AGC Amends Option Agreement With Cheni Resources and Proposes Name Change.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 16, 1999--

AGC Americas Gold Corp. (OTC:AGCFF) (VSE:AGA) is pleased to announce it has reached an agreement with Cheni Resources Inc. (Cheni) to amend terms of the option agreement between the parties (the Option) covering certain mineral properties in the Toodoggone area of North Central British Columbia.

To date, AGC has met all terms and conditions of the Option.

Under the amended terms, AGC has agreed to pay Cheni $30,000 CDN on or before September 30, 1999 in return for Cheni waiving its right to receive a final payment of 100,000 shares of AGC. If AGC fails to make the cash payment on or before September 30, 1999, the Option shall be deemed to be terminated and all mineral properties covered by the option shall immediately revert to Cheni.

Completion of this payment, coupled with the agreement with Antares Mining and Exploration announced July 23, 1999, leaves the Company completely vested as to 100% ownership of all claims which comprise the Toodoggone property subject only to Net Smelter Royalty payments. With the ownership consolidated, AGC is seeking a joint venture partner for the continued exploration of the property.

In an unrelated matter, AGC has granted its employees, directors, and officers a total of 700,000 options to purchase shares of the Company at a price of $2.58 CDN for a period of five years subject to the approval of the Vancouver Stock Exchange.

To more accurately reflect the Company's new business focus, management has proposed to change the name of the Company to Timebeat.com Enterprises Inc., subject to shareholder approval at the August 20th, 1999 annual general meeting. AGC Americas Gold Corp., through its wholly owned subsidiary Timebeat.com, will sell high profile name brand watches and jewelry in addition to priceless collectibles at substantial savings over the Internet. The website, currently under development, can be visited at www.timebeat.com.

Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, possible changes in cost of materials, expense items, capital expenditures, capital structure, and other financial items; introduction of new products and possible acquisitions of assets or businesses; possible actions by customers, suppliers, competitors, regulatory authorities; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.