Birim Goldfields Inc. Update.

MONTREAL--(BUSINESS WIRE)--Nov. 10, 1999--

BIRIM(TSE:BGI.)

Birim Goldfields Inc. wishes to report to shareholders that the agreement with Ashanti Goldfields Company Limited (ASL:NYSE; AHD.U:TSE) as announced on September 23 is in the final stages of execution and is expected to close by the end of November.

As previously disclosed, terms of the agreement with Ashanti include a capital injection of US$1,500,000 upon formal signing plus an advanced royalty payment, the amount of which will be based on the number of recoverable ounces outlined in a feasibility study to be completed within about six months.

The transaction with Ashanti involves the purchase of the mineral rights to a 40 sq.km. area of the Dunkwa property, located along the Ashanti Gold Belt in Ghana, which includes the Mampon deposit, Birim's most advanced project.

Of the independently calculated Mampon resource of 600,000 ounces, Birim management believes that a total of approximately 175,000 ounces grading 5.0 g/t gold can be extracted by means of an open cast operation.

Upon completing this transaction, Birim will still hold title to a 190 sq.km. area of the Dunkwa property, along with the entire 7,000 sq.km. Bui belt concessions as well as the Akrokeri property. The latter is presently farmed out to a subsidiary of Australia-based Dominion Mining Limited.

Once the deal with Ashanti is completed, Birim plans to apply the proceeds to test several drill-ready targets elsewhere on the Dunkwa property along with other extensive drill-ready targets at Bui.

Birim Goldfields Inc. is a mining exploration firm whose mission is to explore and develop gold deposits in Ghana, West Africa. The Company currently has 21.2 million common shares outstanding.