NEWS RELEASE


EMC

ECUADORIAN MINERALS CORPORATION

April 7, 1997

Trading: TSE.EMC

ECUADORIAN’S PREFEASIBILITY STUDY AT GABY CLOSE TO COMPLETION
Ecuadorian Minerals Corporation ("EMC") announces that the prefeasibility study on the Gaby gold porphyry property in southern Ecuador is close to completion and results are expected to be released within the next two weeks. Presently, detailed work is being carried out in order to optimize a mineable reserve with the respective open pit configuration, production scheduling and associated capital cost estimates, so that an accurate assessment of the overall project economics can be made by EMC. This work is being carried out by the independent engineering company, Mineral Resources Development Inc. ("MRDI") of San Mateo, California who will issue the prefeasibility study and who have been involved in all facets of the study since inception. The study will utilize over 34,000 meters of drill results assayed primarily by Bondar Clegg Labs of Vancouver, Canada, including an extensive check assaying program of over 6,000 samples by a second major analytical laboratory and extensive metallurgical testwork by McClelland Labs of Sparks, Nevada, an internationally recognized metallurgical laboratory.

Two areas surrounding the main Gaby deposit which are currently being drilled show good potential for additional gold resources but pending results cannot be included in the present prefeasibility study due to the imminent completion of that study. To the west of the main Gaby deposit a recently completed core hole (CAL-7), with assays pending, is located within 175 meters of two core holes which contained 174 meters at 0.74 g/t and 34 meters at 1.41 g/t gold respectively as part of the existing gold resource. At the high-grade Tama zone, located approximately 400 meters to the east of the main Gaby deposit, a total of 3 core holes (part of a program of 5 drill holes) have been completed to date. These drill holes were designed to test the down-dip and strike extensions of the 600 meter-long zone where 2 meter intercepts from initial drilling reported values of up to 24.0 g/t gold. The expected veins appear to have been intersected as planned and assays are pending.

In addition, EMC plans to carry out a deep drilling program within the main Gaby deposit, with core holes up to 1,000 meters in depth, to accomplish two main goals: firstly, to test for the presence of deeper, gold mineralized zones which may have acted as feeders to the known gold mineralization, as indicated by the geological cross-sections; secondly, to test for lateral extensions of gold mineralization in areas as yet untested.

CERRO PELADO
At the Cerro Pelado property in Ecuador, results have been received from 3 additional core holes (totaling 550 meters) that were drilled on the El Viejo concession to further test the size potential of gold mineralization identified in the initial program of 12 core holes (1540 meters) completed last fall. The overall potential indicated by all drilling to date does not warrant further work and the El Viejo concession has been returned to the property owner. Exploration work continues, however, on EMC’s other 100% owned properties covering over 50 sq. km in the Cerro Pelado mineralized belt.

OTHER PROPERTIES
Geological mapping and sampling continues on an expedited basis on EMC’s 100% held Monte Nuevo and Pico de Oro gold properties in Ecuador, in particular on the latter property where a major mining company is reported to have drilled on a property adjacent to and directly across the border in Peru. Work is expected to commence shortly on EMC’s Beroen gold property in Ecuador where the Company has joint ventures with both RTZ and Newmont. In Peru, EMC recently expanded and accelerated its exploration activities and is currently in negotiation to acquire a new gold property. In addition, EMC is carrying out extensive exploration programs in selected high priority areas and evaluating numerous property submittals both in Ecuador and Peru.
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.