Argosy Mining - private placement.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 13, 1995--Argosy Mining Corp. (VSE:AGO) announced that, subject to regulatory approval, it has arranged a private placement of up to 1,800,000 special warrants at a price of $1.25 each to net the Company up to $2,137,500.

Each special warrant will entitle the subscriber to receive one Argosy common share and one share purchase warrant at no additional cost on the fifth business day following the date a receipt is issued by the V.S.E. for a Statement of Material Facts qualifying the distribution of the units created by exercise of the special warrants. Two such warrants will entitle the holder to purchase one common share at $1.25 for one year. A commission of 5% is payable on the transaction.

Proceeds of the placement will be used for general working capital, to fund the Company's ongoing diamond exploration programs in Zimbabwe and Tanzania, and the 1995 evaluation program for the Dunka Road copper/nickel/precious metals deposit in Minnesota. Advanced negotiations are also underway regarding potential project acquisitions.

At September 30, 1994, the Company reported a cash position of $1,931,681. In addition the Company holds securities currently valued at market at approximately $2,000,000.

CONTACT: Argosy Mining Corp.

              Yale R. Simpson, 604/689-5529
              604/687-3797 (Fax)