Asquith Resources Inc. Exploration in Full Swing on the Roandji Gold Property, Car.

TORONTO--(BUSINESS WIRE)--July 15, 1996--ASQUITH RESOURCES INC. (CANADIAN DEALING NETWORK:ASQH) Asquith Resources Inc. said today that an airborne geophysical survey has been completed over its Roandji Gold property in the Central African Republic ("CAR"). Approximately 9,500 line-kilometres of magnetic and radiometric data was collected over the Company's 2,000 square kilometre property. The Company expects to receive the processed data within six weeks time, in advance of the diamond drill program which is planned for late September.

Surface geological surveys and sampling efforts are progressing, and are currently focused on one of four lode gold prospects that have been identified on this large property. Geological mapping at the Agoudou Manga prospect has identified a 30 metre wide zone of quartz veining, with the vein system striking in a northwest-southeast direction, parallel to the strike of the saprolitic bedrock. To date, this vein stockwork has been traced on surface over a strike length of 350 metres.

Individual veins within this zone vary in width from 5 centimetres up to 1.5 metres, and visible gold has been noted by Company geologists along vein selvages in a number of localities along the strike length of the zone. Over 90 surface and auger drill samples of this zone have been obtained during the past week, and have been shipped to France for analysis. To date, over 165 samples have been collected for analysis. Assay results are expected to be received by the end of July.

DRILLING SET TO BEGIN ON DIANA GOLD PROPERTY, MANITOBA

The Company also said it has mobilized a diamond drill to its 100 percent owned Diana Gold property, located 216 kilometres northeast of Winnipeg, Manitoba.

Gold was first discovered on this 1,655 hectare property in 1926, and by 1932 a total of 202 kilograms of gold were produced from two quartz vein structures which were developed through a three compartment shaft to a depth of 237 metres. Only four drill holes have been completed in the area of the mine workings, returning gold assays of up to 21.3 grams of gold per tonne over a core length of 0.76 metres.

The Diana Gold property is situated in the Rice Lake greenstone belt. Gold mineralization is associated with quartz-filled shear zones within gabbroic intrusives, and the shear structures have been traced by geophysics and surface sampling over a strike length of almost 6 kilometres. Gold mineralization has also been discovered along the shore of Lily Lake, approximately 15 kilometres northwest of the Diana mine-shaft location. Here, gold is found in association with a banded iron formation. Three drill holes completed in 1988 intersected gold values up to 4.8 grams over a core length of 1.5 metres.

The Diana property lies 48 kilometres to the southeast of the San Antonio Gold Mine (Bissett Mine), which is currently being developed by Rea Gold Corporation. Rea Gold has reportedly developed reserves at this former producer of more than 3.2 million tonnes at a grade of 9.7 grams per tonne. Production is scheduled to start in early 1997.

Asquith plans to complete approximately 1,500 metres of surface diamond drilling to test the strike and depth potential of the gold-bearing structures at the past-producing Diana Mine, as well as some of the other gold zones which are known to exist on the property. A total of twelve drill holes are expected to be drilled during this program, which should be completed by mid-August.

CONTACT: Asquith Resources Inc., res/ent

416/368-0993

or

Asquith Resources Inc.

Kenneth Johnson, 416/368-0993