Beginning of 1998 Drilling Programs on Three of Noveder's Properties.

MONTREAL--(BUSINESS WIRE)--June 3, 1998--(ME:NED.) Noveder inc. announces the beginning of its drilling programs on the Abitibi Property, in Quebec, as well as on the Cabot and Betts Cove properties in Newfoundland.

Abitibi Property

The Abitibi Property is located in the heart of the Val d'Or mining camp, in Abitibi, Quebec, near the Camflo, Kiena, Siscoe, and Sullivan mines.

It should be recalled that during the 1997 drilling program, 23 holes were drilled on the property. The last 18 holes all intersected the Main mineralized zone, consisting of semi-massive to massive pyrrhotite and lesser amounts of chalcopyrite (press releases of July 3, 1997 and September 2, 1997).

The Main Zone is currently defined from surface to a vertical depth of 320 meters and extends over a strike length of 250 meters. Its weighted average grade is 11.84 g/t gold and 0.77 percent copper over 1.4 meters. In addition, it remains open laterally and at depth.

The 1998 drillingprogram began on May 25th. The first holes have been targeted to intersect the Main Zone at a vertical depth of about 375 meters, in the extension of hole AB 97-19, where a significant downhole Pulse EM conductor has been identified (press release of July 3, 1997).

The other holes will verify the continuity of the mineralized zone at a depth of 700 to 800 meters, as observed in neighboring  deposits where economic zones occur at greater depth (Camflo, Kiena, Siscoe, and Sullivan).

Cabot Property

The Cabot Property is located on the Baie Verte Peninsula, in Newfoundland, less than 15 km from the Terra-Nova (copper-gold) and East Rambler (copper) mines.

It should be recalled that a copper-cobalt showing discovered on the property in June 1997 attracted the attention of several major mining companies.

Surface sampling over about 400 meters along the mineralized structure returned values varying from 1.13 percent to 6.8 percent copper. In addition, two short holes, drilled by PNL Ventures Ltd. and re-sampled by Noveder, graded 0.35 percent copper over 22.7 meters (hole 97-01) and 0.38 percent copper over 22 meters (97-02). The mineralized zones consist of disseminated to massive pyrite, pyrrhotite, and chalcopyrite within highly altered chloritic schist. With an investment of $200,000, the Company recently completed an extensive geophysical exploration program (Pulse EM, Max-Min, VLF, and Mag). A significant conductor of metallic origin was defined over a length of 600 meters in the western part of the explored sector (sampling and holes 97-01 and 97-02). The electromagnetic signature, between 24 and 36 siemens, suggests the presence of a lens of massive sulfides. As a comparison, the Betts Cove Deposit (10 percent copper) registered about 30 siemens.

Drilling began on June 1st and is targeted to verify the economic potential of the conductor.

Betts Cove Property

The Betts Cove Property, which includes the old Betts Cove Mine (120,000 tonnes at 10 percent copper), is located on the Baie Verte Peninsula, in Newfoundland, about 15 km from the Tilt Cove Mines (9.2 Mt grading 2 percent to 12 percent copper).

The 1996-97 drilling intersected several sections anomalous for copper, gold, and zinc, including a zone anomalous for copper about 200 meters long in hole 97-03. Several successive sections, totalling 73 meters, returned an average grade of 0.31 percent copper (97-03). Grades varying from 0.23 percent to 0.57 percent copper over 4.3 to 34.0 meters were also intersected in this sector of the old Betts Cove Mine, confirming the presence of a significant cupriferous halo, characteristic of a volcanogenic massive sulfide deposit (press release of November 13, 1997).

It should be mentioned that the last hole of the 1997 drilling program (BC 97-08) was targeted to verify a weak electromagnetic anomaly (3.7 siemens) identified by the Pulse Em survey in hole 97-03. Several values greater than 1 percent copper were obtained at that time.

A surface Pulse EM geophysical survey was recently completed on the Betts Cove Property. Several high intensity conductors were outlined in the extension of the old Betts Cove Mine.

Noveder possesses geophysical, geological, geochemical (3,000 assays of samples from the surface and drilling), and structural information, studies of the old mining work and several drill holes. The compilation of all this information indicates the presence of lenses of polymetallic massive sulfides (Cu, Zn, Au) on the property. The 1998 drilling program, which should begin at the beginning of July, is intended to outline these lenses to a vertical depth of 365 meters.

The results of the first holes will be communicated to shareholders as soon as they are available to the Company. -0-

Corporate information

Listing:  Montreal Exchange (ME)
Symbol:   NED
12 months trading:
                   High    $1.01
                   Low     $0.27
                   Current $0.75
Shares:
outstanding           29 445 350
fully diluted         38 365 262
Liquidity:            $3 600 000

Track record

NED developed the Nugget Pond project to the pre-feasibility stage.
The mine is now operated by Richmont Mines Inc.

- 488,000 short tons at an average grade of 0.357 oz/t Au (172,000
  oz of gold)

- production costs: US $143 / oz

Summary of major projects

Betts Cove Ophiolitic Complex:
425 claims-150 km2
- Values up to:
0.28 oz/t Au (8.55 g/t) over 6.6 feet (2.0 m)
0.38 percent Cu over 112 feet (34m)
1.33 percent Zn over 5 feet (1.5m)

Fleur de Lys: 243 claims: 60 km2
- Values up to 19 percent Cu
- Nickel and cobalt showings
- On-going geophysical work
(Cabot Property: 1.13 percent to 6.80 percent Cu - identification
of a significant conductor)

Abitibi: located in the Val d'Or mining camp, near the Kiena,
Siscoe, and Sullivan mines.

- All drill holes from 97-06 to 97-23 (17 consecutive holes)
intersected massive sulfides (gold-copper) -- Values up to:
0.45 oz/t Au (14.02 g/t) over 3.6 feet (1.1 m)
1 percent Cu over 4.05 feet (1.23 m)
- 275 m zone, open to the east and west
- Zone open at depth below 1,300 feet (400 m)
- Average of 11.86 g/t Au
-0-


   CONTACT: Noveder inc.
             Mr. Alain Morissette, 514/878-3313 (Montreal)
             /[phone] (Rouyn-Noranda)
             514/ 878-8096 (Montreal)/[phone]
             (Rouyn-Noranda)  (FAX)
             http://www.noveder.com
                   or
             Noveder inc.
             Mr. Daniel Belanger, 514/878-3313 (Montreal)/
             [phone] (Rouyn-Noranda)
             514/878-8096 (Montreal)/[phone]
             (Rouyn-Noranda) (FAX)
             http://www.noveder.com