Central Asia announces initial results from the Raigorodok North Deposit, Kazakstan.

TORONTO--(BUSINESS WIRE)--Nov. 7, 1996--ASIA GOLD (ME: CGZ, CGZ.PR.A) -- Central Asia Goldfields Corporation Toronto reports encouraging results from the initial phase of its drilling program on the 60 percent owned Raigorodok North gold prospect located in north central kazakstan.

Assay data has been received from 4 of 5 completed holes drilled along a fence (see attached sketch) designed to cut across a gold bearing skam contact zone between a granodioritic intrusive and surrounding sediments. -0-

    Hole No.          From      To     Length     Grade
                    (metres) (metres) (metres)   g Au/T

    CRN96-01           61      75.4      14.4      0.75

    CRN96-02         44.8        81      36.2      0.50
                    161.2     216.1      54.9      0.98
         including 175.15    199.92     24.77      1.47

    CRN96-03        24.45     100.4     75.95      0.66
         including   69.4      88.8      19.4       0.9

    CRN96-04        56.92      67.2      10.3       1.2
                    90.70    132.76     42.06       1.2
                    248.2    328.20     80.00      1.57
         including  255.5    296.65     41.15      2.55

The Raigorodok gold prospect is located approximately 100 kilometres south of the city of Kokshetau in northern Kazakstan. The project was discovered by the Soviets in 1972 using geophysical and geochemical surveys and consists of two main deposits - Raigorodok North and Raigorodok South. The deposits consist of high temperature skarns localized along a tectonic contact between granodiorites and Lower Ordovician conglomerates and sandstones. Gold occurs both free and within sulphides. Evaluation by the Soviets defined 18 separate mineralized zones traceable for lengths of up to 500 metres and 25 metres in width, all within a anomalous sedimentary package 300 metres in thickness. Utilizing a cut-off grade of 1 g Au/T, the Soviets determined a geological resource of 21 million tonnes at an average grade of 1.5 g Au/T (1 million ounces) to an average depth of 200 metres. Doubling the cut-off grade yielded a resource of 9 million tonnes averaging 2.5 g Au/T (750,000 ounces). CAGC's initial profile of holes has verified the Soviet drill data and indicates that the mineralization is widespread in its nature with several enriched sections. For example, Hole CRN96-04 which averaged 0.74 g Au/T throughout its entire 317.65 metre core length and finished in mineralization, contains a section averaging 2.5 g Au/T over 41 meters.

Plans call for the confirmation and/or enhancement of reserves by drilling at least two more fences of holes as well as testing the potential along strike. Favourable results could lead to the opportunity for an open pit bulk mining operation using heap leach recovery techniques.

Central Asia Goldfields holds exploration licences totaling over 11 million acres in Kazakstan and currently has seven diamond drills testing previously identified gold deposits/prospects. To date three areas have been identified that require detailed follow-up drilling next year.

CONTACT: Central Asia Goldfields Corporation

Ken Webb, 416/867-2936

See www.grlffisnt.com for corporate information