Canuc Resources Corp. corrects earlier release.

TORONTO--(BUSINESS WIRE)--Sept. 10, 1996--There was an error in the news release transmitted earlier today (SEPTEMBER 10, 1996) for CANUC RESOURCES CORPORATION. In the fifth paragraph "With regard to our California....seek recession of the Option should have read ...seek rescission of the Option.."

The complete and correct release as follows: -0- Canuc Resources Corporation Announces a Geological Resource of 8.7 Million Tonnes Grading 0.25 Ounces Gold Per Tonne 

Canuc Resources Corporation ("Canuc" or the "Company") is pleased to report that the sampling program of the underground workings of the recently acquired Goldstar Mine in Nambija, Ecuador has now been completed. Of the 700 samples taken, 443 or 63 percent yielded results of over one half gram of gold per tonne which would be considered the cut off grade for a large scale open pit mining operation. Of the above, 393 samples or 56 percent of the total returned values of one gram of gold or more to the tonne. Of more importance is the fact that of the 700 channel samples taken virtually all showed measurable quantities of gold; even those taken at the margins of the orebody. This strongly suggests that the entire zone has been subjected to some degree of silicification and alteration and hence mineralization.

On the basis of the above samples, the Company's contract geologist, Romulo Tejera Mathews has calculated a potential geological resource of 8,684,000 tonnes having an average grade of 7.9 grams or 0.25 ounces of gold to the tonne. This gives a total resource potential of 2.2 million ounces of gold in the Goldstar Mine. These estimates, using a one gram gold per ton, will be reviewed by our independent consultants over the next few weeks. The Goldstar workings comprise perhaps less than 5 percent of the total volume of mineralized rock located within the boundaries of the Condominio Sur and Condominio Norte. To date the Company and its Joint Venture partner have acquired approximately 40 percent of the rights in the Condominios and is in the process of aggressively purchasing the balance of these mining rights. On the remaining acreage there are over 300 tunnels containing a reported 55, 000 metres of workings which remain to be sampled. These tunnels, or openings, are the equivalent of multiple drill holes, but are obviously of much greater value for sampling purposes since not only can lager samples be taken, but a visual examination of the rock immediately adjacent to the channel sample can be undertaken.

Over the course of the next few months, an active program of sampling of all existing tunnels will be carried out. These openings are randomly situated over both Condominio Sur and Norte which has the approximate dimensions of 1,500 meters in length and 750 meters in width. The mineralized formation at its thickest point is believed to be about 500 meters. In addition to sampling the existing openings, Canuc is planning diamond drilling and underground drifting across the ore zone which will help to identify new structures and will also be an important step in converting our geological resources into proven tonnes and ounces.

It is significant to note that the early miners in this area could not afford to carry out exploration. Thus, it is believed that each of the tunnels located so far were driven on gold bearing material. Moreover, because of the primitive nature of the operations, this material would have to have contained at least 0.50 ounces to the tonne in order to justify mining. Based on this assumption and results to date, your management is of the view that the view that the potential for a large open pit mine on this property is excellent.

With regard to our California project, the Directors of Canuc have determined to seek rescission of the Option Agreement and not to proceed with this project.

In our last communication to shareholders, we reported that we had signed a Letter of Intent with Leadville Corporation of Denver to enter into a Joint Venture agreement with that company, to explore and develop its gold-silver mine in Leadville, Colorado. We are pleased to be able to report that our due diligence examination of titles has not revealed any flaws in title and consequently, we are proceeding with the preparation of a Joint Venture Agreement. This should be signed in the next few weeks and work will begin on the property shortly thereafter. We believe that the Leadville property has great potential and could host a major polymetallic orebody of considerable value.

In the space of four short months Canuc has made considerable progress and we can look forward to increased activity in the immediate future.

CONTACT: Canuc Resources Corporation

H. J. Mockler, 416/861-1422

416/861-1478 (FAX)