Consolidated Magna Ventures Drilling Intersects Sulfide Zones at Tasisuak Lake Property, Labrador; Magna to Expand Drilling Programs in Labrador.

MAGNA (VSE: CMV) Consolidated Magna Ventures Ltd. (CMV.VSE) and Consolidated Viscount Resources Ltd. (CVR.VSE) jointly announce that recent drilling has intersected significant widths of sulfide mineralization on their Tasisuak Lake property, located 50 Km. northwest of Voisey Bay, Labrador.

The drilling to date has concentrated on defining the C-zone target. This zone has been traced on surface for over 1.2 Km and appears to have a geological setting similar to the Voisey Bay discovery of Diamond Fields Resources.

The target consists of a basic dike trending NNW and dipping across the foliation of the Tasuiyak paragneisses between 50 and 75 degrees to the west. The dike is well mineralized consisting of 10-40 per cent sulfides, predominantly pyrrhotite and chalcopyrite, and is consistently exposed over widths from 3m. to 8m.

This zone was sampled in pits spaced from 1m. to 1.5m. apart across the width of the zone in two areas 900 meters apart and gave the following results: -0-

Zone 1 at 3+00 degrees North     Ni      Cu      Co
____________________________    ____    ____    ____

                                1.53    .456    .069
                                1.66    .593    .066
                                1.46    .412    .052

Zone 2 at 12+00 degrees North    Ni      Cu      Co
_____________________________   ____    ____    ____

                                1.81    .338    .053
                                 .721   .199    .035
                                1.70    .537    .049

-0-

Drill holes # C1-1, C1-2 and C3-2 have been completed to intersect this target over a 500 meter strike length. The following table summarizes our field geologists visual report to date. -0-

Drill    Target  Description
 Hole     Zone
-------  ------  --------------------------------------------
DDH TL1   C1-1   Drilled west to test dip of Ni-Cu sulfide
                 showing - never reached target zone due to
                 dip - intersected previously unknown zone
                 containing 0.5m. of semi-massive pyrrhotite-
                 chalcopyrite in footwall rocks.

DDH TL2   C1-2   Drilled east to test same Ni-Cu sulfide
                 showing as DDH TL1 - intersected 5.0m. of
                 disseminated to semi-massive pyrrhotite-
                 chalcopyrite-pyrite.

DDH TL5   C3-2   Drilled east to test same Ni-Cu zone 500 m.
                 north of C1-2 - intersected 7 meters of semi-
                 massive sulfides in the basic dike and a
                 further 15 meters of disseminated to semi-
                 massive bands of sulfides (pyrrhotite and
                 chalcopyrite) within the gneiss.

DDH TL3   B1-1   Drilled east to test Anomaly B - intersected
                 semi-continuous sulfide mineralization over
                 a 70m. width in basic dikes and surrounding
                 gneiss - consists of  bands of disseminated
                 to semi-massive pyrrhotite-chalcopyrite-
                 pyrite from 30 to 50 cm. wide spaced about
                 1m. apart over 70m.

DDH TL4   C3-1   Drilled east to test an isolated Max-Min
                 target between zones C and B - intersected
                 nothing to explain the geophysical target.
                 This zone may have been dipping the other
                 way and will be further tested at a later
                 date.-0-

Drilling will continue to move north from camp to test both zones C and B along strike. Strong cross-cutting magnetic features cut both zones B and C to the north and are moderate priority target areas. These areas must be drilled before freeze-up as there is limited water supply for the drill here compared to the A zone where there is ample water supply for winter drilling.

Recently completed geological and geophysical surveys have identified five new drill targets. As a result, Magna plans to expand the current drilling program to a minimum of 15-20 drill holes to test all the targets. Government permits have been received for 40 drill holes this year and the Tasisuak Lake camp is fully winterized.

On the Puttu (Krinor) property, located 5 Km. north of the recent discovery by Canadian States Gold, Castle Rock Exploration Corp. (33.3 per cent) has notified Magna (33.3 per cent) that ground geophysical surveys are now underway over the massive sulfide zones (up to 1.31 per cent Ni, 0.52 per cent Cu. and 0.21 per cent Co). Castle Rock has announced that they intend to drill the Puttu (Krinor) property within the next 6 weeks.

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. -0- ON BEHALF OF THE BOARD OF DIRECTORS CONSOLIDATED MAGNA VENTURES LTD.

Bradford J. Cooke Director -0- NOTE: Location map available from the Company at the phone number listed above.

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