Blue Ribbon Announces Acquisition of Oelemari Concession.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 28, 1996--BLUE RIBBON RESOURCES (VSE: BLO) Blue Ribbon Resources is pleased to announce the acquisition of the Oelemari concession in Suriname, South America.

Oelemari is almost entirely underlain by greenstones and is considered by the Company to have good potential for the discovery of gold deposits of a character similar to other recent gold discoveries on the Guiana Shield in Suriname and neighboring Guyana, French Guiana and Venezuela. This acquisition of the 18,200 hectare Oelemari concession brings the Company's aggregate land holdings in Suriname to nearly 70,000 hectares in six concessions which makes Blue Ribbon one of the larger concession holders in Suriname.

Blue Ribbon is also pleased to announce that they will immediately commence with exploratory auger drilling on their Dijon concession in Suriname. The distribution of anomalous soil samples suggests the presence of gold mineralization distributed over an approximate area of 2,600 meters X 1,200 meters. Prior trenching across the soil anomaly identified structurally controlled gold mineralization that yielded assays up to 5.25 opt gold.

The Company is also proceeding with an aggressive exploration program on the recently acquired Lawa concession. The program will consist of collecting approximately 2,500 soil samples and an additional 100 pan concentrate samples. The 20,000 hectare concession is situated immediately north of Canarc Resources' Benzdorp North concession. In addition to having excellent potential for the discovery of gold, the presence of alluvial diamonds in Assici Creek along the southern concession border, as reported by the Suriname Geological and Mining Service, suggests the concession holds potential for diamond discoveries as well. Blue Ribbon is modifying its sample analyses to include heavy liquid mineral separations and examination for diamonds and diamond-indicator minerals as part of its analyses of all pan concentrate samples from Lawa.

The Company's recent acquisitions and larger exploration programs are part of a deliberate move by the Company to take a more aggressive exploration posture in Suriname. Blue Ribbon is now well established in Suriname with on-site management, office facilities, exploration crews and equipment, including the recent purchase of a new auger drill. Blue Ribbon is committed to its being successful in Suriname and to increasing the value for our shareholders. -0-

The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy of the content of this news release.

CONTACT: Martyn Element & Associates

Martyn Element, 604/687-6820

604/687-6328 (Fax)

800/505-5655 (Toll Free)

or

Martyn Element & Associates

Robert Matthews, 604/687-6820

604/687-6328 (Fax)

800/505-5655 (Toll Free)

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