Noveder: New Assay Results from Drilling - Cabot Property, Newfoundland.

MONTREAL--(BUSINESS WIRE)--May 6, 1998--(ME:NED.) Within its current program of geophysics which has identified a copper and cobalt showing (press release of March 25, 1998) as part of an electromagnetic anomaly (Pulse EM) 600 meters long, Noveder has completed assays of the mineralized zones in core from holes Cab 97-01 and Cab 97-02, drilled in August 1997 by the prospectors of PNL Ventures Inc.

RESULTS:

- The mineralized zone in Cab 97-01 is 22.6 meters wide with an average grade of 0.38 percent Cu (section occurring between 62.2 and 84.8 meters);

- The mineralized zone intersected by hole Cab 97-02 is 22 meters wide with an average grade of 0.35 percent Cu (section occurring between 13.0 and 35.0 meters);

- Both holes have cobalt values that have risen to 0.04 percent;

- The mineralized zones consist of pyrite and pyrrhotite, massive and disseminated, with bands and impregnations of chalcopyrite. These mineralized zones occur in a wide highly chloritized and sheared alteration zone within a metasedimentary horizon;

Surface sampling of the showing carried out over a length of 400 meters by Noveder in the fall of 1997 returned values varying from 1.13 percent Cu to 6.8 percent Cu with values reaching up to 0.04 percent Co and zones anomalous for nickel.

Noveder believes that the model for this deposit could be of the BESSHI type, which generally consists of large deposits of massive sulfides containing several million tonnes of ore rich in base metals (copper, cobalt, zinc, nickel) and sometimes in precious metals such as gold.

Noveder will shortly proceed with a first drilling program to determine the lateral and depth extensions of the mineralized zones, which are open in all directions. -0-

Corporate information

Listing:           Montreal Exchange     (ME)
Ticker symbol:     NED
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   Outstanding       29 445 350
   Fully diluted     38 365 262
   Liquidity         $3,600,000

Track record information

NED has developed Nugget Pond project to the pre-feasibility stage.
The mine is currently under production by Richmont Mines inc.
 - 488,000 short tons at an average grade of 0.357 oz/t Au (172,000
   oz of gold)
 - Production costs:  US$143/oz

   Summary of major projects

Betts Cove Ophiolite Complex:  425 claims - 150 km2
 - Values up to:
   0.28 oz/t Au (8.55 g/t) over 6.6 feet (2.0 m)
   0.38 percent Cu over 112 feet (34 m)
   1.33 percent Zn over 5 feet (1.5 m)

Fleur de Lys: 243 claims  -  60 km2
 - Values up to 19 percent Cu in surface sampling
 - Nickel and Cobalt showings
 - On-going geophysical surveys (Cabot Property:  1.13 percent to
   6.80 percent Cu - identification of a significant conductor.)

Abitibi:  located in the Val d'Or mining camp near the Kiena, Sisco
and Sullivan mines.
 - All drill holes between 97-06 and 97-23 (17 holes) intercepted
   massive sulphide (gold-copper)
 - Values up to:
   0.45 oz/t Au (14.02 g/t) over 3.6 feet (1.1 m)
   1 percent Cu over 4.05 feet (1.23m)
 - Strike length of 275 m. opened east, west and at a depth below
   1,300 feet (400 m.)
 - Average of 11.86 g/t Au and 0.7 percent Cu over 1.04 m)

CONTACT: Noveder inc.

Mr. Alain Morissette, 514/878-3313

514/878-8096 (FAX)

http://www.noveder.com

or

Noveder inc.

Mr. Daniel Belanger, 514/878-3313 (Montreal)

514/878-8096 (FAX)

http://www.noveder.com

or

Rouyn-Noranda, 819/797-1400

819/797-1550 (FAX)