AKIKO GOLD DRILLING PROGRESSES AT UTAH DEPOSIT.

VANCOUVER, B.C.--(BUSINESS WIRE)--May 3, 1995--Underground reserve expansion and in-fill drilling as well as feasibility work are ongoing at the high-grade silver/lead/zinc New Burgin deposit in Tintic, Utah. Mineable reserves previously calculated to contain 1.14 million tons averaging over 19 ounces silver per ton, 22% lead and 7.5% zinc are open to substantial expansion downdip and along strike primarily to the northwest.

Hole CB-3 has expanded known reserves to the northeast where it encountered 19 feet averaging 8.4 ounces silver per ton, 12% lead and 8% zinc in an area not relied upon to generate additional reserves. Holes CB-1 and 2 previously reported extremely high-grade intercepts (including 104 averaging 21 ounces silver, 32% lead and 4% zinc and 55 feet averaging 10 ounces silver, 32% lead and 11% zinc, respectively), thereby confirming thick zones of mineralization and expanding known reserves to the east/southeast.

Hole CB-4, angled southwest away from the western side of the Deposit, encountered anomalous gold values and then intercepted 8 feet averaging 1.5 ounces silver, 4.3% lead and 12% zinc (including 5 feet of 17% zinc) approximately 125 feet south and 200 feet west of the Deposit. This suggests that it is possible to expand the reserves closer to the western boundary, another area not relied upon to generate additional reserves. Holes CB-5 through 8 are being drilled partially for this purpose, but also to in-fill gaps in the Deposit, and improve understanding of reserve geometry for the expanded reserve calculation anticipated this summer.

Meanwhile, the north drift has been extended 300 feet to the northwestern boundary of the Deposit in order to provide access to commence expansion drilling along strike and downdip where geologic analysis indicates the reserves should double or triple in size. The Company must invest US $1 million by May 31, 1995 in the stock of landowner, Chief Consolidated Mining, at US $4 per share in order to continue funding this work and earning its 50% joint venture interest (and right to become operator at feasibility next year).

Those funds will be utilized for the ongoing reserve expansion drilling and feasibility work, including hydrologic testing. Since Akiko commenced funding the project in 1994 by the purchase of 285,000 shares of Chief at US $4 per share, Chief's stock has appreciated to the US $7.75 level due to market expectations of increasing reserves resulting from the successful drilling program. Akiko's 285,000 Chief shares (freely tradable October 1996) are worth over US$2 million at the existing market price, or about Cdn $0.20 per Akiko share currently outstanding. Akiko believes it has financing available for the May 31 payment and is pursuing alternatives of utilizing Akiko equity, debentures convertible into Chief and Akiko shares, or possibly allowing participation of another mining or metal refining company.

On Behalf of the Board of Directors

"Stephen E. Flechner" President & Chief Executive Officer

CONTACT: Akiko Gold Resources, Ltd.

Stephen E. Flechner [phone]