Blue Ribbon Initiates 1997 Exploration Program in Suriname.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Feb. 12, 1997--Blue Ribbon Resource (VcSE:BLO.) Blue Ribbon's full-time exploration activities in Suriname will resume in mid-February immediately following efforts by company geologists to digest the considerable volume of geochemical data generated during a full year of activities that ended in mid-December 1996. 1996 was a pivotal year for the Company marked by a decision to reduce its exploration expenditures in Mexico and the US and focus its efforts in Suriname on the Guiana Shield. As a result of that decision, aggressive sampling campaigns were executed on five of its six gold concessions, including two new concessions that were acquired in-mid-1996. Company geologists collected a total of 5,130 samples during the year, a ten-fold increase over 1995. Gold anomalies have now been identified on each of the Company's concessions and these will be the focus of initial 1997 efforts. In addition, the Company is seeking additional concessions in Suriname. Highlights of the gold anomalies and 1997 follow-up activities include the following:

On the Oelemari concession geochemical results from the partially completed pan concentrate survey returned exceptionally encouraging results. Fifty seven of the 61 pan concentrate samples contain visible gold, with gold grain counts as high as 104 grains per pan. Twenty nine samples contain more than 20 gold grains. Gold assays from the same samples are as high as 7 milligrams gold and 31 of the samples contain more than 0.50 milligrams gold. The sampling completed to date covers the eastern and western thirds of the concession; the central-third is yet to be explored. The high density of anomalous samples have allowed the Company to define a high priority target area in the western third of the concession. Beginning in mid-February, sampling teams will proceed aggressively with grid-based soil sampling in this target area, while another team will continue with the panning survey in the central part of the concession. The Oelemari concession was a grass roots acquisition for the Company. Although gold was not previously known to occur there, the concession was known to be underlain by a belt of Paramaka Fm. volcanic rocks, and was acquired primarily on that basis. The ability to quickly locate significant evidence of gold mineralization, where none had been previously reported, highlights the under-explored nature of portions of the Guiana Shield in Suriname.

On the Dijon concession Auger drilling within the confines of the 3 km-long Kwakakka Creek soil anomaly confirmed the existence of a structurally controlled quartz vein system within Paramaka Fm. volcanic and sedimentary rocks. The large soil anomaly coincides with a northwest air-photo lineament. Assays from 179 auger samples include 7.5 metres with an average grade of 3.9 gpt, including 1 metre with 12.1 gpt. The Company plans to proceed with additional auger drilling to test several other portions of the soil anomaly prior to initiating a core drilling program.

On the contiguous Bemau and Toeboeka concessions grid-based soil sampling (3,150 samples) lead to the recognition of six anomalous areas with soil assays as high as 10.3 gpt gold and surface rock samples with up to 16.8 gpt gold. Similar or better geochemical results are expected from surface rock sampling that remains to be completed in the vicinity of the highest soil anomalies. A series of auger drill hole fences will also be used in the 1997 program to test the stronger soil anomalies.

Grid-based soil sampling (1,740 samples) now covers all of the Wetiedede concession and the northeast portion of the adjacent Lawa concession in the Benzdorp area. Results to date outline a large but subdued gold anomaly with a pronounced northeast trend. Detailed in-fill soil sampling will be completed near the higher gold values. The soil grid will be also expanded by an additional 1,500 samples to cover Paramaka Fm. volcanic rocks that eventually extend onto Canarc's Benzdorp North Concession and Golden Star's Benzdorp South concession. Both companies have reported positive results from these properties including high grade and potentially large tonnage mineralization at Golden Star's Antino prospect. In addition to the soil grid expansion, the Company will complete a pan concentrate survey of the western two-thirds of the concession to test for gold and diamond indicator minerals. Alluvial diamonds are reported in Assici Creek along the border between the Lawa and Benzdorp North concessions. -0- ON BEHALF OF THE BOARD OF DIRECTORS Jack DiMarchi, President

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CONTACT: Martyn Element & Associates

Martyn Element, 604/ 687-6820 or 1-800-505-5655

604/ 687-6328 (FAX)

or

Martyn Element & Associates

Robert Matthews, 604/ 687-6820 or

1-800-505-5655

604/ 687-6328 (FAX)

http://www.info-mine.com/blue-ribbon

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