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

To: Ptaskmaster who wrote (3202)	3/24/1999 2:11:00 PM
From: Gord Bolton	Respond to of 3282

FOR: ARGENTINA GOLD CORP. VSE SYMBOL: ARP MARCH 24, 1999 Argentina Gold: New Amable North Target Extended; Increased Grade; Metallurgical Tests Indicate A Gold Recovery Above 90 percent; Diamond Hole DDA2 Shows Increase In Grade VANCOUVER, BRITISH COLUMBIA--Argentina Gold Corp. (the "Company") is pleased to announce the results from Holes 124 and 133 drilled at the Amable North target and Holes 126, 130 and 131 drilled at the Western Filo Federico target and Hole 127 drilled at the Palito target and Hole DDA2 drilled at the Amable target. Also announced are results from a metallurgical study by CIMM (Chile) Laboratories. Amable North Hole 133 at the Amable North target returned a long intercept at the same mineralized horizon (4,300 m.a.s.l.) as found at both the Amable target and the Filo Federico target, providing further evidence that the targets defined to date are within a larger mineralized system existing throughout the Veladero project. /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 133 420 149 253 402 0.963 pend. 270 -75 2407380 E 28 345 373 1.39 6751247 N Elev. 4499 124 400 9 157 166 1.22 6.47 1.35 270 -75 2407342 E 5 180 185 1.76 26.20 2.28 6751161 N 85 185 270 0.13 31.29 0.76 Elev. 4519 130 270 400 0.52 7.13 0.66 (x) 50 g/t Ag = 1 g/t Au /T/ Amable Target Results from diamond core hole DDA2, collared 15 metres north of Hole 89, confirmed continuity of high grade mineralization in the sector tested and showed an increase in grade versus nearby reverse circulation holes. /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 226 80 90 170 5.565 57.90 6.723 270 -75 2407585 E 67 97 164 6.49 63.57 7.76 6750423 N 32 194 226 0.872 24.46 1.36 Elev. 4406 (x) 50 g/t Ag = 1 g/t Au /T/ As previously reported, Hole DDA2 had been temporarily abandoned at 162 metres due to mechanical problems. The hole was subsequently twinned with a reverse circulation hole down to 162 metres and continued with diamond drilling down to its final depth. The twin reverse circulation drilling down to 162 metres returned 103 metres of 1.78 g/t gold and 16.75 g/t silver. This compares to 103 metres of 4.31 g/t gold and 52.14 g/t silver from the original diamond hole, indicating a 2.4 increase in grade through diamond drilling. Western Filo Federico Results from Holes 126, 130 and 131 are in the following table. The results confirm the continuity of the mineralization in the sectors tested and Hole 130, with a 21 metre intercept of 7.24 g/t gold, expands the high grade zone at Western Filo Federico. /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 126 150 10 84 94 0.48 2.52 0.53 125 -65 2406651 E 6752571 N Elev. 4215 130 230 5 87 92 0.82 10.52 1.03 280 -75 2406816 E 21 97 118 7.24 11.90 7.48 6752492 N 95 118 213 0.35 9.15 0.53 Elev. 4309 131 300 23 21 44 1.44 0.50 1.45 270 -75 2407042 E 11 78 89 1.11 0.50 1.12 6752640 N 81 94 175 1.08 1.30 1.11 Elev. 4304 27 148 175 1.98 2.40 2.03 4 203 207 1.82 8.90 1.99 59 241 300 0.90 6.51 1.03 (x) 50 g/t Ag = 1 g/t Au /T/ Palito Target Hole 127, the first hole to test this new target located on the western flank of Cerro Pelado, did not encounter any significant mineralization. Further drilling is planned at this target. Metallurgical Data CIMM (Chile) Laboratories has completed a study of gold and silver recoveries on samples from the Amable target (both high grade and low grade material), the Filo Federico target (low grade) and the Amable North target (low grade) using agitated cyanidation leach. Results indicate an average gold recovery greater than 90 percent. Some sectors from the Amable target showed 98 percent recoveries. The ore is free from deleterious minerals arsenic, bismuth and mercury. The presence of coarse gold (greater than 105 microns) in some samples indicate that gravitational recovery on centrifugal concentrators should be evaluated. Six of the 17 samples submitted had silver values above 50 g/t. Silver recoveries ranged from 15-35 percent at Amable and 20-42 percent at Filo Federico. As it would appear that silver might be contained in argento-jarosite and/or as native silver, the company continues to investigate methods that would enhance silver recovery up to the 60 percent range or better. Drilling Continues There are currently 3 reverse circulation rigs and 3 diamond rigs on site. The following holes are complete with assays pending or currently underway as indicated: /T/ Western Filo Federico Hole 134, collared 75 metres southeast of Hole 114 (complete). Hole 135, drilled from the same platform as Hole 112 in an easterly direction (complete). Hole 136, drilled from the same platform as Hole 125 in a northwesterly direction (complete). Hole 137, collared 50 metres northeast of Hole 55 (previous season) (complete). Hole 138, collared 50 metres northeast of Hole 125 (complete). Hole 139, collared 60 metres west of Hole 121 (complete). Hole 140, collared 50 metres southwest of Hole 58 (complete). Hole 142, drilled from the same platform as Hole 68 in a northwesterly direction (complete). Hole 143, collared 70 metres west of Hole 128 (complete). Hole 144, collared 50 metres northwest of Hole 129 (complete). Hole 145, collared 110 metres southwest of Hole 128 (complete). Hole 146, collared 90 metres west of Hole 129, is underway. Hole 147, collared 50 metres southwest of Hole 44 (complete). Hole 149, collared 200 metres SSW of Hole 59 is underway. Diamond Hole DDF1, a twin to RC Hole 72 (complete). Diamond Hole DDF2, a twin to RC Hole 122 is underway. Amable Diamond Hole DDA3, a twin to RC Hole 80, is underway. Diamond Hole DDA4, a twin to RC Hole 90, is underway. Amable North Hole 141, collared 60 NNE of Hole 133 (complete). Eastern Filo Federico Hole 148, collared 145 metres ENE of Hole 54 is underway. /T/ ON BEHALF OF THE BOARD J. Patricio Jones, President NOTE: Location maps available from the company at the number listed below. -30-