Arequipa Resources - exploration update - Pierina.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 22, 1995-- Arequipa Resources Ltd. (TSE, VSE: AQP ) ("Arequipa" or the "Company") is pleased to report further exploration results from its 4000 hectare Pierina prospect in the Ancash province of Northern Peru.

Reconnaissance outcrop geochemical sampling has now identified an arcuate zone 600 meters long by an average of 150 meters wide of gold mineralization in which most samples contain 0.5 g/t Au or greater, with values up to 8.3 g/t Au and 242 g/t Ag. The average gold content of the 97 surface samples taken in this zone is 1.59 g/t. Scattered anomalous samples with values up to 1.3 g/t Au occur outside of this zone.

The host rock for the mineralization is silicified, alunitized, and strongly leached tuff and ignimbrite of the Calipuy Formation, the same formation that hosts Newmont's 8 million ounce Yanacocha deposit. Sampling is continuing on a zone of over 12 square kilometers of argillic and silicic alteration in which the above mineralized zone occurs. To date approximately 750 samples have been collected from the property, however assay results have not yet been received for all samples.

Test pits are presently being dug to test the mineralization in the shallow subsurface, and to determine if surface enrichment exits. Pits will also test alluvium covered areas in the vicinity of mineralized outcrops. Detailed geologic mapping is also continuing in order to define the ore controls and determine the likelihood of mineralization extending downdip along favorable beds and structures. Preparations are being made for construction of a five kilometre road to provide access for further exploration activities including future drilling.

Arequipa controls mineral rights on 44,000 hectares with similar geology in the vicinity of Pierina. In addition the Company controls mineral rights on 28,000 hectares covered by the Yungay Formation, which is younger than the Calipuy, but it is also known to contain gold mineralization on Arequipa's California IV prospect and other prospects controlled by Arequipa. Regional exploration in both these districts in continuing.

Arequipa's shares trade on the Toronto and Vancouver Stock Exchanges under the symbol AQP. -0- Note to Editors: The VSE and TSE do not accept responsibility for the adequacy o this release.

CONTACT: Arequipa Resources Ltd.

604/684-0003

604/684-0007 (FAX)