Correcting...Brazilian Resources, Inc. Acquires Option to Purchase Producing Gold Mine.

CONCORD, New Hampshire--(BUSINESS WIRE)--April 17, 1997-- (CANADIAN DEALING NETWORK BZIN. ) Brazilian Resources, Inc. ("BRAZILIAN") announced today that it has acquired the right to purchase 70 percent of the Santa Maria Mine, a fully permitted producing open pit gold mine located in the Brazilian portion of the Guyana Shield. BRAZILIAN believes this property fits its corporate strategy of acquiring large land packages for exploration, with near term and initial stage production, in multi-million ounce geological settings. The acquisition is subject to BRAZILIAN'S due diligence.

The Santa Maria Mine has a land position of 8,345 hectares (20,862 acres) located in the Vila Nova Group Greenstone Belt. The primary gold mineralization at Santa Maria occurs along a 9 km mineralized trend within the property limits, where ore is currently being mined from a 1,400 m long pit. The pre-existing reserve and resource estimate of 236,600 ounces utilized data from only the 1,400 m pit region, where drilling was limited to shallow depths. The estimate does not include data from the balance of the 9 km shear zone or the conglomerate gold mineralization zones. The reserve and resource estimates were based on a detailed geological exploration program which included 7,000 meters of diamond drilling, terrestrial geophysical and a soil geochemistry survey over the existing mine.

Santa Maria has been producing since 1992 using a heap leach process. The oxidized ore is being mined by conventional flat soil equipment and is delivered to the treatment plant by light trucks. The existing plant is believed to have an annual capacity of 240,000 tonnes. The property's cumulative production is represented to be 41,000 ounces. The mine has outstanding infrastructure and is located 95 km from a major city. The access to the site is by paved and well maintained gravel roads.

The Santa Maria Mine gold occurrence is a typical shear hosted Archean lode type deposit. BRAZILIAN, subject to its due diligence, believes this property has significant potential at depth and along strike. BRAZILIAN believes that reserves and resources can be increased substantially by the end of 1997 with production reaching 50,000 ounces of gold per year in 1999.

BRAZILIAN has engaged a team of independent North American and Brazilian consultants that, during the 90 day due diligence period, will complete a review of the geological information, reserve estimates, an environmental audit, an economic evaluation, studies to increase production, and develop a work program to increase and upgrade reserves. The review of this information will form the basis for BRAZILIAN to exercise its acquisition rights and to finalize terms of the agreement. The purchase consideration will consist of staged common share and cash payments.

BRAZILIAN currently has 35,771,537 common shares outstanding, of which officers and directors control approximately 22 percent. Exercise of the Santa Maria purchase option should not materially affect control of BRAZILIAN.

BRAZILIAN controls 100 percent of the mineral rights of its 50,000 acre Cedro Bom property in the Juruena region in northern Mato Grosso. In the state of Minas Gerais, BRAZILIAN has optioned 70 percent of its Sabara property to a Placer Dome Inc. Brazilian subsidiary for up to US $21,500,000.

BRAZILIAN is a gold and diamond exploration company quoted on the Canadian Dealing network under the symbol "BZIN".

BRAZILIAN's securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or resold in the United States or to a U.S. person absent registration or an applicable exemption from the registration requirements.

CONTACT: Brazilian Resources, Inc.

Daniel Titcomb, 603/ 224-4800

603/ 228-8045 (FAX)

E-mail: [e-mail]

or

Brazilian Resources, Inc.

Jeffrey Kirchhoff, 603/ 224-4800

603/ 228-8045 (FAX)

E-mail: [e-mail]