CaribGold Reports Year End Results for 1997.

TORONTO--(BUSINESS WIRE)--May 7, 1998--CaribGold Resources Inc. (TSE:CG) reports a loss of US$636,623 for the year ended December 31, 1997, compared with a loss of US$4,272,198 in 1996 CaribGold ended the period with cash and short term investments of US$4,520,519 (about Cdn$6,300,000) and no debt.

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                    Expressed in US dollars

                                        Year ended December 31
                                             1997           1996
REVENUE
 Interest income                        $ 367,208      $ 430,589
                                        ------------------------
EXPENSES
 General and administrative expenses      394,170        319,483
 General exploration                      460,210        128,764
 Write-off of mineral properties           14,808      1,240,000
 Write-off of deferred exploration
  costs                                   134,643      3,014,540
                                        ------------------------
                                        1,003,831      4,702,787
                                        ------------------------
 Net loss for the year                  (636,623)    (4,272,198)

 Net loss per share                      $ (0.06)       $ (0.41)

Weighted average number of shares
 outstanding                          10,496,000      10,496,000

CONTACT: Mr. Paul Zyla

Mr. David Bell 

Tel: [phone]

Fax: [phone]