Coleville Announces J.V. on its Ojolali Gold Property in Indonesia.

CALGARY, ALBERTA--(BUSINESS WIRE)--Jan. 14, 1997-- Coleville (Alberta Stock Exchange CLL.) Coleville is pleased to announce the formation of a joint venture with Antares Mining and Exploration Corporation, a public company listed on the Toronto Stock Exchange ("ANZ").

Pursuant to the joint venture agreement, Antares will obtain a 45 percent interest in Coleville's KP Eksplorasi Claims in the Ojolali gold property located in the district of North Lampung, Lampung Province on the island of Sumatra, in the Republic of Indonesia. In consideration for the JV interest in the KP Claims, Antares is required to pay to Coleville U.S.$1,500,000 cash and to issue from treasury Cdn. $2,100,000 of Antares common shares.

The agreement is subject to due diligence by Antares and approval of the respective boards of directors and applicable regulatory bodies and the completion of all matters in relation to the Corporation's original acquisition of the KP Claims. Exchange approval of the original acquisition of the KP Claims continues to be subject to completion by February 16, 1997 of an independently prepared evaluation of the property.

Pursuant to the JV agreement, Antares is required to spend a minimum of U.S. $500,000 in exploration of the Ojolali property within six months of completing its due diligence. The JV agreement will close on the later of February 16, 1997 and the last date on which the U.S. $1,500,000 payment by Coleville to the Indonesian owners of the KP Claims is required to be made. Upon closing, Antares will become the sole operator of the KP Claims for a minimum of five years.

Coleville also wishes to announce that it has granted to Antares, an option to acquire a 45 percent joint venture interest in its Contract of Work in the area surrounding the KP Claims. To exercise the option, Antares is required, on or before July 31, 1997, to pay to Coleville, Cdn. $250,000 cash and to issue from treasury, Antares common shares valued at Cdn. $1,000,000.

Currently, a team of mining personnel are at the property and will be providing both Coleville and Antares with an update on the property. A representative of Watts Griffis McQuat is also on site to perform an evaluation of the property.

Approved on behalf of the Board of Directors by: "Signed" W.A. Peter Perry, CEO and director. -0- Neither the Alberta Stock Exchange nor any other regulatory body has approved or disapproved of the contents of this press release

CONTACT: Silicon Capital Corp.

Gerry Belanger, 403/ 205-3660

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