Argentina Gold: Gold Resource at Veladero has Doubled Since Barrick's Hostile Takeover Bid Initiated; Several International Mining Companies on Site in View of Exploration Success.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 8, 1999--Argentina Gold Corp. (VSE:ARP.) (the "Company") reports the Company has defined over 5 million ounces of gold and 150 million ounces of silver to date (8 million ounces gold equivalent).

Several additional successful holes have been drilled since this estimate was made and we are now in the process of updating the resource estimate again.

There are a growing number of international mining companies visiting the Veladero project with the recognition of our exploration success and our strategic land position.

Much of the resource at the Amable target is very high grade (over 5g/t Au) and our diamond drilling program is indicating that this grade could substantially increase. There is also a growing high grade sector of the Filo Federico resource with every indication that it may link with the NW target resource. The high grade sectors we are defining add enormous financial and strategic value to the Company.

Lukas H. Lundin stated, "Shareholders should not be concerned about the expiry of Barrick's bid this evening. We believe Barrick would have advised shareholders if they did not intend to increase or extend the bid."

Six rigs are currently in operation and further drill results are expected to be released shortly.

ON BEHALF OF THE BOARD Lukas H. Lundin, Director

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