Cambiex Exploration Inc. Announces its Third Quarter Financial Results.

MONTREAL--(BUSINESS WIRE)--Nov. 11, 1996--

Reports on the Encouraging Results From

the Sultana and Yaou-Dorlin Properties

CAMBIEX EXPL.(ME, TSE CBX., ME, TSE CBX.WT. )

SULTANA PROJECT

At the Sultana copper-gold project, near MacKay, Idaho, encouraging assay results were received during the quarter from the first phase of diamond drilling. The core-drilling program, which consists of fourteen holes to date, continues to intersect highly-significant near-surface copper, gold and silver within a mineralized and oxidized skarn zone approximately 300 meters wide by 1.5 kilometers long. Cambiex is currently continuing with the second phase of the drilling program. Initial metallurgical test results indicate very good recoveries for copper, gold and silver values using sequential heap leaching methods with reasonable sulfuric acid and cyanide consumption.

Cambiex is funding the exploration program and has, to date, earned a 15 percent interest. Cambiex can earn a 50 percent interest by investing a total of US $5.0 million in the project.

YAOU-DORLIN PROJECT

Drill results were reported during the third quarter on both the Yaou and Dorlin properties in French Guiana. At Dorlin, results were announced from the first phase of core drilling and the program, for the remainder of the year, involves mobilizing a second and larger ore drill. At Yaou, probable reserves were announced of 10.3 million tonnes grading 2.7 g Au/t representing 875,900 ounces of gold in situ. The ongoing program will focus on expanding mining reserves as well as exploring for new zones of mineralization. The recently initiated phase of drilling on Yaou is already returning positive results. Cambiex has an indirect 15 percent option interest in both these properties.

THIRD QUARTER RESULTS

For the period ended September 30, 1996, Cambiex incurred a loss of $193,400 ($0.01 per share) compared to a loss of $1,481,600 ($0.06 per share) for the same period in 1995. Results in 1995 were affected by the reduction of the value of an investment by $1,396,000 following the sale of Cambiex's interest in a copper project in Chile. Interest income for the third quarter of 1996 amounted to $14,200 and corporate administrative costs were $84,400 compared to $32,400 and $85,200 respectively for the corresponding quarter of 1995.

Investment in exploration projects for the third quarter amounted to $838,500. The Company's assets totalled $18,075,700, including $9,896,600 for exploration projects. At September 30, 1996, cash and short-term investments stood at $5,862,100.

During the third quarter, Cambiex entered into an agreement with Yorkton Securities Inc. to issue $5,796,000 in special warrants to be exchanged on a one-for-one basis into 4,830,000 common shares at a price of $1.20 per share. Cambiex hopes to file the final prospectus before the end of the year. The net proceeds of the offering will be used to conduct additional exploration work on properties currently held or which subsequently become available and for general corporate purposes.

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 trade on the Montreal and Toronto stock exchanges under the symbols CBX.

CONTACT: Cambiex Exploration Inc.

Jean Depatie, 514/ 878-3166

or

Cambiex Exploration Inc.

Victoria Putnam, 514/ 878-3166