Fischer-Watt Gold Company Inc. Reports on La Balsa Project.

COEUR D'ALENE, Idaho -- Fischer-Watt Gold Company Inc. (OTCBB:FWGO) is pleased to announce the completion of the positive "Project Review & Resource Assessment II" of the La Balsa project from Mintec, inc. and to provide their shareholders with an update on the Company's progress in placing the La Balsa project into operation.

Fischer-Watt Gold (FWGO) has received the "Project Review & Resource Assessment II" of the La Balsa project from Mintec, inc. The conclusions of this report are as follows:

"As it presently stands, the La Balsa project is a small, high-grade deposit with oxide copper and mixed oxide-sulfide copper mineralization amenable to recovery by leaching. It is located in an area with very good infrastructure. It is within 15 kilometers from the industrial town of Lazaro Cardenas, which also has a major sea port. Geologically, it has the potential for additional reserves in a bulk-tonnage porphyry copper environment. The rocks in the area are highly suggestive of the presence of a mineralized porphyry copper system. Exploration drilling has been limited both in area and at depth. A number of existing drill holes bottomed in ore-grade material.

"At this point in the life of the project, this study confirms that the project area contains a resource totaling of 63.6 million tonnes of all classes of resources material at an average 0.245% total copper grade. Included in this total resources are approximately 30.9 million tonnes of measured and indicated resources with an average total copper grade of 0.332%.

"The Lerchs-Grossman economic analysis identified approximately 4.89 million tonnes of measured and indicated resources material at a cutoff of $0.01 profit per tonne with an average grade of 1.218% total copper as reserves. The designed pits mined 4.86 million tonnes of ore at an average total copper grade of 1.221%, recovered copper grade of 0.906% and at a strip ratio of 0.6 tonnes of waste per tonne of ore. Approximately 2.92 million tonnes of waste material is produced during mining. Areas close to the mining can accommodate the generated waste volume. Approximately 97.14 million pounds of copper may be recovered from the mined ore at an average recovery of 78.2%. Based on the mining schedule, the mining plan spans over 7 years. The total net revenue is approximately $63.5 million. At a 15% discount rate, the accumulative net present value of the project is $40.3 million before any capital expenditures and debt interest."

In anticipation of these conclusions, management personnel from FWGO were sent to Lazaro Cardenas recently, where they spent three weeks with various state and local officials discussing the immediate development and financing of the present measured and indicated reserves at the La Balsa property. In addition to these efforts, discussions of other financing arrangements are presently underway in Canada.

Mountain States Metallurgical Laboratory has been engaged to replicate the pregnant leach solution they produced in previous bulk metallurgical tests of La Balsa ore. Cement copper will be precipitated from this leach solution and chemical analysis of this product will be used both for compliance with environmental permitting and marketing negotiations.

Contingent upon the successful completion of environmental permitting and financial arrangements the La Balsa is scheduled to begin operations during the third quarter of 2005.

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.