Cambiex Acquires a Gold Property in Peru.

MONTREAL--(BUSINESS WIRE)--June 12, 1997--CAMBIEX (ME, TSE CBX., ME, TSE CBX.WT. ) Cambiex Exploration Inc. is pleased to announce that it has signed an agreement with the peruvian company Sociedad Minera de Responsabilidad Limitada Jarwatuna to acquire 100 percent of its gold property, situated in the Arequipa region of Southern Peru, close to the Pacific Ocean. Over a period of 36 months, Cambiex must make progressive payments totaling US $200,000 of which US $30,000 must be paid in the first year. A royalty of 1.5 percent of net smelter revenues (NSR), following the start up of commercial production, is included in the agreement but may be bought back for US $500,000 at Cambiex's discretion.

The Jarwatuna property shows a strong quartz-sericite alteration zone with 2 percent disseminated pyrite. This zone, more than four kilometers long and half a kilometer wide, is associated with a dioritic intrusion in metamorphosed sedimentary rock. The interior of the altered zone is occupied by an important network of quartz veins and veinlets distributed in the form of a stockwork. The main veins were already mined for their gold content before the arrival of the Spaniards. Small tunnels are still visible today where the grades of the mined ore was very high: from 5 to 115 g Au/t over thicknesses varying between 0.20 and 0.60 metres. Low copper grades accompany the gold mineralization.

The most recent reconnaissance surveys on the property were done in 1993 and 1996 when 149 channels and 60 sediment samples were collected. The results returned interesting gold values including 0.13 g Au/t over 40 metres and 0.6 g Au/t over another 40 metres. Given the high degree of lixiviation of the outcrops, these values are considered very significant. There were also other excellent gold values such as 3.3 g Au/t over 5 metres and 4.6 g Au/t over 3 metres. The copper values range from 360 to 5,100 ppm. The geologic structure seems to indicate an orebody of potentially economic grade, mineable by open pit. The initial exploration costs are not expected to be too high.

This agreement is subject to regulatory approval.

Cambiex is an exploration company with interests in properties in French Guiana, Latin America, the United States (Nevada and Idaho) and Canada. Cambiex common shares (CBX) trade on the Montreal and Toronto stock exchanges.

CONTACT: Cambiex Exploration Inc.

Pierre D. Chenard, 514/878-3166

FAX: [phone]

or

Victoria Putnam, 514/878-3166

FAX: [phone]