Akiko Gold Reports South Korean Smelting Company Joins Canadian & U.S. Companies in Utah Mining Venture.

VANCOUVER, B.C.--(BUSINESS WIRE)--July 30, 1996--Akiko Gold's US subsidiary has signed a joint venture agreement with a US subsidiary of the Korea Zinc Company and Chief Consolidated Mining (NASDAQ-CFCM) to develop the New Burgin Deposit and to pursue silver, gold and poly-metallic exploration targets on the 9000 acre Tintic, Utah property.

Korea Zinc, which recently closed the acquisition of the Big River Smelter in Sauget, Illinois for over US $50 million, is funding the next US $2 million of development work expected to bring the silver/lead/zinc New Burgin Deposit to feasibility. Korea Zinc and Akiko must then fund the next US $4 million of work (75 percent AKI/25 percent KZ) to each retain a 25 percent Tintic project interest.

Akiko owns 250,000 shares of Chief Consolidated stock and is entitled to require Korea Zinc to exercise up to 2.7 million Akiko warrants to provide such Tintic project funding.

The joint venture is being implemented through the newly formed, jointly owned, Tintic Utah Metals LLC, managed by Mr. Keith Droste. This joint venture operating company also holds an option to acquire from Chief Consolidated the former South Standard property (including the Trixie Mine previously operated for gold and silver production by Kennecott and then Sunshine) adjacent to the joint venture properties.

Mr. Droste has extensive underground as well as surface mine planning and operating experience accumulated during a career which includes management positions with Bunker Hill, Day Mines, Hecla Mining, Inspiration Development and most recently with FMC Gold.

Reserve definition drilling to date at the New Burgin Deposit has resulted in minable reserves and indicated extensions to reserves currently totaling approximately 1.5 million tons at an average grade of 16.5 ounces per ton silver, 21 percent lead and 6.7 percent zinc. Reserve expansion drilling is ongoing to the west, while new drill stations are being constructed to extend expansion drilling north and south. The currently estimated 1.5 million tons would yield a profitable 5 year mining operation with annual production of approximately 4.5 million ounces of silver, over 100 million pounds of lead and 20 million pounds of zinc. -0- On Behalf of the Board of Directors Stephen E. Flechner President & Chief Executive Officer

The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein.

CONTACT: Akiko Gold Resources Ltd., Vancouver

Christine Reynolds, 604/689-0988 or

Akiko Gold Resources Ltd., Denver

Fran Testar, 303/298-1663

INTERNET: http://www.aki-res.com