Anglo Swiss Resources-Lac De Gras Acquisition; Diamondiferous Kimberlite Optioned.

VANCOUVER, British Columbia -- Anglo Swiss Resources Inc. (TSX VENTURE:ASW)(OTCBB:ASWRF)(BERLIN:AMO) is pleased to announce that it has entered into an agreement with New Shoshoni Ventures Ltd. ("New Shoshoni"), whereby Anglo Swiss may earn up to a 60% interest in the New Shoshoni's Li 201 Kimberlite property.

The Li 201 property, which covers approximately 58,284 acres, is underlain by rocks of the Slave Craton, which locally host the Ekati and Diavik diamond mines (approximately 60 and 90 kilometres from Li 201 respectively). The area covered by the property was previously explored during 1996 and 1997 by a joint venture operated by Kennecott Canada Exploration. Work at that time included regional scale till sampling to identify kimberlite indicator mineral ("KIM") trains, airborne and ground geophysical surveying and diamond drilling of selected targets. One new occurrence of kimberlite material was identified as a result of this program (Li 201) and is located on the claims. This kimberlite occurrence consists of kimberlitic mud, various xenoliths and mantel-derived nodules. The material is diamondiferous, and results of caustic fusion analysis performed by the Kennecott Canada Exploration micro diamond recovery plant at Thunder Bay, Ontario, are shown in the accompanying table.

CAUSTIC FUSION RESULTS

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              Diamonds   Diamonds
              With one   With all   Number   Number
             Dimension Dimensions Diamonds Diamonds   Total     Total
          greater than  less than In 1.0mm In 0.5mm Diamond Kilograms
DDH              0.5mm      0.5mm    Sieve    Sieve   Count Processed
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97LI201-02           7         27        0        1      34     168.8
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97LI201-04           7         19        1        2      26     112.3
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                                             TOTALS      60     281.1
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Taken from Assessment Report prepared by Kevin Wallis, on the ICE and
CIE claims, filed by Kennecott Canada Exploration Inc. for work
performed between March 1996 and March 1998.

Anglo Swiss may earn an initial 50% interest in the property by incurring $3,000,000 in exploration expenditures on the property ($200,000 in the 1st year; $400,000 in the 2nd year, $800,000 in the 3rd year and $1,600,000 in the 4th year), issuing 400,000 shares to New Shoshoni upon TSX Venture Exchange (the "Exchange") approval, and making total cash payments of $130,000 to New Shoshoni.

Anglo Swiss may earn an additional 10% interest in the property by incurring an additional $3,200,000 in exploration expenditures on the property within 60 months of Exchange approval of the agreement.

New Shoshoni will also receive kimberlite bonuses for new kimberlites discovered on these claims. The first kimberlite discovery would result in the issuance of 250,000 shares of Anglo Swiss to New Shoshoni, subsequent kimberlite discoveries would result in the issuance of 100,000 shares each, up to a cumulative total of 1,000,000 shares.

The Li 201 property is subject to a 3% Gross Overriding Royalty, 1/3 of which can be purchased by Anglo Swiss and New Shoshoni (on a pro-rata basis) for $2,500,000.

This acquisition is subject to Exchange approval.

Glen Macdonald, P. Geo., a Qualified Person under National Instrument 43-101, has approved the technical content of this News Release.

On behalf of the Board,

Len Danard, President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Anglo Swiss Resources Inc. (TSX VENTURE:ASW) (OTC Bulletin Board:ASWRF) (BERLIN:AMO)