Cambiex announces its first quarter results.

MONTREAL--(BUSINESS WIRE)--May 9, 1997--CAMBIEX EXPLORATION (ME, TSE:CBX., ME, TSE:CBX.WT.) Cambiex Exploration Inc. incurred a loss of $334,600 ($0.01 per share) for the period ended March 31, 1997, including a non-cash item of $269,400 related to the abandonment of an exploration project, compared to a loss of $142,700 ($0.01 per share) for the same period in 1996. For the first quarter of 1997, interest income amounted to $44,000 and corporate administrative expenses were $109,200 compared to $18,400 and $107,700 respectively for the corresponding quarter in 1996.

For the first quarter of 1997, investments in exploration projects amounted to $349,000. The Company's assets total $17,319,600 including $10,734,400 for exploration projects. At March 31, 1997, cash and short-term investments amounted to $4,270,100.

SULTANA

During the first quarter of 1997, Cambiex announced a geological resource estimate for the Sultana project in Idaho. Geological resources currently stand at 15 million tonnes at 0.42 percent Cu with an additional 8 million tonnes at 0.45 percent Cu and 0.5 g Au/t. The drilling program is continuing on the property on the untested zones in an effort to increase geological resources.

Cambiex has the option to acquire an interest of up to 50 percent in the copper-gold bearing Sultana property by funding US $5 million in expenditures over a period of 30 months. Cambiex expects to earn a 30 percent interest in the project during 1997 by reaching the US $2 million expenditure level before the end of the year. The property is owned by the project's operator, Cambior Inc.

YAOU-DORLIN

A total budget of US $6.1 million has been allocated for 1997 on the Yaou-Dorlin project in French Guiana 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.

Exploration work is continuing at the Yaou project and will concentrate on increasing the mineral resource as well as to evaluate new mineralized zones. Results from the second phase of drilling at the Dorlin project are expected by the end of the second quarter.

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

514/878-3324 (FAX)

Victoria Putnam, 514/878-3166

514/878-0635 (FAX)