Ghana Project – Akyem 

• 2003 Reserves: 4.3 MM Oz1

• 2004 Reserve Outlook: ~2.5 MM Oz, 58% Increase

• Open Pit Deposit

• ~1,470 Square Mile Land Package

• Further Upside

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

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