To date ten diamond drill holes totalling 742 metres (2,435 ft) have been completed of the current 2,000 metre (6,562 ft) diamond drill contract. Preliminary assays have been received for most of these holes; however, final assays have only been received as noted below:

--------------------------------------------------------------------- Fromenda Grid 'B'Area 2004 Diamond Drill Program Drill AssaysDrill Hole &Drill Intercept Intercept Width Au Au-inclination From (m) To (m) (m) (ft) (g/t) (oz/ton)04FBDDH07 14.00 23.00 9.00 29.53 8.76 0.26 -50 degrees 63.00 85.65 22.65 74.31 5.65 0.17Visible gold was noted at two locations in this hole, at 77.2 and 81.1metres. Screened fire assays of these samples returned 10.44 and 3.28g/t Au respectively. Drill hole 04FBDDH07 was collared on section20+60N, 45 metres grid south of previous drill holes 03FBDDH01 &02located on section 21+10N which respectively intersected 30.0 metres@ 2.63 g/t Au and 7.44 metres @ 1.44 g/t Au; and 30 metres gridsouthwest of previous drill hole 03FBDDH03 which returned 25.24 metres@ 0.86 g/t Au; and 90 metres grid southwest of previous drill hole03FBDDH07 which gave 23.60 metres @ 4.97 g/t Au.---------------------------------------------------------------------
This result is particularly important as it represents a 60% increase in contained gold over the previous best drill hole (207 g/t Au metres versus 128 g/t Au metres) and demonstrates that the structures and geology that host the gold mineralization along the 40 kilometres strike length of the PMI controlled property, can yield potentially mineable underground grades and large widths. Current operating mines in Ghana use a minimum 6 g/t Au as the target grade for underground mineable ore and 1.2 g/t Au for open cut operations.

Assay results from hole 04FBDDH06 - located an additional 50 metres to the south of 04FBDDH07 - and from the other holes completed to date are expected shortly. Maps showing collar locations will in due course be posted to the Company's website. Drilling will resume once sufficient data from the 3D IP survey is available - which is expected to be within two weeks.

Douglas R. MacQuarrie, P.Geo. (B.C.), the VP of Exploration for the Company and Goknet Mining Company Limited, supervised and directed all work associated with the drilling program. Sample analyses, including repeats, randomly placed blanks, and standards were completed at SGS Analabs Pty. Limited at Bibiani, utilizing industry standard 50g fire assay and 300g screened metallics fire assay techniques, with atomic absorption finish. In addition, random duplicate samples were submitted to a referee laboratory for overall QA purposes.

The Company has an option to earn up to 85% of the interest that Goknet Mining Company Limited, a privately held Ghanaian mineral exploration company, holds in nine exploration concessions and applications. Goknets'interests vary from 85% to 100%, subject to a 10% non-participating interest in favour of the Government of Ghana.