Consolidated Magna Announces Assay Results from El Rosario Project, Sinaloa, Mexico.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 12, 1997-- Consolidated Magna Ventures (VSE: CMV) Assays have been compiled from the latest round of diamond drilling at the El Rosario Project in Sinaloa, Mexico.

Magna is conducting a due diligence drill program on this copper-iron-gold-silver deposit to determine the reserve base prior to committing to a purchase of a 100 percent interest in the mine property and mill facility. As indicated below, the analytical results confirm the consistency of copper mineralization indicated from visual estimates. -0-

HOLE NUMBER     INTERVAL    METRES    COPPER        IRON
                                      GRADE         GRADE
                  (m)        (m)    (percent)     (percent)

ER-97-11      17.37-60.35   42.98     0.73          54.38
 including    17.37-26.78    9.41     2.02          58.11
ER-97-11B     16.15-32.02   15.87     0.39          56.14
 including    29.43-32.02    2.59     1.71          57.33
ER-97-12       0.00-29.26   29.26     0.96          60.48
 including     5.57-11.26    5.69     2.42          57.37
ER-97-13       3.04-25.90   22.86     2.52          60.09
 including     5.04-17.76   12.72     3.80          57.20
ER-97-14      33.53-52.31   18.78     0.38          53.15
 including    35.15-41.70    6.55     0.64          53.39
ER-97-15       3.05-39.62   36.57     1.25          44.89
 including    12.46-23.87   11.4      2.29          49.50
              55.97-60.44    4.47     1.29          50.83
ER-97-16      10.15-73.35   63.20     0.45          50.46
 including    58.79-71.14   12.35     1.21          62.68

-0-

Copper mineralization, in the form of chalcopyrite and malachite, is generally associated with semi-massive to massive magnetite, although there is not a one-to-one relationship between copper and iron. Copper mineralization is also observed extending into the adjacent skarn and magnetite commonly occurs alone. Gold and silver values, however, generally improve with higher copper grades. For example, a portion of hole ER-97-11 returned 3.18 percent Cu, 33.8g/t Ag, 0.27g/t Au and 56.66 percent Fe over 4.97m and the higher-grade interval from hole ER-97-15, reported above, contained 2.29 percent Cu, 21.59g/t Ag, 0.29g/t Au and 49.5 percent Fe over 11.4m.

This phase of drilling has successfully established the attitude of the mineralization. The current round of drilling, totalling some 700m, began on February 7 and is designed to test the extent of the deposit and delineate a preliminary resource.

Magna's management is very encouraged by the above results. Similar results from the current drilling should lead to completion of the purchase and could give the Company its first production within a matter of months.

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

ON BEHALF OF THE BOARD OF DIRECTORS CONSOLIDATED MAGNA VENTURES LTD.

Robert A. Archer Vice-President, Operations, Director -0-

Note to Editors: Location map available from the Company at the phone number listed below.

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