Argentina Gold: Updated Gold Resource Estimate: Amable Resources Increase; Higher-Grade Portion of Filo Federico Increases; Both Remain Open-Ended.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 24, 1999-- Argentina Gold(VSE:ARP.) Argentina Gold Corp. (the "Company") is pleased to announce an updated gold resource estimate for the Amable Target and the Filo Federico Target.

AMABLE TARGET

Consulting geologists and engineers, Watts, Griffis and McOuat ("WGM") have provided an updated resource estimate for the Amable target.

WGM separated its estimate of the Amable Target into higher-grade and lower-grade resources. The lower-grade estimate is based upon a cutoff grade of 1 g/t gold and the higher-grade estimate is based upon a cutoff grade of 2 g/t gold.

The revised estimate is based on drill results up to and including Holes 106 and DDA1. The resource estimate has increased to 2.78 million ounces of contained gold. Over 64 percent of the contained gold is within material averaging greater than 5.5 g/t gold. Over 75 percent of the contained gold is within the indicated category.

Drilling continues at Amable and several reverse circulation holes are pending assays. The second diamond core hole (DDA2) at Amable is in progress. Partial results from DDA2 are expected shortly. The first diamond core hole (DDA1) drilled at Amable was very encouraging as it showed a substantial increase in grade in the area tested, particularly in the highest grade zones with related free gold in oxides and quartz. -0-

Amable Target Resource Summary(x)
 (up to and including Hole 106 and DDA1(xx))

High Grade                                    Contained Au
 (plus 2 g/t Au):                             (Million oz.)

Indicated    10.04 million tonnes grading
              5.58 g/t gold and 47.88 g/t silver  1.80

Inferred      4.10 million tonnes grading
              4.43 g/t gold and 47.88 silver      0.58

Low Grade
 (1 to 2 g/t Au):

Indicated     6.23 million tonnes grading
              1.43 g/t gold and 44.02 g/t silver  0.29

Inferred      2.36 million tonnes grading
              1.42 g/t gold and 44.02 g/t silver  0.11
                                                  ----
                                                  2.78

(x)  High gold grades cut to reduce influence.
(xx) High gold grades cut in identical manner as reverse
     circulation holes.

-0-

From its review of the Veladero project, Watts, Griffis and McOuat has concluded that:

- based on the current resource base, the Veladero project could be operated independently of any neighbouring operation.

- the results of Argentina Gold's exploration program to date are extremely promising

- the three targets outlined to date are open in one or several directions

- the recent intersection of gold and silver mineralization in Holes 100 and 111, 600 metres north of the Amable target not only represents a new discovery but suggests that the targets defined to date are only part of a much larger gold-bearing system

The Amable target is open-ended.

FILO FEDERICO

Consulting geologists and engineers, Giles R. Peatfield, Ph.D. and J.A. Zbeetnoff, B.Sc., P.Geo., have provided a revised resource estimate for the Filo Federico Target with a focus on the higher grade sector of this target. An updated overall global resource estimate for the entire Filo Federico target is currently in progress.

Recent drilling has expanded the higher grade zone of the Filo Federico target and with much of the added mineralized material near surface, it may decrease the stripping ratio in this area. This zone has expanded westward towards the NW target providing strong indications that the two targets may be part of the same deposit. Further drilling will confirm this.

When calculating the resource estimate for the higher grade sector of the Filo Federico Target, the cut-off grade previously used was increased by 50 percent from 0.50 g/t to 0.75 g/t gold. This higher grade sector is considered a possible starter pit zone for the overall larger Filo Federico resource. The current estimated gold resource for this area is 1.74 million ounces with approximately 75 percent of the contained gold in material averaging over 2 g/t gold. Approximately 89 percent of the contained gold is in the indicated category.

Reverse circulation drilling continues at the Filo Federico target, both at the western higher -grade sector as well as at eastern Filo Federico. Assays are pending on several holes. A diamond core hole (DDF1) is underway at Filo Federico. This diamond core hole is twinning Hole 72, a reverse circulation hole from the previous season. -0-

Filo Federico Target Resource Summary with Emphasis on
 Higher Grade Resources (x) (up to and including Hole 109)

                                              Contained Au
                                              (Million oz.)

Indicated   10.5 million tonnes grading
             2.03 g/t gold and 9.3 g/t silver(xx)  0.69

Inferred     9.2 million tonnes grading
             2.05 g/t gold and 9.4 g/t silver      0.61
                                                   ----
                                                   1.30
This greater than 2 g/t sector is within a larger sector
estimated at:

Indicated   14.2 million tonnes grading
             1.88 g/t gold and 11.2 g/t silver(xx) 0.86

Inferred    14.9 million tonnes grading
             1.83 g/t gold and 12.2 g/t silver     0.88
                                                   ----
                                                   1.74

(x)  High gold grades cut to reduce influence.
(xx) High-grade silver material with low gold values was
     not included.

-0-

The Filo Federico target is open-ended.

SILVER RESOURCES

Significant high-grade silver resources exist within the defined areas of the Veladero project. Earlier calculations estimate over 150 million ounces. An updated global resource estimate for the Veladero project which will include a silver estimate is currently being completed. The silver metallurgy is being tested at CIMM Labs in Chile. The objective is to increase recoveries from the 20 percent region to at least 50 percent to 60 percent.

DRILLING CONTINUES

Assays are pending on 18 holes and drilling continues using 5 rigs (3 RC and 2 DD) at both the Amable and the Filo Federico/NW Targets as well as the Amable North Target. Results from the Company's second diamond core hole and several reverse circulation holes are expected shortly. Drilling is expected to continue into May.

CONTINUED DISCUSSIONS WITH MAJOR MINING COMPANIES

As previously announced, the Company continues to have discussions with selected major mining companies as part of its commitment to maximize shareholder value.

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