 22, 1996--ANGLO MINERALS LTD. (Alberta Stock Exchange: ALM) Anglo Minerals Ltd., an ASE listed company, has results from its late 1995 drill program. The program took place on the Cresent State Bank property in the Mineral Ridge area of Silver Peak Nevada.

To date the project contains proven and drill indicated mineable reserves of 42,708 tons of ore with an average grade of 0.081 ounces of gold per ton. This deposit is near surface and is open ended to the Northwest and Southeast, and is amenable to surface mining techniques. The projections are, that the Cresent State Bank project could have several million tons of mineralization with comparable grade and ton to the proven and drill indicated reserves on the property.

Remaining targets include a detachment fault, major structure at depth and stacked mineralized zones. Further investigation of leaching extraction techniques will be conducted. A pre-production test in May 1995 of 1.1 short ton of mineralized rock produced a 1.28 oz. Dore' bar. Previous assays of gold from the Cresent State Bank have demonstrated 850 fine gold.

Anglo Minerals Ltd. retains a 100 percent interest in the Cresent State Bank project which adjoins the Mineral Ridge Mine owned by Cornucopia Resources Ltd. Cornucopia Resources has recently announced a production decision on the Mineral Ridge Mine for the first quarter of 1997. Production forecasts range from 45,000 to 56,000 ounces of gold per year.

Anglo Minerals' Cresent State Bank property has very similar geology and comparable grade and ton on scale as the Cornucopia Mineral Ridge mine. The potential for the Cresent State Bank project exists for several mineable, near surface gold deposits and could represent another mine.

CONTACT: Anglo Minerals

Todd D. Montgomery, 403/262-3580 or 306/693-7577