October 30, 2003

News Release: $20 Million Financing

DESERT SUN MINING CORP. announced that it has entered into an agreement with a syndicate of underwriters led by Sprott Securities Inc. and including Griffiths McBurney & Partners, and CIBC World Markets Inc., pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 8,823,530 units at a price of $1.70 per unit for aggregate gross proceeds of $15,000,001. The underwriters have the option to purchase an additional 2,941,177 units at the issue price for additional gross proceeds to Desert Sun of $5,000,000 at any time prior to the closing of the offering. Each unit will consist of one common share and one-half of one common share purchase warrant of Desert Sun. Each whole warrant will be exercisable at a price of $2.50 for a period of five years following the closing of the offering. Proceeds from the offering will be used to fund the development of the Jacobina project in Brazil and for working capital purposes. Desert Sun anticipates filing a preliminary short form prospectus with the securities regulatory authorities in each of the provinces of Canada by November 3, 2003. The offering is subject to normal regulatory approvals. It is anticipated that closing of the offering will occur on or about November 20, 2003.

Desert Sun Mining is a Canadian gold exploration and development company listed on the Toronto Stock Exchange (www.desertsunmining.com).

Statements in this release that are not historical facts are 'forward-looking statements'within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these 'forward-looking statements'.

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CONTACT: TEL: 416-861-5881 Desert Sun Mining Corp, John Carlesso

TEL: 866-477-0077

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