CaribGold Reports Nine Month Financials for 1998 With Update On Cuban Drill Program Status.

TORONTO--(BUSINESS WIRE)--Nov. 23, 1998--CaribGold Resources Inc. (TSE:CG) reports a loss of US$492,547 for the nine months ended September 30, 1998 compared with a loss of US$296,349 in 1997.

CaribGold ended the period with cash and short term investments of US$3,518,000 (equivalent to Cdn$5,215,688 or about Cdn$0.50 per share) based on 10,482,222 shares outstanding, and no debt. These numbers reflect the write down of investments to market of US$199,777 in 1998, and the write-off of mineral properties and deferred exploration expenses of US$149,451 in 1997. -0-

                                       CaribGold Resources Inc.
                                        Expressed in US dollars
                                     9 months ended September 30

                                            1998         1997

Interest income                          $149,297     $313,269

General & Administrative Expenses         261,783      260,610
General Exploration                       180,284      199,556
Investment write down to market           199,777           -

Net loss for the period before
  write down of mineral properties
   and deferred exploration expense     (492,547)    (146,898)

Write-off of mineral properties                 -     (14,808)
Write-off of deferred exploration
  expense                                       -    (134,643)

Net loss during the period              (492,547)    (296,349)

Net loss per share                        $(0.05)       $0.03)

Weighted average number of
  shares outstanding;                  10,482,722   10,496,000

In CUBA, diamond drilling has commenced on CaribGold's 82 square kilometer Jacinto Project near Camaguey. This infill drilling program is proceeding on schedule and early assay returns are confirming and better defining the gold resource as previously reported. A full report will be released on completion of the program which is a joint venture with GeoMinera SA.

Step out drilling to the northwest along strike of the Beatriz vein structure has encountered a new and wider zone of volcanic Breccia and quartz where a surface trench previously returned 1.48 g/t Au over 14.0 m. Assay results from the core in this new zone are pending.

Additionally, two step out drill sections, comprising four holes, east along the El Limon vein structure have been completed and are out for assay. Good veining was observed in all four of the holes. These diamond drill holes are a follow up to the drilling in 1997 beneath Trench 18 at El Limon of two holes on section. The 1997 drill holes returned 6.65 g/t Au over 8.8 meters and 6.75 g/t Au over 8.0 meters respectively.

Favorable drill hole results on the El Limon vein structure and the new northwest breccia zone along the Beatriz vein structure could potentially add to the existing geological resource of the area and justify additional diamond drilling in early 1999. No resource contribution in previous calculations was attributable to either of these areas.

In addition to the above drilling, two deep exploration diamond drill holes are planned to investigate potential gold mineralization under the silica cap of Loma Jacinto, a hill about two kilometers west of our current drilling are. Loma Jacinto is suspected of representing the volcanic center for the epithermal gold mineralization in the area.

The diamond drilling program is expected to be completed in early December and all assays should be available by late December. CaribGold expects to have a full report on this diamond drilling program available early in the new year.