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CORNUCOPIA RESOURCES LTD. ANNOUNCES AGREEMENT

 VANCOUVER, British Columbia, Feb. 2 /PRNewswire/ -- Cornucopia Resources Ltd. (Toronto, Vancouver: CNP; NASDAQ: CNPGF) announces that it has entered into an agreement in principle with Canada Tungsten Inc. to purchase all of the issued shares of Minerex Resources (U.S.) Inc. ("Minerex"). Minerex holds a 50 percent beneficial interest in and is the Operator of the Aurora Partnership Mine, a joint venture which owns an operating gold and silver heap leach mine in Nevada.
 The purchase price is approximately U.S. $3.6 million, together with warrants to purchase 250,000 common shares of Cornucopia. The warrants will be exercisable for a two-year period at a 15 percent premium over the average closing price of Cornucopia's shares on the Toronto Stock Exchange for the 20 trading days prior to closing in the first year, and 30 percent above this average in the second year.
 The agreement, under which Cornucopia will become the Operator of the Joint Venture, will be effective as of Jan. 1, 1993 with closing scheduled for March 31, 1993. The transaction is subject to due diligence investigations, approval of all necessary regulatory authorities, approval of the boards of directors of both parties and completion of a definitive agreement.
 The Aurora Partnership Mine, which is located 30 miles west of Hawthorne, Nev., produced 39,132 ounces of gold in 1992 and currently has mineable reserves of 644,218 tons grading 0.126 ounces of gold per ton equivalent to 81,200 contained ounces. Cash costs averaged U.S. $255 per ounce in 1992.
 Further details of the transaction will be released upon conclusion of the negotiations.
 Cornucopia produces gold from the Ivanhoe property in the Carlin Trend, Nev., where it is a conventurer with Newmont Mining Corp. in the exploration and development of the 84,000-acre property. Cornucopia trades on The Toronto and Vancouver Stock Exchanges (CNP) and is listed on NASDAQ (CNPGF).
 -0- 2/2/93
 /CONTACT: Karyn E. Bachert, corporate secretary of Cornucopia Resources Ltd., 604-687-0619/
 (CNPGF)


CO: Cornucopia Resources Ltd.; Minerex Resources Inc.;
 Canada Tungsten Inc. ST: British Columbia, Nevada IN: MNG SU: JVN


JL -- LA022 -- 1995 02/02/93 15:02 EST
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Publication:PR Newswire
Date:Feb 2, 1993
Words:358
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