***NEWS RELEASE***
$5m raised for Veladero project through Newmont private placement
Argentina Gold Corp ARP
Shares issued 33,113,389 Oct 19 close $2.11
Tue 20 Oct 98 News Release
Also Barrick Gold Corp (ABX)
Mr. J. Patricio Jones of Argentina Gold reports
Argentina Gold has agreed to sell to Newmont Mining, on a private placement
basis, a total of 2,550,000 shares in the capital stock of Argentina Gold
at $1.96 (Canadian) per share, for $5,000,000.
Newmont Mining, listed on the NYSE, is the largest gold producer in North
America and the second largest in the world, annually producing in excess
of 3.85 million ounces of gold.
The proceeds will provide Argentina Gold with working capital to finance
the drilling program currently being carried out at the Veladero property
in San Juan Province, Argentina.
Argentina Gold is the operator of the Veladero project holding a 60 per
cent interest. Barrick Gold holds the remaining 40 per cent.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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