CORRECTION FROM SOURCE: MSV Resources Improves Results Despite Production Shutdown.

MONTREAL--(BUSINESS WIRE)--April 9, 1998--(ME:MSV.UN.) (TSE:MSV.UN.) MSV Resources Inc. reports a net loss of $1.7 million ($0.05 per share) for the fiscal year ended December 31, 1997, compared to a net loss of $3.9 million ($0.12 per share) in 1996.

While this represents an improvement over the previous year, the loss is attributable to lower gold and copper prices which averaged $468.95 per ounce and $1.13 per pound in 1997, compared to $529.86 and $1.39, respectively, in 1996. Moreover, a loss of $845,000 was recorded in the 4th quarter on the reduction in the value of copper concentrate in transit and produced in preceding quarters. Moreover, the company incurred maintenance costs at the Copper Rand mine in November and December, resulting in an additional loss of $500,000.

During the fourth quarter, the company also booked $450,000 of costs associated with major repairs in March 1997 to the Portage mine following water seepage. This decision was made since discussions are still under way with the insurer.

Revenues totalled $26.5 million in 1997 compared to $47.3 million in the previous year, mainly due to the temporary shutdown of the Copper Rand mine and the depletion of reserves at the Portage mine in September and October, respectively. These closures resulted in lower mill production which declined from 528,327 tons in 1996 to 335,310 tons in 1997. MSV produced 29,690 ounces of gold in 1997 compared to 44,921 in 1996 while copper production decreased to 8.3 million pounds from 15.0 million pounds in 1996.

The losses were offset by energetic measures to reduce operating and administration costs. General administration costs unrelated to the production closure declined to $930,125 in 1997 from $1.2 million in 1996. Operating and administration costs declined to $27.8 million from $50.2 million in 1996. Operating costs were lowered to $54.38 per tonne from $65.95 in the previous year.

"As expected, 1997 was a year of transition which will contribute to moving the company from its current lower level of activity to production from new projects starting in 1999 that will allow MSV to benefit from more competitive operating costs" noted Mr. Fortier.

The largest project is Copper Rand 5000 which involves sinking the shaft to below the 4000 level to the 5000 level and develop underground infrastructure over a 33-month period. The development of Copper Rand 5000, with an estimated annual production of 450,000 metric tons, requires an investment of $40 million. The company has received proposals allowing for the conclusion of a global financing agreement for the project in the near future.

MSV also expects to close the sale of a royalty announced in December 1997, generating proceeds of $3.5 million, net of related costs.

MSV will hold its annual general meeting on Wednesday, June 3rd at 10:00 in the Richelieu Salon of the Queen Elizabeth Hotel, 900 Rene-Levesque blvd., Montreal, Quebec.

                            HIGHLIGHTS

                                  Year ended        Year ended
                           December 31, 1997 December 31, 1996
______________________________________________________________

Metal sales                      $23,530,531       $44,998,733
Revenue from hedging operations   $2,961,556        $2,260,831
Revenues                         $26,492,087       $47,259,564
Mining operating costs           $25,485,120       $46,773,947
Operating and administration
 costs                           $27,820,358       $50,843,692
Operating loss                    $2,130,922        $3,584,128
Net loss                          $1,690,854        $3,874,502
Loss per share                         $0.05             $0.12
Cash flow used for operations       $186,394        $2,280,358
Cash flow used for operations
 for share                             $0.01             $0.07
Mill production (tons)               335,310           528,327
Copper production (pounds)         8,266,000        14,999,000
Gold production (ounces)              29,690            44,921
Mining costs ($/ton)                   54.38             64.27
______________________________________________________________

CONTACT: MSV Resources Inc.

Andre Fortier, 514/875-9037

or

MSV Resources Inc.

Lucie Brun, 514/875-9036