Cheni Resources completes a private placement.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 13, 1997-- Cheni Resources Inc. (TSE CHB. ) Cheni Resources Inc. (the "Company" or "Cheni") reports that on January 10, 1997 the Company completed a private placement of 2,896,032 common shares for cash proceeds of $2,463,312 or $0.851 per share, to MINE OR S.A., an affiliated company. The share issuance was made in accordance with the terms of a Subscription Agreement among the Company, MINE OR S.A. and Cheni S.A., another affiliated company. This private placement represents the final installment under the terms of the Subscription Agreement.

After completing the private placement, the number of issued and outstanding common shares of the Company increased to 16,032,508 shares of which MINE OR S.A. holds 9,423,334 shares, or 58.8 percent.

The proceeds of the share issuance will be primarily used for property acquisitions and exploration activities.

The Company further advises that pursuant to the terms of its agreement with Hutton Capital Corporation regarding the sale of certain of Cheni's investment in Meota Resources Corp. to Hutton (see press release CHB No. 96-10), on January 7, 1997 the Company sold 200,000 shares of Meota to Hutton for gross proceeds of $194,000.

R.G. McMorran, C.A., President

The Toronto Stock Exchange has neither approved, nor disapproved, the information contained in this press release.

CONTACT: Cheni Resources Inc.

R.G. (Rob) McMorran, 604/688-2321

604/ 684-0642 (FAX) REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or