Aranlee Planning Deep Drilling at Voisey's Bay in 1997.

SCOTTSDALE, ARIZONA--(BUSINESS WIRE)--Dec. 11, 1996--Aranlee Resources Lt (VSE: ARB. ) Aranlee Resources Ltd. ("Aranlee") is pleased to provide an update on the exploration activities carried out during 1995 and 1996 in the Staghorn Lake area of Voisey's Bay, Canada. After two seasons of extensive and detailed exploration work by Aranlee's joint venture partner and operator, NDT Ventures Ltd. ("NDT"), the Staghorn Lake area is considered to have high potential to host a deposit similar to Diamond Fields' Eastern Deeps nickel- copper-cobalt deposit, located 85 km to the south. A deep drilling program of 3 or 4 core holes on projects 10-1 and 15-1 to depths of between 1,000 and 1,500 meters is being considered to commence in the Spring of 1997, following the winter thaw. The Aranlee/NDT joint venture holds a total of 4 properties in the Staghorn Lake area, covering approximately 100 sq km, as part of its overall holdings in Voisey's Bay totalling 17 properties and 1,565 claims.

STAGHORN LAKE AREA

Over the past two field seasons, a substantial amount of high- quality, geologic data have been obtained from exploration work consisting of airborne (EM) and surface (VLF/Mag and UTEM) geophysical surveys, geological mapping at a scale of 1:10,000, surface sampling of exposed massive sulfide mineralization and detailed gravity geophysical surveys. These data show strong indications of a possible new massive sulfide deposit in the Staghorn Lake area. Some of the significant aspects of this area include:

- Location is along the important "mantle-tapping" geologic province boundary (which is likely responsible for magmatic nickel-copper- cobalt sulfide mineralization) and within the favorable anorthosite rocks of the Nain Plutonic Suite;

- There are many nickel, copper, cobalt-bearing lenses of mineralization locally with values over 1 percent nickel and copper, which are believed to be similar to the mineralized lenses reported to overlie the Eastern Deeps deposit at Voisey's Bay;

- On project 15-1, numerous pods of massive sulfides are associated with olivine-bearing rocks and form a well defined linear trace. This trace of mineralization trends west-northwest and may project over 13 km to project 10-1. This type of feature could be expected to overlie a structurally controlled Eastern Deeps type deposit.

- On project 10-1, numerous olivine-bearing rocks as well as troctolite dikes occur in close proximity to extensive massive sulfide mineralization. Four shallow holes were drilled in this area in 1995, with significant mineralized intercepts (see news release dated May 14, 1996).

50 PERCENT INTEREST EARNED BY ARANLEE - SHARES ISSUED TO NDT

With the exploration monies expended to date, which total over Cdn. $1.0 million, Aranlee has now earned a 50 percent interest from NDT in the 17 properties at Voisey's Bay and a formal joint venture agreement is in preparation. Under the terms of this agreement, all future expenditures will be funded equally by the joint venture partners. As an obligation of the original option agreement, Aranlee issued a third tranche of 50,000 common shares to NDT on November 15, 1996. The final tranche of 50,000 shares will be issued, subject to regulatory approval, following completion of the exploration program in 1997.

NEW MANAGEMENT CONTRACT

With effect from December 6, 1996 and subject to regulatory approval, the technical and administrative management of Aranlee will now be carried out by Dragon Management International Services U.S.A. Inc. ("Dragon USA"), based in Scottsdale, Arizona. Dragon USA is part of the Dragon Group of Companies, a private international mining finance house based in the U.K., which also specializes in the management of international mining companies. Dr. Barry Rayment, a director of Aranlee, is President, Director and a co-owner of Dragon USA together with Tony Williams, the latter also acting as a corporate consultant to Aranlee. Steve Kay, a director, Vice-President and Chief Financial Officer of Aranlee, will continue to provide strategic services to Aranlee as part of his new role as General Manager of Dragon USA. Richard Kazda, Vice President of Exploration for Ecuadorian Minerals Corporation ("EMC") will be appointed a Vice President of Exploration for Dragon USA and Jim Kasten, Vice President of Corporate Affairs for EMC and Secretary of Aranlee, will be appointed Vice President of Corporate Affairs and Investor Relations for Dragon, both appointments effective January 1, 1997. These personnel will provide technical and administrative continuity for Aranlee through Dragon USA, following the expiration of EMC's management agreement on December 5, 1996. EMC elected not to extend its management contract agreement with Aranlee to enable EMC to concentrate its exploration focus on the development of its own South America exploration properties and on new acquisitions, principally in Ecuador and Peru.

ARGENTINA UPDATE

The core drilling program continues on 3 of Aranlee's 8 gold/copper porphyry properties in northwest Argentina. This initial program of 2,000 to 2,500 meters commenced at the Chinchillas silver/base metal property and the drill rig has now moved south to drill the Centenario and El Oculto gold properties. Initial results from this drilling are expected to be available in early 1997. Aranlee's exploration team, based in the city of Salta, continues to evaluate possible additional acquisitions within this new precious/base metal belt and a press release is expected to be issued shortly.

As approved by the shareholders at the Company's Annual General Meeting in September 1996, in order to provide for the contingency that a majority of the Board of Directors may not be resident Canadians, Aranlee has now been granted continuance into the Yukon Territory. The Company has 16.1 million shares outstanding and 18.2 million on a fully diluted basis.

ON BEHALF OF THE BOARD Stephen J. Kay, Vice President and CFO NOTE: Location map available from the Company at the phone number listed below.

The Vancouver Stock Exchange neither approves nor disapproves the information contained in this News Release.

CONTACT: Aranlee Resources Ltd.

Jim Kasten, 602/ 951-4870

602/483-9926 (FAX)

INTERNET: http://www.aranlee.com/arl/