Excellent Met-Test Results for Fischer-Watt's La Balsa Project.

Business Editors

Fischer-Watt Gold Company, Inc. (OTCBB:FWGO) has received the results of a metallurgical column-testing program carried out on its La Balsa copper ore by Mountain States R&D International.

This testwork has been underway for the past several months. The tests were designed to be applied in the completion of a bankable or commercial feasibility study.

As previously reported, Fischer-Watt conducted a diamond drilling program, in the latter part of 2001, in order to recover core samples of the copper ores for metallurgical testing, certification of reserves, and to provide environmental and geotechnical information.

The core from the various mineralized zones was characterized into three distinct ore types, namely oxide ore, transitional sulfide ore and primary sulfide ore. The head grades of the samples were representative of each of the ore types, namely, oxide ore at 2.75% copper, transitional sulfide ore at 1.78% copper and primary sulfide ore at 1.09% copper, two sets of samples were prepared one at a crush size of (-) 1 inch and the other at (-) 1/2 inch. These two sets of samples were column leached for 100 days. The (-) 1/2 inch samples returned the best results.

The copper recovery in both the oxide and transitional sulfide ores was excellent and acid consumption was low in both cases. The recovery curves for the (-) 1/2 inch samples show good leaching characteristics with a total recovery of 93.9% of the copper in the oxide ore and 92.4% of the copper in the transitional sulfide ore.

The date from the column leach test were evaluated by Leach, Inc. for the purposed of projecting copper recovery under various commercial operating scenarios. The column data indicated that copper recovery is controlled by the availability of the leaching reagents and it was calculated that 90 to 92 percent of the copper could be solubilized in 123 days of leaching using typical heap leach operating parameters. Copper recoveries would be somewhat lower than this due to normal inventory build up in the leach heaps and operating inefficiencies. Comparable recoveries can be attained in between 76 and 245 days of leaching by varying the operating parameters. The precise operating parameters have not yet been established and will be the subject of the engineering design program currently been negotiated.

The third ore group, the primary sulfide ore, is derived from the deeper La Balsa porphyry mineralization, which was the subject of an April 16 2002 news release. At the present time this primary sulfide resource represents the second phase of mining that will take place at the property after the oxide and transitional sulfide ores have been mined. Copper recovery of 41.7% was much lower in this ore, as expected, and acid consumption was high. However, some interesting metallurgical opportunities were brought to light during the testing. For example, preliminary testwork has indicated that Heavy Media Separation can significantly upgrade this primary sulfide ore, which responds very well to standard flotation concentration, prior to flotation. In this way some of the gangue, or waste material, is separated from the ore minerals in a pre-concentration step thereby reducing the quantity of material that has to be treated in the following stage. This reduction would likely appreciably lower the capital cost of the processing plant. There are other options available also for treating the primary sulfide ore and they will be examined as the development of the oxide and transitional sulfide ore moves forward.

Mr. George Beattie, President and CEO of Fischer-Watt noted that, "It has always been our stated intention to develop a relatively small copper mine in the upper oxidized zones of the ore body. The very high copper recoveries that we have received from the ores in the oxide and transitional sulfide zones certainly strengthens our Company's resolve to move forward with this plan".

Details of the La Balsa property in Michoacan, Mexico, along with all the earlier press releases can be found on the companies new web site at www.fischer-watt.com

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those projected in the forward-looking statements.