Argentina Gold announces joint venture with Western Mining Corporation.

VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 4, 1995--ARGENTINA GOLD CORP. (VSE:ARP) ARGENTINA GOLD CORP. (the "Company") announced today that its wholly-owned subsidiary has entered into an agreement with WMC Argentina Inc., a subsidiary of Western Mining Corporation of Australia, ("WMC") whereby WMC and Argentina Gold will form a joint venture and WMC has the right to acquire up to a 60 percent interest in Argentina Gold's Rio Frio, La Poposa and Olivares properties in Argentina (the "Properties"). (See map attached.)

Under the terms of the agreement, WMC has the right to acquire up to a 60 percent interest in the Properties by making total cash payments to Argentina Gold of US$11 million and expending a total of US$22 million on the Properties.

WMC paid US$3 million on signing and is required to spend US$3 million on the Properties during the first year. The balance of the cash payments totalling US$8 million and expenditures of US$19 million are required to be made by WMC during the following four years in order for WMC to earn its 60 percent interest. Should WMC withdraw from the agreement during the first three years it will retain only a 3 percent net smelter return royalty on the Rio Frio Properties which Argentina Gold can purchase for US$1 million. WMC will be operator of the venture.

In order to facilitate the transaction with WMC, Argentina Gold purchased today all of the shares of Minera Rio Frio S.A. which it did not previously own.

WMC have indicated that they expect to commence an aggressive exploration program immediately which will involve regional geology, trenching and drilling programs during the current exploration season. -0- ON BEHALF OF THE BOARD Signed: "J. Patricio Jones" President Lukas H. Lundin

CONTACT: Argentina Gold Corp.

William V. Williams, [phone]