Coleraine Acquires 100 Percent of Normetal and Perron Properties.

VAL-D'OR, Quebec--(BUSINESS WIRE)--March 9, 1998--Coleraine Mining Resources Inc. (ME:CRI.) is pleased to announce that it has reached an agreement in principle with Falconbridge Ltd. which will allow it to acquire a 100 percent interest in the Perron and Normetal properties.

The option agreement realizing this will be subject to the approval of regulatory authorities.

According to agreements reached with respect to Perron in August, 1996, and with respect to Normetal in March, 1997, Coleraine already holds a 60 percent interest in the Perron Property and 25 percent of the Normetal Property. The properties, located in Abitibi, consist respectively of 21 and 498 mining claims. Their overall area exceeds 200 km2 and they border the Normetal Fault for more than 35 km.

To acquire 100 percent of Falconbridge's interest in both properties, Coleraine will issue one million shares to Falconbridge and each share will be accompanied by a half-warrant, with a value of $0.30, which can be exercised until December 31, 1999.

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1-   Should a gold discovery be confirmed by a positive feasibility
     study:

     - Coleraine will pay Falconbridge, 30 days after the deposit
       is put into production, $4.00 CA per ounce of gold defined
       by the feasibility study, up to a maximum of $4M, and a
       royalty of 1.5  percent NSR on claims not already subject to
       another royalty.

2-   Should a base metal discovery be made:

     - Coleraine gives Falconbridge the right to acquire 50 percent
       of the base metal target area, including a 2km2 zone of
       influence, by investing $250,000.00 in exploration work
       there.

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Following this agreement, Coleraine will be able to orchestrate regional exploration in a mining camp virtually unexplored for its gold potential. Before carrying out definition drilling to outline the resources of auriferous zones on the Perron Property, Coleraine will apply the knowledge acquired on Perron to optimize discovery of new auriferous zones over the entire Normetal Property. Then, it can proceed with the development of the most promising auriferous zones.

CONTACT: Coleraine Mining Resources Inc.

Gratien Gelinas or Andre Tremblay, 819/824-5500