Consolidated Viscount Resources - Corporate Update.

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 5, 1995-- On May 2, 1995, Mr. Len Harris reported:

The company has acquired 15 claims totaling 900 acres in the Tasisuak/Anaktalik Lakes area northwest of the Diamond Fields Discovery at Voisey Bay. This area has some of the highest copper- nickel-cobalt geochem anomalies in Labrador.

The northern claims cover a portion of a circular magnetic anomaly in the Tasiuyak gneiss and are situated between Proterozoic granite intrusives to the west and anorthosite intrusives to the east, very similar to the setting at Voisey Bay. Government reports indicate gossans are present in the immediate area.

The southern portion of the claims cover a distinct and intensive aeromagnetic anomaly on the margin of the same Proterozoic intrusive which penetrates gneiss and occurs near the Diamond Fields deposit. An east-west striking mafic dyke occurs on the property and strikes into the magnetic anomaly.

The cost of the acquisition was $600,000 cash and a 3% NSR royalty. This brings the company's holdings to 400 claims totaling 24,000 acres in the geologically favorable area hosting the Diamond Fields deposit.

As previously reported on April 21, 1995, the company has negotiated a private placement of 350,000 units at $2.00 per unit (one share, one warrant). An earlier placement of 300,000 shares at $1.00 per share is completed. With the completion of both private placements, the company will then have 2.65 million shares issued and outstanding. -0-

NOTE: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

CONTACT: Consolidated Viscount Resources, Vancouver

Len J. Harris, 604/488-0133