Provident Ventures Corp.'s United States joint venture partner involved in the development of the Artesian Spring Water Aquifer.

CALGARY, Alberta--(BUSINESS WIRE)--May 28, 1997--Provident Ventures Corporation's United States joint venture partner involved in the development of the Artesian Spring Water aquifer located in the Sierra Nevada Environmental reserve in California (160 miles outside Los Angeles) has reached a legal resolution with regard to the above property.

The resolution transfers 100% direct, undisputed ownership to Provident Ventures Corporation of the 217 acres of land complete with the Spring Water source. The Alberta Stock Exchange has approved the release from: Escrow of the 38% control block of Provident Ventures stock, previously held by the joint venture partner. To facilitate the closing of this transaction these shares will be distributed to over 100 individual investors.

The dispute resolutions with the joint venture partner were formally approved by the United States Federal Courts on May 23, 1997.

Future development plans delayed pending this resolution are now able to progress without any impediment or contingent interference from the joint venture partner.

Provident Ventures now has a widely held shareholder base of some 1000 investors with the largest Single block being 9.31%.

The Alberta Stock Exchange has neither approved or disapproved the information contained herein.

Provident Ventures is listed on The Alberta Stock Exchange under the symbol PVE. Please contact Terry Hagen, President [phone] for further Information.

CONTACT: PROVIDENT VENTURES CORPORATION

TELEPHONE: [phone]

FACSIMILE: [phone]