Confirmation drilling upgrades reserves at Sentinel Deposit, Lisbon Valley; Lisbon Valley reserves now total 39,369,000 tons grading 0.49% copper.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 16, 1995--SUMMO MINERALS CORPORATION is pleased to announce results from eight 1994 RVC confirmation holes drilled in a "Z" pattern across the Sentinel deposit at Lisbon Valley have been received. Lisbon Valley is an advanced stage soluble copper project located in southeastern Utah.

The results from the eight holes indicate the presence of 27% more copper than indicated by historical drilling on the deposit and upon which the previously announced Sentinel ore reserve was based. Most of the old holes were rotary holes drilled in the early 1970's when sampling methods, precision, and accuracy were not as closely monitored as they are today. These results allow us to increase the copper contained in the previous Sentinel ore reserve estimate by 25%, based upon a 15% increase in tons and a 10% increase in grade.

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LISBON VALLEY PROJECT
SENTINEL DEPOSIT - CONFIRMATION DRILLING

     1970 Drilling          Hole     1994 Drilling
Thickness     % Cu          No.    Thickness  %Cu    Copper
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 30 feet      0.32          94S1    75 feet   0.30   +135%
110 feet      0.31          94S2   110 feet   0.31     -
 50 feet      0.29          94S3    80 feet   0.29    +60%
 50 feet      0.31          94S4    40 feet   0.43    +11%
 50 feet      0.24          94S5    40 feet   0.42    +40%
 70 feet      0.36          94S6    85 feet   0.29    -02%
 70 feet      0.29          94S7    90 feet   0.33    +46%
 70 feet      0.26          94S8    55 feet   0.36    +09%
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AVERAGE
 62 feet      0.30                  72 feet   0.33    +27%
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Summo Minerals Corporation now carries a new internally calculated reserve at the Sentinel deposit of 7,213,000 tons grading 0.34% Cu. These are minable reserves, engineered with pit designs, recommended pit slopes and haulage ramps. Strip ratio for this reserve is 0.31/1. The Sentinel orebody has a documented heap leach recovery of 93% at -3 inch crush within 30 days leach time. Acid consumption on this orebody is very low, averaging 20 lbs. acid/ton ore (2.5 lbs. acid/lb. Cu).

Total reserves for the Lisbon Valley Project now stand at 39,369,000 tons grading 0.49% Cu at a strip ratio of 2.07/1 (See News Release #94-06, dated December 15, 1994). In addition, drilling of nearly seventy holes during 1994 designed to expand the reserves at the Sentinel, Centennial, and GTO deposits has been completed and assay data are anticipated to be released in the first quarter of 1995.

The new reserve figures will be incorporated into the feasibility study currently underway on the entire Lisbon Valley project to quantify the economics of placing the property into production as an acid heap leach copper mine with a projected annual capacity of +30 million pounds of copper.

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The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

CONTACT: Summo Minerals Corp., Vancouver

Matt Mason, 604/687-7545