Consolidated Magna Ambon Island results confirm large polymetallic system in Indonesia, and El Rosario due diligence looks promising: extension received.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Jan. 30, 1997-- Consolidated Magna Ventures (VSE CMV.) Consolidated Magna Ventures Ltd. has completed the initial follow-up program on the Ambon Island project in Indonesia and has received extremely promising results.

The program consisted of reconnaissance stream sediment sampling to cover the property, from which both fine sediment samples (-230 mesh) and pan concentrate samples were obtained. Two prominent anomalies have been defined with multi-element signatures, including copper, lead, zinc, gold and barium, and are confirmed by both sampling procedures. Selected sample results for each of the anomalies are illustrated on the accompanying map.

The western anomaly comprises 6 discrete areas and covers a 10x3 km. land mass from which 20 of 28 drainages sampled were extraordinarily anomalous. The eastern anomaly, covering a 5x2 km. area was determined from 5 contiguous drainages.

The consulting geochemist of Watters & Associates Pty Ltd. has stated in the report to Magna that "the base metal values are stunning!". In conjunction with the fact that Ingold's recently announced high-grade polymetallic V.M.S. discovery on the adjacent Haruku Island, management is very optimistic about the potential for Ambon Island to host a significant base metal deposit.

Drilling from Ingold's discovery included intercepts of up to 3.3 percent Cu, 7.8 percent Pb, 14.2 percent Zn and 109 g/t Ag over 8.5 metres. Both properties are part of the same island-arc environment. The Ambon Volcanic Suite dominates the area and includes andesitic lava, dacite, volcanic breccia, tuff-breccia and tuff. These rocks are intruded by the Ambon Granite which may have potential for porphyry-style copper-gold mineralization.

The widespread mineralization in the region has encouraged management to continue with exploration at Ambon, and the next stage program and budget are currently being finalized.

Consolidated Magna is also pleased to announce that it has received a 45-day extension to further evaluate the El Rosario project in Sinaloa, Mexico. Although initial drilling resulted in modification to the geological interpretation, the revised drill program in January is meeting with very positive results. The Company is awaiting assay results for copper, iron, gold and silver, but visual confirmation on significant widths to the mineralized intercepts is promising for the tonnage potential. Drilling will continue through to mid-February to fully evaluate the potential of El Rosario.

Consolidated Magna Ventures Ltd. is a growth-oriented mineral exploration company listed on the Vancouver Stock Exchange. (Symbol - CMV)

NOTE: Location map available from the Company at the phone number listed below.

ON BEHALF OF THE MANAGEMENT TEAM

CONSOLIDATED MAGNA VENTURES LTD.

Bradley T. Aelicks, President -0-

The Vancouver Stock Exchange neither approves nor disapproves the contents of this News Release which was prepared solely at the discretion of management.

CONTACT: Consolidated Magna Ventures Ltd.

Julie Hunter, 604/ 685-9700