NEWS RELEASE


EMC

ECUADORIAN MINERALS CORPORATION

April 2, 1996

Trading: TSE.EMC

ECUADORIAN REPORTS NEW DRILL RESULTS AT GABY
Expands Higher Grade Gold Zone
Ecuadorian Minerals Corporation (EMC) is pleased to announce results from the first 14 core drill holes (4,094 meters) from the ongoing pre-feasibility drill program at its Gaby gold porphyry project in Ecuador. In addition to confirming thick intervals of ore grade mineralization within the known resource area, one of the three previously indicated higher grade, near surface, gold "centers" has been significantly expanded. The entire drill program is scheduled to comprise 47 core drill holes (approx. 11,400 meters) and is designed to accomplish two principal goals: to further delineate gold mineralization within the 3.5 million ounce gold resource (the main Gaby deposit, outlined by 22,000 meters of previous drilling) and also to initially test, on a wide drill spacing (up to 400m), the recently defined major gold geochemical anomaly in satellite areas surrounding the main Gaby deposit. Drill holes on the main Gaby deposit are being completed as a priority over the satellite holes to ensure timely completion of a pre-feasibility study, scheduled for this summer, by Mineral Resources Development Inc. (MRDI), an independent engineering firm.

Main Gaby Deposit - New Drill Results
The following is a list of significant mineralized intercepts from EMC's first 14 holes recently completed within and adjacent to the main Gaby deposit; included are holes drilled on 100% EMC held ground and on the Guadalupe Concession (51% EMC/49% Zappa Resources). See attached map.

Northern Part of the Main Gaby Deposit (100% EMC)

GBY - 1, Interval 2m-66m, Intercept 64m, Gold 0.78g/t
  (Includes) Interval (m) 32m-66m, Intercept 34m, Gold 1.07g/t
GBY - 2, Interval (m) 36-152, Intercept 116m, Gold 0.84g/t
  (Includes) Interval (m) 70-132, Intercept 62m, Gold 1.04g/t
GBY - 3, Interval (m) 90-200, Intercept 110m, Gold 0.84g/t
  (Includes) Interval (m) 160-188, Intercept 28m, Gold 1.23g/t
  (Includes) Interval (m) 286-346, Intercept 60m, Gold 0.74g/t
  (Includes) Interval (m) 296-314, Intercept 18m, Gold 1.22g/t
GBY - 5, Interval (m) 10-186, Intercept 176m, Gold 1.21g/t
  (Includes) Interval (m)10-158, Intercept 148m, Gold 1.36g/t
GBY - 6, Interval (m) 0-88, Intercept 88m, Gold 1.05g/t
  (Includes) Interval (m) 0-32, Intercept 32m, Gold 1.15g/t
GBY - 7, Interval (m) 178-244, Intercept 66m, Gold 0.87g/t
GBY - 8, Interval (m) 264-334, Intercept 70m, Gold 0.89g/t
GUA - 17, Interval (m) 70-192, Intercept 122m, Gold 0.60g/t

Southern Part of the Main Gaby Deposit (Guadalupe Concession - 51% EMC)

GUA - 14, Interval (m) 36-150, Intercept 114m, Gold 0.89g/t
  (Includes) Interval (m) 36-72, Intercept 36m, Gold 1.47g/t
GUA - 15, Interval (m) 10-36, Intercept 26m, Gold 0.71g/t
GUA - 16, Interval (m) 36-52, Intercept 16m, Gold 0.55g/t
GUA - 20, Interval (m) 70-92, Intercept 22m, Gold 0.53g/t

Note: The majority of holes were drilled at a -60 degree inclination.

The drill program on the main Gaby deposit, which comprises a total of 24 holes (6,740 meters), will be completed by early April to provide a drill hole spacing of approximately 100 meters or less for the pre-feasibility study.

Higher Grade Gold Centers
Results from the new drill holes GBY 5 and GBY 6 have increased the size of one of the three previously known higher grade gold "centers" located in the southeast portion of the main Gaby deposit, principally on EMC's 100% ground (see attached map). Preliminary in-house calculations show that this area contains significantly higher average grade (25 - 30%) than the current average resource grade estimate of around 1 g/t gold. Mineralization is exposed at surface with a very low waste-to-ore ratio and it is estimated that the tonnage could support the first year of production (approximately 9-10 million tonnes). This higher grade center remains open to the east and additional drilling is ongoing.

Results to date from all drilling in this southeastern zone are listed below with drill hole locations shown on the attached map.

New Results (by Company)

EMC, GBY 5, Interval (m) 10-186, Intercept 176m, Gold 1.21g/t
EMC, GBY 6, Interval (m) 0-88, Intercept 88m, Gold 1.05g/t

Previous Results

EMC, GRC 49*, Interval (m) 2-34, Intercept 32m, Gold 1.11g/t (end of hole)
EMC, GRC 72, Interval (m) 0-186, Intercept 186m, Gold 1.16g/t  
  (Includes) Interval (m) 0-88, Intercept 88m, Gold 1.51g/t  
EMC, GRC 77*, Interval (m) 0-111, Intercept 111m, Gold 1.26g/t (end of hole)
  (Includes) Interval (m) 44-110, Intercept 66m, Gold 1.68g/t  
Zappa, 94-12, Interval (m) 4-164, Intercept 160m, Gold 1.42g/t  
Newmont, 91-2, Interval (m) 0-188, Intercept 188m, Gold 1.13g/t  
  (Includes) Interval (m) 78-138, Intercept 60m, Gold 2.13g/t  
Newmont, 91-7, Interval (m) 72-120, Intercept 48m, Gold 1.33g/t  

* Holes ending in gold mineralization (+ 0.5 g/t)

With reference to the other higher grade gold centers: both are located entirely on EMC's 100%-held ground, one in the western part and one in the northern part of the deposit (see attached map). In-house preliminary calculations estimate 65 - 70% higher gold grade for the northern zone and 15 - 20% higher grade for the western zone when compared to the current average resource grade estimate (approximately 1 g/t gold). In common with the southeastern zone, mineralization is exposed at the surface at both locations and could be expected to support an additional year of higher grade mine production.

The presence of these higher grade centers which would be amenable to mining in the early years of production at grades substantially higher than the current average resource grade estimate, with very low waste-to-ore ratios, is expected to have a significant positive impact on the overall economics of the project.

Satellite Drill Program
Two drill rigs are currently testing the satellite areas surrounding the main Gaby deposit, within the large 5.5km by 1.7km gold geochemical anomaly. A program of 23 holes (4,700 meters) will test the anomaly on a roughly 400 meter drill hole spacing, with infill holes at a 200 meter spacing where justified by results. To date 6 holes (1,300 meters) have been completed and results will be issued in the coming weeks when sufficient assay data have been received to allow an accurate appraisal of the entire geochemical anomaly.

Pre-feasibility Study Time Frame
All drilling will be completed at Gaby by mid-May and the pre-feasibility study is on schedule to be issued this summer by MRDI. MRDI is a world renowned engineering company with particular expertise in economic evaluations of bulk mineable gold and copper deposits and in recent years have completed numerous feasibility studies including the Refugio deposit in Chile for Bema/Amax Gold and studies of a similar nature on behalf of major mining companies such as Newmont, Anglo American, BHP, and Barrick Gold. Following a positive pre-feasibility study the Company will move immediately into a final feasibility study starting in the late summer of this year and which is expected to take approximately twelve to fifteen months to complete.
ON BEHALF OF THE BOARD

Stephen J. Kay, President and CEO

The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.

For additional information,contact Linda North at Tel: (602) 483-9932 or Fax: (602) 483-9926.

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Ecuadorian Minerals Corporation is not a reporting issuer in the United States and the information provided herein is not a solicitation to sell shares. The Company, however, has maintained a Standard and Poor's Corporate Listing since July 1996.