Consolidated Magna Ventures - 1996 exploration program begins.

VANCOUVER, BC--(BUSINESS WIRE)--April 29, 1996--Consolidated Magna Ventures Ltd. (CMV.VSE) and Consolidated Viscount Resources Ltd. (CVR.VSE) are pleased to announce the mobilization of field and drilling crews to the Tasisuak Lake property near Voisey's Bay, Labrador.

Magna has proposed a minimum 15-hole, 1,500-metre drilling program at Tasisuak to commence immediately. Camp crews have already re-opened the winterized camp and drill preparation is underway. Drilling crews are currently servicing equipment on site and the first hole is expected to be collared late this week.

Drilling will commence with several holes targeting the extension of the "C anomaly" where mineralized olivine gabbro between 45 and 60 metres wide will be followed south under Long Pond. The mineralized gabbro has all the earmarks of a classic cummulate sulphide deposit. A true massive sulphide assaying up to 4 percent nickel was found grading into a leopard texture Basal breccia unit which assayed up to 1.5 percent nickel and 1 percent Cu. Drilling will also test similar geophysical structures on the south side of Long Pond.

Six targets will then be tested in the "A anomaly" and several miscellaneous coincidental geophysical anomalies in other parts of the grid.

Magna has commenced exploration efforts on other properties in the Voisey's Bay area as well. An airborne geophysical contract has been tendered for Block 5 of the Magna/First Western joint venture. Castle Rock Exploration has indicated that both airborne and ground geophysics on the Krinor/Puttu property is well underway chasing multiple zones of nickel copper mineralization hosted in the Anorthosite complex.

Further ground work will be upscaled on the nine First Western joint venture properties as snow conditions permit. Magna's planned budget is expected to be in excess of $1.0 million in Voisey's Bay in 1996.

ON BEHALF OF THE BOARD OF DIRECTORS

CONSOLIDATED MAGNA VENTURES LTD.

Bradley T. Aelicks President

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.

Clayten Vance, 604/685-9700