Ourominas Drilling Extends Mineralization at Jaruana Test Heap Leach Project Planned.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--March 12, 1997-- Ourominas Minerals I(TSE, VSE OMI.) Ourominas Minerals Inc. (OMI.T, V) is very encouraged by the continued success in its Phase 1 diamond drilling program at its Jaruana property in the Juruena region of Northern Mato Grosso, Brazil. A total of 30 diamond drill holes have now been completed. The drilling to date is wide spaced and has been focused on less that 1 percent of Ourominas' 190,000 hectare Jaruena project area. All of the drill holes have encountered favourable mineral structures with most having significant grades of gold over mineable widths in unweathered bedrock. Reconnaissance exploration outside the 50 (hectare core area has identified a number of additional targets on which additional work is being completed to define drill targets. This surface exploration is being supplemented by a 10,500 kilometre airborne geophysical program for which preliminary results have identified a number of favourable structures on the balance of the property. In order to fully evaluate the economic potential for the garimpeiro reject material Ourominas will be conducting a test leaching program at an annual rate of approximately 30,000 ounces of gold per year.

Recent diamond drilling (Hole J24 - see attached map for drill locations) on the northern end of the West Zone extended this zone by 100 metres where the mineralized zone was encountered with a grade of 14.83 grams of gold per tonne over a width of 3.46 metres at a vertical depth of approximately 70 metres. Drilling in this area is not possible during the rainy season because of pit wall failures which are occurring in a number of the garimpeiro workings. Wide spaced drilling how now identified this Zone over a length of approximately 750 metres with widths up to 22 metres grading 17.1 grams of gold per tonne which was encountered at a depth of approximately 55 metres in drill hole J7. Drilling beneath a drill hole J7 in drill hole J21 encountered the same 22 metre wide structural zone at a depth of approximately 150 metres although with lower grades. The variability of grades within the mineralized zone is very common in a free coarse gold system such as that which is being explored in the West Zone. The critical aspect from the initial drilling is to identify the structure which has been successful. Actual grades for any deposit will only be determined from a significantly larger bulk sample rather than from drill core. This larger sample will eliminate the grade variability that is found from drill hole to drill hole.

Initial drilling on the East Zone has identified a number of high grade narrow structural zones including one that graded 102.55 grams per tonne of gold over a width of 1.61 metres. The mineralization in this area is similar to that in the West zone but is now thought to be at a much lower horizon in the mineralizing system.

Preliminary surface exploration north-west of the core area has identified a series of volcanic rocks, which may host a larger bulk tonnage target, which is much higher in the geological system. This type of geological environment originally over laid the core area of the property prior to erosion. Sampling of the sediments in the stream which flow out of this region have identified considerable coarse gold mineralization. Preliminary geological mapping has identified a number of high grade structural vein systems which trend into this area. Additional geological mapping and sampling in this area will be conducted over the next few months to define drill targets for drilling later in 1997.

Preliminary results from the eastern portion of a 10,500 line kilometre airborne geophysical survey over Ourominas' 190,000 hectare Jaruena property have been received. This program has identified a number of structures similar to the East and West zones. These additional structures offer the potential to greatly increase the mineral potential, which is being examined in the core area.

A preliminary evaluation of the garimpeiro reject material has indicated a grade of approximately 2 grams per cubic metre and total volume of approximately 20 million cubic metres or a potential geological resource of 1.25 million ounces. However, there is a considerable variability to the gold grade in this material due to the coarse gold nature of the mineralization. In order to properly evaluate the economic potential for production from this resource a bulk sample needs to be processed. Ourominas will be installing a test heap leach operation at a rate of approximately 30,000 ounces per year as a pilot project. This test leach operation will be constructed once the rainy season, which lasts to April, is over and the necessary regulatory permits are received.

On Behalf of the Board of Directors OUROMINAS MINERALS INC. C.A. Serin, Chairman & C.E.O. -0-

TABLE 1

OUROMINAS MINERALS INC. - JARUANA DRILL RESULTS

DRILL        INTERVAL      INTERSECTION        GRADE
HOLE         (METRES)       (METRES)      (GRAMS PER TONNE)

12        122.42 - 125.49     3.07              1.0
13         97.86 -  99.47     1.61            102.55
including  98.47 -  98.90     0.43            383.00
14        107.09 - 108.07     0.98              1.30
21        129.83 - 152.24    22.41              0.31
and       183.34 - 184.46     1.12              1.81
23         20.26 -  26.35     6.09              1.35
including  20.26 -  22.80     2.54              3.13
24         76.37 -  79.83     3.46             14.83

NOTE: Location map available from the Company at the phone number listed below.

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

CONTACT: Ourominas Minerals Inc.

C.A. Serin, 604/683-8905

http://www.ourominas.com