Argentina Gold Reports Assay Results on Holes 81 and 82 Amable Target - Veladero Project.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 26, 1998--Argentina Gold(VSE:ARP.) (ARP - VSE) Argentina Gold Corp. (the "Company") is pleased to announce the latest results from its drilling program on the Amable target at the Veladero project in San Juan, Argentina.

Hole 82 returned 91 metres of 1.488 grams per tonne gold and 35.75 grams per tonne silver including a 33 metre section of 2.14 grams per tonne gold and 23.8 grams per tonne silver. Hole 82 was drilled 150 metres to the west of and in section with Hole 76 defining an east-west mineralized section with an extent of more than 200 metres. Hole 82 showed continuous mineralization to the end of the hole. Details are in the following table.

Hole    Total    Interval  From   To   Gold   Silver  Gold
        Depth      (m)      (m)   (m)  (g/t)  (g/t)   Equiv.
         (m)                                         (g/t)(1)

82       318        91      99   190  1.488   35.75   2.20
     (including)    33      99   132   2.14   23.80   2.62
                   128     190   318   0.50    9.15   0.68

Hole        Azimuth       Angle    Distance from Hole 76 (m)
82           270           -80         150 (west)

Previously Reported Holes...

80       300       212      43   255   3.67   47.71   4.62
     (including)   144      43   187   5.08   59.36   6.27
                    51      43    94  3.455   31.39   4.08
     (including)    23      94   117  13.94   92.78  15.80
                    70     117   187   3.35   68.75   4.73
                    68     187   255  0.696   23.05   1.16

79       312       121      68   189  1.421   56.61   2.55
        (and)       19     241   260   0.72   35.63   1.43
        (and)        7     289   296   0.82   13.71   1.09

76       340       193      37   230   1.49   55.09  2.592


Hole        Azimuth       Angle    Distance from Hole 76 (m)
80              265         -75         100 (south)
79              270         -75         110 (NNE)
76              270         -75


(1) 1 g/t Au = 50 g/t Ag

Hole 82 encountered mineralization at the same topographic elevation (approximately 4,300 m.a.s.l.) as in Holes 76, 79 and 80, providing further evidence of sub-horizontal paleophreatic control of the gold/silver mineralized zone at the Amable target and suggesting a favourable uniformity for the area covered by the drilling so far (approximately 300 metres by 200 metres). The known thickness of this mineralized oxide zone ranges from 120 metres to 212 metres.

Hole 81 returned gold anomalies in fractured silicified zones up to 1.15 grams per tonne gold and 66 grams per tonne silver but intervals were thin and discontinuous. Hole 81 was drilled 200 metres to the north of Hole 76 testing the northeastern section of the target area. The mineralization was encountered in restricted structures in the lower part of the hole. These structures correspond with quartz-alunite-sulphide veinlets that are interpreted to represent conduits for mineralization but do not represent favourable areas for dissemination. Geological data from the area suggest that the hole was drilled at the hanging wall of one of the major northwest faults that could have resulted in vertical and/or horizontal displacement of the silicified uppermost horizon where mineralization controlled by paleowater tables has been encountered elsewhere in the target.

Holes 83 (200 metres north and 150 metres west of Hole76) and 84 (200 metres south of Hole 76) are complete with assays pending. Hole 85 (132 metres southwest of Hole 76 and 80 metres west of Hole 80) is underway.

Approximately 6,000 metres of drilling is scheduled at the Amable target. The Amable target is located 2.5 kilometres to the southeast of the Filo Federico and NW targets from which the Company recently received an independent resource estimate of 2.4 million ounces of gold and 75 million ounces of silver.

Please visit our new website for maps and detailed information on the Veladero targets. 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 Corp., holds the remaining 40 percent. ON BEHALF OF THE BOARD J. Patricio Jones, President

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