Consolidated Venturex Signs Letter of Intent to Acquire Swamp Creek Properties.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 5, 1997-- Consolidated Venturex Holdings Ltd. (VSE:CVA.) (the "Company") wishes to announce that, subject to regulatory approval, has signed a letter of intent to acquire a 100 percent interest in a total of 90 unpatented mining claims known as the Swamp Creek A and Swamp Creek B properties. To earn its 100 percent interest in the property the Company is to issue a total of 200,000 shares and expend $820,000 in exploration and cash payments over a period of five years. The vendor will retain a 3 percent net smelter return royalty which shall be subject to a 1 percent buyback for $1,000,000. A finder's fee is payable in connection with this transaction.

The properties are located in the Matawin Gold Belt where over 100 gold discoveries have been reportedly found in the past decade. The properties are underlain by the favorable gold bearing Timiskaming metesediments. The properties are on strike with the newly discovered Battle Mountain gold zone.

In order to proceed with the acquisition and exploration of the Swamp Creek A and Swamp Creek B properties as well as funding the Company's current exploration program in Sierra Leone and working capital requirements the Company will be proceeding with a brokered private placement of 1,500,000 units of the Company at a price of $0.50 per unit through Georgia Pacific Securities as selling agent. 1,000,000 of the units will consist of a common share and a non-transferable share purchase warrant entitling the holder(s) to purchase one additional common share at a price of $0.60 for a period of one year. The balance of 500,000 units will consist of a flow-through common share and a non-transferable share purchase warrant entitling the holder(s) to purchase one additional common share at a price of $0.60 per share for a period of one year.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael S. Gustavson, Director -0-

Note: The Vancouver Stock Exchange nor any other regulatory body has reviewed this news release and therefore do not accept responsibility for the adequacy or accuracy of this release.

CONTACT: Consolidated Venturex Holdings Ltd.

Michael S. Gustavson, 604/683-3070

604/683-2308 (FAX)

1-888-888-9122 Toll Free CDN

1-888-888-9123 Toll Free USA