Argosy Mining - Precious Metals Program Extended into Greece.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 15, 1997-- Argosy Mining Corp. (VSE:AGO) Argosy is pleased to announce that it has formed a joint venture to extend its European epithermal precious metals programs into Greece. Subject to regulatory approval, Argosy can acquire the rights to up to 66% of three gold projects from Silver & Baryte Ores Mining Co. S.A. (S&B) through an exploration expenditure of up to C$700,000 over 4 years. S&B is a profitable Greek public company engaged in the large scale mining and distribution of bauxite and industrial minerals such as bentonite, perlite and zeolites for the international market. The joint venture properties form part of S&B's Central European precious metals interests.

The Fakos property on Limnos Island covers a Tertiary volcanic/sedimentary rock sequence intruded by quartz monzonite. Previous prospecting by geological mapping, soil and stream geochemistry and rock chip sampling has identified an 8 square kilometre. alteration zone that hosts several strong gold-arsenic-antimony anomalies. Rock chip samples within one such anomaly on the northern portion of the intrusive contains a 600 metre by 400 metre target area with gold values in the less than 0.5 g/t to 13 g/t range. One continuous series of rock chip samples across 45 metres returned an average gold assay of 1.24 g/t. North of a major fault on the property, intense silicification, argillic alteration and hematite staining in tuffs is exposed. Preliminary rock chip sampling across 12 metres averaged 1.6 g/t gold.

A program of detailed geological mapping and systematic sampling will be completed by Argosy and S&B personnel to define targets for drilling.

A second property is the site of ancient gold/silver mine workings on one of three significant epithermal quartz veins systems. The largest vein system is exposed for over a 700 metres length and 30 metres average width. Past mining took place underground on four levels, mainly to exploit high-grade zones in quartz-carbonate veins and breccias. The veins are hosted in hydrothermally altered Tertiary andesitic volcanic rocks in the vicinity of a hot springs system. Sampling to date has been sporadic, but values fall in the range of 2 g/t to greater than 10 g/t gold. On one section where the vein is mapped at a width of 23.5 metres, rock chip sampling returned a 16 metre interval averaging 4.1 g/t gold. The surface geology and ancient workings will be mapped and sampled systematically to define drill sites.

The third property is less advanced, consisting of stream sediment gold anomalies draining a several square kilometre alteration zone. Strong silicification and clay alteration are present; mapping and sampling are required to better define the hydrothermal system. The initial focus of exploration will be a silicified ridge 1.2 kilometres long and 500 metres wide.

Argosy will continue to advance its Kremnica gold property in Slovakia where 1996 results are significantly extending a previously identified gold deposit. The Greek gold properties expand the Company's European focus and provide exposure to discovery stage epithermal gold targets with bulk tonnage potential. As at November 30th, Argosy's cash position was $14 million.

ON BEHALF OF THE BOARD

YALE R. SIMPSON, President -0-

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CONTACT: Argosy Mining Corp.

Yale R. Simpson, 604/689-5529

604/689-5079 (fax)

800/851-7423