ghana, page-6

'Why chase tired Western Australian brownfield projects when Ghana
and Burkina Faso offer so much more? Given the dismal failure of brownfield
gold producers to deliver satisfactory results in Australia - in fact, most have
gone broke in recent years - we see lower-risk investors buying shares in the
companies covered [Adamus, Ampella, Azumah, Gryphon and Perseus],'' Grigor said.

More to the point was Grigor's assessment that West Africa had plenty of potential for
the discovery of 1-3 million ounce projects, something recent history suggests is
increasingly difficult to achieve in Australia.

Current Australian producers in West Africa are Lihir at Bonikro in Ivory Coast
(160,000 ounces annually), Mineral Deposits Ltd at Sabodala in Senegal (160,000 ounces)
and Resolute Mining at the restarted Syama mine in Mali (planned annual rate of 250,000 ounces).

Gold explorer Noble Mineral Resources Limited (ASX: NMG Noble) is pleased to announce that
drilling at its Morrison project in Ghana has returned high-grade intersections which provide more
evidence that the area contains a substantial body of mineralisation.
* GHANA is certainly rewarding Australian gold explorers. Excitement continues to mount for
Perseus Mining (PRU) and Adamus Resources (ADU), and last week we saw Signature Metals (SBL)
start drilling at its highly prospective deposit and now it seems that Noble Mineral Resources (NMG)
is about to announce some very encouraging drilling news to the market. Oh, and we believe NMG is
also close to picking up more ground in Ghana.