Billiton Joins Copper Ridge In Evaluation Of Howards Pass World Class Zinc Deposit.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 5, 2000

Copper Ridge Explorations Inc. ("Copper Ridge") (CDNX:KRX.) is pleased to announce that it has signed a letter of intent with Billiton Metals Canada Inc. ("Billiton") for the joint evaluation and possible development of the Howards Pass world class zinc deposit located on the Yukon - Northwest Territories border.

Copper Ridge recently signed a letter of intent with Placer Dome (CLA) Limited ("Placer Dome") and Cygnus Mines Ltd., a subsidiary of U.S. Steel Group ("U.S. Steel") which allows it to purchase a 100% interest in Howards Pass for $10 million (all values in Canadian dollars) in staged payments over four years.

The Howards Pass property hosts one of the largest undeveloped zinc deposits in the world with a resource estimate calculated by Placer Dome of 110.5 million tonnes grading 7.7% combined zinc plus lead, with silver and cadmium. Copper Ridge believes that an innovative combination of existing and recently developed mining and metallurgical technology give Howards Pass the potential to become a large, low-cost zinc producer (see News Release 8, July 6, 2000).

The key components of the proposed agreement include:

Copper Ridge will commit to expenditure of $3 million comprising a $2 million concept study and a $1million initial payment to Placer Dome and US Steel. The concept study will define the key economic, environmental, geological, mining, metallurgical and infrastructure parameters for the development of the project.

Billiton will make a private placement totalling $200,000 to be used by Copper Ridge to initiate a drill program on the project. A second placement of $200,000 will follow the announcement of the successful completion of Billiton's due diligence review, which is to be completed by October 15, 2000.

Following the completion of the concept study, Billiton can elect to earn a 50% interest in the Howards Pass property by spending $5.5 million by November 15, 2002 towards the completion of a pre-feasibility study. After this the parties may conduct further work as the Billiton Copper Ridge Joint Venture incurring an additional $7 million of project expenditure. The above amounts include the required payments to Placer Dome and US Steel.

Upon completion of the above mentioned expenditures totalling $15.5 million, Billiton will have a Second Option to earn an additional 20% interest of the project (aggregate 70%) by providing financing for all further work to commercial production. Copper Ridge's pro-rata share (30%) of these costs will be repaid from Copper Ridge's share of cash flow.

Billiton is currently conducting metallurgical tests on samples from Howards Pass, using its proprietary metallurgical processing techniques.

Gerald Carlson, President of Copper Ridge, said, "This is an important step forward for Copper Ridge and for Howards Pass. In addition to its proprietary technology, Billiton brings its credibility as one of the world's largest mining companies to one of the world's largest zinc deposits, as well as its great depth of technical expertise and its ability to finance a major mining and metal production facility such as Howards Pass into production."

The agreement is, inter alia, subject to the approval of the boards of Billiton and Copper Ridge, the Canadian Venture Exchange and acceptance by Placer Dome and U.S. Steel.

On Behalf of the Board of Directors Gerald G. Carlson, Ph.D., P. Eng., President and CEO 

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.