Rift Resources Ltd. Zimbabwe Update.

TORONTO--(BUSINESS WIRE)--April 22, 1998--Rift Resources Ltd. (VSE: RIF):

- GOLD MINERALIZATION ENCOUNTERED IN TWO AREAS BY DRILLING

- MINERALIZATION IS OPEN AT DEPTH AND ALONG STRIKE

- OTHER TARGET AREAS TO BE TESTED

- PRIVATE PLACEMENT COMPLETED

Rift Resources Ltd. has been advised by its joint venture partner Reunion Mining PLC ("Reunion") that the first phase of percussion drilling on the Silobela Joint Venture property, central Zimbabwe amounting to approximately 4,000 metres in 89 short holes, was completed in mid-March. The program has identified a number of zones of shearing in two areas which are mineralized over several thousands of metres of strike length.

The drill program tested parts of the Leith Hills and Northallerton anomalies to an average vertical depth of 30m. The holes were drilled to a maximum of 60 metres depth and were designed to provide an initial test for near surface gold mineralization associated with a number of continuous and extensive gold soil geochemical anomalies and coincidental I.P. chargeability zones.

At Leith Hills, a total of 58 percussion drill holes were drilled representing a partial test of approximately 2,000m of an overall 7,000m long anomalous zone. A northwest-trending major shear zone has been identified which is extensively mineralized and has been offset by cross-cutting faults. The shear zone has been traced for a minimum of 4,000m along strike.

Gold values of 5.2 g/t over 2m (PH 35 and PH 60), 3.08 g/t over 4m (PH 60), 3.07 g/t over 2m (PH 66), 2.98 g/t over 4m (PH 58), 2.8 g/t over 4m (PH 35), 2.64 g/t over 1m (PH 57), 2.1 g/t over 4m (PH 66), 1.1 g/t over 2m (PH 34) and 0.95 g/t over 4m (PH 46) have been obtained. Additional, anomalous gold values in the range 0.5 to 1.0 g/t have been obtained over widths up to 20m. There appear to be at least two other gold-bearing, sub-parallel shears within the main shear zone. A small gold mining operation (not part of the joint venture) is located along the main shear structure in the southern part of the claim block and the mineralized zone remains untested to the south of this mine for a further 1,500m.

A review of the geology following completion of the drill program suggests that many of the holes were not optimally sited in that they collared in the hanging wall stratigraphy and were not sufficiently deep to intersect the down dip extension of the mineralized zone. Results from the drilling program indicate that gold mineralization is widespread, continuous and associated with sulphide mineralization (pyrite) in sheared rhyolites, diorites and altered intermediate metavolcanics. Mineralization appears to be open at depth and along strike.

At Northallerton, 31 percussion holes totaling approximately 1,400 metres were drilled as a partial test representing approximately 1,000m of strike along the northern part of a 3,000m long geochemical/geophysical anomalous trend. The area is highly tectonized and transected by several shear zones that strike both northwest-southeast and east-west. There are three small gold mining operations (not part of the joint venture) located on the fringes of the concession in this area.

Gold values of 7.9 g/t over 1m (PH 2), 5.2 g/t over 2m (PH 15), 4.03 g/t over 10m (PH 17 - includes 9.3 g/t over 4m), 3.85 g/t over 1m (PH 3), 3.24 g/t over 2m (PH 4), 2.33 g/t over 2m (PH 1), 1.54 g/t over 1m (PH 3) and 1.0 g/t over 2m (PH 18) have been obtained. Additional, anomalous gold values in the range 0.25 to 1.0 g/t have been obtained over widths up to 14m.

Results from the drilling program indicate that gold mineralization is widespread and associated with sulphide mineralization (pyrite) in sheared diorites and altered intermediate metavolcanics. The mineralized intercepts at Northallerton represent at least three separate zones of shearing, up to 10 metres in true thickness. Mineralization appears to be open at depth and along strike. As at Leith Hills, continuity of mineralization may be controlled by cross-cutting structures.

Comment

Potentially economic gold mineralization with significant strike and depth potential has been encountered in at least two separate zones of regional shearing along the eastern end of the Silobela property at Leith Hills and Northallerton. The recently completed program of shallow percussion holes represents a preliminary assessment of the target areas which now require further testing by diamond drilling. Based on experience at the nearby Maligreen gold discovery, Reunion anticipates that gold grades may improve in the primary mineralization, below the near surface zones of weathering and oxidation.

There are substantial additional target areas at both Leith Hills and Northallerton that remain to be tested, both zones continue open along strike and at depth. In addition, there remain a number of other anomalous gold targets on the remainder of the Silobela property that have yet to be tested by either trenching or drilling. The Company is pleased to announce that the previously announced (March 4, 1998) private placement of 3,949,000 units at a price of $0.30 per unit has been completed. Each unit consists of one common share and one half of one share purchase warrant. Each whole share purchase warrant entitles the holder to acquire one additional common share of the Company at a price of $0.35 prior to the first anniversary and at $0.40 thereafter prior to the second anniversary. Rift Resources Ltd. is a Toronto based mineral exploration and development company with exploration interests in Zimbabwe, Eritrea, Ethiopia, Uganda and Niger. The Company is pursuing the acquisition and development of quality gold and gold-rich base metal projects in Africa and currently holds directly, through joint venture, or has under application, interests in 17 gold projects in 6 countries of eastern, southern and western Africa amounting to approximately 3 million hectares.

Maps and tables of drill results are available upon request. All data has been provided to Rift by Reunion. Assays were carried out using standard techniques by SGS Zimlab (Pvt.) Ltd., Harare, Zimbabwe. -0-

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

CONTACT: Rift Resources Ltd.

Terence N. McKillen, 416/368-5685