Argentina Gold Corp. - exploration programs commence.

VANCOUVER--(BUSINESS WIRE)--Jan. 16, 1996--ARGENTINA GOLD CORP. (VSE: ARP) ARGENTINA GOLD CORP. (the "Company") is pleased to announce the commencement of aggressive exploration programs over its Veladero, Del Carmen, Rio Frio and La Poposa properties.

The programs will include geophysical and geochemical programs, extensive trenching and sampling and a minimum of 10,000 metres of drilling.

The Veladero and Del Carmen Projects are being jointly explored and developed by the Company and Barrick Exploraciones Argentinas S.A. ("Barrick"), with the Company holding a 60 percent interest in Veladero and a 40 percent interest in Del Carmen, and Barrick holding a 60 percent interest in Del Carmen and a 40 percent interest in Veladero. The Company is the operator of the Veladero Project and Barrick is the operator of the Del Carmen Project.

At the Veladero concession, the Company is continuing an extensive trenching and sampling program at the Breccia Agostina anomaly. Approximately 3 kilometres of trenches have been completed with 679 surface samples collected to date. A geophysical program over the Breccia Agostina area has been completed and is being evaluated. In mid-February, the Company intends to commence a drilling program of approximately 2,000 metres at the Breccia Agostina anomaly which, during the 1994/95 exploration program, returned surface assay values of 3.3 g/tonne Au over 24 metres, 1.14 g/tonne Au over 52 metres and 0.75 g/tonne Au over 78 metres. The Company is also continuing with its trenching and sampling program at the Taguas area and other remaining anomalies.

At the Del Carmen concession, Barrick has opened up roads to the Del Carmen Sur target and is currently conducting geochemical sampling and selective trenching at Del Carmen Norte located near the volcano that hosts the structures from where the high grade gold samples were previously reported. Barrick has advised that it intends to commence a 4,000 metre drilling program in mid-January.

At the La Poposa and Rio Frio Projects, Western Mining Corporation has commenced the 1995/96 exploration program in accordance with the provisions of the recently completed joint venture agreement. The program to be carried out within the next three to four months will cost a minimum of US$3 million and will involve regional geology, trenching and drilling.

The Company is also pleased to announce that it has concluded a lease, with an option to purchase, certain claims and manifestations located in the Agua Negra area, Province of San Juan, Argentina, with lease payments totalling in the aggregate of US$380,000 payable over a period of five years and an option purchase price of US$1,000,000. The claims, comprising approximately 4,000 hectares, are located within the El Indio belt at an elevation of 4,000 metres between the Del Carmen and La Poposa Projects of the Company. There is road access to the property via an international road from the Las Flores locality (San Juan) to La Serena (Chile). The Company plans to carry out geologic mapping, rock sampling and geophysics on the property immediately. -0- ON BEHALF OF THE BOARD "J. Patricio Jones" President -0- NOTE TO EDITORS: There is a map available by contacting the company at the number below.

CONTACT: Argentina Gold Corp.

William V. Williams, 604/689-7842