Gold Exploration in West Africa

[Ed Monton]

A rare news release from Moydow Mines:

Moydow Mines International Inc: Drilling At Kanyankaw in
Ghana

TORONTO, ONTARIO--(CCNMatthews - July 27, 2004) - Moydow Mines
International Inc ("Moydow") is pleased to announce the results
of a recent drilling campaign which was undertaken at Kanyankaw.

The Kanyankaw Property is located in south central Ghana
approximately 50 kilometers north of the seaport of Takoradi. The
licence area is 91 square kilometers. Travel time from Accra to
the property is about four hours via a good network of asphalt
roads. The main road from Takoradi to the gold mines of Teberebie
and Tarkwa, located approximately 30 kilometers to the north,
traverses the licence area.

In 2000, Moydow and its joint venture partner Glencar Mining
split the original property into two licences. Moydow holds the
eastern half which contains the old workings at Kanyankaw and
Glencar holds the western half which contains the old workings at
Asheba. Each party has back-in rights to the other party's
property. Placer mining has been ongoing by the local people for
about 100 years. A previous drilling program tested several
geochemical anomalies and returned mineralized intersections from
several drill holes. Moydow completed a landform and regolith
study in 2001 and identified several targets which warrant
further testing.

The licence area is underlain chiefly by Upper Birimian
greenstones and intruded by small stocks and dykes of hornblende
granodiorite. Slicing through the rock pile is a series of
north-northeast trending fractures with associated minor splays.
All recorded past production has come from the minor splays. To
date only minimal exploration has been conducted over the major
lineaments that characteristically occupy the low ground in
fault-controlled valleys. Where these major lineaments cross
slightly more elevated terrain their trace is coincident with a
trail of sericitically altered granodiorite dykes which show
patchy gold-bearing quartz stockworks.

Drilling consisted of 28 holes for a total of 1,938 meters.
Results are shown on the attached table. A full list of drill
holes, intersections and a location map are available on the
Company's website. Pontil Minerex of Accra, Ghana conducted the
drilling and assays were done by SGS of Tarkwa, Ghana. Moydow
personnel supervised the fieldwork. M. Power, P. Eng., is the
qualified person, as per National Instrument 43-101.

Mr Kiernan, Chief Executive Officer, said. "It is proving very
difficult to secure drilling rigs at this time in Ghana. In spite
of this we have been able to drill a limited campaign at
Kanyankaw. The results confirm our view that the Kanyankaw area
is one of the most prospective in Ghana." Follow up drilling will
be resumed shortly.

We have now also secured a drill rig to begin drilling shortly on
the Hwidem property where the initial program is to drill about
300 short holes to sample the bedrock. Upon completion of this
program, a deeper drilling campaign will commence. The Hwidem
property is adjacent to the Ntotoroso project and is less than 3
kilometers from the E-Zone deposit which forms part of the
Newmont owned Ahafo belt.

Moydow is engaged in the acquisition, exploration and development
of precious metals properties worldwide. The third phase of
drilling has recently being completed on the True Grit project in
Newfoundland and results are being compiled.

Corporate information is available on Moydow's website
www.moydow.com. Moydow is listed on the Toronto Stock Exchange
under the symbol "MOY".

 
  
                 Drill Results for Kanyankaw 
 --------------------------------------------------------------------- 
                     Eleva- Depth,  Azi,                          Gold 
 Hole No. East  North  tion meters   mag Angle  From   To Metres   ppm 
  
 KRC12   06297  58526   190     75   130    45    57   59     2   3.26 
  
 KRC13   06353  58508   192     75   130    45    71   73     2   1.58 
  
 KRC15   06425  58454   175     75   130    45    55   57     2   4.80 
  
 KRC16   06483  58407   195     75   130    45    25   27     2   8.14 
  
 KRC17   06521  58382   196     75   130    45    23   25     2   4.47 
 KRC17                                            65   67     2   1.83 
  
 KRC18   06560  58351   198     75   130    45    68   70     2   4.24 
  
 KRC19   06739  58587   140     64   140    50     1   22    21   3.96 
 KRC19                                       incl  1    8     7   3.84 
 KRC19                                       incl 16   22     6   8.72 
  
 KRC19                                            36   38     2   4.34 
 KRC19                                            54   56     2   2.67 
  
 KRC20   06736  58587   140     52   320    60     0    6     6   8.70 
 KRC20                                       incl  0    2     2   4.40 
 KRC20                                             2    4     2  12.00 
 KRC20                                             4    6     2   9.70 
  
 KRC21   06825  57916   191     75   127    45    31   33     2   2.83 
 KRC21                                            51   53     2  18.25 
  
 KRC23   06917  57862   186     75   127    45    41   43     2   3.26 
 KRC23                                            53   55     2   1.44 
  
 KRC24   06964  57836   185     75   127    45     5    7     2   1.15 
 KRC24                                            21   23     2   1.52 
 KRC24                                            39   41     2   9.59 
  
 KRC25   07014  57826   181     75   127    45     0    1     1   1.02 
 KRC25                                            15   17     2   5.31 
 KRC25                                            23   25     2   1.10 
  
 KRC26   07056  57796   175     75   127    45    37   41     4   2.23 
 KRC26                                       incl 37   39     2   2.44 
 KRC26                                            39   41     2   2.01 
  
 KRC27   07120  57788   176     75   127    45     0    1     1   1.73 
 KRC27                                             7    9     2   2.44 
 KRC27                                             9   11     2   1.10 
  
 KRC28   07183  57737   175     75   127    45     0    1     1   0.99 
 KRC28                                             1    3     2   0.86 
 KRC28                                            49   51     2   1.13 
  
 KRC29   07228  57706   173      5   127    45     1    5     4   1.20 
 KRC29                                       incl  1    3     2   1.10 
 KRC29                                             3    5     2   1.29 
  
 KRC30   07269  57688   165     10   127    60     0    2     2   0.94 
  
 KRC34   07239  57717   173     30   127    45    10   14     4   2.14 
 KRC34                                       incl 10   12     2   1.60 
 KRC34                                            12   14     2   2.69 
  
 KRC35   06741  58589   140     90   320    60     2    4     2   1.57 
 KRC35                                            66   68     2   2.24 
  
 KRC36   07256  57723   172    123   127    45    71   75     4   2.82 
 KRC36                                       incl 71   73     2   2.57 
 KRC36                                            73   75     2   3.07 
  
 

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Moydow Mines International Inc
Michael Power
Vice President, Corporate Development
[phone]
www.moydow.com