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GIANT BAY OBTAINS A SIGNIFICANT AND FINAL PERMIT

 VANCOUVER, British Columbia, Oct. 20 /PRNewswire/ -- Giant Bay Resources Ltd. ("Giant Bay") of Vancouver, announces the United States Army Corps of Engineers has signed the "404 Wetlands Permit." This allows for the finalization of development work at the Montanore silver/copper property.
 Giant Bay is proceeding in acquiring the required shareholder and regulatory approvals. The company is fully confident these approvals will be obtained in the near future. The company is currently negotiating with several interested groups to obtain the complete financing necessary to convert to the full 45 percent participating interest in MRC. All negotiations are proceeding as expected. Negotiations include discussions with Giant Bay's majority Hong Kong shareholders who have recently raised $100 million privately.
 The company has retained the services of Fred Owsley, P. Eng. Owsley, formerly Western Regional Manager of Asarco Inc. (which included the operation of the adjacent Troy Mine located in Montana), has invaluable experience in overseeing major mining projects in the United States.
 The company director have approved the year end Aug. 31, 1993, Audited Financial Statements. The results include a strong balance sheet that is debt free.
 On Sept. 16, 1993 Giant Bay reached an agreement in principle to acquire Montana Reserves Corp. ("MRC"), that holds from Noranda a 5 percent proceeds royalty convertible to a full 45 percent participating interest in Montanore silver-copper fully permitted mining property located in the Cabinet Mountains of Northwest Montana. The Montanore property has current geological ore reserves of 142,155,000 tons of 2.10 ounces of silver and .78 percent (15.6 pounds) of copper per ton.
 -0- 10/20/93
 /CONTACT: Catherine Stauber, president, 604-685-8880/


CO: Giant Bay Resources Ltd. ST: British Columbia IN: MNG SU:

NY-EH -- LA034 -- 4657 10/20/93 14:23 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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