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

To: Elizabeth Andrews who wrote (2993)	2/26/1999 12:08:00 PM
From: Gord Bolton	Read Replies (1) \| Respond to of 3282

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ARGENTINA GOLD CORP. VSE SYMBOL: ARP FEBRUARY 26, 1999 Argentina Gold: Second Diamond Hole Again Shows Substantial Increase in Grade; RC Hole 112 Expands High Grade Zone to Northern Sector of Filo Frederico VANCOUVER, BRITISH COLUMBIA--Argentina Gold Corp. (the "Company") is pleased to announce the results from Hole 112 and Hole 114 drilled at the Filo Federico target and the second diamond core hole, Hole DDA2, drilled at the Amable target. Amable Target - second diamond hole again indicates increase in grade vs nearby RC holes Results from Hole DDA2 show strong and continuous high grade gold/silver mineralization at the western flank of the Amable target. DDA2 was collared 15 metres north of Hole 89 and drilled in an easterly direction. The hole was abandoned at 162 metres due to mechanical problems and is being re-drilled to a targeted depth of at least 300 metres. Hole DDA2 returned 70 metres of 5.72 grams per tonne gold and 52.34 grams per tonne silver, including 16 metre interval of 9.38 grams per tonne gold and 37.69 grams per tonne silver. /T/ Hole Total Int- From To Gold Silver Gold Azimuth Co- Depth erval(m) (m)(g/t) (g/t) Equiv. Angle ord- (m) x(g/t) inates DDA2 162 70 92 162 5.72 52.34 6.77 90 -75 2407578E incl. 16 118 134 9.38 37.69 10.13 6750410N and 15 147 162 9.54 80.27 11.15 Elev. 4400 (x) 50 g/t Ag = 1 g/t Au /T/ The diamond core results from this hole again indicate a substantial increase in gold grade in comparison with nearby reverse circulation holes in the sector. A longer section comparison will be possible when the hole is completed. Filo Federico - Hole 112 expands higher grade zone Hole 112 returned a near surface interval of 142 metres of 2.63 grams per tonne gold and 32.8 grams per tonne silver including 21 metres of 6.42 grams per tonne gold and 24.2 grams per tonne silver. Hole 112 was drilled in a southerly direction from the same platform as Hole 58 (a hole from the previous season). The results from Hole 112 indicate the continuity of the high grade zone at the north margin of Filo Federico on the flank of the CSAMT resistivity anomaly. To further follow up in this area, Hole 131 is being drilled west from the same platform. Hole 114, collared 48 metres SSW of Hole 107, returned a near surface interval of 87 metres of 0.76 grams per tonne gold and 14.4 grams per tonne silver including 25 metres of 1.32 grams per tonne gold and 9.9 grams per tonne silver. These results, even though lower grade, confirm the extension of the mineralization between the Filo Federico and NW targets. /T/ Hole Total Int- From To Gold Silver Gold Azimuth Co- Depth erval(m) (m)(g/t) (g/t) Equiv. Angle ord- (m) x(g/t) inates 112 347 142 97 239 2.63 32.80 3.29 180 -75 2407038E incl. 21 164 185 6.42 24.20 6.90 6752636N Elev. 4310 114 200 87 61 148 0.76 14.40 1.05 125 -75 2406680E incl. 25 99 124 1.32 9.90 1.52 6752512N Elev. 4255 (x) 50 g/t Ag = 1 g/t Au /T/ Drilling continues at Western Filo Federico, Eastern Filo Federico, Amable, Amable North and Palito The following holes are complete with assays pending: /T/ Western Filo Federico Hole 115, collared 52 metres SW of Hole 114. Hole 117, drilled from the same platform as Hole 114 in a SSW direction. Hole 119, collared 49 metres northwest of Hole 98. Hole 120, collared 45 metres northwest of Hole 115. Hole 121, collared 50 metres northwest of Hole 72. Hole 122, collared 55 metres northwest of Hole 98. Hole 125, collared 50 metres southeast of Hole 44. Hole 126, collared 150 metres west of Hole 98. Hole 128, collared 130 metres northwest of Hole 98. Hole 129, collared 110 metres northwest of Hole 98. Hole 130, collared 90 metres south of Hole 98. Hole 131, drilled from the same platform as Hole 112 in a westerly direction. Hole DDF1, the first diamond hole to be drilled at Filo Federico (Hole DDF1) is underway and is twinning Hole 72, a hole from the previous season. Eastern Filo Federico Hole 123, collared 150 metres northwest of Hole 91. Amable Hole 113, collared 50 metres west of Hole 92. Hole 116, drilled from the same platform as Hole 84 in an ESE direction. Diamond Hole DDA2, collared 15 metres north Hole 89, will resume at 162 metres. Amable North Hole 118, collared 50 metres east of Hole 111. Hole 124, collared 50 metres south of Hole 100. Palito Hole 127, the first hole to test this new target at western Cerro Pelado. /T/ Argentina Gold is the operator of the Veladero project holding a 60 percent interest. The Company's partner, Barrick Gold Corporation, holds the remaining 40 percent. The drill samples are being assayed by CIMM Labs of Chile using top quality control systems and interlab check assays. ON BEHALF OF THE BOARD Lukas H. Lundin, Director -30-