Opawica Explorations Inc. ("Opawica") announces the following status report for the Company's Ghana, West Africa and Argentina, South America projects.

TORONTO--(BUSINESS WIRE)--July 4, 1997-- Opawica Exploration (TSE OPW.)

Shares Issued: 6,338,933 GHANA, WEST AFRICA 

TOTUA, 150 SQ KM: Progress on the Totua Prospecting License is proceeding slower than originally expected due to weather and diesel fuel shortages. During May 1997, the entire area between Agona village and the Stenpad border has been re-sampled at 500m by 25m spacings and in-filling at 250m by 25m spacings is now underway wherever geochemical gold-in-soils continuity has been demonstrated. Trenching of the better anomalies has begun. The strongest anomaly extends for about 1000m by 500m in the northwest region of the Totua license. This anomaly commences approximately 3km south of Totua's northern boundary. In addition, there are also other narrow features which require in-fill trenching. Current values from the 1000m by 500m anomaly range from 50ppb to 900ppb. A total of 941 samples have been taken for this most recent phase of work on Totua with about 795 assays being concluded. As at the end of May 1997 a total of 21 workers are engaged on the Totua project. Substantially all trench samples and in-fill surface samples are expected by the end of July 1997 with further trenching and drilling scheduled on areas that yield encouraging results.

ENCHI-WIAWSO, 1,600 SQ KM: Field work at the Enchi-Wiawso Reconnaissance License has yet to resume. Due to the current negotiations between the Ghana Minerals Commission ("Mincom") and Ghana Forestry Department ("Forestry") concerning exploration/mining companies working within forest reserves, prospecting of the better areas of this license will be delayed until there is a final resolution to the current impasse. Industry sources believe that the matter could be resolved by December 1997. Work on other areas of the Enchi-Wiawso license will not commence until Opawica and its partner, Ashanti Goldfields Co. Ltd., can better assess the timing of the Mincom / Forestry resolution.

All field work in Ghana is funded and managed by Ashanti Goldfields Co. Ltd. pursuant to its option to earn 60% of the Totua and Enchi-Wiawso licenses by spending US$3,000,000 on or before October 20, 1999. In terms of the option, Ashanti is required to spend US$750,000 on exploration during this year's field season which concludes in October 1997.

ARGENTINA, SOUTH AMERICA 

SOUTH-CENTRAL ARGENTINA: Opawica has staked approximately 700 sq km in Rio Negro Province, Argentina known as the Rio Chubut property. The property is located in a closed valley, 50km long by 20km wide. Alluvial gold from the bottom of the valley was exploited until the 1980s from banks that yielded up to 1 g/t Au. There was also small copper, gold and lead vein mines in the valley that were active between 1910 and 1980. The area is formed by Tertiary felsic volcanics intruded by granites. Preliminary work done by Opawica in the area shows that the contacts of the granites with the volcanics and the granites themselves have Cu disseminated mineralization running up to 0.8% Cu and 0.2 g/t Au. One metre wide sulfide-rich veins and structures related with the intrusions run up to 28% Cu and 2.5 g/t Au. Opawica will start field work including mapping and detail sampling of the area to define drill targets beginning in late August 1997.

NORTH-WESTERN ARGENTINA: Opawica has started a Massive Sulfide exploration program in the Ordovician shales of Northwestern Argentina. These shales are the southern extension of the Peruvian-Bolivian belt that is well known for its Base-Precious Metals production and include world class deposits in Argentina such as Aguilar (Pb-Zn-Ag). Opawica has staked 10 properties covering 800 sq km in the Provinces of Catamarca, Salta, and Jujuy. The properties were selected by stream sediment base metals anomalies, property visits, historic base metals mining operations, and airborne magnetic geophysical surveys. Field work has been on-going since early May 1997 with results expected by the end of July 1997.

EL ALISAL, 320 SQ KM: At the Company's El Alisal Property in Tucuman Province, a stream sediment sampling program has concluded. This area appears to be characterized by a 2km in diametre Tertiary volcanic centre that constitutes the northeastern extension of the Tertiary mineralized belt that includes the mineral deposits of Bajo de la Alumbrera (Cu-Au) and Agua Rica (Cu, Au, Mo, Ag). The known mineralization at El Alisal consists of an 800m long by 300m wide porphyry with chalcopyrite, bornite, and magnetite running in some areas up to 200ppb Au and up to 800ppm Cu from limited surface sampling. The stream sediment sampling program was undertaken to attempt to detect similar mineralization extending through other local creeks. Preliminary gold results from stream sediments suggest that the anomalies may extend about 5km to the north. Base metals results are pending. A competitor company, Paramount Ventures and Finance Inc. and/or its agents, have filed a complaint with the Government of Tucuman for granting a 25 sq km portion of the 320 sq km El Alisal property to Opawica. Opawica takes the position that, under normal local land tenure proceedures, the Paramount complaint is without merit. Opawica is told that the complaint will be ruled upon, by the local authorities having jurisdiction, by the end of July 1997.

EL CASTANO, 320 SQ KM: At the Company's El Castano Property, in San Juan Province, a 3km long trenching program has concluded. Results demonstrate that there is not potential for large disseminated Cu or Au mineralized zones on the property. The Company will therefore abandon the El Castano property.

VALLE DEL CURA, 320 SQ KM: At the Company's properties located in Valle del Cura, El Indio Belt district, initial geological reconnaissance work accomplished during the summer indicated that the most prominent alteration zones are located in the northern sector of the valley. Therefore, the Company will retain its rights on its Ortiga Norte Property and drop its rights on the Los Despoblados, Los Banitos, Arroyo Sepultura, Arroyo las Maquinas and Mondaca Este Properties.

CONTACT: Opawica Explorations Inc.

Dan M. Clark, 416/ 597-1480