Cross Lake Minerals: Sheraton-Timmins Property - Update on Activities.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 23, 1998-- Cross Lake (VSE:CRN) -- Cross Lake Minerals Ltd. (the "Company") is pleased to provide the following update on exploration activity on the 100 percent held Sheraton-Timmins Property, located near Timmins, Ontario. Results of an extensive program of geophysics and geochemistry are being used to plan drill holes on at least four different areas of the Cross Lake trend where significant correlation between Pulse EM (PEM), Mise-a-la-Masse, Induced Polarization (IP) and soil geochemical anomalies occurs.

The geophysical surveys are being conducted in order to provide a more comprehensive understanding of the geologic structures and to assist in a detailed evaluation of drill targets. In the Cross Lake Zone, strong PEM anomalies in Holes CLS 97-28, CLS 98-39, CLS 98-53 and CLS 98-59 suggest that a steep plunging sulphide zone occurs at depth below the area where previous copper intersections were made in CLS 97-29, CLS 97-31, and CLS 97-32. (See map entitled "Exploration Target Areas and Drill Hole Locations," available by fax upon request.)

One of the strongest drill hole PEM anomalies to date occurs in Hole CLS 98-58, 1.6 km southwest of Hole CLS 97-31. It appears to reflect a chalcopyrite (copper)-pyrite zone below Hole CLS 98-58 and plunges steeply to the west from the copper mineralization intersected near surface in Holes CLS 98-55 and CLS 98-60. Strong Mise-a-la-Masse and coincident PEM anomalies occur on the surface over the up plunge of this copper bearing zone. This particular vent system would appear to be larger than initially thought. Soil geochemistry shows anomalous copper and zinc extending 1,000 metres and correlating with the PEM and IP anomalies.

IP surveys have also extended the IP trend to over 3.0 km from the original Cross Lake discovery. Strong zones of chargeability coincident with earlier PEM conductors and Mise-a-la-Masse anomalies suggest the presence of more than one massive sulphide body in this area. A cluster of massive sulphide lenses could indicate a favorable environment for a discovery of economic significance.

Geochemical sampling has also yielded anomalies that overlie a number of other IP chargeability and PEM conductors. This suggests the presence of copper and zinc mineralization in both these areas that are 1.5 and 3.0 km southwest of the Cross Lake discovery as well as other parallel structures. Geochemical soil sampling northeast of the Cross Lake discovery has yielded several zinc-lead anomalies, indicating the continuation of the zinc rich mineralization.

Reconnaissance exploration has also been conducted on other parts of this extensive 18 km long 100 percent owned property. Reconnaissance IP surveys are extending coverage south and southwest in Sheraton Township and a number of new anomaly areas have been located. The success of the geochemical work has prompted the expansion of the soil sampling grid to screen these new anomalies. Further to the south, the Company has also conducted an airborne geophysical survey over the mining claims in Timmins Township and is planning to follow up with geological mapping.

Aside from the Sheraton-Timmins Property on which the Company is concentrating most of its financial and technical resources, the Company has 26 other properties aggregating approximately 70,000 hectares located in Ontario, Quebec and British Columbia. The Company is seeking joint venture participation on the following properties: -0-

Name           Location        Number of  Size   Mineralization
                       Claim Units (ha)
Sherring   79km NE of
            Timmins, ON    171           2736   Zinc
Mortimer   75km NE of
            Timmins, ON     96           1536   Zinc/Lead
Fox, Fox-Stimson and Fox-Stimson
 Perimeter 76km NE of
            Timmins, ON    261           4176   Zinc/Lead
Pakwash    29km SE of
            Red Lake, ON   458           7328   Gold/Copper/Zinc
Lay          210km NNE of
            Smithers, BC    14            350   Precious/Base Metal
Tenakihi  205km NNE of
            Smithers, BC    14            350   Precious/Base Metal
Lovell          105km NNE of
            Smithers, BC    44           1100   Porphyry Copper-Gold

Interested parties are asked to contact the Company for further details.

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

Henry G. Ewanchuk, Chairman, President and C.E.O.

The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.