Argosy Mining corrects fifth paragraph of the Jan. 20 release; "As inspection..." should read "An inspection..." The correct release follows.

VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 23, 1995--Correcting Argosy Mining release issued Jan. 20. In fifth graf, read it: "An inspection..." sted "As inspection..."

ARGOSY MINING - AUSTRIAN GOLD PROPERTIES ACQUIRED

VANCOUVER, BC--Argosy Mining Corp. is pleased to announce the acquisition of rights to 100% of three gold exploration properties in Austria totaling 176.6 square kilometres (64 square miles). The properties cover the 35 documented gold mines and prospects of the Schellgaden and Goldeck mining districts.

Modern gold exploration in southern Austria has been very limited, despite the many sites of precious metal mining that date back to the 14th century. Few production records exist, however, recent mapping has determined that the geological structures which control the deposits are regionally extensive, indicating the significant ore potential.

Two properties, Schellgaden North and South comprising 77.2 square kilometres, cover the 28 kilometre trend of the schellgaden mines. Exploration in the period 1977 - 1994 has been limited to geological mapping and channel sampling of some of the accessible mines, principally to determine their tungsten and base metal potential. That work established that the deposits are stratabound within three stacked, flatly dipping sheets of silicified micaschist. Individual deposits have been mined over heights of one to eight metres.

The largest accessible deposit at Schellgaden is the old Stublbau Mine that mined part of one of the gold-bearing horizons over an area of 800 metres by 100 metres to a height of two to five metres. Gold is associated with quartz, pyrite, galena and chalcopyrite and is free-milling. Modern gold assaying is only documented on one section of the mine, an area considered prospective for tungsten ore by a base metal exploration company. Those channel samples and other production records indicate historical recoverable ore grades for the mine exceeded 10 g/t Au and that mineralization of this grade remains in the mine. The mine has never been drilled.

The Goldeck property of 99.4 square kilometres covers the eight former gold mines and prospects of the 35 kilometre long Goldeck mining district. An inspection of the two accessible mines has determined that gold is present in quartz veins, stockworks and shear zones in association with antimony mineralization.

Initial exploration will focus on the old Guginock Mine where underground workings 30 metres below surface expose a 12 metre wide gold zone adjacent to a narrow antimony vein. The gold mineralization is stratabound and forms a quartz stockwork zone along a schist-marble contact. Reported assay values from channel samples range from 4.8 to 18.2 g/t Au. This occurrence can be traced for the 30 metre length of an exploration drive but has never been drilled or otherwise tested as a gold target.

The Goldeck and Schellgaden South properties are held as approved exploration leases directly by Argosy. The Schellgaden North property is subject to an option to purchase agreement between Argosy and Erzbergbau Radhausberg Gesellschaft, an Austrian corporation. The total consideration is US$1,000,000 comprising an initial payment of US$50,000 cash and US$100,000 worth of Argosy shares, a further US$50,000 cash and US$50,000 worth of Argosy shares on or before December 31, 1995 and a further US$750,000 on or before December 31, 1998. The numbers of shares to be provided will be calculated at the average daily closing price for the five days preceding V.S.E. approval in the case of the initial payment and December 31, 1995 in the case of the second payment. A finder's fee is payable on the transaction.

The Schellgaden and Goldeck properties provide Argosy with control of two large gold mining districts in central Europe that have the potential to host major gold deposits. Exploration will commence upon approval of a work program by the authorities, with drilling scheduled to follow in summer 1995.

ON BEHALF OF THE BOARD

YALE R. SIMPSON, President

NOTE: Location map available from the Company at the phone number listed above.

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

CONTACT: Argosy Mining Corp., Vancouver

Yale R. Simpson, [phone]

[phone] (Fax)