Cross Lake Minerals: Sheraton-Timmins Property: Down Hole Pulse EM Surveys Identify Conductive Drill Targets.

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 23, 1998-- CROSS LAKE MIN.(VSE:CRN.)--CROSS LAKE MINERALS LTD. (the "Company") is pleased to release the results from the last four holes (CLS 98-48, 50, 51 and 52) of the first phase of the 1998 Sheraton-Timmins drill program which totalled 5,813 metres.

Drill hole CLS 98-48 was drilled to test the zinc zone in a 55 metre gap between holes CLS 97-16 and 17. The hole was successful in intersecting a copper zone and a wide zinc zone containing two higher grade sections. Significant results (weighted averages) are as follows:

DRILL     Interval      Core Length     Zinc   Copper   Silver
HOLE      (metres)     metres   feet       p.cent       (g/t)

CLS 98-48 260.0-263.0   3.0     9.8        -    1.17      2.2
          314.0-355.4  41.4   135.8     1.80       -     15.0
including 326.2-335.0   8.8    28.9     2.15       -     29.5
          343.9-350.0   6.1    20.0     3.35       -     11.7

Holes CLS 98-50, 51 and 52 were drilled to test the near surface mineralized area in the vicinity of previously released holes CLS 98-40-47 and 49. The holes were successful in further delineating a near surface mineralized zone which is still open along strike and down dip. Further drilling will be required to test the dimensions of this zone.

A summary of significant results (weighted averages) of Holes CLS 98-50, 51 and 52 are as follows:

DRILL     Interval      Core Length     Zinc   Copper   Silver
HOLE      (metres)     metres   feet       p.cent       (g/t)

CLS 98-50 120.5-134.0  13.5    44.3     2.39    0.21     63.2

CLS 98-51  75.5-90.5   15.0    49.2     1.86    0.11     99.1
including  78.5-86.0    7.5    24.6     3.21    0.11    176.2

CLS 98-52 141.5-143.8   2.3     7.5        -    1.23     19.7

Pulse electromagnetic surveys were run down holes CLS 97-28, 31, 32 and CLS 98-39. These surveys indicate conductive zones passing below and down plunge from the previous copper intersections in CLS 97-29 and 31. A third zone of mineralization has been indicated by pulse EM surveys down hole CLS 97-27. These zones have been indicated by Mise-a-la-Masse resistivity surveys as well.

A re-interpretation of airborne INPUT EM surveys has located other isolated conductors along the extensive 4 km long IP (Induced Polarization) anomaly trend that outlines the Cross Lake zone on the 100 percent owned Sheraton-Timmins Property.

The next phase of drilling will be designed to test the conductive pulse EM anomalies and will commence after geophysics are completed and final reports received and evaluated.

A schematic drill hole plan and longitudinal section are available upon request.

The Company also wishes to advise that Knight Piesold has been engaged to conduct a preliminary Environmental Baseline Study on the Sheraton-Timmins Property. The purpose of the study is to conduct preliminary site investigation and to identify potentially sensitive areas which the Company may need to address.

Pursuant to option agreements on the Sheraton Lake and Driftwood River properties which now form part of the Nighthawk Lake Joint Venture, the Company has issued the third tranche of 40,000 common shares to the vendors. The hold period on these shares expires March 27, 1998.

ON BEHALF OF THE BOARD OF DIRECTORS OF CROSS LAKE MINERALS LTD.

Michele A. Jones, Corporate Secretary -0- The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

CONTACT: Cross Lake Minerals Ltd.

Erik Andersen,

or

Michele Jones, 604/688-5448

Website: http://www.crosslakeminerals.com