Coleraine - Depth Extension of Zone 3 Discovery of a New Zinc-Rich Zone.

ROUYN-NORANDA, QUEBEC--(BUSINESS WIRE)--April 22, 1997-- COLERAINE(ME CRI.) Ressources Minieres Coleraine inc. is pleased to announce the first results of its drilling program initiated last month on the Perron Property. The drilling confirmed the depth extension of Zone 3 and led to the discovery of a new auriferous zone associated with a zinc-rich zone.

Perron Property

An intersection of 54.82 g/t gold over 0.43 meter was obtained in hole P-97-11. These results confirm the presence Zone 3, outlined within the altered andesite injected with quartz veins, at a vertical depth of 185 meters.

This hole is the first in a series of eight verifying the depth extension of zones 1 and 2 as well as Zone 3 which had, in fact, returned values reaching 12.22 g/t gold over 3.95 meters.

Hole P-97-10, drilled in the eastern extension of the known mineralized zones, intersected a new auriferous zone grading 3.77 g/t over 2.35 meters associated with values of 1 percent zinc within very highly altered (sericitized) rhyolite. This mineralized intersection corresponds to an induced polarization anomaly which intensifies and extends for at least 200 meters toward the east. Three other auriferous intersections varying between 2.45 and 4.59 g/t over 0.40 to 0.50 meter were also obtained on either side of this new zone.

It is also worth noting that another auriferous section grading 10.21 g/t gold over 0.45 meter was intersected in hole P-97-11 (250 meters west of hole P-97-10), within the rhyolite injected with quartz veins and cut by an intermediate biotite-bearing dyke.

Upcoming work

The current drilling program will be underway for several weeks to complete Phase I of the work on the Perron Property. Phase II, consisting of geological, rock geochemical and geophysical surveys, will begin in the middle of May. Another drilling program totalling at least 7,000 meters will then be carried out to verify the deeper extensions of the various mineralized zones, the new zinc-rich auriferous zone, as well as new targets outlined on the property.

Normetal Property

Falconbridge Limited, which is the operator of the work on the Normetal Property, has undertaken a drilling program, totalling more than 10,000 meters, to verify nearly forty targets with promising base metal potential. Two drills are currently at work on this property.

Conclusion

Thanks to the $4.9 M financing completed last March with European investors and Falconbridge Limited, Ressources Minieres Coleraine inc. is in an excellent financial position. It will therefore be able to continue its exploration work on the Perron and Normetal properties, methodically and efficiently, in close collaboration with its partner, Falconbridge Limited.

The depth extension of Zone 3 and the discovery of a new zinc-rich auriferous zone once more confirm the auriferous and base metal potential of the Normetal area. The management of Ressources Minieres Coleraine inc. is very satisfied with these early results and remains very confident as to the outcome of the exploration work which will be carried out over several more months.

CONTACT: Ressources Minieres Coleraine inc.

M. Gratien Gelinas, 819/ 797-6512

819/797-1550 (FAX)

or

Ressources Minieres Coleraine inc.

M. Jacques Trottier, 514/ 861-1953

514/861-1044 (FAX)