Chase Resource - Drilling Commences at El Paso, Continues at Taysan.

VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 23, 1996--Ian Rozier, president of the company, is pleased to report that drilling has commenced at the El Paso prospect within the Batangas F.T.A.A. in the Philippines

A reverse circulation drill program will test the Ahasan Ridge area, where trenching has returned values of up to 28m grading 0.92 percent copper and 0.26 g/t gold (see news release dated May 29, 1996), and adjacent showings. The first hole intersected dacite porphyry with intense silicification containing disseminated pyrite, chalcopyrite and bornite.

The El Paso prospect is one of at least five copper-gold mineralized areas identified within the 83,000 hectare Batangas F.T.A.A., which surrounds the Taysan copper-gold deposit. The reverse circulation drilling program will aggregate a minimum of 2,000m in about 15 holes.

Trenching continues on the adjacent M.Gubat and Antipolo prospects. Initial trenching at M.Gubat returned 48m grading 1.09 percent copper and 0.11 g/t gold (see news release dated September 4, 1996). The Antipolo prospect covers a broad copper in soil anomaly of greater than 500ppm, where sampling of outcrop has returned a 51m interval grading 0.53 percent copper. Additional trench results are pending.

At Taysan, the diamond drill is currently drilling hole CT96-36, the second hole of the program, with logging and sampling ongoing. It is anticipated that a minimum of 1,000m of drilling will be completed in this program.

The Taysan copper-gold project and surrounding Batangas F.T.A.A. cover a very prospective mineral province only two hours from Manila. Ongoing regional exploration continues to identify new areas of porphyry style mineralization and related high level gold bearing epithermal systems.

CONTACT: Chase Resource Corporation

Ian Rozier, 604/685-6851

800/510-8566 (Toll Free)

or

Michael Callahan, 604/685-6851

800/510-8566 (Toll Free)