Consolidated Magna - significant nickel-copper-cobalt discovery at Tasisuak Lake property, Labrador.

VANCOUVER, BC--(BUSINESS WIRE)--Oct. 25, 1995--Consolidated Magna Ventures Ltd. (CMV.VSE) and Consolidated Viscount Resources Ltd. (CVR.VSE) are pleased to announce that the current diamond drilling program on the Tasisuak Lake property, located 50 Km. northwest of Voisey Bay, Labrador, has intersected significant nickel-copper values in the C zone.

Two drill holes, TL2 and TL5, have been completed to date in the C zone and both of them intersected a gabbro dike mineralized with disseminated to semi-massive sulfides. The two holes are located 600 m. apart and both intersected the C zone at a vertical depth of about 15 m. -0-

Assays are as follows:

Drill     Target    From     To   Width    Ni%    Cu%    Co%
 Hole      Zone     (m)     (m)   (m)
-------------------------------------------------------------
DDH TL2    C1-2    19.98   23.70   3.72    0.72   0.38   0.02

DDH TL5    C3-2    13.30   37.00  23.70    0.47   0.16   0.02
             incl. 16.00   21.23   5.23    1.15   0.42   0.04
-------------------------------------------------------------

This drill discovery would appear to be the first significant find in Labrador since the Voisey Bay discovery of Diamond Fields Resources. It certainly appears to confirm the opinions of nickel experts who predicted that the Voisey Bay region has the potential to host many more nickel sulfide deposits.

Hole DDH TL5 is of special interest because in addition to the higher grade sulfide zone with individual assays up to 1.69 per cent Ni, 1.77 per cent Cu and 0.05 per cent Co. in the gabbro dike, a broad width of disseminated sulfides in the Tasiuyak paragneiss wallrocks surrounding the dike returned anomalous to ore grade nickel-copper-cobalt values. This indicates that the C zone mineralized system could be significantly larger than indicated by the surface showings and the two shallow drill holes.

The C zone basic dike and sulfide mineralization has now been traced on surface by small outcrops and magnetic surveys for more than 2.0 Km. Higher grade mineralization in the dike is typically 3m. wide on surface but broadens to 6 m. wide in drill holes only 15 m. in vertical depth. With the width of mineralization increasing with depth (see cross-section attached) the tonnage potential here could be significant. The gross metal value of the moderate sulfide intersection in DDH TL5, estimated at more than US $120.00 per ton, should also significantly increase if more massive sulfides are encountered in future drill holes.

Magna and Viscount intend to carry out immediate follow-up drilling along the C zone. The next C zone hole is now being collared 50 m. south of DDH TL5 and should commence drilling today. Magna and Viscount launched the current drill program in mid- September on the basis of testing 7 different targets in the A, B and C zones. Three of these targets have now been drilled on the B and C zones. The C zone clearly has significant ore potential. No holes have been drilled yet in the A zone. The B zone did not return any significant assays in one drill hole.

A further 5 drill targets were announced in early October, including several high priority geophysical anomalies in the A zone. Drilling will now focus exclusively on the C and A zones. Assays for the other three holes were as follows: -0-

Drill     Target    From     To   Width    Ni%    Cu%    Co%
 Hole      Zone     (m)     (m)   (m)
-------------------------------------------------------------
DDH TL1    C1-1     Did not reach C zone target, intersected
                    small sulfide zone in footwall gneiss.
                    53.41   53.97  0.56    0.46   0.13   0.02

DDH TL3    B1-1     Intersected broad zone of sulfides but no
                    significant values, B zone sulfides appear
                    to be a different generation of sulfides
                    from the C zone.

DDH TL4    BC3-1    Failed to explain geophysical anomaly in
                    between C zone and B zone, no significant
                    values.
-------------------------------------------------------------

In summary, the C zone represents the discovery of a north-south trending, sulfide mineralized gabbro dike that can be interpreted as the mineralized roots or plumbing system to a part of the Nain Plutonic Complex. In this way, it is geologically similar to the Voisey Bay discovery of Diamond Fields Resources Ltd. Magna and Viscount anticipate further positive drill results from the C zone over the next few weeks.

Magna and Viscount confirm that they have been approached by two major mining companies interested in joint venture possibilities on the Tasisuak Lake property. The Companies intend to continue drilling the C zone this year concurrent with any partnership discussions.

Consolidated Magna Ventures Ltd. is a growth-oriented mineral exploration company listed on the Vancouver Stock Exchange (Symbol- CMV.VSE). The Company holds options on 630 claims comprising 8 properties in the Voisey Bay area and a further 1246 claims in six properties near Goose Bay, Labrador.

On behalf of the board of directors of Consolidated Magna Ventures Ltd.

Bradley T. Aelicks

Director

NOTE: Location Map and Schematic Diagram are available from the

Company at the phone number listed above.

THE VANCOUVER STOCK EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT.

CONTACT: Consolidated Magna Ventures Ltd.

Clayten Vance, 604/685-9700 or 800/460-0535