Re Gold Joint Venture

RNS Number:4530S
Mano River Resources Inc
25 November 2003


                           MANO RIVER RESOURCES INC.

                                  NEWS RELEASE

25 November 2003
No: 2003/22

TSX Venture Exchange  (Trading Symbol: MNO)
London Stock Exchange - AIM (Trading Symbol: MANA)

       GOLD JOINT VENTURE IN SIERRA LEONE WITH GOLDEN STAR RESOURCES LTD

   *US$6m agreement with West African focussed gold mining company

   *Mano retains option to co-fund through to production to maintain a 49%
    interest


Mano River Resources Inc. ("Mano" or "the Company"), announces that it has
signed a comprehensive Letter of Agreement ("LoA") with Golden Star Resources
("GSR"), which contains all the main terms of a proposed joint venture covering
three licence packages ("the Joint Venture Licences") within the highly
prospective greenstone gold bearing belts in Sierra Leone.

On the subject of the signing of the LoA Mano's co-Chairman, Guy Pas, comments:
"This is a landmark deal for Mano and for Sierra Leone. The country is rapidly
emerging from a sad decade in its history and while Sierra Leone might have
missed out on the previous gold cycle, the GSR/Mano partnership and others will
endeavour to ensure that it sees substantial gold mines emerge from the present
cycle".

About GSR

GSR is a well-funded un-hedged gold producer with an aggressive growth strategy
in West Africa. The Company's major assets are located in Ghana, where it holds
a 90% equity interest in the Bogoso/Prestea open-pit gold mine, a 45% managing
equity interest in the Prestea underground mine and a 90% equity interest in the
Wassa gold project. GSR has gold reserves of 3 million ounces, gold resources of
over 5 million ounces and is forecast to produce 350,000 ounces per year in
2005. Its shares are listed on the TSX (GSC) and AMEX (GSS) markets.

Regarding the LoA Mano's CEO, Dr Tom Elder, comments: "Golden Star are the
perfect partner for Mano. They are mainly West Africa focussed, have a proven
ability to build and operate major gold mines and, like Mano, have an aggressive
growth strategy. In Mano's Sierra Leone gold portfolio, GSR recognises the
potential for the existence of gold mines that will make a significant
contribution to their fast growing production profile. Mano will continue to
deploy its geological skills to operate the exploration programs. Through its
pioneering approach (started in 1996) Mano was able to select what are generally
considered to be three of the country's top gold prospects. Once GSR has earned
its equity interest, Mano has ensured that it will have the option to contribute
pro rata funding to each prospect in order to maintain its 49% interest through
to gold production. Exploration is presently underway at the Yirisen gold
project in the North Pampana licence, which has many characteristics of a
potentially significant gold deposit."

Terms of the LoA

Under the terms of the LoA, GSR can earn a 51% interest in the gold rights of
the licences currently held by Mano through its subsidiary, Golden Leo Resources
Limited, as follows:

 1. *Pampana North, Pampana South Licences (termed hereafter Pampana Licences),
    and

 2. *Sonfon North and Sonfon South Licences (termed hereafter Sonfon Licences),
    and

 3. *Nimini Central and Nimini South Licences (termed hereafter Nimini Licences)

See www.manoriver.com/mano/projects/gold_sl_overview.shtml for the location of
the Joint Venture Licences.

The LoA provides for a 60 day period for due diligence and the completion of the
full Joint Venture Agreement. Under the proposed joint venture, GSR will make an
investment of US$6M over a staged four-year period in order to earn a 51%
interest in the Joint Venture Licences, earning a final equity of up to either
71% or 85% if Mano does not co-fund respectively the Feasibility Study nor mine
development.

The main terms of the LOA are as follows:

            Stage 1 GSR commits to spend a minimum US$1,000,000 by 31
                    December 2004, to earn the right to proceed to Stage 2. Mano
                    will operate an agreed programme during this period. Future
                    stages will thereafter commence on 01 January of each year
                    of the Agreement. No equity earned by GSR. A decision to
                    proceed with the next stage must be made by 31 December
                    2004.

                    Mano will immediately start mobilizing a portable drill to
                    its previously selected drill targets on the Yirisen
                    property, and plans are to be drill ready by year end.

            Stage 2 GSR spends up to US$1,750,000 on the projects by 31
                    December 2005, with Mano operating an agreed programme. No
                    equity earned by GSR. A decision to proceed with the next
                    stage must be made by 31 December 2005.

            Stage 3 GSR spends a further US$2,500,000 on the projects
                    and may elect to manage and operate at the beginning of this
                    stage. The expenditure must be met by 31st December 2006.

                    Upon completion of this stage GSR will have earned a 51%
                    equity in the Nimini and Sonfon Licences, subject to having
                    expended a minimum of US$2M and US$1.5M respectively on
                    these two projects.

            Stage 4 GSR may spend a further US$750,000 on the Pampana
                    Licences by 31 December 2007 to earn a 51% interest. A
                    decision to proceed with this stage must be made by 31
                    December 2006.

                    At the end of this stage GSR will have earned a 51% interest
                    in the Pampana Licences.

Within 120 days of completing Stage 3 in the case of the Nimini and Sonfon
Licences, and Stage 4 in the case of the Pampana Licences, GSR may elect to
proceed to a Feasibility Study (FS) for any or all of the projects. Mano has the
right to elect to contribute pro-rata to the FS to retain its 49% equity. If it
decides not to do so, GSR may sole-fund the FS to earn a further 14% interest,
thereby taking its equity to 65%.

Upon completion of a positive FS on any or all of the projects GSR may elect to
proceed to mine development. Mano has the right to contribute pro-rata to any
mine development to retain its 49% equity or dilute to either a 15% or 29% free
carried interest depending on its earlier elections to co-fund the feasibility
study and mine construction, GSR thereby advancing to a 71% or 85% equity
depending on elections made. In either case, Mano will retain a 2% Net Smelter
Return (NSR) royalty on production in excess of the first 1M oz of gold from
each project.

The proposed Joint Venture Agreement remains subject to regulatory approval and
definitive documentation.

Pampana Licences

The Pampana Licences are located 150km east of Sierra Leone's capital, Freetown,
targeting crustal-scale gold mineralised shear zones across 140km2 of the
southern end of the Sula Mountains greenstone gold belt. The EPLs include
stretches of the Pampana River, one of Sierra Leone's richest alluvial gold
mining systems.

The EPLs include the Yirisen gold project (the word Yir-i-Sen means
"river-of-gold" in the native language), which is a 3.75km long north east
trending gold system, open along strike, with the zone of mineralization
reaching up to 200m wide as defined by a combination of mapped sites of in situ
mineralization, artisanal workings, United Nations funded trenching and soil
geochemical anomalies (see www.manoriver.com/mano/projects/gold_sl_pampana.shtml
). As previously announced, historic work at Yirisen returned a best trench
intersect of 6.4m@23g/t Au (see www.manoriver.com/mano/investor/nr/
nr0318_11sep.pdf).

Sonfon Licences

The Sonfon South EPL and Sonfon North Exploration licence (EXPL) are located
175km north east of Freetown and are the subject of an existing Heads of
Agreement between Mano and Golden Prospect Plc (AIM:GOL). The two contiguous
licences total 256km2 across the northern end of the Sula Mountains greenstone
gold belt. The Sonfon district is one of Sierra Leone's richest and most
prolific historic gold fields (see www.manoriver.com/properties/
sl_lakesonfon.html).

As previously announced (see www.manoriver.com/mano/investor/nr/nr0305_17feb.pdf
) work on the Sonfon licences by Mano has defined a 3km long by 0.3km wide gold
anomaly and identified drill targets within a high grade gold-bearing stockwork
vein system beneath the anomaly, with a best trench intersect of 7.3m@7.4g/t.

Nimini Licences

The Nimini licences are located 250km east of Freetown. The contiguous Nimini
Central and Nimini South EPLs cover 117km2 of the Nimini Hills and target a zone
of major shearing and folding coincident with gold mineralization, first
discovered in the area in the 1930s. Artisanal alluvial gold mining continues to
the present day in the licence areas. The western part of the Nimini Central EPL
contains part of the Komahun primary gold deposit (drill intersect of 4.9m@7.8 g
/t and trench of 1.98m@70g/t) and its north-easterly extension.

About Mano's steadfast MRU focus

Mano is focused on the discovery of world-class gold and diamond deposits in the
Archaean terrain of the highly prospective, under-explored, West African Mano
River Union (MRU) countries of Sierra Leone, Liberia and Guinea. Mano considers
the region has the potential to develop into a world class gold province,
possibly similar in scale and productivity to the Lake Victoria greenstone
goldfields in Tanzania. The Company has close to one million ounces of gold in
resource, with three projects drilled to date in Liberia, the present joint
venture in Sierra Leone with GSR, and a project with a small gold resource in
Guinea. Mano also has a cluster of diamondiferous kimberlite pipes in Liberia
under joint venture with Trans Hex Group and a number of highly attractive early
stage diamond and gold targets in Sierra Leone and Liberia. Management has a
strong technical background, a thorough knowledge of the political and economic
structures of West Africa and a successful track record. With increasing market
recognition of the recent positive evolution in the regional political and
economic landscape, Mano is starting to capitalise on its position as the
pre-eminent gold and diamond explorer in the sub-region, offering a balanced
portfolio with significant value added during the past down-cycle.

On behalf of the Board of Mano River Resources Inc.
Tom Elder
President and CEO

For further information on Mano River Resources and its exploration programme,
you are invited to visit the Company's website at www.manoriver.com or contact
one of the following:

    Tom Elder              President and CEO             UK [phone]
    Guy Pas                Co-Chairman          Switzerland [phone]
    Anthony Rhatigan       Co-Chairman              Mobile [phone]
    Raz Hussein            Controller               Canada [phone]
    Dru Edmonstone         Seymour Pierce               UK [phone]
    Gary Middleton         Capital PR                   UK [phone]

 The TSX Venture Exchange has not reviewed and does not take responsibility for
                    the adequacy or accuracy of this release




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