Ghana Update – Ahafo 

• 2003 Reserves: 7.6 MM Oz1

• 2004 Reserve Outlook: ~1.5 MM Oz, 20% Increase

• 11 Ore Bodies Over a 30-Mile Strike Length

• 471 Square Miles for Mining, Prospecting and Reconnaissance

• Exploration Upside

• 2003 gold reserves as of December 31, 2003 at $325 per ounce.

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