Hibright Minerals - Letter of Intent Agreement with KingBridge International.

VANCOUVER, BC--(BUSINESS WIRE)--Sept. 30, 1996--(VSE: HBI ) Hibright Minerals Inc. ("Hibright") wishes to announce that it has entered into a Letter of Intent Agreement with KingBridge International Ltd. ("KingBridge"), a private company of Ontario, Canada to acquire by option all of Kingbridge's rights in a Joint Venture being established under Chinese Law related to the development of 20 km. by 6 km. of mineral rights located in Zhenan County, Shaanxi Province, China. These rights have been granted to KingBridge under a Letter of Intent and Co-operating Agreement with the Shaanxi Zhenan Gold Mine and the Shaanxi Provincial Gold Administration Bureau, China.

The rights assigned provide for Hibright to earn a majority interest in a Registered Foreign Joint Venture with Shaanxi Zhenan Gold Mine by incurring up to US $3,000,000 of appropriate exploration expenditures in and adjacent to the Jinglongshan, Yaojian and Qiuling mine sections within the Ding Ma gold field with Hibright as the operator. The terms of the Letter of Intent provide for the granting to Hibright of an exclusive option to earn 100 percent of all interest granted to KingBridge (subject to a 3.5 percent Net Smelter Return Royalty with a buy-out of 3 percent) in the project by paying KingBridge the sum of $300,000 and 200,000 shares of Hibright in four installments before June 30, 1999, subject to the approval of the Vancouver Stock Exchange.

Since discovery in 1986, four deposits (Jinglongshan, Yaojian, Qiuling and Tiankeng) were partially delineated in the mine project area with seventeen ore zones currently known. The joint venture project area appears to have the potential to host at least 2 million ounces of gold based on extensive sampling (8785 samples to 1995) of surface trenches (100,000 cubic metres), underground drifting (4240 m) and limited diamond drilling (2651 m). Mineralization is comprised of native gold, pyrite, arsenopyrite, antimonite, barite, and native silver occurring as stratiform and stratbound zones, and as cross-cutting quartz calcite veins within Devonian shales, clastic sediments and minor interbedded carbonates. Reported average grades include 8.17 g/t Au across 6.44 metres and 4.2 g/t Au across 22.28 metres.

Hibright will commission a geological consultant to provide a pre- feasibility study report including recommendations for further exploration and development. To fund the initial work program, Hibright has negotiated an agreement with Research Capital Corporation for a private placement of 1.5 million special warrants at $0.96 each. Each special warrant will be convertible to one unit consisting of one common share and one full non-transferable share purchase warrant.

Each share purchase warrant entitles the holder to purchase one additional share at $0.96 if exercised in the first year or, $1.11 in the second year. Hibright will pay a commission and issue broker warrants to Research Capital Corporation on completion of the financing and for the provision of additional ongoing services to Hibright.

HIBRIGHT MINERALS INC.

John Mirko

President & Director

No stock exchange, securities commission or other regulatory authority has approved or disapproved the contents of this news release.

CONTACT: Hibright Minerals Inc.

Ken Van Boeyen, 604/684-5955

604/684-5950 (Fax)

E-MAIL: [e-mail]