CAPE RAY

The company recently completed 1,060 m of drilling. This program followed up favourable drilling results generated during the 2004 drilling program at the Windowglass Hill prospect. The JV partners are currently reviewing the recent drill assay results.

Reported the final results of the 2004 program on the Cape Ray Gold project. The 2004 program comprised regional prospecting surveys, structural mapping, development of a 3-D geological model and diamond drilling. The drilling tested the two main target areas on the property, the Windowglass Hill prospect and the 51 Zone. Sixteen shallow diamond drill holes totaling 1100 m of NQ core were completed at the Windowglass Hill prospect and two diamond drill holes comprising 358 m ofNQ core, were completed at the 51 Zone. Regional prospecting identified several additional targets for follow-up in 2005. Results from Windowglass Hill consists of drill hole WGH-04-11 intersected 7.54 g/t Au and 49.1 g/t Ag over 5.15 m, including 14.5 g/t Au and 60.8 g/t Ag over 2.2 m. Three vein sets intersected in drill hole WGH-04-15 returned 3.27 g/t Au and 12.9 g/t Ag over 3.6 m, including 16.35 g/t Au and 81.8 g/t Ag over 0.4 m; 2.33 g/t Au and 12.2 g/t Ag over 7.15 m, including 7.6 g/t Au and 19.9 g/t Ag over 1.4 m; and 5.92 g/t Au and 90.4 g/t Ag over 0.8 m. WGH-04-12 returned 8.39 g/t Au and 26.7 g/t Ag over 0.95 m. These drilling results confirm the presence of a high-grade shoot comprising a 200 m long southwest plunging tension vein array. This target remains open down plunge to the southwest.

Cornerstone Capital Resources and Thundermin Resources have reported the final results of the 2004 program on the Cape Ray Gold project in southwestern Newfoundland. The 2004 program comprised regional prospecting surveys, structural mapping, development of a 3-D geological model and diamond drilling. The drilling tested the two main target areas on the property, the Windowglass Hill prospect and the 51 Zone. Sixteen shallow diamond drill holes totaling 1100 m of NQ core were completed at the Windowglass Hill prospect and two diamond drill holes comprising 358 m ofNQ core, were completed at the 51 Zone. Regional prospecting identified several additional targets for follow-up in 2005. Results from Windowglass Hill consists of drill hole WGH-04-11 intersected 7.54 g/t Au and 49.1 g/t Ag over 5.15 m, including 14.5 g/t Au and 60.8 g/t Ag over 2.2 m. Three vein sets intersected in drill hole WGH-04-15 returned 3.27 g/t Au and 12.9 g/t Ag over 3.6 m, including 16.35 g/t Au and 81.8 g/t Ag over 0.4 m; 2.33 g/t Au and 12.2 g/t Ag over 7.15 m, including 7.6 g/t Au and 19.9 g/t Ag over 1.4 m; and 5.92 g/t Au and 90.4 g/t Ag over 0.8 m. WGH-04-12 returned 8.39 g/t Au and 26.7 g/t Ag over 0.95 m. These drilling results confirm the presence of a high-grade shoot comprising a 200 m long southwest plunging tension vein array. This target remains open down plunge to the southwest.