Teck Corporation and Adrian Resources Reach an Agreement on the Petaquilla.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 22, 1997-- Teck Corporation (TSE/ME/VSE:TEK.A; TSE/ME/VSE:TEK.B) Adrian Resources Ltd (TSE/VSE:ADL; NASDAQ:ADLRF) Adrian Resources Ltd. ("Adrian") and Teck Corporation ("Teck") are pleased to announce that they have reached an agreement regarding the undertaking of further feasibility work at Adrian's Petaquilla project located in the Republic of Panama. Subject to execution of a comprehensive shareholders agreement between the parties by February 14, 1997, Teck will complete the final bankable feasibility study on the Petaquilla project by January 15, 1998 by funding the additional work. The details of such work must be agreed upon jointly by Adrian and Teck. This work will include:

(a) sufficient additional drilling as is warranted to define starter pit reserves (copper-equivalent grade in excess of 0.7 percent) in the Rio Medio and Valle Grande areas and any other areas which might be discovered as a result of such drilling;

(b) additional drilling of the Valle Grande deposit, and those areas referred to in (a) above at spacing which accords with the search parameters used in the calculation of proven and probable mineable reserves;

(c) detailed assessment of the Molejon deposit in the feasibility study both as part of the copper mining operations and as a stand-alone gold operation with additional drilling as set out in (b) above if required;

(d) a test program of large diameter diamond drill core bulk sampling and metallurgical testing in at least two of the pit areas to determine whether this indicates a significant positive difference from previous metallurgical results, and appropriate follow-up work if it does; this work shall include, at a minimum, a total of 20 tonnes of HQ size drill core from the Botija and Petaquilla pits (estimated to be approximately 3,200 metres of drilling); the identification of a pyrite depressant and other parameters to yield industry standard copper and moly recoveries in the bulk concentrate circuit; mini-scale (200kg/hour) piloting to produce bulk concentrate for cleaning testwork; confirmation of regrind size for bulk concentrate cleaning; mineralogy and flotation testing; analysis of the effect of grind size on metallurgical performance for the mining plan composites for use in optimization studies; confirmation of industry standard moly recovery (90 percent) in the copper-moly circuit and confirmation of moly concentrate impurity levels; completion of grinding index testwork (crushing, rod mill and ball mill Bond indices) for use in optimization studies; completion of ore abrasion index tests to confirm grinding steel consumption rates;

(e) a comprehensive study of the relative advantages and disadvantages of land based and submarine tailings disposal, including economic, environmental and social considerations;

(f) an assessment of the feasibility of dump leaching of prestripped saprolite and low grade material, having regard to consequent acid utilization and dispersal;

(g) all environmental studies which are required in order to obtain commitments for project financing; and

(h) optimization of mine and plant design and location, recalculation of reserves, and an assessment of operating costs and optimum throughput based on the results of the foregoing work; the final bankable feasibility study shall include reserve calculations by both H.A. Simons and Fluor Daniel Wright using such search parameters as each firm deems appropriate, as well as full mining plans and financial analyses based on the reserves calculated by each firm; these mining plans and financial analyses will assume mill throughput rates of 90,000 and 120,000 tonnes per day, and additional mining plans and analyses may be undertaken to examine increasing throughput during the mine life from 90,000 to 120,000 tonnes per day.

Both parties will have full and direct access to all results of and supporting data derived from the above work. Teck and Adrian will meet at least once every two weeks to monitor progress and to discuss the results of the above work. This work will commence no later than March 3, 1997.

Subject to execution of a comprehensive shareholders agreement between the parties by February 14, 1997, Teck will purchase 2,000,000 shares of Adrian on the open market within a period of 90 days from January 22, 1997, provided that it may not make such purchases in blocks of greater than 50,000 shares at a time. Alternatively, and subject as aforesaid, if Adrian wishes Teck to purchase treasury shares, Teck will, on notice at any time after January 22, 1997 within 14 days of such notice purchase from the treasury of Adrian, at a price of $3.45 per share, the excess of 1,000,000 shares over 50 percent of the number purchased pursuant to the preceding sentence. All shares purchased by Teck may not be sold until the shorter of two years following the date upon which the purchase program is completed and the date of any change of control of Adrian. In the event that Adrian receives a takeover bid for its shares, Teck shall either reduce its shareholdings in Adrian to less than 10 percent, tender all shares held by it to the bid or offer a higher consideration to Adrian's shareholders in a bid of its own.

ON BEHALF OF THE BOARD OF DIRECTORS OF ADRIAN RESOURCES LTD.

Chet Idziszek, President

ON BEHALF OF THE BOARD OF DIRECTORS OF TECK CORPORATION

Dr. Norman B. Keevil, President

CONTACT: Teck Corporation

Dr. Norman B. Keevil, 604/687-1117

or

Adrian Resources Ltd.

Chet Idziszek, 604/688-3008