Argentina Gold 1996/1997 Exploration Program Update.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 21, 1996-- Argentina Gold Corp. (VSE ARP.) ("Argentina Gold") is pleased to report on its upcoming gold exploration program with joint venture partner Barrick Gold Corporation ("Barrick").

Argentina Gold and Barrick are jointly exploring two large claim blocks known as The Veladero Project and The Del Carmen Project. Both of these claim blocks are located in the Valle del Cura volcanic region on the Argentine side of the highly prospective El Indio Gold Belt. Access to both of these areas is from the town of Tudcum- Iglesia approximately 380 kilometres from the City of San Juan. Please see attached map.

The Veladero Project has been active since late 1994. Argentina Gold is the operator and holds a 60 percent interest with Barrick holding 40 percent. Most of the exploration efforts of the project development have been directed to the identification of geochemical- geological anomalies that may lead to potential precious metal targets. Along with this work, extensive areas of volcanic, intrusive and volcaniclastic units have been mapped and then correlated to the stratigraphic knowledge of the region. Several highly altered epithermal and hydrothermal areas have been outlined. The three main target zones for The Veladero Project are The Cerro Pelado Target, The Veladero Sur Target and a series of alteration anomalies identified as Cerro Colorado, Filo Marina, Cerro Pupa, Upper Guanaco Zonzo and Cerro El Salto.

At The Del Carmen Project, Barrick is the operator holding a 60 percent interest with Argentina Gold holding 40 percent. This area is thought to be the natural extension of Barrick's Tambo and El Indio deposits.

The Del Carmen property is structurally complex and represents a favourable environment for the emplacement of large scale hydrothermal systems. Several areas of alteration occur on the property, the most important being Carmen Norte and Cerro Amarillo. Within the Cerro Amarillo alteration, two important zones of gold mineralization were identified during the 1995/1996 program. These zones are known as Rojo Grande and Quebrada Pedregosa.

The proposed 1996/1997 work program for The Veladero Project and The Del Carmen Project consists of grid sampling, geological and alteration mapping, the use of CSAMT geophysical techniques, IP/Resistivity profiles, trenching and complementary talus and rock chip sampling. This preliminary work will be followed by an extensive drilling program of approximately 9,000 metres (to be determined) with the objective to evaluate areas of hydrothermal alteration for large (greater than 1 million ounces) bulk tonnage and/or high sulphidization bonanza type of gold orebodies.

Argentina Gold controls a portfolio of potentially outstanding gold properties which could host deposits similar in magnitude to the Pascua and El Indio deposits owned by Barrick in Chile. The exploration value of the area will be enhanced by the additional reserves being found at these deposits.

The Company also announces that it has received the analysis of the recent 1,050 metre reverse circulation drilling program on its Guasapampa property located in western Cordoba Province, Argentina (the Company has a 100 percent interest in this property). The program was designed to test the Loma Colorada and Loma del Rosario gold/silver targets.

The system is highly mineralized with a uniform distribution of gold, silver, lead and zinc as anomalies in many sections, but economic grades only appear as narrow zones corresponding with vein systems in fault shear zones. The results ranged up to 0.9 grams per tonne gold over 4 metres and 68 grams per tonne silver over 6 metres. The Company has a 100 percent interest in over 362,000 hectares of land in Argentina as well as over 198,000 hectares of claim blocks under joint venture agreements with Barrick Gold Corporation and Western Mining Corporation. Up to 25,000 metres of drilling is scheduled for the 1996/1997 exploration season.

NOTE: Location map available from the Company at the phone number listed below. -0- The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content.

CONTACT: Argentina Gold Corp.

Sophia Shane, 604/ 689-7842