Cardinal Acquires Option to Purchase Bates-Hunter Gold Mine in Central City, CO; Central City Area Known Historically as the ``Richest Square Mile on Earth''.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--Jan. 26, 2004

Cardinal Minerals Inc. (OTCBB:CDIN) is pleased to announce that it has acquired an assignment of an option to purchase all of the outstanding issued and common shares of Hunter Gold Mining Corp., a Canadian corporation, which through its wholly owned US subsidiary, Hunter Gold Mining Inc., owns a 100% interest in the Bates-Hunter Gold Mine and the Golden Gilpin Mill (the "Properties") located in Central City, Colorado.

The Central City District is the oldest mining camp in Colorado. For a period of 40 years, this district was one of the most productive and best known gold mining areas in North America. Since 1859, more than 4 million ounces of gold have been mined from this district with over 25% of this production coming from the area immediately surrounding the Bates-Hunter Gold Mine. On May 6, 1859, the "Gregory lode" was discovered, the first pan yielding $4.00. The out-crop of the lodes were plain and strong, and other discoveries followed in quick succession. The Bates was located on May 15, 1859 (the second lode discovery in the State) and is now part of the holdings of the Bates-Hunter Mine.

Cardinal management and directors have reviewed a preliminary assessment report on the Bates-Hunter project prepared by Glenn O'Gorman, P. Eng., a practicing mining engineer and miner since 1974. Mr. O'Gorman's report, dated January 15, 2004, included a geological report (March, 1997) prepared by Stephen Tedesco, Geologist, which detailed and mapped the nine principle gold-bearing veins underlying the Bates-Hunter property. As a result of its due diligence, Cardinal executed an Assignment of Option to Purchase Agreement with Mr. Ken Swaisland, a major stockholder of Cardinal and optionor of the Properties under the following terms and conditions: in return for the assignment, Mr. Swaisland is to receive $30,000 on signing of the Assignment and, conditional upon closing of the Properties acquisition, a 2% net smelter return royalty and 2,000,000 share purchase warrants at a price equal to the 10-day trading average immediately prior to the formal closing of the Properties acquisition.

Under the terms of the assigned option, Cardinal has until July 31, 2004, to complete its due diligence and close on the acquisition of the Properties by way of a payment of $3,000,000 plus the payment of a one percent net smelter return royalty payable to Goldrush Casino and Mining Corporation to a maximum of $1,500,000.

Cardinal is now exploring various financing options in order to fund the Phase 1 exploration program recommended by Mr. O'Gorman. This includes:

"Dewater and rehabilitate the shaft and levels and conduct underground sampling and surface diamond drilling to establish confidence that sufficient reserves can be found to justify the property purchase. Concurrent with these activities, investigations should be undertaken to source a suitable processing plant and mining equipment.... The costs associated with this are estimated to be in the $700,000 range, excluding corporate overhead charges. Uncertainties with dewatering old workings such as these needs to be recognized in that the dewatering process could take as long as 6 months or more and an allowance should be made for funding for this possibility."

After review of historical and current reports and assessments, Cardinal management believes the Bates-Hunter Mine represents a unique mining development opportunity. The strong vertical continuity of the veins and ore shoots in the Central City Mining District suggests that the Bates, German, McAllister and Leavitt veins systems, all of which are part of the Bates-Hunter Mine, should continue to extend significantly downward beyond their current 500- to 800-foot maximum development depth. Other mines in the area have reached depths in excess of 2,200 feet and were still in ore at the time of closure. G.S. R. Goldsearch Resources Inc. drilled two reverse circulation holes in 1990. One of the holes did not reach the Bates vein. The second drill hole intersected the Bates vein 200 feet below the lowest workings and returned values averaging .48 ounces gold per ton and .45% copper over a drill length of 10 feet.

Additionally, and of critical importance, the Bates-Hunter mine and the Golden Gilpin Mill are covered by Mining Permit M-1990-41, which is in good standing and transferable. A water discharge permit is also active through July 31, 2007. Cardinal believes that these permits represent a distinct economic and operating advantage.

On December 29, 2003, at the annual meeting of shareholders, the stockholders approved a 1:3 reverse split (for every 3 shares currently outstanding each stockholder would retain 1 share) of all its issued and outstanding shares of common stock as of January 16, 2004. Following the effective date of the reverse split, Cardinal had 21,316,952 shares of common stock issued and outstanding. Concurrent with the reverse split, the Corporation completed a name change from Sun Power Corporation to Cardinal Minerals Inc. and the OTCBB ticker symbol changed to "CDIN." The officers and directors of Cardinal remain as before.

This press release is provided for information purposes only and is not intended to constitute an offer to sell or a solicitation of an offer to buy securities. The information contained herein is primarily based on historical reference materials and current independent geological and mining engineering reviews and assessments related to Cardinal's proposed acquisition of the Bates-Hunter Gold Mine. The Company and its management do not take responsibility for the adequacy, accuracy or completeness of the information contained herein. Assumptions contained herein involve risks and uncertainties, including, but not limited to, Cardinal Minerals Inc.'s ability to complete on the acquisition of the mine, future financial and operational results, competition, general economic conditions and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. The Company has no obligation to revise or update the statements made herein to reflect current events or circumstances or the occurrence of unanticipated events. Readers are urged to scrutinize the Company's public filings with the SEC in this regard. The common shares of the Company are registered pursuant to the United States Securities Act of 1934. The United States Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only confirmed mineral resources based upon comprehensive evaluation of unit cost, grade, recoveries and other factors that concludes economic feasibility of minerals that can be economically produced. Certain terms used in this press release such as resources are strictly prohibited in filings with the SEC.

Any reserves or suggestion of reserves as reported herein have come from data prepared by others and have not been confirmed by Cardinal as conforming to SEC Industry Guide 7.