KOMIS GOLD MINE PROJECT TO CREATE NORTHERN JOBS

Released on March 26, 1996

Northern Affairs Minister Keith Goulet today announced that the Komis
Gold Mine Project in northern Saskatchewan has received all approvals
to proceed with development.

Owned by Golden Rule Resources Ltd. of Calgary, the Komis mine is
located 170 kilometres north of La Ronge, near Brabant Lake. The mine
will be operated by Waddy Lake Resources Inc., a wholly owned
subsidiary of Golden Rule.

As part of the announcement, Goulet and Waddy Lake Resources president
Larry Lahusen signed the Surface Lease Agreement and a Human Resource
Development Agreement for the project. The Surface Lease Agreement
provides the company with the surface rights necessary for mineral
development. It also reinforces provincial regulatory control in the
areas of occupational health and safety, and environmental protection.
The Human Resource Development Agreement is designed to maximize
northern participation in the employment and economic benefits
associated with the mine.

"When operational, the mine and processing mill will employ about 100
Saskatchewan people, many of them northern residents," Goulet said.
"As a result of the agreements signed today, northerners will receive
every possible opportunity for employment on the project, including
training if needed."

"Golden Rule is excited about the growth potential of the Komis mine,
and the future production potential of other gold deposits in the Waddy
Lake area," Lahusen said. "The Komis deposit has proven reserves for
sustaining mining operations at a rate of 440 tonnes per day for five
years, with possible reserves to keep mining operations going for 10
years."

Estimated capital expenditures for the project are $8.5 million, with
estimated annual operating expenses of $15.6 million. Monthly payroll
for direct and contract employees is expected to be about $440,000.

Energy and Mines Minister Eldon Lautermilch welcomed the announcement
as another step toward developing the province's mining sector to its
full economic potential.

"The mining industry, which employs 5,600 people and generates millions
of revenue dollars annually, has been identified under the province's
economic strategy, Partnership for Growth, as one of the keys to
sustaining economic growth." Lautermilch said. "The Komis mine
demonstrates our government's commitment to capitalize on the
opportunities outlined in Partnership for Growth."

Golden Rule Resources, together with Waddy Lake Resources, were granted
the surface lease to begin mining operations, only after the
Environmental Impact Statement for the project was reviewed and
approved by Saskatchewan Environment and Resource Management.

Ore from the underground mine at the Komis site will be hauled 75
kilometres south along Highway 102, for processing at the Jolu mill.
Tailings will be disposed of by refilling the former Jolu mine
workings. The company has also posted financial surety sufficient for
decommissioning and reclamation of both the Komis mine and Jolu milling
sites.

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For further information, contact:

Ray McKay
Deputy Minister
Northern Affairs
La Ronge
Phone: (306) 425-4380

Larry Lahusen
President
Waddy Lake Resources Inc.
Calgary
Phone: (403) 233-7898