Chase Resource - New Porphyry Targets Identified at Batangas FTAA.

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 29, 1996--Ian Rozier, president of the company, is pleased to report that regional exploration of the Batangas FTAA concession surrounding the company's Taysan Copper-Gold deposit in the Philippines has identified several new zones of significant porphyry copper-gold mineralization.

The company's Financial and Technical Assistance Agreement (FTAA) application covers some 83,000 ha in the Province of Batangas on southwest Luzon Island, two hours by road south of Manila. Since 1992, the Company has concentrated its exploration efforts on the Taysan deposit which is owned by Taysan Copper Inc. Chase owns 35 percent of Taysan Copper Inc. and holds options to acquire the other 65 percent.

Late last year, the company granted an option to BHP Copper company to earn 51 percent of Taysan and the Batangas Concession. In 1995, reserves at Taysan were estimated to contain 391 million tonnes grading 0.3 percent copper and 0.21 g/t gold, with possible additional resources of 200 million tonnes.

With additional financing from BHP Copper in hand, the company's geologists began an extensive geologic survey of the surrounding region. The entire FTAA area has been covered by an airborne geophysics program and detailed ground geophysics work has been following up specific targets.

Surface prospecting, geochem sampling and mapping has now identified at least 3 copper-gold mineralized areas southeast of Taysan. Much of the region is virtually unexplored but the geologic features characteristic at Taysan clearly repeat at other locations in the area.

The prospect with the most work on it to date is El Paso. This prominent showing is located 6km southeast of Taysan, and is one of three large copper zones identified along a major southeast trending structure that has been traced from Taysan to Palacpac, a distance of approximately 15km. (See map) Copper and gold mineralization at the three prospects, El Paso, Kalantas, and Palacpac, is hosted by diorite intruded by dacite porphyry, the same sequence as at Taysan.

A silicified outcrop of diorite at Kalantas returned 0.88 percent copper over a 36m width; while results from preliminary sampling at Palacpac are pending.

At El Paso significant results of trenching are as follows: -0-

Trench  Length (m)   percent Copper  g/t Gold

T-2       28             0.92          0.26
T-3       22             0.47          0.28
T-4       21             0.60          0.16
T-5        6             0.46          0.20
T-11      22             0.65          0.04
T-15       9             0.38          0.26

Primary copper mineralization observed in the trenches is chalcopyrite and bornite associated with pyrite and magnetite. The trenches define three anomalous zones encompassing an area approximately 800m by 600m. These zones are located within a copper in soil anomaly of greater than 200 ppm Cu that currently extends over an area of 1500m by 700m. Maximum value in soil sampling is 0.58 percent copper. The geochemical response of the El Paso Prospect is much stronger than that of the Taysan Deposit, and the company is very encouraged by the results.

The company is extremely pleased with the results of the regional exploration in Batangas. Work to date has confirmed the Taysan Deposit is only one of a series of porphyry copper-gold deposits located within the company's FTAA, which is emerging as a premier copper-gold porphyry province in the Philippines.

Ongoing exploration will continue to define drill targets at the El Paso Prospect and other new porphyry targets within the FTAA. Drilling at El Paso has been scheduled for the coming months. -0-

NOTE: Location map available from the company at the phone number listed above.

CONTACT: Chase Resource Corp.

Ian Rozier, 604/685-6851

800/510-8566 (Toll free in North America)

Michael Callahan, 604/685-6851

1-800-510-8566 (Toll free in North America)