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Red Mountain Assay Results - DDH04-14, 94 m of 1.17 g/t Gold

August 4, 2004

Further to the news release reported in Stockwatch on July 27, 2004, the company emphasizes the significant assay results for DDH04-14, Red Mountain, Yukon. DDH04-14 produced from surface to 94 metres (308 feet) averaging 1.17 grams per tonne (0.0412 ounce per ton) gold, or surface to a greater depth of 116 metres (381 feet) averaging 1.07 grams per tonne (0.0377 ounce per ton) gold. The drilling program continues at Red Mountain.

The 2004 exploration program at Red Mountain, including the supervision and collection of core samples, is being conducted and managed by Aurum Geological under the direction of Al Doherty, PGeo, a qualified person under NI 43-101.

Pinaya, Peru

During June and July, staff geologists conducted regional and property geological mapping and structural studies. A grid was established over the main mineralization zone. A total of 407 soil samples were taken with line intervals of 100 metres apart. One hundred eleven rock samples were also taken from the trenches. The samples have been sent for assay and results will be announced as they become available.

The host rocks for gold mineralization are a distinct conglomerate unit within the Tertiary Puno group volcanics and sediments. Gold mineralization is structurally controlled. Gold mineralization in the pit area is associated with strong iron oxides and clay.

Environmental permits are expected to be filed shortly. Work for August and September will consist of induced polarization and magnetometer surveys. Approximately 14 line kilometres are budgeted. Additional sampling and mapping will be done in the pit area. The company is currently relocating illegal miners and their families from the property.

The company has staked an additional 300-hectare concession immediately adjacent to the main mineralization zone, bringing the total property area to 4,200 hectares (approximately 10,400 acres). The 2004 exploration program at Pinaya, including the collection of all rock and soil samples, is being conducted and managed by Dahrouge Geological Consulting Ltd. under the direction of Jeff Reeder, PGeo, a qualified person under NI 43-101.

 
     
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