Tom Mair, President and CEO, said, "We are pleased to report that the Bogoso sulfide processing plant is making progress. The flotation circuit is achieving the float recovery expected for transitional ore and by the end of the quarter the sulfide plant had 11 of 14 bio-oxidation tanks operational compared with 8 tanks at the beginning of the quarter. By mid April 2008, we put an additional two bio-oxidation tanks into service bringing the total to 13 of 14 in service. To further enhance oxidation, the new regrind mill was commissioned during the quarter. As mining progresses to deeper levels, we expect to access fresh sulfide ore which testwork indicates should yield higher flotation recovery and consequently higher overall recovery.

"The Wassa mine continued to deliver according to expectations and the operating team is working diligently to prepare the plant for the high grade Benso ore that we expect to be mined beginning in the third quarter. Construction of the haul road from Benso is progressing well, and we expect the project to be on time and on budget. We are proud of the results to date from Wassa and believe its future will be even brighter."

FIRST QUARTER 2008 RESULTS AND HIGHLIGHTS

-- Positive mine operating margin of $4.1 million or $0.017 per share;

-- Net loss of $3.9 million, or a loss of $0.017 per share;

-- Increase in gold revenues of 78% to $53.2 million compared to the first quarter of 2007;

-- Gold sales of 57,427 ounces from Bogoso/Prestea and Wassa, up 25% from the first quarter of 2007;

-- Average realized gold price of $926 per ounce, up 42% from the first quarter of 2007; and

-- Average cash operating cost of $624 per ounce compared to $535 per ounce for the first quarter of 2007.