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Cornucopia Resources Ltd. strategic alliance with Inco Limited.

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 30, 1996-- The directors of Cornucopia Resources Ltd. are pleased to announce that the company and its subsidiary, Carlin Resources Corp., have entered into a strategic alliance agreement with Inco Limited for the development of mining projects in Africa.

The agreement gives Inco the right of first refusal to acquire a 60 percent interest in and become the operator of any base metal properties Cornucopia or Carlin may acquire or identify in Africa within the next year.

Upon exercise of their rights, Inco will refund all expenditures made on the property by the companies, complete a private placement of a minimum of $500,000 in Carlin, fund all expenditures incurred up to completion of a bankable feasibility study and assist Cornucopia or Carlin in completing any proportionate project financing requirements. The agreement provides for an extension of this option for a further two-year period.

Inco is the world's premier producer of nickel and is the largest individual shareholder of Cornucopia through its holding of 1 million shares acquired in 1988.

Inco has recently made a $4.3 billion offer for Diamond Fields Resources Inc., and its massive deposit at Voisey's Bay currently estimated at 150 million tons of nickel, copper and cobalt. The strategic alliance will enable Inco to expand its exploration horizons to the vast mineral deposits located in emerging African countries through Cornucopia and Carlin's extensive experience in Africa.

At the same time, this synergy enlarges the scope of Cornucopia's activities and provides the opportunity for substantial growth through acquisition of world-class concessions.

Cornucopia is listed on The Toronto Stock Exchange (CNP) and is quoted on the Nasdaq Small-Cap Issuers Mark-et (CNPGF).

CONTACT: Investors Relations

Richard Roy or Dale Paruk: 800/436-4404

Shareholder Hotline: 800/558-9035
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Apr 30, 1996
Words:294
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