Coleraine Mining - Perron Property: Results of the Latest Drilling Program.

MONTREAL--(BUSINESS WIRE)--March 10, 1998-- (ME:CRI.) Coleraine Mining Resources Inc. (CRI- Montreal Exchange) is pleased to report the preliminary results of the latest drilling program on the Perron Property. This drilling program, which began at the end of September 1997, was completed in mid-February 1998, and includes 28 holes totalling 5,597 meters. Assay results from the last five holes (P-98-43 to P-88-47) are pending. All samples were fire assayed at the certified Chimitec laboratory.

This drilling program allowed the investigation of the lateral and shallow-depth extensions of the gold-rich sections of zones 1, 2, and 3, the depth extension of the gold-rich section of Zone 3, as well as of 10 geophysical targets (IP) detected in the eastern part of the property. This exploration drilling led to the identification, at the rhyolite-andesite contact and about 1000 meters east of known zones, of a large altered-mineralized zone containing visible gold.

Summary of results (Zones 1, 2 and 3):

The Perron Property's gold-bearing structure, as defined to date in the western sector, consists of three parallel mineralized zones, which extend over more than 1,200 meters, containing 4 gold-rich sections. These gold-rich sections have an average length of about 200 meters and returned values from 0.62 to 78.14 g/t Au, over widths varying from 0.4 to 4.0 meters, with the best intersection grading 12.22 g/t Au over 3.95 meters. Three of these gold-rich sections are sub-outcropping and have been traced to a vertical depth of 150-200 meters. The fourth has been identified from a vertical depth of 100 meters and continues to a depth of 250-300 meters below surface.

The drill holes that have investigated Zone 2 all intersected mineralized intersections containing visible gold (VG). The best results are:

-0-

P-97-24  10.26 g/t Au/8.0 m, including 37.41 g/t Au/2.0 m (VG)
P-97-25  5.41 g/t Au/2.0 m, including 14.08 g/t Au/0.70 m (VG)
P-98-41  0.37 g/t Au/10.10 m, including 1.12 g/t Au/1.50 m (VG)

The holes which investigated the depth extension of Zone 3 (P-97-21
et P-97-33) revealed that both the mineralized zone and the
associated gabbro unit come up against a fault zone along the
rhyolite-andesite contact, and are offset.  However, mineralized
intersections  were cut at shallow depth along Zone 3, the best
are:

P-97-29  0.67 g/t Au / 10.30 m, including 5.43 g/t Au / 0.5 m
P-97-31  2.47 g/t Au / 7.0 m, including 7.56 g/t Au / 2.0 m
P-98-41  7.64 g/t Au / 1.60 m, including 20.11 g/t Au / 0.60 m

-0-

Summary of exploration drilling:

Exploration drilling tested 10 induced polarization anomalies in the eastern sector of the property. The holes all intersected mineralized zones that returned values anomalous for gold. A few holes drilled along the rhyolite-andesite contact intersected wide altered and mineralized zones in the soda rhyolite, coinciding with Zone 1, which returned values anomalous for gold over widths reaching 80 meters.

Hole P-97-35 intersected a mineralized intersection, about 1000 meters east of known zones, grading 0.45 g/t Au/40.10 m, including several intersections varying from 1.08 to 2.40 g/t over widths of 0.35 to 1.30 m. A mineralized intersection containing several grains of visible gold returned 2.40 g/t Au/1.30 m showing the necessity of using procedures for coarse-grained gold (Metallic sieve) in order to evaluate the actual quantity of gold.

Hole P-97-30 intersected a mineralized interval, in the rhyolite unit, about 1,500 meters east of known zones, grading 0.57 g/t Au/10.25 m, including 2.89 g/t Au/1.0 m, which confirms the continuity of this mineralized zone. With the discovery of this mineralized zone, the gold-bearing structure on the Perron Property now extends over more than 2.7 kilometers and is open to the east and west.

About 4 kilometers further east, old drill holes associated with base metals on the Normetal and Normetmar deposits intersected the following auriferous intervals:

-0-

Hole 65-4:
          27.94 g/t Au, 66.85 g/t Ag, 0.32 p.cent Cu, 11.45 p.cent
Zn/1.55m
Hole N87-33:
          6.86 g/t Au, 186 g/t Ag, 0.12 p.cent Cu, 10.34 p.cent Zn
/ 5.0 m

-0-

Conclusions:

The recent acquisition of 100 percent of Falconbridge's interest in the Perron and Normetal properties, which include more than 500 claims and cover an area of more than 200 km2, allows Coleraine to define a new exploration strategy, which will take into account the auriferous potential of both properties.

This strategy is based 1) on knowledge acquired on the Perron Property, which represents barely 5 percent of the combined areas of the Perron et Normetal properties, 2) on the compilation currently underway of work carried out to date on the Normetal Property and 3) on the fact that the structure bearing the gold mineralization crosses the property from east to west for a length of about 35 kilometers. Optimizing assay methods, verifying the coincidence between geophysical anomalies and auriferous concentrations, and using geochemical surveys are additional elements that define this strategy.

Coleraine has working capital of $2M at its disposal to carry out upcoming exploration work and intends to bring to light new auriferous zones on the Perron and Normetal properties and then to develop the most promising discoveries.

CONTACT: Coleraine Mining Resources Inc.

Mr. Gratien Gelinas, C. Adm, 819/ 824-5500

or

Coleraine Mining Resources Inc.

Mr. Andre Tremblay, Geol. Eng., 819/ 824-5500