CaribGold Commences Quebec Diamond-Drilling Program; Options Additional 400 Claims From Beaufield Resources Inc.

TORONTO--(BUSINESS WIRE)--Sept. 24, 1999--

CaribGold Resources Inc. (TSE:CG) reports that it has commenced a planned twelve to fifteen hole diamond-drilling program on its 368-claim block near Lac Evans in northwestern Quebec.

CaribGold's drill program will test up to nine airborne electromagnetic ("AEM") conductors for base and precious metal content. The conductors were identified in an 891 line-kilometer, 79 square kilometer, airborne survey of the area.

The combined airborne magnetic and airborne electromagnetic survey was flown earlier this year. In the airborne survey, thirteen electromagnetic conductors (AEM-1 to 13), and several short to long magnetic axis (AMAG-1 to 26), were detected. With the exception of AEM-1, the AEM conductors vary in length from 500m to 1,500m. AEM-1 has a strike length of eight kilometers and occupies a corridor up to 700 meters wide in which a dozen other individual conductors are found. No outcrop sampling of AEM-1 was possible due to overburden conditions and it will be one of the early drill targets.

During the summer, follow up ground sampling and assaying revealed highly anomalous metal values in nickel, platinum group elements and gold in the area. High MgO content also confirmed the ultramafic nature of some rocks. The best ground sampling result was obtained in a sample consisting of 30.6%MgO where finely disseminated sulphides returned 0.23%Ni, 0.03%Cu, 118ppb Pt and 173ppb Pd. The outcrop site corresponds to a high magnetic axis (AMAG-9).

In addition to the current drilling program, the company has recently optioned three claim groups, totaling 400 mineral claims, from Beaufield Consolidated Resources Inc. (VSE:BFD). CaribGold can earn a 50% interest in the Beaufield claims by incurring $100,000 in Exploration Expenditures on the properties. All of the Beaufield claims are in the Lac Evans area with a 135-claim block tying directly onto the eastern end of CaribGold's main claim grouping.