Dunlap Announces Private Placement.

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 11, 1996-- DUNLAP RESOURCES LTD. (VSE: DLR) DUNLAP RESOURCES LTD. (the "Company") is pleased to announce that it has arranged for a private placement of up to 1,719,642 Special Warrants of the Company, 1,469,642 of which are to be issued at a price of $0.56 per Special Warrant and 250,000 of which are to be issued to insiders of the Company at a price of $0.60 per Special Warrant. Each Special Warrant will entitle the holder thereof to acquire at no additional cost one unit consisting of one common share and one common share purchase warrant. Each such warrant will entitle the holder thereof to purchase one additional common share of the Company for a period of two years following the closing date of the private placement. In the case of non-insiders, the exercise price for each additional share will be $0.56 during the first year and $0.64 during the second year. In the case of insiders, the exercise price for each additional share will be $0.60 during the first year and $0.69 during the second year.

The Company has reached agreement with Pacific International Securities Inc. (the "Agent") to act as the Company's exclusive agent, on a best efforts basis, for the placement of 900,000 Special Warrants at a commission of 7.5 percent of the gross proceeds from the sale thereof. At the election of the Agent, the commission will be payable in cash or in special warrants on the same terms as the Special Warrants issued to non-insiders. The balance of 819,642 Special Warrants will be sold by the Company directly. The Company has agreed with the Agent to file and clear a preliminary and final prospectus or exchange offering prospectus in such provinces in Canada as the Agent and the Company may agree upon to qualify the distribution of the shares and warrants issuable upon the exercise of the Special Warrants in such provinces. The prospectus is to be filed on or before the 120th day following the closing date of the private placement (the "Qualification Deadline"). If final receipts for the prospectus have not been issued in all applicable jurisdictions on or before the Qualification Deadline, the Special Warrants outstanding on that date will become subject to a conversion rate penalty consisting of an increase of 10 percent in the number of shares and warrants to be issued upon the exercise of each Special Warrant, such that 1.1 shares (rather than one share) and 1.1 warrants (rather than one warrant) will be issued upon the exercise of each such Special Warrant.

Closing of the private placement is currently scheduled to occur no later than May 25, 1996 and is subject to regulatory approval.

The net proceeds received by the Company from the sale of the Special Warrants will be used to finance the Company's portion of its joint venture with Canarc Resource Corp. in respect of mineral properties in Kalimantan, Indonesia, and for general working capital. The Company also advises that it is withdrawing its submission to the Vancouver Stock Exchange for the non-brokered private placement of 615,000 units at the price ced in the Company's press release of March 12, 1996. The placees who were to participate in that placement will instead participate in the above placement of Special Warrants, with the insiders of the Company who were to purchase units in the previously announced placement agreeing to purchase Special Warrants at the price of $0.60 each.

Dunlap Resources Ltd. is a junior exploration company holding exploration claims in Voisey Bay, Labrador, and Kalimantan, Indonesia.

ON BEHALF OF THE BOARD Peter J. Guest, D.Eng. President and C.E.O.

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

CONTACT: Dunlap Resources Ltd.

Jill Brand, 604/682-1700

or

1-800-663-0321