NEWS RELEASE

ECUADORIAN MINERALS CORPORATION

July 29, 1999

Trading: TSE.EMC

DRILLING COMPLETED AT ECUADORIAN'S BEROEN GOLD/SILVER PROPERTY
HIGH GRADE ASSAY RESULTS IN INITIAL DRILL HOLES

Ecuadorian Minerals Corporation (“EMC”) is pleased to announce that it has completed a first phase diamond drilling program on the San Luis, Alejandra and Dorada zones within the Beroen epithermal gold/silver deposit, Ecuador. Twenty-one angled drill holes were completed for a total of 2,029 meters.

Assay results have been received for the first four drill holes in the high grade Alejandra zone (see news release dated May 26, 1999). Three drill holes, BC 2, 4 and 5 intersected a well developed northeast-southwest striking, southerly dipping breccia zone (the Alejandra breccia) over an estimated true width of 20 to 30m. Within the breccia zone, drill tested to a vertical depth of 130m below surface and which remains open to depth, drill hole BC 5 cut a bonanza grade intercept with uncut values of 24.9g/t gold and 189 g/t silver over a width of 16m. Previous EMC surface samples within this same breccia reported uncut values of 23.1 g/t gold and 273 g/t silver over a 14m sample length of available outcrop.

Assay results for the three breccia intercepts (drill hole BC 5 contains the shallowest intercept while BC 4 carries the deepest intersection) are given below, together with vein intercepts obtained in drill holes BC 5 and BC 7 that correlate with the Elizabeth vein, one of a number of high grade vein structures identified and sampled on surface during EMC’s exploration program. Also included in the table are results from two diamond drill holes completed in 1996 by Rio Tinto approximately 80m southwest of the Alejandra breccia zone outlined by EMC. Both drill holes intersected similar breccia-hosted, high grade gold and silver mineralization.

Visible gold and ruby silver (a silver sulfide mineral) have been identified within the Alejandra breccia in drill holes BC 4, BC 5 and in outcrop samples from both veins and breccias at a number of surface exposures. At depth, the Elizabeth vein appears to pass into the body of the Alejandra breccia zone and is traceable over a down-dip distance of approximately 170m. Previous surface sampling carried out by EMC across the vein, up-dip of drill hole BC 7, gave uncut values of 26.9 g/t gold and 199 g/t silver over a vein width of 0.7m.

Sample analyses were carried out by Intertek Testing Services (Bondar Clegg), Vancouver using conventional fire-assay methods; duplicate analyses by Monitor Geochemical Inc. are awaited. Additional assay results from the remaining drill holes will be released as they become available.

Preparations are now underway to commence a 1,500 meter diamond drilling program at the Vetaspata high grade gold exploration target in southeastern Peru (see news release dated December 2, 1998) during the latter part of September this year.

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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