BIRON BAY RESOURCES LIMITED - COMPANY UPDATE.

TORONTO, Ontario--(BUSINESS WIRE)--FEBRUARY 3, 1995--BIRON BAY RESOURCES (Alberta Stock Exchange:BBQ) BIRON BAY RESOURCES LIMITED announced today that Vittorio DeZen, the Chairman of its board and the holder of in excess of 43 percent of its outstanding shares, has granted Mr. Taylor an option to acquire 6,000,000 common shares of the Corporation exercisable until 5:00 o'clock in the afternoon July 31, 1995. If the option is exercised, control of the Corporation will pass to Mr. Taylor and his associates and Mr. DeZen and his associates will resign from the board.

CONTACT: Mr. Douglas Dunsmuir

[phone]