Argosy Mining Corp. Sale of Austrian Subsidiary and Exploration Licenses.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 16, 1996--Argosy Mining Corp. (VSE AGO.) is pleased to announce that it has entered into an agreement with National Enterprises Inc. ("National") and Mercury Immobilien und Verwaltungs AG ("Mercury"), both arms-length parties, for the sale of all of the company's Austrian exploration licenses and the company's wholly-owned Austrian subsidiary, Argosy Mining GmbH.

The terms of the agreement call for National to pay Argosy $250,000 of which $50,000 has been received as a deposit, with the balance payable at closing scheduled upon receipt of V.S.E. approval. In addition, Mercury will pay the Company one million National shares and an additional one million National shares in the event that within three months of the closing date, the first million shares provided to the Company have not been registered for sale and transfer in the United States, free and clear of any restrictions on transferability.

The sale of Argosy's Austrian properties to National will enable the Company to retain an exposure to these projects through a significant shareholding in a well-managed company financially backed by the Riedel-Riedenstein group.

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The Vancouver Stock Exchange has neither approved nor disapproved the contents of this News Release.

CONTACT: Argosy Mining Corp.

Yale R. Simpson, 604/689-5529

1-800-851-7423