Mr. Glen Parsons reports

AWALE RESOURCES -- PROPOSED FINANCING

Subject to regulatory approval, Awale Resources Ltd. intends to complete a non-brokered private placement of up to 33,333,333 units at a price of six cents per unit for gross proceeds of up to $2-million. Each unit will consist of one common share and one-half share purchase warrant. Each whole share purchase warrant will be exercisable at a price of 12 cents to purchase a common share of the company until 24 months from issuance. The gross proceeds of the private placement will be used to finance further development at the company's Odienne and Bondoukou projects in Ivory Coast and for general working capital.

The company may pay a finders fee's in cash, shares, share purchase warrants or a combination thereof, as permitted by regulators, on a portion of the private placement. The final details of which are not known at this time.