Early warning report in respect of BNP Resources Inc.

    SASKATOON, Oct. 16 /CNW/ - Golden Opportunities Fund Inc. (the "Fund")
announces the completion of a private placement (the "Private Placement") in
which the Fund purchased 2,142,857 Class B Preferred Shares of BNP
(Saskatchewan) Resources Inc. ("Preferred Shares"), a subsidiary of BNP
Resources Inc. ("BNP"), at a price of $0.70 per Preferred Share. The Preferred
Shares are exchangeable at any time and at the option of the Fund for Class A
shares of BNP (the "BNP Shares") on a one-for-one basis. As a result of the
Private Placement, the Fund has not obtained ownership and control over any
BNP Shares, however, assuming the exchange of all Preferred Shares obtained by
the Fund for BNP Shares the Fund would obtain ownership and control over
2,142,857 BNP Shares, representing approximately 18.2% of the currently issued
and outstanding BNP Shares. The Private Placement was completed for investment
purposes only and not with the purpose of influencing the control or direction
of BNP.

    Golden Opportunities Fund Inc. is Saskatchewan's first and largest
Provincial Labour-sponsored Venture Capital Fund, having raised over
$105 million to date from over 15,000 shareholders.

    Saskatchewan Financial Services Commission has neither approved nor
    disapproved the information contained herein.

For further information:

For further information: Mr. Grant Kook, CEO/Chairman of Golden
Opportunities Fund Inc. at (306) 652-5557

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Golden Opportunities Fund Inc.

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