Correcting...Retransmission : Ressources Coleraine Inc. - Closing of $4.92 M Financing and Continuation of Drilling on the Perron and Normetal Properties.

ROUYN-NORANDA, QUEBEC--(BUSINESS WIRE)--March 26, 1997-- COLERAINE INC.(ME CRI.) Ressources minieres Coleraine inc. is pleased to announce the closing of two private placements totalling nearly $5 M and the continuation of drilling on the Perron and Normetal properties.

Financing:

The first international financing of $4,590,000 to European financial institutions, consisted of 9 millions units at $0.51 per unit, each unit consisting of one common share of Ressources minieres Coleraine inc. ("Coleraine") and one half common share purchase warrant. Each whole purchase warrant entitles its holder to acquire one common share of Coleraine at a price of $0.65 at any time until September 30th, 1997 and at a price of $0.75 at any time from October 1st, 1997 until September 30th, 1998. Bunting Warburg Inc. acted as Agent for Coleraine.

The second financing consisted of $335,000 private placement to Falconbridge Limited at the same terms as the international financing. The proceeds of this second financing will meet one third of the $1 M 1997 exploration budget for the Normetal property.

Continuation of work:

Following these financings, Coleraine announces the continuation of work on the Perron Property. Two drills are now at work to carry out the first phase of a drilling program totalling at least 3,000 meters. This program will test the eastern and depth extensions of the gold-bearing zones. This first phase will be followed by geological, geophysical, and geochemical surveys, which will be undertaken over the entire Perron property, as soon as field conditions allow it. A compilation and interpretation of the results will then serve as a basis for planning the second drilling program, totalling at least 7,000 meters. This second program will evaluate the potential reserves of the auriferous zones.

Meanwhile, Falconbridge Limited, which is the operator of the work on the Normetal Property, has just initiated a 10,000-meter drilling program to evaluate the base metal potential of 39 different targets distributed over the whole property, which has an area of more than 200 km2. Conclusion

The two financings, totalling nearly $5 M, will allow Coleraine to accelerate exploration programs on the Perron and Normetal Properties. More than 20,000 meters of drilling will be carried out on the properties during the coming months. These expenditures will entitle Coleraine to earn an interest of up to 60 percent of the Perron Property and an interest of 25 percent of the Normetal Property.

These exploration programs are designed to confirm the presence of major auriferous resources on the Perron Property and to discover volcanogenic massive sulfide deposits on the Normetal Property.

The management of Coleraine has complete confidence in the mining potential of Normetal area and is encouraged by the results of the initial work on these properties.

CONTACT: Ressources Minieres Coleraine inc.

Mr. Gratien Gelinas, 819/ 797-6512

or

Ressources Minieres Coleraine inc.

Mr. Jacques Trottier, 514/ 861-1953