During 1997 Silver Century has expanded its exploration and property acquisition activity. Silver Century currently has exploration projects in four Canadian provinces (Ontario, Quebec, Nova Scotia and Newfoundland). Exploration in 1997 has been successful with the previously announced discovery of high grade copper mineralization (5.78 percent copper over 5.6 meters) from a drilling program conducted on the Stoke Property, located immediately east of Sherbrooke, Quebec. The Stoke Property is part of the Eastern Canada Venture between Silver Century and Phelps Dodge Corporation of Canada, Limited ("Phelps Dodge''). Under the agreement, which governs the Eastern Canada Venture, Phelps Dodge has agreed to transfer to Silver Century an ownership interest in up to nine properties owned by or optioned to Phelps Dodge provided that Silver Century incurs certain exploration expenses in respect of such properties.

The mineralization of the Stoke Property occurs as heavily disseminated to locally massive, pyrite - chalcopyrite bands hosted in a mafic to intermediate pyroclastic unit. Geophysical surveys and geological mapping will be conducted in the discovery area so that diamond drilling can commence in early July 1997 to confirm and outline the extent of the high grade copper mineralization. In addition to the planned detailed follow up work on the discovery area, Silver Century and Phelps Dodge will continue their program of identifying and prioritizing regional target areas on the 25 kilometer long Stoke Property with ground infill geophysics, geological mapping and geochemical surveys.

Agnico-Eagle reports that its shareholding in Silver Century will, on completion of the private placement, increase from 2,946,200 common shares (or approximately 54% of the outstanding common shares) to 3,528,200 common shares (or approximately 58% of the outstanding common shares, after giving effect to the private placement). Agnico-Eagle also owns 400,000 voting preference shares of Silver Century (or 100% of the outstanding preference shares.) Mentor Exploration and Development Co., Ltd. and another associated company of Agnico-Eagle also own an aggregate of 1,016,666 common shares of Silver Century (or approximately 17% of the outstanding common shares, after giving effect to the private placement).

Silver Century is an exploration company involved in gold and base metal exploration in Canada. Silver Century's property position consists of 15 projects covering an area of 36,000 hectares. Gold producer Agnico-Eagle Mines Limited provides management, technical and financial assistance to Silver Century.

Agnico-Eagle Mines Limited is an established Canadian gold producer with operations located principally in northwestern Quebec and exploration and development activities in Quebec and Ontario. Consistently one of the industry's lowest-cost producers, Agnico's operating history includes 23 years of continuous gold production primarily from underground mining operations. Current proven and probable reserves stand at 1.0 million contained ounces, with an additional 3.5 million ounces in the mineral resource category. Agnico-Eagle is also currently working on several projects which are expected to result in increased gold production and expanded gold reserves.