CaribGold Resources Inc. reports drilling expands Beatriz & South Elena gold zones.

TORONTO--(BUSINESS WIRE)--Sept. 24, 1996--CaribGold Resources Inc. (TSE:CG) reports that 23 diamond drill holes have been completed within the Santa Elena prospect area in the Company's Camaguey concession in the Republic of Cuba.

The first nine drill holes of the 1996 program in Camaguey, beginning with hole CSE-8, were completed on the Beatriz quartz zone which was first drilled in 1995. The remaining 14 holes were drilled to test the recently discovered South Elena quartz structure. Assays are pending on 21 of the 21 drill holes and are expected over the next 30 days.

Results from the first two holes at Beatriz have returned gold values in quartz veining to a depth of 100 metres, as follows: -0-

HOLE      FROM           TO        INTERVAL       Au g/t
-------------------------------------------------------------------
CSE-8     67.0m        72.35m      10.35m         10.77
and       79.0m        85.0m       6.0m           1.87

CSE-9     79.4m        84.0m       4.6m           8.20
and       96.8m        101.5m      3.7m           5.08
-------------------------------------------------------------------
-0-
    The remaining seven drill holes at Beatriz have probed the quartz
vein at depth and along strike.  The structure is interpreted to be a
flat vein system dipping at a 35 to 40 degree angle and is open along
strike.
    The recently discovered South Elena quartz structure, located
about 700 metres southwest of Beatriz, has been followed in detail
with trenching along 300 metres of its strike length.  Fourteen holes
have been drilled to test this area and results are pending.
    The consistency of the South Elena vein structure ranges from
numerous quartz veinlets to massive veins up to 10m.  thick dipping
at a 25 to 35 degree angle in an altered silicified volcanic tuff.
    Assays from recent trenching within the main 300 metre South
Elena zone include Trench 14, in which 36.2 metres assayed 2.66 g/t
Au: Trench 17, in which 7.2 metres assayed 3.03 g/t Au; and, Trench
19, in which 25.3 metres assayed 4.47 g/t Au.
    Prospecting, which includes sampling and trenching, in an area
4.0 kilometres long and 1.5 kilometres wide considered highly
prospective continues in the Santa Elena Prospect region.  It is
noteworthy that approximately one kilometre north and along strike
from the Beatriz zone, Trench 18 returned an intersection of 9.0
metres that assayed 12.4 g/t Au in a quartz shear zone.
    At the Sigua Prospect in the Sierra Maestra Oriental Concession,
eleven diamond drill holes were completed with the highest values
occurring in holes four and ten as follows:
-0-
HOLE           INTERVAL       Au g/t         Ag g/t
-------------------------------------------------------------------
SG-4            16.0m          1.41           24.8
SG-10           21.0m          0.81           8.17-0-

The remaining nine holes at Sigua intersected wide zones of weak mineralization in alteration with gold values under 0.8 g/t.Au.

CaribGold expects to be in a position to determine which of its Cuban exploration targets will be advanced to the next evaluation stage once management has had an opportunity to review all of the results from its 1996 field program.

The Company anticipates that it will focus its next round of exploration on only those prospects that exhibit the highest probability of success. Areas that do not meet the criteria will be returned to CaribGold's Cuban joint-venture partner, GeoMinera S.A.

CONTACT: CaribGold Resources Inc.

Paul Zyla, chairman, David Bell, president,

Tel: [phone], Fax: [phone]