Location
The North Ashanti Project lies in the south-central part of Ghana, West Africa approximately 200 kilometres northwest of Accra. (Figure 1). The vicinity of the North Ashanti Project area can be reached by paved highway, which connects the capital of Accra to Kumasi. Gravel and dirt roads traverse throughout the North Ashanti Project area and a network of footpaths allows for easy access to a vast portion of the project

The North Ashanti Project is strategically situated on the prolific Ashanti Trend and is surrounded by three gold mines. The Konongo Mine adjoins its northern border, the Anglo/Ashanti Goldfields, ± 40 million ounce Obuasi Mine is located approximately 50 kilometres to the southwest and Newmont Mining's Akyem Mine (± 8 million oz )scheduled for production in 2008 is just 25Km to the southeast.

Project Ownership/Status
AMI through it's operating subsidiary, Norcan Mining Corp., owns 100% of the North Ashanti Project subject to a 10% carried interest by the Ghanaian Government. This project consists of two Government granted prospecting licenses one being the Beposo concession and the other being the Anuoro Praso concession. (Figure 2) These contiguous licenses, cover approximately 166 square kilometres, and over 15 kilometres of identified gold anomalies between the Obuasi Mine and the Konongo Mine.

EXPLORATION WORK TO DATE

BEPOSO LICENSE
1990-96 Exploration
Prior to AMI's involvement in 1996 the Property was explored by a US based company mainly looking for the placer potential.

Phase I 1996
During 1996 the Company's exploration programs included:

1. the purchase and evaluation of a non-proprietary fixed-wing airborne radiometric and magnetic survey and satellite imagery.
2. establishing a grid with an initial line spacing of 400 metres and later filling in selected areas to 200 metres.
3. a soil-sampling program on a 50-metre spacing on the 400-metre grid.
4. geological mapping on the grid.
5. a ground geophysical survey consisting of VLF-EM and magnetometre.
6. a follow-up soil-sampling program on 200 metres lines still at 50 metre spacing over selected areas.
7. a further follow-up of the soil geochemistry results in some areas by power augur drilling.

The 1996-97 soil geochemical work produced several anomalous areas with the most significant being the Beposo anomaly located in the southwest area of the Beposo Concession.

Phase II 1997
A program on the Beposo concession consisting of 9 diamond drill holes (1935 metres) and 7 trenches (505 metres) was completed to investigate a large gold, with coincidental arsenic, soil geochemical anomaly located in 1996.

The drilling produced 5 holes with intersections of 1 g/t Au or greater over 1 metre or more. One of these holes (97ADDD007) intersected 122 metres of mineralization from 48.0 to 170.0 metres which averaged 1.65 g/t Au, including a section which averaged 2.76 g/t Au over 49.1 metres between 48.0 and 97.1 metres. Individual sample values within this intercept ran as high as 9.23 g/t Au over 1 metre and 7.45 g/t Au over 1.5 metres. The gold was found to be associated with arsenopyrite. It was concluded that similar mineralization should continue to the south.

Significant intercepts from this drill program:

Hole	Metres	Feet	Aug/t
97ADDD001	1.5	5	3.15
	3	9.9	3.38
97ADDD007	122	402.6	1.65
including	49.1	162	2.76
97ADDD009	4.5	14.9	1.58
	6	19.8	1.32

The trenching revealed the presence of overburden consisting of fluvial material scattered over much of the Property. This has the effect of masking any gold values occurring in the bedrock and could give misleading anomalous readings at surface. Consequently, many of the soil anomalies on the Property do not reflect values in the bedrock. Two trenches, however, did appear to have gold values corresponding to bedrock.

Phase III 2000
A program of reverse circulation drilling (RC) was set up as a means of determining the strike of and extensions through the impressive gold mineralization discovered in diamond drill hole 97ADDD007.

Four holes were completed (427 metres). The mineralized zone discovered in 97ADDD007 was expanded by all four RC holes. The RC drilling also confirmed that the zone dips westerly. 00ADRC010 shows the zone to be thinner and lower grade than 97ADDD007, but it shows a good correlation on plan views. Unfortunately, the hole ended in mineralization and will require diamond-drilling techniques to deepen it through the water table. The entire hole has anomalous values throughout, both in gold and arsenic.

The arsenic values from all the holes were plotted as a histogram. Any values greater than 200 ppm are considered anomalous. The arsenic values mirror gold values for the most part but there are some isolated values outside the gold zone.

The reverse circulation drilling has defined the mineralized zone or zones with only four holes. Widths and grades were lower than expected but are certainly considered to represent an extremely encouraging result. The mineralized intervals, although somewhat erratic, show several potentially economic intersections and considerable potential remains within the areas of known mineralization and along strike.

Significant intercepts from this drill program:

Hole	Metres	Feet	Aug/t
00ADRC010	6	19.8	1.20
00ADRC011	7	23.1	1.32
00ADRC012	5	16.5	1.58
	2	6.6	2.23
	3	9.9	1.59
00ADRC013	4	13.2	1.23

Phase IV November 2001
Prior to the drilling of six additional reverse circulation holes an orientation program consisting of line cutting, geological traverses and three geochemical (channel sampling, rock chip sampling and soil sampling) surveys were completed. These surveys were designed to follow-up and confirm the existence - along strike - of southern extensions to the gold mineralization discovered previously and drill tested in the 1997 and 2000 drilling campaigns.

A reverse circulation program was undertaken to test the southern strike extension to mineralization discovered from previous drilling. A total of 555.5 m of drilling was completed in six holes.

The completed exploration campaign of RC drilling, geochemical surveys, geological traverses and sampling of old workings has demonstrated and confirmed that the gold mineralization outlined previously extends for at least a further 1000 m southward.

Significant intercepts from this drill program:

Hole	Metres	Feet	Aug/t
01ADRC014	6	19.8	1.21
01ADRC015	12	39.6	1.50
01ADRC019	2	6.6	2.66

Phase V February 2002
This program was designed to test for gold mineralization in three separate areas:

1. North - strike extension of known mineralization confirmed in 1997 and 2000 and also to ascertain dips for the mineralization.
2. Pit - down dip extension of the highest-grade (31.66 g/t Au) discovered in a pit during the Phase III program.
3. South - drill testing for parallel structures to those hosting gold mineralization located during the 2001 - Phase III program.

Significant intercepts from this drill program:

Hole	Metres	Feet	Aug/t
02ADRC020	4	13.2	1.35
	4	13.2	1.71
02ADRC021	3	9.9	1.63
	2	6.6	1.38
02ADRC023	4	13.2	2.25
02ADRC024	8	26.4	3.17
	6	19.8	1.32
02ADRC025	3	9.9	1.33
02ADRC027	40	132	3.61

April 2002
Prior to initiating the next drill program (Phase VI) which is designed to better define the 40 metres of 3.61 g/t Au intersected in hole 02ADRC027, we decided to dig three trenches. These trenches were dug in an attempt to intersect the up-dip mineralization found in the drill hole and therefore assist in the location of new holes.

The trenches were dug to a three metre depth and sampled in two metre composites horizontally along the base of the trench at approximately 2.8 metres; 1.5 metres from surface on the road cut.

All samples returned values below 0.2 ppm Au which was disappointing and difficult to explain. Two interpretations for this exist; if 02ADRC027 was plotted correctly then it is possible that the mineralization does not extend to surface or that the flat dips seen in the trench projects the hole intersection beyond the east end of the trench.

Phase VI June 2002
This stage of exploration included hand digging thirty nine (39) pits and three (3) trenches followed by drilling four (4) holes, two (2) combination RC & diamond core holes and two (2) RC holes.

Three of the four holes were collared at the shaft area to test the down dip extension and strike direction of the mineralization found there (one rock sample @ 31.66 g/t Au). The fourth hole was drilled to cut the mineralization extension to the north along strike.

Significant intercepts from this drill program:

Hole	Metres	Feet	Aug/t
02ADRD029	7	23.1	2.92
02ADRD030	16	52.8	1.23
02ADRC031	13	42.9	2.04
02ADRC032	8	26.4	1.30

Phase VII 2003/2004
This program of 7 reverse circulation drill holes was designed to follow-up on trench results from Trench 10050 North (6 metres of 1.34 g/t Au) and Trench 10100 North (15 metres of 12.11 Au) and to partially in fill the area between 02ADRC027 (40 metres of 3.61 g/t Au) and 97ADDD007 (49.1 metres of 2.76 g/t Au), which had not been previously drill tested. Holes 03ADRC033 thru 03ADRC035 were drilled in the area of the above mentioned trenches and holes 03ADRC036 through 03ADRC039 were drilled at approximately 100 m spacing beginning at line 10200 North and ending on line 10400 North.

This data was added to surface plans to show a 1.25 kilometre proven strike length, between Line 9600 South to Line 10950 North, of a continuously mineralized zone and displays the exploration potential to the north, south and at depth.

Significant intercepts from this drill program:

Hole	Metres	Feet	Aug/t
03ADRC033	6	19.8	5.75
	8	26.4	3.23
	10	33	1.89
03ADRC034	20	66	3.55
	5	16.5	3.05
03ADRC035	5	16.5	3.05
	3	9.9	1.27
03ADRC037	17	56.1	1.69
03ADRC038	11	36.3	1.47
03ADRC039	5	16.5	1.77

In order to assist in ore modeling, the company also undertook to survey the entire project area to provide accurate cross sections, long section and surface plans. After completion of this survey and compilation of all exploration data to date the company designed an exploration program to extend the 1250 metre proven mineralized zone by extending the baseline a further 2.5 kilometres to the southern boundary and by pitting and trenching to identify drill targets, with the aim of completing an initial resource calculation.

The pitting and trenching program at 50 metre intervals, on section, through the entire strike length of the identified zone confirmed consistent mineralization. This program also produced a clearer understanding of the effect of cross cutting conjugate faults upon the mineralized zone.

Results from a trench at 10400 North returned assays of 2.66 g/t Au over twelve metres (including 3.5 g/t Au over 7 metres) which was similar to the results returned from trench 10100 North.

To define an initial indicated/inferred resource over this mineralized area a 24 hole drill program was undertaken.

Significant intercepts from this drill program:

Hole	Metres	Feet	Aug/t
03ADRC040	5	16.5	2.25
	32	105.6	2.85
03ADRC041	19	62.7	1.89
	31	102.3	2.38
03ADRC042	16	52.8	1.34
03ADRC044	4	13.2	2.6
03ADRC045	6	19.8	1.04
03ADRC046	3	9.9	1.66
	11	36.3	1.57
03ADRC047	6	19.8	2.28
03ADRC048	7	23.1	1.13
03ADRC049	9	29.7	3.75
03ADRC052	6	19.8	1.34
03ADRC054	12	39.6	5.91
03ADRC055	4	13.2	1.06
	5	16.5	1.46
	5	16.5	2.80
03ADRC056	4	13.2	1.62
03ADRC057	8	26.4	1.96
03ADRC059	13	42.9	1.17
	5	16.5	1.46
	4	13.2	1.14
03ADRC060	6	19.8	1.00
03ADRD062	9	29.7	3.27
	3	9.9	1.72
03ADRD063	6	19.8	1.42

Over 7,000 metres of drilling has defined a 122,000 oz indicated/inferred gold resource, which AMI is preparing to release under NI 43-101 guidelines. This resource is based on a 1,000 metre strike length and depth of 75 meters with an average grade of 2 g/t gold. Sixty fave to seventy five percent of this material is estimated to be oxides. Many drill holes returned gold values, such as 17.47 g/t gold over 7.0 metres that included 36.04 grams g/t gold over 2 metres and 38.17 g/t gold over 1.0 metre. The resource is open along strike and to depth.

Also the company undertook a pitting and trenching program over the parallel structure 450 metres to the southeast of the Beposo resource zone. A trench sited over the northern end of this anomaly returned an intersection of 12 metres at 4.73 g/t Au (including 4 metres of 10 g/t) in a package of sheared and silicified graywackes with abundant quartz veining. This geological setting exposed by this trench is identical to that at the Beposo resource zone, with a package of mafic volcanics on the eastern margin of the shear and more phyllitic sediments on the footwall margin. The intense silicification of the shear zone in this trench has resulted in the mineralized zone occurring as an elevated ridge. This anomaly is thought to represent a thrust repetition of the main Beposo zone.

This repetition of parallel zones within the broader "Ashanti Shear' is a common feature in known mining centers such as Obuasi (±40 million oz Au) and Konongo (±1 million oz Au). The discovery of a parallel mineralized shear on the Beposo property is of great significance and further pitting, trenching and drilling programs will be undertaken to test this zone. (Figure 4)

ANUORO (PRASO) LICENSE
The recently acquired Anuoro license covers approximately 129 square kilometres and is contiguous to the Beposo license to the south. An initial first pass 43 hole widely spaced drill programme by the previous owner in 1997 encountered several significant intercepts of high grade gold (including 3 m at 24.7 g/t gold). To better understand the mineralization and further define drill targets AMI initiated a soil geochem program based on 400 metre lines with samples at 50 metre spacing and an 8 kilometre long +50 parts per billion (ppb) gold in soil anomaly was identified with some section over 750 metres wide. Broad high grade zones within the larger anomaly were identified with grades averaging 369 ppb over a width of 250 metres. In preparation for a drill program AMI spent several months tightening down the high grade zones with 200 metre spaced infill lines cut with samples taken every 25 metres. Where high values were encountered, a pitting and trenching program was undertaken.

Results from the trenching program have been very encouraging. Results from the first 150 metre trench returned values of 39.4 g/t gold over 1.3 metres and 5.96 g/t gold over a 10.2 metre section. Other trenches showed elevated intervals within the intrusive including 3.3 metres of 1.16 g/t gold and 11.4 metres of 1.01 g/t gold.

AMI has started an initial 3,000 metre reconnaissance drilling programme to test the mltiple higher grade zones along this 8km long gold in soil anomaly. An average of 70-metre in depth is planned at each pegged location totalling 44 holes with a dip amount of -45 degrees at a Azimuth of 320 degrees. The grogramme should be completed by the end of May with results the first week of June.