Caledonian Pacific Gold Assays.

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 5, 1997-- Caledonian Pacific (AUSTRALIA STOCK EXCHANGE CDN, VSE CDM ) Caledonian Pacific Minerals N.L. announces that a reconnaissance selection of mineralised rocks in the northern part of Kone PRA confirm previous results obtained by Bureau du Recherches Geologiques et Minieres (BRGM) geologists. Assays of rocks taken from the Azema and Devaux Prospects gave results from 9.7 to 128 grams gold/tonne. "Black smoker" quartz manganese rocks selected at the Fathia 3 and Fathia 4 Prospects gave results ranging from trace gold to 4.6 grams gold/tonne.

It is stressed that the above results cannot be considered to represent grades of a resource. They indicate the presence of gold and provide justification and encouragement for further exploration in this area.

COMPREHENSIVE TESTING PROGRAM COMMENCED IN KONE

To further evaluate the Kone gold areas, the Company has commenced a comprehensive testing program that will include:

Detailed photogeological and Digital Elevation Model analysis
Helimagnetics and radiometrics
Geochemical sampling
Sampling and trenching to test anomalous areas
Mobile Metal Ion Process
Reverse Circulation and Diamond Drilling

The amount of $350,000 has been allocated to the above exploration program. -0-

The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy or this release.

ON BEHALF OF THE BOARD

Barry Silver, Company Secretary

CONTACT: NORTH AMERICA

Corporation X, 604/ 682-1991

604/ 682-4439 (FAX)

US/CAN. 1-800-270-3024

or

Caledonian Pacific Minerals N.L.

Terry O'Leary or Bruce Robinson, 07/ 5531 7359

07/ 5531 5899 (FAX)

International: 61 7 5531 7359