Dunlap Resources - Disposition of Chilean Project.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Jan. 22, 1997--Dunlap Resources Ltd (VSE DLR.) Dr. Peter J. Guest reports:

Dunlap Resources Ltd. (the "Company") reports that, effective January 20, 1997, it has terminated its interest in 25 exploitation concessions located in Chile, South America, (collectively referred to as "the Teresa Project"). Recent exploration results did not warrant further expenditures on the project. In addition, the proposed sale of 80 percent of the Company's interest in the Teresa Project to Clevely Investments Limited, as announced on December 20th, has been terminated.

The Company had previously acquired a right to purchase a 100 percent interest in the Teresa Project through an agreement with Sociedad de Exploraciones Y Explotaciones Mineras Oregon Limited ("Oregon") which had acquired its interest from Minera Compania Minera Santos Bahamondes Latorre ("Bahamondes"). The Company established a wholly owned Chilean subsidiary called SCM Teresa de Taltal (SCM Teresa) to hold the Company's 100 percent interest in the Teresa Project. The Company will maintain this subsidiary pending any further acquisitions in Chile. On behalf of the Board Peter J. Guest, D.Eng.

President & C.E.O. & a director

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

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Jill Brand, 604/ 682-1700

1-800-663-0321

or

Dunlap Resources Ltd.

Rose E. Moon, 604/ 608-1633