Argentina Gold announces complete results for Hole V97-55 at Veladero Project.

VANCOUVER, British Columbia--(BUSINESS WIRE)--June 3, 1997-- Argentina Gold Corp. (VSE:ARP.) Argentina Gold Corp. (the "Company") is pleased to announce complete results for Hole V97-55 drilled at the Filo Federico target within the Veladero Project. Assay results from surface down to 168 metres average 2.7 grams per tonne gold with mineralization open at depth. Drilling of the hole could not be continued due to weather conditions.

As previously announced, Hole V97-55 averaged 2.0 grams per tonne gold from 0 to 90 metres. Complete assay results from 90 down to 168 metres are as follows: -0-

Interval        Gold
(metres)       (g/t)
--------       -----
 90 - 92        1.69

 92 - 94        1.70

 94 - 96        0.96

 96 - 98        1.52

 98 -100        1.11

100 -102        1.33

102 -104        0.67

104 -106        0.32

106 -108        0.64

108 -110        0.24

110 -112        0.61

112 -114        0.99

114 -116        1.40

116 -118        1.75

118 -120        2.05

120 -122        2.28

122 -124        2.33

124 -126        1.67

126 -128        4.11

128 -130        1.89

130 -132       39.00

132 -134        8.47

134 -136        2.35

136 -138        4.90

138 -140        2.65

140 -142        1.27

142 -144        1.45

144 -146        1.77

146 -148        1.19

148 -150        0.85

150 -152        1.52

152 -154        3.37

154 -156        4.66

156 -158        5.05

158 -160        4.03

160 -162        3.55

162 -164        3.85

164 -166        1.23

166 -168        2.47

VELADERO PROJECT REVIEW

The Company is very pleased with the results of the 1996/1997 exploration program. Several different targets were interpreted and tested using geological, geochemical and geophysical systematic surveys. The largest target area, known as Cerro Pelado, was the focus of the season's drilling program with 17 drill holes completed. A large area (2.8 by 3.4 kilometres) of geochemical and CSAMT geophysical anomalies were outlined within Cerro Pelado and detailed geochemical and geological work defined the NW, Filo Federico and SE target zones. Argentina Gold is the operator of the project with Barrick Gold Corporation holding a 40 percent interest.

A total of 2,430 metres were drilled (including re-drilling of several holes). Extremely hard and fractured silicified rock created some geotechnical problems during the drilling. Weather conditions have now halted the exploration program until September when at such time the Company intends to initiate an extensive drilling campaign. A minimum of 20,000 metres is being considered at this time given the size and potential of the known targets.

A summary follows of the significant economic gold interceptions encountered in the majority of the 17 holes. -0-

 Hole   Total   Interval  Gold   Notes
        Depth
      (metres)  (metres)  (g/t)
-------------------------------------------------------------
V97-38b    28      14     1.69

V97-39    250      74     0.91   including 10 m of 2.8 g/t Au

V97-40    118      26     4.07   including 4 m of 10.3 g/t Au

V97-41    235      26     1.17

V97-42    195      63     0.86  including 16 m of 1.59 g/t Au

V97-43    240      54     0.20
                   30     0.26
                   84     0.20

V97-44    207      52     3.13  including 10 m of 10.0 g/t Au
                    8     0.89

V97-45    134      24.5   1.86   including 14 m of 2.5 g/t Au
                   14     0.50   including 4 m of 1.2 g/t Au

V97-46    104      48.7   0.90   including 6 m of 1.82 g/t Au

V97-47    156      48     0.25

V97-48    135      38     0.77  including 20 m of 1.29 g/t Au

V97-49    173      66     0.44  including 40 m of 0.62 g/t Au
                                and 23 g/t Ag

V97-50     61      24     0.41   including 8 m of 0.68 g/t Au

V97-51     54      54     0.23   including 6 m of 0.45 g/t Au
                                 and 53 g/t Ag

V97-52    159      40     0.71  including 14 m of 0.93 g/t Au

V97-53     12                    no recovery of samples

V97-55    168     168     2.70  including 4 m of 39.7 g/t and
                                54 m of 4.1 g/t Au

The drilling results indicate the large potential of the Cerro Pelado targets. The results obtained at Hole V97-55 are particularly interesting. V97-55 was drilled at the western portion of the Filo Federico target. The geometry of the gold-bearing structures here appears to be sub-vertical and, locally, of very high-grade. Given the size and intensity of the mineralization at this target, the Company hopes to prove up large volumes of rock amenable to open pit mining methods during next season's drilling program.

The attached maps show a comparison with nearby alteration zones where known orebodies occur and the scale of the small area tested with drilling in relation to the large portion of the geochemical- geophysical targets that remain to be drilled.

DEL CARMEN PROJECT REVIEW

At the Del Carmen project, which is operated by Barrick Gold Corporation (60 percent interest), 5 reverse circulation drill holes were completed before the end of the season. A total of 1,700 metres were drilled at the southern part of the Valle del Cura region. Results are pending.

RIO FRIO PROJECT REVIEW

WMC Limited is the operator of the Rio Frio joint venture holding a 60 percent interest. The season concluded with a drilling program at the Guanaco Zonzo target near the eastern border of Veladero. A total of 708 metres were drilled in 4 holes. Results are pending.

ON BEHALF OF THE BOARD J. Patricio Jones, President

NOTE: Location maps 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 this release.

CONTACT: Argentina Gold Corp.

Sophia Shane, 604/689-7842