Consolidated Viscount Reports High Palladium Values Found In Recent Surface Samples; Drill Program Now Underway At Tasisuak Lake Property.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 26, 1995-- Consolidated Viscount Resources Ltd. (CVR.VSE) and Consolidated Magna Ventures Ltd. (CMV.VSE) report high palladium assays from all five surface samples recently submitted for platinum- palladium analysis from their Tasisuak Lake property located 50 km northwest of Voisey Bay, Labrador.

Two of the five samples assayed in excess of 0.8 gpt palladium. Palladium is one of the Platinum Group Elements (PGEs are considered to be precious metals) typically associated with Ni-Cu-Co deposits such as Voisey Bay, Sudbury and Norilsk.

As a result of these assays, Viscount and Magna intend to re-run all mineralized samples for gold ($380 US per troy oz.), platinum ($420 US per troy oz.) and palladium ($135 US per troy oz.), as well as selected assaying for osmium iridium ($60 US per troy oz.) and rhodium ($550 US per troy oz.). Diamond Fields Resources Ltd. has reported that about 10 percent of the gross metal value ($450 US per ton divided by 10 = $45 US per ton) of the Voisey Bay deposit is a result of its precious metals content.

Further surface sampling of semi-massive mineralization (18 of 40 samples) in small gossan outcrops at Tasisuak Lake has upgraded copper assays (0.20 percent to 1.53 percent Cu) and confirmed high nickel (0.28 percent to 1.81 percent Ni) and cobalt assays (0.01 percent to 0.07 percent Co). These samples are consistently anomalous in chromium, which is also typical of Ni-Cu-Co massive sulfide deposits.

A Phase I drill program is now underway at Tasisuak Lake although start-up was delayed until late on Saturday, September 23 due to weather and related problems. Seven drill targets have been identified from detailed surface exploration within three main prospective zones. Drilling will move west to east to reduce costs and save time.

Magna's management representative is currently on-site and has prioritized the seven drill targets in the order they are to be drilled as outlined below. The drill has started on target C1 close to camp and will move to higher priority targets in the B and A Zones further east as the program progresses. -0-

TARGET  PRIORITY                  COMMENTS

C1        Low      Small gossans, good sulfides in a gabbro dyke,
                   moderate magnetics, weak conductor

B2      Moderate   Overburden-covered, strong magnetics, moderate
                   conductor

C2      Moderate   Small gossans, good sulfides in a gabbro dyke,
                   moderate magnetics, moderate conductor

B1        High     Overburden-covered, strong magnetics, strong
                   conductor

A2        High     Lake-covered, multiple gossans near shore, strong
                   magnetics, strong conductors near troctolite dyke

A1        High     Overburden-covered, multiple gossans along flanks
                   of valley, strong magnetics, strong conductors

A3        High     Overburden-covered, strong magnetics, strong
                   conductors near troctolite dyke-0-

The Companies anticipate making an announcement to update shareholders on our Tasisuak Lake drilling program upon receipt of VSE approval for Magna's recent private placement of 1.5 million units at $1.25. Viscount has filed for approval on a private placement of 300,000 units at $5.63.

Consolidated Viscount holds 100 percent interest in sixteen claim blocks in the Voisey Bay, Hebron and Central Labrador areas as well as three claim blocks which have been optioned as to 51 percent to Consolidated Magna. Geological crews have completed reconnaissance exploration on several of the company's claim blocks. Numerous sulphide zones have been identified and samples taken. More detailed results are expected soon. -0-

Note to Editors: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy of this release.

CONTACT: Consolidated Viscount Resources Ltd.

Len J. Harris, 604/488-0133