Rift Resources Ltd. - Second Exclusive Prospecting Licence Awarded in Uganda.

TORONTO--(BUSINESS WIRE)--March 20, 1997-- (VSE RIF. ) Rift Resources Ltd. reports that it has been granted in accordance with the Mining Act of Uganda, a second Exclusive Prospecting Licence, No. 4342, by the Commissioner of the Geological Survey and Mines, Republic of Uganda. The new licence area comprises 3,734 sq. km. (373,400 hectares) covering the northwest trending Aswa shear zone over a strike length of approximately 230 km from Nimule, at the Sudan border, to Lake Bisina, near the Kenya border. This acquisition brings to a total of 10,734 sq. km. (1,073,400 hectares) the licence holdings of Rift in Uganda.

The Aswa Shear Belt is known as the most extensive shear zone in the Precambrian formations of Uganda, possibly representing the contact between the Mozambican mobile belt and the Central African Craton. The shear belt is made up of highly foliated rocks with a mylonitic inner zone. Similar but narrower belts are found in Karamoja area, to the east, cutting across older Precambrian gneiss complex structures. The Aswa Shear Belt may possibly represent the western flank of the Karamoja goldfield where both alluvial and primary gold have previously been mined. On the Aswa property, gold mineralization has been reported by the Uganda Geological Survey at two locations in the region of Kitgum. Gold mineralization appears to be closely associated with sheared granite/metasediment contacts. Rift also announces that it has received regulatory approval for the completion of a previously announced joint venture on the Silobela gold project in central Zimbabwe with Reunion Mining PLC of London, England. Under the terms of the agreement Rift has issued 16,023 common shares to Reunion, and has the option to contribute US $1.5 million to exploration programs over a three year period (US $250,000 commitment in 1997) to earn a 50 percent interest in the project.

Rift Resources Ltd. is a Toronto based mineral exploration and development company with exploration, administrative and/or representative offices in Asmara, Eritrea, Addis Ababa, Ethiopia and Kampala, Uganda. The Company is pursuing the acquisition and development of quality gold and gold-rich base metal projects in Ethiopia, Eritrea, Uganda, Zimbabwe and elsewhere in Africa and currently holds directly, through joint venture, or has under application, interests in 18 gold projects in 8 countries of eastern, southern and western Africa amounting to approximately 2.6 million hectares.

The Vancouver Stock Exchange has neither approved nor disapproved the contents of this Release.

CONTACT: Rift Resources Ltd.

Terence N. McKillen, 416/ 368-5685

1-888-866-RIFT

or

Rift Resources Ltd.

Sarah Noonan, 416/ 368-5685

1-888-866-RIFT

or

Rift Resources Ltd.

Wilfrid A. Loucks, 403/ 265-4356