Development to commence on Juan Vara vein at Oronorte

Business Wire, April 24, 1996

COEUR D'ALENE, Idaho--(BUSINESS WIRE)--April 24, 1996--George Beattie, president and CEO of Fischer-Watt Gold Co. Inc., Wednesday announced plans to commence development of the Juan Vara vein project in the Oronorte District, Colombia, South America.

Access to the vein will be made by driving a ramp, with rubber- tired equipment, approximately 500 meters to a point where a recent diamond drill hole intersected the vein 80 meters below old surface workings. At that point, the true width of the vein is 0.40 meters and the grade is 43 grams per tonne.

This width and grade is quite similar to that of the El Limon vein located two kilometers to the north. Fischer-Watt is presently mining and milling 1000 ounces of gold per month at the El Limon.

Development of the Juan Vara vein is scheduled to begin in the last quarter of 1996. Ore from this vein will be transported to the El Limon mill and will assist Fischer-Watt in attaining its short term goal of producing 2000 ounces of gold per month from this area.

Fischer-Watt Gold Co. is a mining and exploration company based in northern Idaho. The El Limon mine provides the company with an established operating base in a major Andean gold province. In addition, Fischer-Watt holds key land positions in central Nevada, one of the world's principal gold producing districts, as well as exploration interests in Honduras and Mexico. The company's shares trade on the NASD OTC Bulletin Board (FWGO-OTC).

For further information, please contact George Beattie, president and chief executive officer, 208/664-6757, or Diane K. Bryan, Investor Relations, 702/689-7450.

CONTACT: Fischer-Watt Gold Co. Inc., Coeur d'Alene

George Beattie, 208/664-6757

Diane K. Bryan, 702/689-7450 (investor relations)