Cambiex Announces its 1996 Financial Results and Continues Exploration Work on the Promising Sultana and Yaou-Dorlin Properties.

MONTREAL--(BUSINESS WIRE)--March 14, 1997--CAMBIEX EXPLORATION (ME;TSE CBX CBX.WT )

SULTANA PROJECT, IDAHO

Encouraging results from the first phase of the diamond drilling campaign were announced during the fourth quarter on the Sultana copper gold project in Idaho. The drilling program has intersected near-surface significant copper, gold, silver and zinc values in a large oxydized and mineralized skarn zone that has an average width of about 300 metres and extends over a length of more than 1.5 kilometres. For the first two months of 1997, US $190,000 has been spent on exploration work. The work consists of metallurgical testing and the analysis of drill results in an effort to model the deposit and optimize future drilling. Difficult winter conditions forced the interruption of drilling in December 1996, but the program should be fully operational during the second quarter of 1997 with definition drilling and further metallurgical testing. The 1997 exploration budget for the Sultana property has been allocated at US $1.2 million.

Cambiex is responsible for all the exploration financing and has already acquired a 15 percent participating interest in the project. Furthermore, Cambiex has an option to increase this participation to 50 percent by investing a total of US $5.0 million.

YAOU-DORLIN PROJECT, FRENCH GUIANA 

A total budget of US $6.1 million has been allocated for 1997 on the Yaou-Dorlin project of which US $4.9 million will be assumed by Cambior Inc. and US $1.2 million by Guyanor Ressources S.A. Cambiex is not obliged to finance this part of the exploration program. The Company has already acquired a 15 percent participation in the project through an option agreement previously signed with Cambior.

Yaou

The indicated mineral resource, as announced last September for the Yaou property, now stands at 10.3 million tonnes at 2.7 g Au/t representing nearly 900,000 ounces of gold in situ. The current program will concentrate on increasing the mineral resource as well as on the exploration and identification of new mineralized zones. A new mineral resource estimate is expected before the end of the first quarter of 1997. More than 10,000 metres of diamond drilling, 4,000 metres of trenching and 1,200 metres of augering are scheduled for 1997.

Dorlin

On the Dorlin property, the results of the first phase of drilling have been announced. The 1997 exploration program will consist of 8,000 metres of diamond drilling using a machine with a larger diameter, 2,000 metres of trenching and 2,600 metres of augering. The continuity and extension of the Montagne Nivre mineralized zone, as well as other gold mineralizations associated with granodiorite intrusives and other geochemical anomalies, will be tested.

1996 FINANCIAL RESULTS

Cambiex incurred, for the period ended December 31, 1996, a loss of $537,000 or $0.02 per share, including a non-cash item of $53,000 ($2,734,000 in 1995) related to the abandonment of exploration projects, compared to a loss of $4,442,000 or $0.19 per share for the period ended December 31, 1995. In 1996, interest income amounted to $103,000 and corporate administrative expenses were $587,000 compared to $160,000 and $473,000 respectively in 1995.

For the fourth quarter of 1996, the Company posted a loss of $85,000, compared to a loss of $2,860,000 for the same period in 1995. For the quarter, interest income totalled $54,000, while corporate administrative expenses were $139,000 compared to $15,000 and $143,000 respectively for the fourth quarter of 1995.

In 1996, investments in exploration projects amounted to $1,789,000. The Company's assets at December 31, 1996 amounted to $17,919,000 including $10,655,000 for exploration projects. At December 31, 1996, cash and short-term investments amounted to $4,942,000 following the share issuance in December.

Cambiex is an exploration company with interest in several 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.

Jean Depatie, 514/878-3166

or

Cambiex Exploration Inc.

Victoria Putnam, 514/878-3166