Argentina Gold Corp. - Update of Work Programs in Argentina.

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 13, 1996--Argentina Gold Corp. (VSE: ARP) ARGENTINA GOLD CORP. (the "Company") is pleased to report on developments at its various projects in Argentina.

At the Veladero Project, results received from the geochemical sampling carried out on the western sectors of the Veladero North target area have indicated important continuous talus anomalies ranging from 30 to 350 ppb Au, establishing the large size of the mineralized zone in the region. The sampling comprised more than 9 km of continuous talus samples of 100 metres each. This would suggest the possibility of enlarging the project zone to the west, where the volcanic sequence is overlain and capped by a thick layer of silicified breccias. Final compilation of field data, sample digitalization, map compilation and re-checking of geochemical assays is expected to be completed by early June.

The Company reports that the additional drilling carried out at Breccia Agostina and Breccia Aguilar has now been completed. Drill holes 34 to 36, which tested the extension of the Breccia Agostina to the southwest, did not intersect significant gold mineralization. Drill holes 37 and 38, which tested areas along strike to the north and south of drill hole 31 at Breccia Aguilar, intersected a 40 metre breccia section grading 0.86 g/tonne Au, including 10 metres grading 0.97 g/tonne Au and 18 metres grading 1.02 g/tonne Au, and a 30 metre breccia section grading 0.74 g/tonne Au.

At the Del Carmen Project, the reverse circulation drilling program of 2,300 metres was recently completed by Barrick, as operator. Assay results are pending. The crew at the Del Carmen Project has been demobilized for the winter season.

Barrick is also in the final stages of completing an airborne geophysical survey at both the Del Carmen and Veladero Project which will form the basis of the 1996/97 exploration program.

At the Chezanco Project, assay results for the remaining 800 samples from the recently completed diamond drilling program of 1,000 metres are expected shortly. Following the drilling program, Western Mining, as operator, is conducting a sampling program to test the extensions of the alteration strips to the south and north of the main area. The program is expected to complete within the next two weeks, at which time the camp will be demobilized for the winter season.

At the La Poposa Project, assay results from the recently completed reverse circulation drilling program of 2,250 metres will be published shortly. The majority of the drill holes focussed on areas drill tested by the Company during the 1994/95 exploration season. No new targets were tested. Western Mining is currently conducting soil and talus sampling at different sectors of the La Poposa project, with emphasis in the reconnaissance of new areas within the project.

At the Carrizal Project, the Company has commenced a reverse circulation drilling program of up to 800 metres in five holes. This program is designed to test the correlation of IP- resistivity geophysical anomalies with vein-stockwork mineralized sectors containing good gold grades. The other objective of this program is to define the possible existence of a porphyry system at shallow depth which would improve the potential of the area.

At the Agua Negra Project, the Company has completed approximately 7 km of trenches in three anomalous sections. This program, which only covers the main known areas, is designed to test surface gold anomalies (up to 2 g/tonne Au) in fresh outcrops. Approximately 300 samples have been collected and assay results are pending.

At the Vicuna Pampa Project, the Company is currently conducting a geochemical sampling and mapping program and the first phase of a ground geophysical survey. Results of these work programs are expected by mid-June 1996.

There is a map available by contacting the company at the number below.

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CONTACT: Argentina Gold Corp.

J. Patricio Jones, 604/689-7842

604/689-4250 (Fax)