Chase Resource Corp.: Sigpit Gold-Copper Project Acquired in the Philippines.

VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 2, 1997--Chase Res. (TSE, VSE:CQS.); Mr. Michael Callahan, Director, is pleased to announce that the Company, through it's wholly owned subsidiary Plantation Mining Corporation, has entered into a Mines Operating Agreement (MOA) with local claim holders over the Sigpit Claim, located northwest of and adjacent to the Atlas Copper open pit mine on the island of Cebu, Philippines.

The Sigpit Claim covers an intrusive hydrothermal breccia comprised of clasts of diorite, quartz eye porphyry and quartz veins, capped by a limestone sequence. Grab samples of oxidized breccia have returned gold assays of up to 3.0 g/t, and average about 1 g/t gold.

The Company has filed a Exploration Permit (EP) application over the property and may earn a 100 percent interest in the Sigpit Claim subject to the following terms of the MOA; -0-

                                Payments      Work Commitment

On signing                      PP 150,000    -
6 Months After EP Granted       PP 150,000    -
12 Months After EP Granted      PP 150,000    PP 1,000,000
24 Months After EP Granted      PP 500,000    PP 2,000,000
36 Months After EP Granted      PP 1,000,000  PP 3,000,000
48 Months After EP Granted      -             PP 4,000,000

The option may be exercised at any time with a one time payment of PP 5,000,000, which cancels all subsequent payments and work obligations. The vendors retain a 2.5 percent Net Smelter Return.

The acquisition of the Sigpit Claim is the result of ongoing exploration by the Company and the recognition of significant opportunities immediately adjacent to the Atlas Mine, formerly the largest copper and gold producer in the Philippines.

CONTACT: Chase Resource Corporation

Barbara Dunfield, 604/685-6851

Fax: [phone]

E-mail: [e-mail]

Web site: http://www.chaseresource.com