CarbiGold Resources intersects 4.2 m. of 67.32 g/t Au at Beatriz.

TORONTO--(BUSINESS WIRE)--Oct. 1, 1996--CaribGold Resources Inc. (TSE:CG) reports that assay results from an additional 11 diamond drill holes completed within the Santa Elena prospect area in the company's Camaguey concession in the Republic of Cuba have been received.

At the Beatriz Prospect, drilling results indicate a hy-grade gold core within a quartz vein structure dipping flat to the southwest and raking to the southeast (see attached Beatriz Quartz Structure - drill hole location map).

Drill hole CSE-15, drilled at -45 degrees, intersected 67.32 g/t Au over an interval of 4.2 m from 41.8 m to 46.0 m. Drill hole CSE-16, drilled at -90 degrees from the same set up as CSE-15, intersected 11.34 g/t Au over an interval of 1.9 metres, from 58.9 m to 60.8 m.

Holes CSE-15 and CSE-16 were drilled 100 metres to the southeast of holes CSE-8 and CSE-9, which were reported on Sept. 24, 1996. Drill holes CSE-10, 11 and 12 were drilled from the same set up on a section 100 metres northwest of CSE 8 and 9, and holes CSE-13 and 14 were drilled on a section 100 metres northwest of CSE-1O, 11 and 12.

Quartz veining with only traces of gold indicated was intersected. The drilling results from Beatriz indicate that gold mineralization remains open to the southeast and to depth, down dip.

At the South Elena Prospect, drill hole CSE-17, drilled at -45 degrees, returned 7.05 metres grading 2.91 g/t Au from 36.6 m to 43.65 m. Hole CSE-18, drilled at -90 degrees under CSE-17, did not return any significant mineralization.

No significant values were intersected by drill holes CSE-19 and 20 which tested the area 100 m southeast of CSE-17 and CSE-18. Results from eight drill holes that were drilled to the northwest along strike to the South Elena structure are pending.

CONTACT: CarbiGold Resources Inc.

Paul Zyla, Chairman, or David Bell, President,

Tel: [phone], Fax: [phone]