Far West Announces Second Agreement With BHP Billiton To Expand Its Exploration Program In Northern Chile In The Search For Iron Oxide Hosted Copper-Gold - IOCG - Deposits.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 13, 2003

Drilling of Gravity Targets Identified on Properties Acquired

under the 2002 Agreement is to Commence by Mid June

Far West Mining Ltd. is pleased to announce that on February 17, 2003 the company entered into a second agreement with BHP Chile Inc., a wholly owned subsidiary of BHP Billiton, to expand its search for Iron Oxide Hosted Copper-Gold (IOCG) deposits in the Candelaria Copper Belt of northern Chile. The agreement, which is subject to the same terms and conditions as the first agreement entered into on July 20, 2002, covers four new prospective areas, totalling 114,150 ha. The decision to acquire the four additional target areas was made by management following the encouraging results obtained from the work carried out in the four areas covered by the July 20th agreement, which verified the effectiveness of the Falcon System in detecting IOCG mineralizing systems.

The areas, which are spread out over 70 km of the Atacama fault zone west and south of the Candelaria Mine, were flown utilizing BHP Billiton's FALCON(TM) gravity gradiometer technology during the summer of 2002. The new project areas are located in the Candelaria mining district, which hosts the 460 million tonne Candelaria IOCG deposit. Field examination of the gravity targets outlined by the survey has identified 9 Target Areas containing 15 Targets that indicate the presence of IOCG style mineralization and alteration systems.

On September 25, 2002 Far West issued a news release stating that the FALCON(TM) gravity gradiometer survey conducted over the four areas flown (354,500 ha) under the first agreement, had outlined 20 Target Areas containing one or more gravity anomalies. A ground examination of all these anomalies has since been carried out and 18 Target Areas containing 21 Targets are of continuing interest and will be further explored.

First Phase Drill Program

Detailed structure and alteration mapping is currently being carried out on several priority Targets, located in the northern areas, in preparation for drill testing, which is scheduled to commence by mid June. Some of the gravity targets to be tested in the first phase of drilling have extensive mineralized occurrences in outcrop while others are predominantly covered by young quaternary fill.

An exploration program and budget is being prepared by the BHP Billiton / Far West Mining Management Committee, the details of which will be announced in a press release when the program and budget has been approved.

The in-house qualified persons responsible for the Candelaria Project are Robert E. Hinson, P. Eng., Chief Executive Officer, President and a director of Far West, and Patricio Varas, P. Geo.,Vice-President and a director of Far West, both of whom have reviewed and approved the contents of this press release.

FAR WEST MINING LTD.

"Robert E. Hindson"

Robert E. Hindson, P.Eng.

President, C.E.O. and Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.