Hwidem

Background - The Hwidem project is a 25sq km gold exploration licence in the Brong Ahafo region of Ghana.

Geology - The project is situated immediately east of the Ntotoroso property which Moydow sold to Newmont for US$40 million last year. It is bordered to the South and North by two large prospecting licences which are owned by Goldfields.

The geology on the project area is almost identical to that of the Ntotoroso deposit which Moydow discovered and in particular is in the same suite of rocks which held the Zone E deposit.

Work to Date - Work on the property has included geophysics, soil geochemistry, geological mapping and rock sampling. The results of these studies have confirmed a geological and mineralisation scenario identical to that at Ntotoroso.

Future Plans - Because of the proximity of multi-million ounce deposits, Hwidem has been assigned a top priority in the 2005 Exploration budget. Remapping of the project as well as a second pass of geophysics will be done to compliment the planned drilling. It is anticipated that results will start to come through in the next several months. The prospect will initially be drilled with short RAB holes to test the bedrock and deep drilling will be used to follow up any anomalous values.

Although work has been limited in the past year, an aggressive exploration campaign is planned for the next several months.

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