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

To: robert azana who wrote (2682)	2/9/1999 12:50:00 PM
From: Tony from Niagara	Respond to of 3282

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ARGENTINA GOLD CORP. VSE SYMBOL: ARP FEBRUARY 9, 1999 Argentina Gold: Barrick's Hostile Takeover Bid Unsuccessful; Aggressive Drilling Campaign at Veladero Continues; Auction Process Continues VANCOUVER, BRITISH COLUMBIA--Argentina Gold Corp. is pleased to announce that Barrick Gold Corporation's hostile takeover bid was successfully defeated and has expired. The Company's Veladero project is part of a regional gold/silver district that straddles the Argentine/Chile border. The Company controls much of the district on the Argentine side. To date, the Company has defined in excess of 5 million ounces of gold and 150 million ounces of silver. Central to this resource is the very rich, high-grade oxide deposit at the Amable target. The Veladero project is of enormous financial and strategic value to the Company and the region. The potential of the Veladero project is very significant and may prove to be one of the most important and economic gold/silver resources in the region. Barrick Gold Corporation announced today that its neighbouring Pascua deposit hosts a resource of 20 million ounces of gold which they expect to have in production in 2002 at an annual rate of 675,000 ounces of gold and 20 million ounces of silver with initial cash costs of U.S.$125 per ounce. Argentina Gold, with a diatreme system several times larger than at Pascua, higher-grade resources, oxide resources versus sulphide resources, over 5 million ounces of gold and 150 million ounces of silver already defined and less than 30 percent of the project area explored, has the potential to surpass Pascua in terms of economics. "The fact that Argentina Gold shareholders did not tender to Barrick's $5.00 offer confirmed what has always been management's view, that Barrick's offer was inadequate," stated Lukas H. Lundin, a director of Argentina Gold. "Our aggressive drilling campaign at the Veladero project will continue for the balance of the exploration season (end of May) with four reverse circulation rigs and two diamond core rigs. We have reaffirmed with ScotiaMcLeod their mandate to continue to seek out alternative transactions which will maximize shareholder value. The auction process initiated by Barrick continues", Mr. Lundin emphasized. "Discussions with several major mining companies are ongoing. Now that Barrick has withdrawn, we believe that it will be easier to attract another major mining company to enter into an alternative transaction with Argentina Gold which will benefit all of Argentina Gold's shareholders", added Lukas H. Lundin. ON BEHALF OF THE BOARD Lukas H. Lundin, Director