Global-Pacific Minerals Inc. Announces Update on Exploration Activities.

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 24, 1999-- Global-Pacific Minerals Inc. (TSE:GPJ)(VSE:GPJ) is pleased to announce that exploration activities by the Company continued to focus on gold, silver and copper mineralization in China. The Company also focused on the Qian Chang development project, with the aim of bringing the project to such a stage that a partner will finance the cost of placing the mine into production.

Qian Chang Project, China

By the end of the third quarter, the Company had spent about US$1.5 million dollars on the Qian Chang project. Rehabilitation of 1,050 metres of existing drifts on the 120 and 180 levels and a total of 1,700 metres of new drifts were completed on the 120, 150, 180, 210, and 245 levels. Separate declines have also been completed from the 120 level to the 150 level and from the 180 level to the 210 level, respectively. The number 14 ore zone has been confirmed on all five levels and the number 16 ore zone was confirmed in the drift on the 240 level. The Company also completed 900 metres of underground drilling. Currently, the proven and probable reserves of the Project stand at:

Probable Reserves:                        grades

  Ore Zone        Tonnes  Iron  Copper  Cobalt    Gold Silver
                       (percent)(percent)(percent)(g/t) (g/t)

Number 14      1,315,846  45.0   0.79   0.017     2.14   4.32
Number 16        157,000  45.0   1.18   0.009     3.18   6.30
Number 37        999,628  47.7   0.61   0.021     2.27   5.16
Number 40        480,000  45.0   1.00   0.008     1.11   3.14
Sub-total      2,952,807  45.9   0.78   0.017     2.13   4.50

Proven Reserves
Number 14        228,000  47.7   0.80   0.017     2.78   7.00

Total          3,180,807  45.8   0.78   0.017     2.08   4.50

Subsequent to the quarter, the Company successfully negotiated an agreement with Novelle Enterprises Ltd. to develop the Qian Chang project. Novelle must fulfill all of the Company's obligations regarding the project and commence commercial production at the Qian Chang Project within a period of 18 months to earn all of the Company's interest in the project. If commercial production is not achieved within 18 months, Novelle will pay the Company US$500,000 and will pay a further US$500,000 every six months until a total of 30 months and commercial production is achieved. Novelle will then pay the Company a royalty equal to 8.5 percent of gross revenues for the first two years following the commencement of commercial production, 7.5 percent of gross revenues during the third, fourth and fifth years and 6.5 percent of gross revenues thereafter. The agreement with Novelle fulfills one of the Company's objectives, which is to reduce shareholder risk and conserve working capital while retaining a significant royalty interest.

Ou-Bar Project, China

A drilling program of four diamond drill holes, totaling approximately 1,000 metres, designed to test the northern extension of the main mineralized zone was completed by the end of July 1998. Three holes intercepted significant copper-gold mineralization, which greatly increased the resource potential of the project. Material interceptions are listed below:

DDH          From    To    Interval    Copper   Gold   Silver
           (metres)(metres)(metres)   (percent) (g/t)   (g/t)

OB-9        83.76  103.95   20.19       1.61    0.13    21.O3
OB-12       10.24  111.90    4.66       0.33    1.17    10.89
OB-13       78.30  107.02   28.72       0.48    0.28     8.22
 Including  104.9  107.02    2.12       0.76    2.04    13.60

Earlier results were reported in a news release dated April 29, 1998.

A possible resource is estimated as follows:

                       Tonnes    Copper    Gold   Silver
                                (percent)  (g/t)  (g/t)

                    4,046,475    0.87      2.19    5.35

The Company is actively seeking a partner to advance the Ou-Bar Project.

Paco Project, Peru

The Company signed a letter agreement with Southwestern Gold on the Paco Silver Property, in Peru. However, the Company withdrew from the project during the 1998 third quarter because of a significant reduction in the silver price.

Joint Venture Projects With Southwestern Gold Corporation in China

In partnership with Southwestern Gold Corp., two formal Sino-Foreign Joint Ventures were completed and first phase exploration programs carried out in 1997. The Haoya Project, a Joint Venture with China National Non-Ferrous Corporation, is within the main gold belt of the Inner Mongolia Autonomous Region. To reduce property holding costs the exploration area was reduced, based on the results of 1997 exploration results, to approximately 100,000 hectares from 300,000 hectares. Southwestern and Global-Pacific can earn an 80 percent interest in the project by spending US$ 2.8 million over four years. The previous field program identified 10 target areas with anomalous sediment hosted gold mineralization within the thermal aureole/contact zone of Hercynian aged intrusives. The best of these targets will be further defined by trenching geophysics and drilling in the 1998 and 1999 seasons.

The Black Dragon Joint Venture, with the Ministry of Geology and Mineral Resources, was comprised of 400,000 hectares of exploration concessions in four separate project areas, all located in Heilongjiang Province in northeastern China. In 1997, more than 15,000 samples were collected from stream sediment, soil, trench and outcrop sampling programs. Based on the result of this work, the project was terminated during the quarter and $215,927 of mineral property costs were written off.

The Company and Southwestern Gold (SWG:TSE) signed a final joint venture contract with Brigade 217 of the China Nuclear Northwest Bureau on a 35.8 square kilometre exploration concession which is an expansion of the Haoya Project. Under the term of the contract, the Company and Southwestern Gold can earn 80 percent interest in the concession by spending US$2.5 million and making cash payments of US$1.125 million over a period of three years from the receipt of all government approvals. For further details, see the Company's new release dated February 18, 1999.

Rui Feng, President Global-Pacific Minerals Inc.

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