Blue Ribbon Resources Share Rollback and Stock Options.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Oct. 1, 1997--Blue Ribbon Resource (VSE BLO.) The Company is pleased to announce that at its Annual General Meeting held on September 30, 1997, shareholder approval was given to the Company to rollback its shares on a 5 for 1 basis, reducing the issued and outstanding share capital from 15,929,612 without par value to 3,185,922 common shares without par value. Further, shareholder approval was given to increase the Company's post-consolidated authorized capital from 20,000,000 common shares without par value to 100,000,000 common shares without par value.

The Company further wishes to advise that it intends on amending its existing director and employee incentive stock options by reducing the exercise price from $0.32 per share to $0.15 per share to better reflect the Company's current market price, subject to shareholder, director and Vancouver Stock Exchange approval. There will be no other amendments to the options that are currently in place.

The Company further advises that it will be settling approximately $300,000.00 worth of debt to various creditors, some of which are insiders of the Company, for shares valued at $0.15 per share.

The transactions noted herein are subject to regulatory and Board of Director approval. With respect to the shares for debt transaction, shareholder approval will be sought if stipulated by the rules and policies of the Vancouver Stock Exchange, in the event the issuance of the shares to insiders deems as such.

ON BEHALF OF THE BOARD Doug Williamson, Director

CONTACT:

Martyn Element and Associates Ltd., 604/ 687-6820

604/ 687-6328 (FAX)

1-800-505-5655