Argentina Gold: Drill Results From Filo Federico, Amable North and Amable.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Feb. 17, 1999-- Argentina Gold (VSE:ARP.) Argentina Gold Corp. (the "Company") is pleased to announce results from Hole 108, Hole 109, Hole 110 and Hole 111, drilled at the Company's Veladero project in San Juan, Argentina. Please see attached maps.

AMABLE TARGET

Hole 108, collared 10 metres east of Hole 80 and drilled vertically, returned a long mineralized interval of 304 metres of 1.53 grams per tonne gold and 26.44 grams per tonne silver, including 162 metres of 2.46 grams per tonne gold and 41.72 grams per tonne silver. This hole indicates the possible deeper extension of the mineralization between Holes 80 and 93 with similar grades.

Hole 110, collared 45 metres east of Hole 92, returned 155 metres of 1.7 grams per tonne gold and 23.93 grams per tonne silver, including 63 metres of 3.074 grams per tonne gold and 38.92 grams per tonne silver. This hole extends the high grade zone of eastern Amable to the east.

Details of the results from Hole 108 and Hole 110 are in the following table. -0-

Hole Total Inter From To Gold Silver Gold Azimuth Angle Coor-
     Depth  -val                     Equiv.            Dinates
                                      (x)
      (m)   (m)  (m) (m) (g/t) (g/t) (g/t)

108  350   304   46 350  1.53 26.44  2.05    -  -90 2407674 E
 including 162   46 208  2.46 41.72  3.29           6750502 N
 including  29  103 132  5.62 67.97  6.98           Elev: 4363
    and      6  263 269  3.51 41.17  4.33

110  300   155   86 241  1.70 23.93  2.18  270  -75 2407760 E
 including  63   92 155  3.07 38.92  3.85           6750536 N
                                                    Elev: 4330

(x) 50 g/t Ag = 1 g/t Au

-0-

Drilling continues at the Amable target with one reverse circulation rig and one diamond core rig.

Hole 113, collared 50 metres west of Hole 92, is complete with assays pending.

Hole 116, collared from the same platform as Hole 84 in an ESE direction, is complete with assays pending.

The second diamond core hole, DDA2, is underway. Hole DDA2 was collared 15 metres north of Hole 89 and is being drilled in an easterly direction.

WESTERN FILO FEDERICO TARGET

Hole 109, collared between Holes 72 and 98, returned 106 metres of 1.01 grams per tonne gold and 7.69 grams per tonne silver, including 40 metres of 1.37 grams per tonne gold and 8.61 grams per tonne silver.

This hole confirms the continuity of mineralization in the northwest sector of Filo Federico between Holes 72 and 98. The northwestern fence of holes (Holes 72, 98, 109, 104 and 107) at the Filo Federico target have encountered the typical mineralized tabular zone (with the top of the mineralized zone starting at approximately 4,250 m.a.s.l.) as found throughout the Veladero project.

Details of the results from Hole 109 are in the following table. -0-

Hole Total Inter From To Gold Silver Gold Azimuth Angle Coor-
     Depth  -val                     Equiv.            Dinates
                                      (x)
      (m)   (m)  (m) (m) (g/t) (g/t) (g/t)

109   250  106   55 161  1.01  7.69  1.16  125  -75 2406856 E
 including  40  100 140  1.37  8.61  1.54           6752614 N
                                                    Elev: 4250

(x) 50 g/t Ag = 1 g/t Au

-0-

Drilling continues in western Filo Federico where an important high-grade gold sector is being developed. One reverse circulation rig and one diamond core rig are in operation at Filo Federico.

Hole 112, drilled in a southerly direction from the same platform as Hole 58 (a hole from the previous season) is complete with assays pending.

Hole 114, collared 48 metres SSW of Hole 107, is complete with assays pending.

Hole 115, collared 52 metres SW of Hole 114, is complete with assays pending.

Hole 117, drilled from the same platform as Hole 114 in a SSW direction, is complete with assays pending.

Hole 119, collared 49 metres northwest of Hole 98, is complete with assays pending.

Hole 120, collared 45 metres northwest of Hole 115, is complete with assays pending.

Hole 121, collared 50 metres northwest of Hole 72, is underway.

The first diamond hole to be drilled at Filo Federico (Hole DDF1) is underway and is twinning Hole 72, a high-grade hole from the previous season.

EASTERN FILO FEDERICO TARGET

The eastern side of Filo Federico was first tested by Hole 91 which was sited over 500 metres east of the currently defined resource area. Hole 91 returned long intercepts of grades near 1 gram per tonne gold and was positioned based on the original concept of drilling higher resistivity anomalies. This hole is now being complemented with another drill hole (Hole 122) farther towards the outer margin of the resistor.

AMABLE NORTH TARGET

Hole 111 shows continuity of geology and alteration as seen in Hole 100, which was the first hole to test this promising new target situated between Filo Federico in the north and Amable in the south. Hole 111 was collared 50 metres east of Hole 100. A third hole, Hole 118, is underway a further 50 metres to the east. Details of the results from Hole 111 are in the following table: -0-

Hole Total Inter From To Gold Silver Gold Azimuth Angle Coor-
     Depth  -val                     Equiv.            Dinates
                                      (x)
      (m)   (m)  (m) (m) (g/t) (g/t) (g/t)

111   342   87  255 342 0.615 15.29  0.921 270  -75 2407445 E
                                                    6751200 N
                                                    Elev. 4473

(x) 50 g/t Ag = 1 g/t Au

-0-

DEL CARMEN PROJECT

The Company is seeking a joint venture partner for its Del Carmen project located south of the Veladero project. A drilling program to test large areas of strong silicification and quartz/alunite alteration is under review.

Please visit our website for maps and detailed information on the Veladero project. The website address is www.argentinagold.com

Argentina Gold is the operator of the Veladero project holding a 60 percent interest. The Company's partner, Barrick Gold Corporation., holds the remaining 40 percent. The drill samples are being assayed by CIMM Labs of Chile using top quality control systems and interlab check assays.

ON BEHALF OF THE BOARD

J. Patricio Jones, President

NOTE: Location maps available by calling the Company at the phone number listed in the contact information.

The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.