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Gold/Mining/Energy : ARP - V Argentina Gold -- Ignore unavailable to you. Want to Upgrade?

To: robert azana who wrote (2207)	1/26/1999 1:59:00 PM
From: Gord Bolton	Read Replies (2) \| Respond to of 3282

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ARGENTINA GOLD CORP. VSE SYMBOL: ARP JANUARY 26, 1999 Argentina Gold: Hole 104 Further Extends High-Grade Zone of Western Filo Federico Towards NW Target; Complete Results From Hole 103 in Southeast Amable Adds 85 Metres of High Grade Gold VANCOUVER, BRITISH COLUMBIA--Argentina Gold Corp. (the "Company") is pleased to announce partial results for Hole 104 and complete results for Hole 103, drilled at the Company's Veladero project in San Juan, Argentina. A conference call (note change of date) will be held on Wednesday, January 27th at 2:00 p.m. with Mr. Patricio Jones, President, Mr. Lukas Lundin, Director and Mr. Ricardo Martinez, Exploration Manager. The numbers to dial in for the conference call are listed below. WESTERN FILO FEDERICO - HOLE 104 ENLARGES POSSIBLE STARTER PIT ZONE FOR FILO FEDERICO RESOURCE Hole 104, collared 50 metres southwest of Hole 98 in the area between Filo Federico and the NW target, returned (partial) 77 metres of 3.48 grams per tonne gold and 21.18 grams per tonne silver. Starting near surface, Hole 104 encountered the same geology as found at both Filo Federico and the NW target providing further evidence that the Filo Federico resource may link with the NW target resource. Preliminary indications are that the expanding high-grade sector of western Filo Federico and the higher-grade NW target may be a possible starter pit zone for the Filo Federico resource. Independent consulting engineers, Giles R. Peatfield, Ph.D. and J.A. Zbeetnoff, B.Sc., P.Geo., have completed an updated resource estimate for the Filo Federico and NW target areas. The revised estimate contains a substantially increased gold grade as follows: (note: this resource estimate does not contain data from Hole 104) /T/ Filo Federico: Indicated 7.2 million tonnes grading 1.91 g/t gold and 21.1 g/t silver Inferred 5.1 million tonnes grading 1.89 g/t gold and 20.6 g/t silver NW Target: Indicated 4.4 million tonnes grading 1.43 g/t gold and 20.8 g/t silver Inferred 3.2 million tonnes grading 1.49 g/t gold and 21.4 g/t silver The above listed resource for Filo Federico is within a larger mineralized body which has been estimated at: Indicated: 42.7 million tonnes grading 0.81 g/t gold and 25.2 g/t silver Inferred: 42.7 million tonnes grading 0.70 g/t gold and 26.0 g/t silver /T/ Details of the partial results available on Hole 104 are in the following table. /T/ Hole Total Inter From To Gold Silver Gold Azimuth Angle Coor- Depth -val Equiv. dinates (x) (m) (m) (m) (m) (g/t) (g/t) (g/t) 104 (partial results) 236 77 63 140 3.48 21.18 3.90 125 -75 2406780 E including 6752357 N Elev: 4256 (x) 50 g/t Ag = 1 g/t Au /T/ Drilling continues at the western extension of high-grade zone of Filo Federico Hole 107, collared 50 metres southwest of Hole 104, is complete with assays pending. Hole 109, collared 50 metres SSW of Hole 72, is underway. SOUTHEAST AMABLE - COMPLETE RESULTS FROM HOLE 103 - HIGH-GRADE SOUTHEAST ZONE FURTHER EXTENDED The complete results for Hole 103, collared 50 metres east of Hole 96, are 204 metres of 2.78 grams per tonne gold and 22.37 grams per tonne silver including a 149 metre interval of 3.55 grams per tonne gold and 25.31 grams per tonne silver and 95 metres of 4.53 grams per tonne gold and 28.24 grams per tonne silver. The entire length of the hole was mineralized. Details of the complete results for Hole 103 are in the following table: /T/ Hole Total Inter From To Gold Silver Gold Azimuth Angle Coor- Depth -val Equiv. dinates (x) (m) (m) (m) (m) (g/t) (g/t) (g/t) 103 350 204 146 350 2.78 22.37 3.23 270 -75 2407744 E including 149 146 295 3.55 25.31 4.06 6750391 N including 95 194 279 4.53 28.24 5.09 Elev: 4330 (x) 50 g/t Ag = 1 g/t Au /T/ Drilling continues along the eastern extension of the Amable target. Hole 105, collared 50 metres east of Hole 90, is complete with assays pending. Hole 106, collared 60 metres SSE of Hole 103, is also complete with assays pending. Hole 108, collared 10 metres east of Hole 80, drilling vertical, is testing potential deep continuity of high grade zones. CONFERENCE CALL We invite you to participate in a conference call on Wednesday, January 27th which will provide further information on the drill results from our first diamond hole, DDA1, and the significance of these results to the Veladero project. Date: Wednesday, January 27th, 1999 Time: 2:00 p.m. eastern (Toronto time). Please call one of the following numbers 5 to 10 minutes before the start of the call: 1-888-209-3778 (toll free within North America) or 212-271-4760 Following the presentation, the lines will be opened for your questions. Please see attached maps for reference during the call. A taped replay of the call will be available. Please call 1-800-558-5253 (toll free within North America) and enter the password: 1613387 or call 416-626-4150 (no password needed). A summary of all drill results to date for the 1998/1999 season is in the attached table. Please visit our website for maps and detailed information on the Veladero project. The website address is www.argentinagold.com Argentina Gold is the operator of the Veladero project holding a 60 percent interest. The Company's partner, Barrick Gold Corp., holds the remaining 40 percent. The drill samples are assayed by CIMM Labs of Chile using top quality control systems and interlab check assays. ON BEHALF OF THE BOARD Lukas H. Lundin, Director NOTE: Location maps and drill results summary table available from the Company at the phone number listed below. -30-

To: robert azana who wrote (2207)	1/26/1999 2:44:00 PM
From: mick	Read Replies (1) \| Respond to of 3282

Does the Market Want to Go Higher ? I wasn't originally going to take a position because I thought this puppy would be flying on the news Monday, but I got in at $ 5.40. So far, it can't seem to get above $ 5.70 on a steady basis. The market seems to infere that these latest results aren't really meaningful (even at $ 300 an oz, rock that is worth more than $ 600 per ton has grabbed my attention). The only thing I can think of is that everyone thinks Barrick has it locked up already. I really hope not since it would appear that this resource could double, triple, whatever in size. Who besides Newmont would be interested in placing a bid ? Lets hope we get a few white knights or ABX could be walking away with our gold.