Blue Ribbon Resources - private placement.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Jan. 6, 1997--Blue Ribbon Resources (VSE BLO.) The Company wishes to announce that Craig Thomas has resigned as a director of the Company and Gordon Keevil has consented to fill that vacancy.

Doug Williamson has also consented to join the Board of Directors of the Company. Gordon Keevil is a professional geologist with an indepth knowledge of resource properties and public companies and Doug Williamson is a former broker with Nesbitt Burns.

The Company will also be proceeding with a private placement of up to 3,600,000 units at $0.25 per unit for aggregate proceeds of $900,000. Each unit will consist of one common share and one non-transferable share purchase warrant entitling the holder thereof to purchase one additional common share of the Company at a price of $.25 per share for a period of twelve months. A finder's fee may be payable. The proceeds will be used for working capital and to complete further work on its Suriname properties.

The Company has also reserved 820,000 options for directors and employees of the Company for a two year period at a price of $0.32 per share and will reprice 392,720 options currently outstanding at $0.41 to $0.32 for the unexpired portion of the term.

This Press Release was prepared on behalf of the Board of Directors of the Company which accepts full responsibility for its contents.

NOTE: The Vancouver Stock Exchange has not reviewed and does not

accept responsibility for the adequacy or accuracy of this

release.

CONTACT: Blue Ribbon Resources Ltd.

Martyn Element, 604/687-6820

604/687-6328 (FAX)

1-800-505-5655