Zamora Announces Third Quarter Results.

DENVER--(BUSINESS WIRE)--Nov. 26, 1996-- Zamora Gold Corp.(CANADIAN DEALING NETWORK ZMRA.) Zamora's exploration program in Southern Ecuador focused on three areas during the third quarter. The Tumi stockwork was extended on Mina Real; the David stockwork was uncovered; and regional follow-up of stream sediment targets was completed. Mapping and sampling at Piuntza revealed high gold grades.

MINA REAL

On the Mina Real claim, 3.4 kilometers of roads were constructed to access three target areas -- Natalie, Tumi, and David. Geologists collected 2,200 samples over these roads to determine gold and/or copper potential. The Tumi stockwork area has been sampled and mapped. An isograd map for gold, copper, molybdenum, and silver will be constructed from this data. Early results indicate the existence of a 0.1 percent copper isograd, which has a north-south dimension of 1.9 kilometers and an east-west dimension of 600 meters.

In the David area, a 1.2 kilometer north-south road has intersected a stockwork similar to the Tumi mineralization. This area also has anomalous copper concentrations in weathered bedrock as at Tumi. Copper as high as 0.2 percent has been obtained from this area.

Another zone of mineralization, designated Natalie, has been discovered west of Tumi. Early results show low-grade gold mineralization (1.0 grams per tonne) surrounded by anomalous copper mineralization.

Road construction has been slowed by encountering areas of unweathered rock in the lower Tumi road. As a result, the road to the southwestern geochemical anomaly has not been completed as planned. The region has the strongest gold, copper, and molybdenum stream anomalies encountered on Zamora's claim package.

Stream sediment anomalies surrounding the David area (a twin for Tumi) are not nearly as strong or abundant as those draining the southwest area. Prospecting samples have returned values as high as 0.5 percent copper and 0.04 percent molybdenum. A road is presently being constructed to the southwest anomaly area. In the Tumi area, the geologic concepts indicate that surface mineralization found to date is in the upper portion of a porphyry system. This is supported by:

-- A dominance of stockwork copper mineralization as opposed to disseminated mineralization.

-- Epidote alteration dominant, especially in the north.

-- Intrusive rocks lacking.

-- Copper and gold concentrations not correlated.

-- High silver contents, especially in the north.

Zamora is very excited about the potential for a major, gold-rich porphyry copper discovery in the Mina Real concessions. Because of the potential expense and obtaining the appropriate expertise, the Company may seek participation from major mining companies to invest in these concessions.

PIUNTZA

The Piuntza area has generated interesting results in the western portion of the property. An area of sericite alteration with east- west and north-south striking quartz sulfide veins has been mapped. At this time, the area is approximately 400 meters by 100 meters. Samples as high as 109 grams per tonne over 5 meters in chip samples have been obtained. The significance of these early chip samples is unknown. Similar style mineralization has been found on the Valeska claim 800 meters to the southwest. The gold mineralization is associated with veins and stockwork of galena, sphalerite and pyrite, with quartz gangue. Some initial metallurgical work has shown 82 to 90 percent recoveries from gravity separation. The mineralization is correlative with lead, zinc, and gold stream sediments found in the initial stream surveys of the area. A rigorous trenching and sampling program is being initiated to determine the extent and distribution of mineralization. This is expected to be completed by year-end.

With regard to Zamora's 1996 third quarter results, the Company is in the exploration stage, and consequently, all non-exploration costs are expensed resulting in a loss of US$200,000 (1 cent per share), compared to a loss of US$300,000 (3 cents per share) for the same period in 1995.

The Company is pleased to announce the appointment of George R. Wright and William F. Sirett as new directors who are filling vacancies on the five-member board.

Zamora is a Canadian mineral exploration company that controls the largest land position in the highly prospective Mambija gold belt of Southern Ecuador. Zamora is aggressively engaged in a variety of promising exploration activities on its mineral properties. Vista Gold Corp. owns approximately 41 percent of the outstanding shares of Zamora.

CONTACT: Zamora Gold Corp.

Michael B. Richings, 303/ 629-2450

or

Zamora Gold Corp.

A.J. Ali, 303/ 629-2450