Consolidated Viscount reports significant Ni-Cu-Co assays received from Tasisuak Lake Property, Labrador.

VANCOUVER, BC--(BUSINESS WIRE)--Aug. 16, 1995--Consolidated Viscount Resources Ltd. (CVR.VSE) and Consolidated Magna Ventures Ltd. (CMV.VSE) have received significant Ni-Cu-Co assays from their Tasisuak Lake property located 50 km. northwest of Voisey Bay, Labrador.

Preliminary results from initial grab samples show assays of up to 1.36 percent Ni, 0.59 percent Cu and 0.07 percent Co, with anomalous Cr, Zn and Ag. A further 80 grab samples are now being analyzed for 32 elements, including Ni, Cu and Co, as well as gold assays on all samples.

Because these samples were collected from rusty, oxidized gossan outcrops, the assay grades may not be truly representative of the original sulfide mineralization. Furthermore, the sampled gossans only represent the north and south margins of the main east-west geophysical target, as the main body of Anomaly "A" is overburden- covered and swampy in places.

The positive assays lend further support to the companies' decision to fast-track a drilling program at Tasisuak Lake in September. Ground geophysical and geological crews have been mobilized to the Tasisuak Lake property in order to survey in more detail the multiple gossan zones and geophysical highs in Anomalies "A" and "B".

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. Two geological crews are currently conducting reconnaissance exploration on two separate properties. Six extensive sulphide zones, have been located on the Hebron Lake property. One of the five coincident EM/Mag airborne anomalies has been examined on the Kingurutik property and has been identified as a sulphide zone containing pyrrhotite and chalocopyrite. The zone is found in the area of a contact between the Tasiuyak gneiss and olivine gabbro and leucogabbroic rocks with troctolitic variants belonging to the Nain Plutonic Suite. Samples have been taken and results will be reported when available. Work is continuing and a blasting crew has been dispatched to the property.

Len J. Harris President

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

CONTACT: Len J. Harris, 604/488-0133

INDUSTRY KEYWROD: MINING REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

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