Navasota to Acquire Missamana/Gueliban Gold Project in Guinea, West Africa


Navasota Resources Ltd. (NAV:TSX-V) is pleased to announce that it has signed a Letter of Agreement with Mano River Resources Inc. (Mano), to acquire up to a 60% interest in the Missamana and Gueliban gold properties in Guinea, West Africa.

The properties cover 498 square kilometres of highly prospective Proterozoic Birimian Terrane, which hosts the majority of the large gold mines in West Africa. The property is centred 30 km east of Kankan, a major regional centre in Guinea and 700 km east of Conakry, the capital city of Guinea.

The Missamana prospect was the focus of mining activity for thousands of artisanal miners in the late 1980s, following the discovery of gold-bearing quartz veins close to surface. Recent exploration at Missamana and Gueliban by Mano during 1996 and 1997 under the supervision of independent technical consultants ACA Howe International, included soil geochemistry, trenching, airborne geophysics, and 4,000 metres of reverse-circulation drilling. Most of the trenching and drilling were completed on the Missamana Prospect, and forms the basis for an indicated resource of 1,063,400 tonnes grading 1.77 grams per tonnes gold equating to 60,520 ounces.

Other prospective target areas include the Brouni and Kerkour zones on the Missamana permit and the Madou, Diamona, and Gueliban East zones on the Gueliban Permit. Target areas have been defined by the presence of artisanal workings, anomalous soil geochemistry, and airborne magnetic and radiometric highs.

Guinea, West Africa

The Republic of Guinea is a stable French speaking democracy that hosts the world's largest bauxite resources and is the world's second largest bauxite producer. It presently supplies the US with 40% of its bauxite needs. Alcan Inc., Alcoa Inc., and Noranda Inc. all have significant investments in the country. In May 2004 Alcoa and Alcan signed a memorandum of understanding to conduct a feasibility study into a 1.5 million tonnes per annum alumina refinery in Guinea. Alcoa and Alcan together are 51% owners of Compagnie des Bauxites de Guinee (CBG) that currently mines bauxite for export in the Boke region of the country. The Government of the Republic of Guinea holds the remaining 49% of CBG.

Rio Tinto signed a letter of intent in 1997 to undertake evaluation and drilling of known iron ore deposits at Simandou with an estimated resource of over 1,200 million tonnes averaging 65% Fe, capable of supporting a 40 million tonne per year operation. EuroNimba (comprising Normandy La Source, BHP-Billiton and Sumitomo) are investigating the possibility of mining the Mount Nimba iron ores, with estimated reserves exceeding 800 million tonnes at an average grade of 67% Fe for a 20 million tonne per year operation, costing US$300 million to develop.

Gold is an important commodity in Guinea with production increasing rapidly; Guinea's two main gold producers are AngloGold Ashanti's Siguiri mine, and Guinor's Lero mine. A third producer, TSE-listed Semafo Inc., began production in 2002 from the Kiniero mine. All three are located within the favourable Birimian volcanic/sedimentary formations that host many of West Africa's significant gold deposits.

AngloGold Ashanti's Siguiri gold mine, located 800 km from the capital city of Conakry in the northeast of Guinea produced 252,795 ounces of gold in 2003. As of December 31, 2003, the mine had reserves of 1.9 million ounces gold grading 1.2 g Au/t and indicated and inferred resources of a further 3.1 and 1.2 million ounces respectively.

Guinor Gold Corporation's Lero Mine, located 150 km west of Siguiri Mine, produced 92,733 ounces of gold in 2003. An aggressive exploration program is investigating the feasibility of expanding production to 350,000 ounces per annum. Resources are stated at 54 million tonnes grading 1.6 g Au/t, or 2.7 million contained ounces as of March 31, 2004.

Semafo's Kiniero Mine (previously known as Jean-Gobele) is located in central Guinea about 650 km east of Conakry. Kiniero was officially opened in April of 2002 at a budgeted cost of US $12.4 million. Production in 2003 totalled 46,728 ounces of gold at a cash cost of $232 per ounce. Resources were updated in 2003 to 5,070,300 tonnes grading 3.12 g Au/t, or 508,900 contained ounces.

Navasota's Missamana and Gueliban Properties are located 90 km east of Semafo's Kiniero Mine, 140 km south of AngloGold Ashanti's Siguiri Mine, and 100 km southeast of Cassidy Gold Corp's Kouroussa Project.

Principal Terms of the Missamana/Gueliban Property Letter of Agreement

Pursuant to a Letter of Agreement between Navasota and Mano, Navasota may earn an initial 51% interest in the properties by:

-spending US$125,000 over the first 12 months which Mano will match (Phase 1).

-spending US$1,375,000 over a 24 months period following the completion of Phase 1 (Phase 2).

Navasota may, at its option, acquire a further 9% by:

-spending a further UD$500,000 over a 12 month period following the completion of Phase 2 (Phase 3).

Navasota shall be the operator of the Phase 1 and Phase 2 programs.

On behalf of the Board of Directors

Navasota Resources Ltd.

Signed

Christopher J. Wild, P.Eng., President

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CONTACT INFORMATION
FOR FURTHER INFORMATION PLEASE CONTACT:
Navasota Resources Ltd.
Christopher J. Wild, P.Eng.
President
(250) 374-7377 or Toll Free: 1-888-988-9222
(250) 374-9296 (FAX)
Email: info@navasota.com
Website: www.navasota.com

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