February 6, 2003

News Release: Recent Drill Results of 32.3 Grams per Tonne Gold

Gammon Lake Resources Inc. is pleased to release new drill results from its 100% owned Ocampo project area. Drilling continues on a 25,000 meter program with 4 drill rigs running seven days a week, 24 hours per day. The results to date continue to prove the presence of high-grade mineralization well below the limit of historic mining and in areas not previously mined where high-grade ore has been discovered, such as just released hole OGDH-13 grading 32.3 g/t gold and 800 g/t silver over 1.5 meters. This hole is located down dip of drill hole OGDH-184, which intersects 7.62 meters of 18.96 g/t of gold and 408 g/t silver. The drilling to date has shown that the zones occur within much larger structures showing good continuity of high-grade ore. This news release introduces 3-D views of two of these ore zones located in the Aventurero and San Juan exploration targets respectively.

'To view two cross sections of these high grade zones, please visit: http://www.gammonlake.com/pr/04-2003/'

    Newly reported continuing drill results


    Target                Hole           From     To   Interval  Gold Silver
                                         (m)      (m)     (m)    (g/t) (g/t)


    Upper Aventurero      OGDH-12       192.8    195.8    3.0     3.4    67


    Aventurero            And           255.8    266.3   10.5     1.0     5


    Balvanera             OGDH-13       123.3    124.8    1.5     2.4   141
    Upper Aventurero      OGDH-13       150.3    153.3    3.0     4.9    18


                          OGDH-13       223.8    226.8    3.0     8.5   123


    Aventurero            And           234.3    238.8    4.5    19.9   580


                          Includes      235.8    237.3    1.5    32.3   800


    Lower Aventurero      OGDH-13       279.3    280.8    1.5     3.8    78


    Aventurero
    South/Resurreccion    OGDH-14/15/16         Below Cut Off Grade


    Upper Aventurero      OGDH-17       132.3    135.3    3.0     6.7    62


                          Includes      135.3    136.8    1.5    8.81    64


    Maria                 OGDH-17       216.3    223.8    7.5     5.6    60


                          Includes      217.8    219.3    1.5     8.2   139


                          Includes      220.8    222.3    1.5    10.4    55


    Aventurero/JM/Maria   OGDH-18/19/20/21      Below Cut Off Grade


    Maria                 OGDH-22       223.5      225    1.5     9.7    19


                          And             228    229.5    1.5     2.6    90


    Aventurero            OGDH-23       130.5      132    1.5     9.9   534


    San Juan              OGDH-24       280.5      282    1.5     2.9   268


                          And           289.5      291    1.5     6.1    31

Expanding Underground Exploration of Gammon's 100% Owned Ground While Continuing Intensive Drill Program From Surface.

Results to date have been so successful that the Company is adding an underground development and exploration phase while continuing its intensive drilling from surface. The underground program will include the construction of 2.5 kms of ramps and tunnels to access the San Juan, Aventurero, Balvanera and Brenda Mine area. The opening of ramps and tunnels will allow the Company to access high-grade zones for underground drilling directly in these zones. This will better define the high-grade zones and extend the depth capacity that Gammon is able to reach by completing down dip drilling from underground drill stations. The underground development will be positioned several hundred meters below previously drill indicated high-grade gold/silver resources.

The new underground development and exploration program is illustrated in a 3-D diagram which shows positioning of proposed ramps and tunnels in relation to intersecting high-grade zones discovered by drilling from surface. 'To view the 3-D diagrams, please visit: http://www.gammonlake.com/pr/04-2003/

The Company also believes that the underground exploration program will facilitate the discovery of hidden high-grade structures with little or no surface expression.

In addition to better defining a large high-grade underground resource, Gammon Lake will be in a position to start extraction of the ore after infill drilling has been completed from underground drill stations. The access ramps will be constructed 4 meters wide by 4.5 meters high to facilitate the mining and extraction of ore from a future large-scale underground operation. As an added benefit, the Company believes that developing these ramps while still in exploration will act to significantly reduce the capital required for mine development in the operating stage of the project.

Based on underground mining and processing costs of US$33 per tonne, seventy-one percent (71%) of the drill intercepts to date have been above cut-off grade and averaged 7.5 grams per tonne gold and 320 grams per tonne silver.

Greatly expanded drilling and exploration program for 2003

With the addition of the large underground program the Company expects to expand 2003 drill programs considerably beyond the current stated target of 25,000 meters of drilling. Specifics on expansion of the 2003 program will be announced in subsequent news releases. In April of 2002, Pincock, Allen and Holt stated an exploration potential for the Ocampo district of an additional 1,950,000 ounces of gold and 106,000,000 ounces of silver. Mr. Clarence Wendt, P.Geo. of Pincock Allen & Holt is the qualified person responsible for the technical data reported in this report. The calculation of this potential, involved an assumption that 10% of the known structures on the property could be ore. Drilling to date on the wholly owned Ocampo project has yielded a success rate of 71% of drill intercepts meeting ore grade cut-off. The Company is therefore targeting a potential for the wholly owned Ocampo project of 5,000,000 equivalent gold/silver ounces. This excludes the significant gold/silver resource now in the final feasibility phase at the separate Bolnisi Gold NL Earn-In Area.

Summary of All Drill Results At 100% Wholly Owned Project

                             Year 2000 Drilling


    Target                Hole             From    To  Interval   Au     Ag
                                           (m)     (m)    (m)     g/t   g/t


    San Juan              UGD-9            38       43    5.0     8.9   804


    San Juan              UGD-10           36       39    3.0     8.9   357


    San Juan              UGD-11           46       48    2.0    13.5 1,604


    Aventurero            ODH-153          29       31      2     1.2 1,745


    Aventurero            ODH-157          43       49      6     4.5   208


    Aventurero            ODH-184         218      226      8    19.0   408


    San Juan              ODH-205                    Workings


    Aventurero            ODH-206          64       69      5    10.1    92


    Aventurero, San Juan  ODH-207/208/
                          210/ 211                   Low Grade


    Aventurero            ODH-215         234      239      5     8.4   675


    Aventurero            ODH-219                    Low Grade


    Aventurero            ODH-221         115      118      3     7.5   429


    Aventurero            ODH-224          29       32      3     8.9   444


    Aventurero            ODH-226         136      139      3     6.4   226


                             Year 2002 Drilling



                          OGDH-1        197.4    200.4    3.0     9.2   293


    Aventurero            And           216.9    219.9    3.0    15.7   152


                          And           225.9    227.4    1.5     4.9   396


    San Juan              OGDH-2        299.3    305.3    6.0     6.2   889


                          Includes      300.8    303.8    3.0     8.8  1585


    Aventurero            OGDH-3        240.5    243.5    3.0    10.0   171


    Aventurero, San Juan  OGDH-4/5/6                 Low Grade


    Aventurero            OGDH-7        138.9    140.4    1.5     9.7   129


    Maria                 OGDH-7        320.4    324.9    4.5     3.3    77


    Aventurero            OGDH-8                     Low Grade


    San Juan              OGDH-9        318.9    320.4    1.5     2.6   226


    San Juan              OGDH-10                    Low Grade