Conquistador Mines Ltd. - High Grade, Multi-Ounce Intervals Encountered in Drilling Zone No. 6, Ore Shoot Geometry Defined in Zone No. 5, Marmato Gold District.

RENO, Nev.--(BUSINESS WIRE)--Sept. 30, 1997--Conquistador Mines Ltd. is pleased to announce that its latest drilling results for the Marmato Gold District in Caldas Province, Colombia, establish the existence of shallow zones exhibiting multi-ounce, high grade gold mineralization over significant intercepts for the system.

These results to date continue to be consistent with our objectives for the Marmato program in which we have defined a potential resource of over 7,000,000 ounces of gold with a blue sky potential of well over 15,000,000 ounces of gold. This round of drilling focused on the higher grade Zone No. 5, and the possibility of convergence mineralization in Zone No. 6. We continue to intercept wide zones of mineralization with excellent gold values in our Zone No. 5. Zone No. 6 has heretofore provided intercepts with excellent grade but which exhibit narrower widths. With this round of drilling, it has yielded the highest grade intercepts encountered at Marmato to date. With this high grace zone we have defined a minimum of seven (7) parallel zones (Zone No.'s 0-6) with multiple internal ore shoots exhibiting bulk mineable widths and grades for both open pit as well as underground mining methods. As a consequence of our continuing good results, we will now begin in-fill and short step-out drilling to define resources and reserves as soon as possible.

The underground drilling has defined a series of high grade intervals, alternating with lower grades along strike and down dip. These define a series of en-echelon, lenticular shaped shoots that plunge approximately 40 degrees to the southeast along strike. These shoots range in grade from 4 to over 6 grams over average widths in excess of over 20 meters. They have strike lengths of up to 200 meters and down dip lengths in excess of over 400 meters, and thus constitute a major series of targets for the company. These shoots occur within major structural intersections such as those defined by the convergence of Zones 3, 4, and 5. A new, higher grade ore shoot has been defined by our hole MS-18. Between these ore shoots are lower grade (1.2 to 2.5 grams gold per tonne) intervals that are open pit targets.

Our drilling in Zones No. 5 & No. 6 has intercepted a probable convergence (intersection) zone whose extension down dip and along strike will be tested by additional surface drilling in the next several weeks. Hole MS-15, MS-17 have cut multiple mineralized zones which in part are correlative 20 to 40 meters above MS-18. All three holes are in the same drilling fence, one above the other. The numbers of mineralized intercepts at a 300 ppb cut-off are increasing in number as well as thickness form hole Ms-15 to MS-18 which was drilled deeper in the system. The absolute gold grades are also increasing with depth in Zone No. 6. -0-

Underground MU-1,2,&3, and Surface MS-17 & 18 Drilling

               Interval                   Grade     Grade
Hole No.        Meters    Intercept    gms gold    oz gold
Inclination    down hole    meters(m)   per tonne   per ton    Notes
---------------------------------------------------------------------------
MU-1            4.5-18      13.5 m       1.508     0.044     Zone No. 4
0 degrees        38-42         4 m       1.325     0.039     Zone No. 4
               166-176        10 m       0.769     0.022     Zone No. 5?
                                                               Faulted?
---------------------------------------------------------------------------
MU-2              8-20        12 m       1.872     0.055     Zone No. 4
-45 degrees      58-68        10 m       1.088     0.032     Zone No. 4
                 74-84        10 m       0.644     0.019     Zone No. 4
                98-104         6 m       1.290     0.038     Zone No. 4
               310-360        50 m       1.175     0.034     Zone No. 5
               312-340        28 m       1.499     0.044     Zone No. 5
                                                                 (15 zones)
----------------------------------------------------------------------------
MU-3               2-0        10 m       0.847     0.025     Zone No. 4
+45 degrees      20-30        12 m       1.557     0.045     Zone No. 4
                 80-90        12 m       4.012     0.117     Zone No. 5
                                                               ore shoot
                                                     Hole lost at 102 m

MS-17        26.5-44.5        14 m       0.541     0.016     Zone No. 6
-50 degrees  68.5-74.5         6 m       3.777     0.110     Zone No. 6
            88.5-122.5        34 m       2.000     0.058    Zone No. 6?
           112.5-122.5 includes 12 m     4.252     0.124    Zone No. 6?
           230.5-238.5         8 m       0.988     0.029    Zone No. 5?
               264-288        26 m       1.345     0.039     Zone No. 5

           High Grade Gold                      (a)=3-5   Assays
                Intercepts
             of Hole MS-18
----------------------------------------------------------------------------
MS-13            13-77        64 m     20.563(a)    0.600    Zone No. 6
                                                             ore shoot
                 32-57  includes 27     47.660(a)   1.392    Zone No. 6
                             meters                        ore shoot
               35.5-51  includes 17     74.379(a)   2.172    Zone No. 6
                             meters                         ore shoot
               35.5-43   includes 9    129.679(a)     3.787     Zone No. 6
                             meters                         ore shoot
                89-101        14 m       0.508     0.015
               107-115        10 m       1.211     0.035   Zone No. 5?
               133-145        14 m       1.593     0.047    Zone No. 5
               133-141  includes 10 m    2.063     0.060    Zone No. 5
               175-261        88 m       1.284     0.037    Zone No. 5
               187-193   includes 8 m    3.228     0.094     Zone No. 4
                                                                    & 5
               281-298        18 m       2.223     0.065   Zone No. 4?
               424-434        14 m       1.970     0.058   Zone No. 3?
               445-464        20 m       1.408     0.041    Zone No. 3?

Because of their high gold grades, and Conquistador's conservative approach to assay results, samples from hole 18 have been reassayed from meterage 13 - 77 in 1.5 to 2 meter intervals between 3 - 5 times each. This allows us to deal with the grades more statistically. Altogether, the grade of the 64 meter intercept of Zone No. 6 increased by 37% over the original assays obtain 2 weeks ago. Our estimate of the calculated grade is 64 meters at a weighted average gold grade with 20.563 grams of gold per tonne (210 ft wide, at 0.600 ounces of gold per ton). The true widths are being calculated and we will wait until we have drilled follow-up holes before final calculations. In general, the true widths for this intercept range from 37 to 45 meters.

Because of the high grade nature of one of the two meter samples of Hole 18, we also present cut grades. Sample MS18-43 assayed, 344.43, 206.71, 744.95 and 785.71 grams of gold per tonne in four separate assays. These numbers average 520.43 g/T. We have subjected the 520.43 g/T to two cuts (reductions) to 278 and 68 g/T based on exponential curve fits of the data in the 64 meter intercept. The resulting weighted averages are 20.563 using the average of 520.43 g//T; 12.988 g/T using 278 g/T; and 6.424 g/T using 68 g/T. These assays still demonstrate the high grade nature of the 64 meter intercept of hole MS-18.

Hole MS-18 is drilled within a major structural intersection which is open to the northwest, southeast and down dip. It fingers upward rapidly to the surface. The company will drill a series of holes to test the down dip and strike extensions of this high grade, multi-ounce ore shoot.

The company is also pleased to announce that it has entered into an agreement with Major Drilling a large worldwide contract drilling company. Major is now on site and drilling for the company both underground as well as on the surface.

In conclusion, we are most pleased to report to you these results which are obviously quite positive and continue to be consistent with our objective to establish a multi-million ounce gold resource, and ultimately proven reserves. We look forward to bringing you additional results of the Marmato program as they develop. -0- ON BEHALF OF THE BOARD OF DIRECTORS [signed] Raul J. Madrid, President

THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THIS NEWS RELEASE.

CONTACT: Conquistador Mines Ltd.

Raul J. Madrid

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