Anglo Minerals Ltd. Corporate Update.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--Feb. 20, 2004

Anglo Minerals (TSX VENTURE:ALM) Todd Montgomery, President of Anglo Minerals Ltd., is pleased to announce that it has sold the Snowden Mineral Claims in the Fort a la Corne kimberlite cluster of Saskatchewan. Pursuant to a letter agreement dated effective December 31, 2003, Anglo's interest in these Claims has been sold to Rio Grande Mines Corp., a private mining company, with the purchase price of $30,000 being due and payable in full on or before February 28, 2004. Anglo is required to pay the sum of $7500 to a prior owner of the Claims, who is arm's length to Anglo and who retains a 1% net smelter royalty over the Claims.

Anglo also wishes to announce that it will be proceeding with an offering of up to 3,000,000 common shares by way of a non-brokered private placement at $0.05 per common share, for gross proceeds to the corporation of up to $150,000. It is anticipated that insiders of Anglo may subscribe for some or all of the private placement.

Anglo continues to maintain a 49% interest in the Firebag Coal Property and a 5% carried working interest through to bankable feasibility in the Northern Lights Oilsands Project, both operated by Synenco Energy Inc. Synenco has the exclusive right, exercisable until December 31, 2004, to acquire all of Anglo's interest in both the aforementioned projects for $25 million cash. Anglo continues to explore available alternatives with a view to generating positive cash flow and maximizing shareholder value.