Akiko Gold finances Utah reserve expansion drilling.

VANCOUVER, British Columbia--(BUSINESS WIRE)--June 12, 1995-- Akiko Gold Resources Ltd. (VSE:AKI) is pleased to announce that it has closed its previously reported US $1,000,000 private placement.

This financing involved the sale of shares of Chief Consolidated Mining Company, which had previously been issued to Akiko, and the issue of 600,000 new Akiko units, each consisting of one share and a warrant to purchase one additional share. The participants in this financing were GFM International Investors Ltd. and Baring International Investment Management Limited of London, England, and Theodore Loud of Charlottesville, Virginia.

The proceeds of this financing are being used to fund ongoing reserve expansion drilling and pre-feasibility work at the Tintic, Utah project, where Akiko is earning a 50% joint venture interest and the right to be operator of the high grade silver/lead/zinc New Burgin Deposit (including recent indications of a gold zone). In addition, with this US $1 million funding, Akiko will also receive another 250,000 shares of the stock of NASDAQ-traded, Chief Consolidated, the property owner. Akiko is pleased to have completed this financing with minimum dilution to its existing shareholders.

The most recent underground drilling at the Deposit has intercepted gold mineralization in conjunction with high grade silver/lead/zinc midway between two prior gold intercepts along the gold enriched zone extending approximately 600 feet north/south and 200 feet east/west in the western sector of the Deposit. Hole CB-7 was drilled vertically to the ore zone horizon and intercepted 16 feet of mineralization averaging 0.098 ounces gold per ton in conjunction with 34.5 ounces silver, 10.9% lead and 5.9% zinc. Preliminary assays for Hole CB-8 indicate additional gold with silver/lead/zinc along this western zone of the Deposit.

Reserve expansion drilling has already increased the thick zones of known silver/lead/zinc reserves to the northeast and to the east/southeast of the Deposit (where Hole CB-1 included 103.6 feet averaging 20.8 ounces silver per ton, 32.3% lead, and 4.2% zinc). Drilling is now continuing in the west and will commence in the primary northern expansion areas next month. The north drift has been extended more than 300 feet north and will also be extended northeast for this purpose. It is now beyond the northwest boundary of the known reserves, and will provide access to begin drilling along strike and down dip to the north where geologic analysis indicates that the silver/lead/zinc reserves (previously calculated and reported to the U.S. Securities & Exchange Commission as 1.03 million tons containing 24 million ounces silver, 550 million pounds lead, and 180 million pounds of zinc) should double to triple in size. An expanded reserve calculation is anticipated this summer with a bankable feasibility study expected early next year. The Company has commenced discussions with parties interested in providing the additional funding that will be required to achieve bankable feasibility. -0- On Behalf of the Board of Directors "Stephen E. Flechner" President & Chief Executive Officer

CONTACT: Akiko Gold Resources Ltd.

Christine Reynolds, 604/689-0988