Argentina Gold Corp. Drilling Program Update.

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 8, 1997-- Argentina Gold Corp. (VSE:ARP) ARGENTINA GOLD CORP. (the "Company") is pleased to report on its drilling program currently being conducted in the Valle del Cura volcanic region of the Argentine El Indio Gold Belt. The Company is actively exploring for gold with its joint venture partners Barrick Gold Corporation and WMC Limited.

BARRICK GOLD CORPORATION JOINT VENTURE

At the Veladero project a 4,000 to 5,000 metre reverse circulation drilling program started on March 22, 1997. The program has been directed to test geochemical and geophysical anomalies at the NW target and the Federico Ridge target. Up to date, a difficult rock condition (strongly fractured and faulted) produced a very slow drilling advance. Generally, the targeted depth for each hole is 150 to 250 metres and some holes were aborted due to collapse. Presently, the company is drilling on a topographically higher section where better rock conditions are expected. Five holes have been drilled so far and partial, preliminary results are as follows: -0-

HOLE     DEPTH                 RESULTS
-------------------------------------------------------------
V97-38b   28 metres (aborted)  Initial 14 metres at 1.69 grams
                               per tonne Au

V97-39   250 metres            Initial 94 metres at 0.91 grams
                               per tonne Au (including 10
                               metres at 2.8 grams per tonne
                               Au)

V97-40  116 metres (aborted)   Initial 20 metres at 2.9 grams
                               per tonne

V91-41  235 metres             Partial results from initial
                               78 metres indicate 12 metres at
                               1.75 grams per tonne - further
                               results pending

V97-42  192 metres (aborted)   No results available

Barrick Gold Corporation re-activated the Del Carmen project in mid- January with the objective of re-analyzing the alteration model and to produce a new program of reverse circulation drilling. A new approach to the geological model was finalized in early March and a 3,000 to 5,000 metre drilling program is being scheduled. A drill rig should be on the property by the middle of April.

WMC LIMITED JOINT VENTURE

WMC Limited is presently focusing on the Fabiana, Guanaco Zonzo and Regalito prospects. These prospects are located within the Rio Frio claim block very near to the eastern boundary of Veladero along the Taguas river region. WMC Limited intends to commence a 2,000 to 3,000 metre drilling program on these properties by the third week of April. Targets comprise silicification zones with similar styles to those at Veladero North which show alteration and geochemical schemes related to high sulfidation mineralization.

WMC Limited senior staff and consultants are compiling and reviewing geological information obtained at the Poposa and Rio Frio projects in order to decide on further drilling and/or other geochemical work at these areas. The Poposa project produced some interesting drill hole intersections at the Upper Poposa canyon (20 metres of 1.29 g/t Au, 6 metres of 1.0 g/t Au, 4 metres of 0.85 g/t Au and 8 metres of 0.85 g/t Au) which are geologically linked to the possibility of a gold/copper porphyry system at depth. Intense geophysical surveys are being finished at the Rio Frio project as well as regional alteration mapping in order to identify hidden targets below an extensive colluvium cover.

ON BEHALF OF THE BOARD

J. Patricio Jones, President

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CONTACT: Argentina Gold Corp.

Sophia Shane, 604/ 689-7842

604/689-4250 (FAX)