ARGOSY MINING - SCHELLGADEN GOLD ASSAYS - DRILLING SCHEDULED.

VANCOUVER, BC--(BUSINESS WIRE)--July 17, 1995--Argosy Mining Corp. is pleased to announce that positive results of a comprehensive sampling program on its 100 percent controlled Schellgaden gold property in Austria will be followed by a diamond drilling program.

The 39.4 sq. kilometre (15.2 sq. mile) property covers all of the stratiform gold mines of the Schellgaden gold district that are distributed along a 28 kilometre (17 mile) regional mineralized structure. To prepare for a drilling program Argosy has completed a surface and underground evaluation of the Stubelbau Mine, the largest of the historic mines in the district.

The Stubelbau consists of 6,000 metres (19,700 feet) of underground openings accessed from an 800 metre (2,600 foot) long tunnel. Mining in the 14th to 18th centuries recovered free gold from a flat-lying vein system up to 8.5 metres (28 feet) high and across widths of 60 to 75 metres (195 to 245 feet). Surface and underground mapping have delineated the Stubelbau structure along a north-south strike distance of 4 kilometres (2.4 miles).

Gold assays received from Argosy's program of underground channel sampling have confirmed that historic gold mining grades were high, exceeding 10 grams gold/tonne (0.3 oz gold/ton). Using a portable diamond saw, 53 vertical samples were taken from the mine walls adjacent to mined areas. The length of channels varied for 0.3 to 2.9 metres (1.0 to 9.3 feet) depending on access to the exposed mineralization. The assays confirm that the high grade mineralization mined in the past extends to the southern end of the tunnel. Due to limited access, continuous channel samples could not be taken over the full height of the ore zone. Of the 53 samples taken, 27 channel samples taken within the high grade zone including samples at the southern end of the tunnel (where historic mining ceased) averaged greater that 13.7 grams gold/tonne (0.40 oz gold/ton). The best intercept was 27.1 grams gold/tonne across 2.9 metres (0.79 oz gold/ton across 9.6 feet) where the full height of a mineralized vein was exposed. Ore grade assays include: -0-

SAMPLE           WIDTH                     GRADE
NUMBER      Feet       Metres    Oz gold/Ton    Gm gold/tonne

HA 0        1.8         0.6         0.49          16.8
   7        9.6         2.9         0.79          27.1
   8        1.6         0.5         0.64          21.9
  13        3.6         1.1         0.43          14.8
  14        3.9         1.2         0.55          19.0
BA 5        1.3         0.4         0.71          24.5
   9        2.3         0.7         0.43          14.8
  13        2.6         0.8         0.35          12.1
  15        1.3         0.4         0.81          27.9
  23        3.0         0.9         0.42          14.5

The width of the vein system is now demonstrated to be greater that 75 metres (245 feet), based on the presence of a 14.8 grams gold/tonne (0.43 oz gold/ton) channel sample at the eastern extremity of the mined area.

Argosy expects Mines Department approval shortly of a program to drill the southern extensions of the high grade ore body at Stubelbau, 250 to 350 metres (800 to 1,000 feet) south (along strike) of the last mining activity. The depth of the drill holes will be less than 100 metres (320 feet). The objective of this program is to assess the deposit over an initial 1,000 metre (3,300 feet) long section of the 4 kilometre structure. The reserve potential of the Stubelbau deposit is believed to be excellent based on the very wide high grade zones previously mined, and the persistence of the mineralized structures along many kilometres of strike.

ON BEHALF OF THE BOARD

YALE R. SIMPSON, President -0- EDITOR'S NOTE: The Vancouver Stock Exchange has neither approved nor disapproved the contents of this news release.

CONTACT: Yale R. Simpson, [phone]

[phone] (Fax)