Gold Exploration in West Africa

[FL]

NEW: Cambrian Mining (CBM.London AIM) and Investika (IVK.Sydney ASX)

Because they share interests in the Subranum gold project in Ghana, Cambrian Mining PLC, traded on the London AIM exchange as CBM and its partner Investika Ltd. of Australia, traded on the Sydney ASX exchange as IVK, have been added to the header.

On 16 June 2004 it was announced they had encountered gold; among other intersections, 4 meters at 19.6 g/ton and 4 meters at 23.1 g/ton drilling at Atakurom on the Subranum Concession. See:

http://www.asx.com.au//asxpdf/20040616/pdf/3lw0pwbsjqf1j.pdf

Neither company is a pure gold play.

Last year, on 27 OCtober 2003, Minesite mentioned Cambrian's " ...drilling results, including an intersection of 13 metres grading 17.8 g/t, from its Subranum gold project in Ghana. In terms of investor perception though, Cambrian suffers from having positioned itself as a play on coal in Canada rather than gold in Ghana."

Investika Ltd. (formerly Kidz.net, formerly Walhalla.com, formerly Walhalla Mining) has been involved in numerous irrelevant investment promotions. Currently it also has at least one other mining interest, in a mine in Palawan, Philippines, with the venerable Atlas Consolidated Mining Co. Reputedly, Investika has something like billions of shares outstanding, I believe, and has traded between 1 cent and 2 cents Australian lately.

See:
http://bulletin.ninemsn.com.au/bulletin/EdDesk.nsf/0/AB83B0F363B01B56CA256DA500004B34?OpenDocument

Investika's web-page (see the header) is just a stub.

Last month, on 17 June 2004, Minesite reported:

"...Cambrian also owns the Subranum gold project in Ghana which covers 139 sq kms along the eastern region of the Sefwi-Bibiani belt. This belt hosts over 17 million ounces of gold resources including Newmont’s Yanfo gold project, Ashanti’s Bibiani gold mine and Redback Mining’s Chirano project. In 2002 and early 2003, anomalous gold mineralisation was outlined over a distance of 9.5 km, and was confirmed in detail over 6.5 km as two parallel anomalies. The eastern anomaly was trenched over 1.6 km exposing mineralised shear zones. The latest news is that high grade mineralisation has been intercepted in two drill sections spaced 40 metres apart and is open along strike down dip on the Atakuron prospect. Intercepts of 12 metres grading 8.56 g/t gold (including 19.6 g/t gold over 4 metres) have been obtained from 76 metres hole depth and 10.21 g/t of gold over 8 metres (including 23.1 g/t gold over 4 metres) from 84 metres hole depth, and the company thinks it could be onto something big.

The sad thing for Cambrian is that achievements such as this have virtually no impact on the share price. Its holding in Ivernia West with its Magellan lead project in Western Australia is also in there for nothing. ..."
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A long description of the Subranum project was issued in a press release 19 August 2003:

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19 August 2003

CAMBRIAN MINING PLC

CAMBRIAN MINING COMMISSIONS 230 HOLE DRILL PROGRAMME AT ITS SUBRANUM GOLD PROJECT IN GHANA

Cambrian Mining Plc (London AIM Market: CBM) ('Cambrian') is pleased to advise that due to the success of the current exploration programme at its Subranum property in Ghana, an 8,000m drilling programme has been commissioned to commence in two weeks. This drill programme, comprising over 230 holes, will be completed over the next three months.

The drilling programme has been designed to thoroughly test significant gold results from soil sampling, trenching and previous RC drilling in the oxide profile to depths of 25-30 metres over a strike length of some 6kms of the now identified 7km on the main anomaly and initial drilling on the newly discovered western anomaly.

THE SUBRANUM PROJECT

The Subranum Project is located along the eastern margin of the Sefwi-Bibiani Belt in the Ashanti region of southwest Ghana, West Africa. The Sefwi-Bibiani Belt hosts over 17 million ounces of gold resources including Newmont's Yanfo gold project, Ashanti's Bibiani Gold Mine and Redback Mining's Chirano Project.

Cambrian has a direct 37.5% interest in Subranum (increasing to 45%) and management of the Subranum Project. Cambrian's joint venture partner is Investika Ltd, an Australian listed public Company (ASX: IVK), which has committed to spending US$1m on exploration.

Exploration to date by way of geochemical soil sampling, trenching and drilling has identified a distinct 'Bibiani Shear Anomaly' totaling some 7km of potential mineralized strike extent of which portions have excellent potential for the discovery of high grade gold mineralisation. The potential for further mineralisation to the northeast is high.



Previous drilling on Subranum has already returned significant RC drilling results including:

• 6m @ 7.25g/t gold from 15m in SBRC002
• 4m @ 47.08g/t gold from 7m in SBRC004, including 1m at 180.50g/t gold
• 7m @ 1.67g/t gold from 48m in SBRC015



NEW DISCOVERY AT SUBRANUM



A recent infill soil geochemical programme carried out some 1.5km west of the main Bibiani Shear Anomaly has identified another anomaly, which coincides with the interpreted confluence of major structures and granite-Birimian lithological
contacts. Although not well defined, a 100ppb anomalous gold halo extends over 600m in strike and 300m in breadth, with peaks of 829ppb gold (0.829g/t gold) and 566ppb gold (0.566g/t gold). Sampling in this area is continuing to determine the full extent of the gold mineralisation in this area.

TRENCHING RESULTS

Trenching conducted during the past quarter with significant results including 1m at 110.44g/t Au and 1m at 20.84g/t Au from trench SBT45. These intercepts were associated with intensely sheared strong silica-sulphide alteration. To the south SBT041 returned positive results from a low tenor gold-in-soil anomaly with 4m grading 1.84g/t Au, 5m grading 3.28g/t Au including 1m at 12.70g/t Au and 2m at 1.81g/t Au. Significant results from SBT041 support the previously held view that gold mineralisation persisted beneath transported soil cover between the 3 main mineralised zones.

TABLE 1: Subranum Trench Results >0.05 g/t Au


Trench From (m) To (m) Interval (m) g/t Au
SBT041 39 43 4 1.84
SBT041 52 57 5 3.28
SBT041 53 54 1 12.7
SBT041 80 82 2 1.81
SBT045 105 107 2 55.48
SBT045 106 107 1 110.44
SBT045 123 125 2 12.28
SBT045 123 124 1 20.84
SBT047 50 53 3 1.05
SBT047 68 70 2 1.01
SBT047 86 89 3 0.77

Note: All results composite based on a 0.50g/t Au cut-off, over a minimum width of 2m, not including more than 2m of waste.

These trench results complement previous exploration along what is now a 5.2km mineralised strike with 30m of 1.96g/t Au in Trench TR18, 28m of 1.90g/t Au in Trench TR13, 30m of 1.02g/t Au in Trench TR23, 8m of 1.86g/t Au in Trench TR24, 8m of 1.34g/t Au in Trench TR25, 4m of 8.05g/t Au in Trench TR29, 6m of 2.98g/t Au in trench TR 35, 10m of 1.76g/t Au in Trench TR37 and 52m of 0.72g/t Au in Trench TR14.

ABOUT CAMBRIAN MINING

Cambrian Mining Plc is an AIM listed mining finance house with a diverse portfolio of coal, precious metal and base metal assets across The Americas, Australia, Africa and the Indian subcontinent.

For more information on the Subranum Gold Project or Cambrian Mining Plc please go the Company's web site on
http://www.cambrianmining.com
or contact:
David Lenigas, Cambrian Mining Plc; Tel: [phone] or Simon Robinson/Ana Ribeiro, Parkgreen Communications Tel: -0207 287 5544

Note: Technical information contained in this News Release has been compiled by Mr David Lenigas, Cambrian Mining Plc's General Manager of Mining, who is a qualified Mining Engineer with more than 5 years reporting experience.

The directors of Cambrian accept responsibility for this statement.
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