Penny Mahoney

[45]

9 May 2005

Dear Mr. Ibrahim,

Thank you for the sharing your insight into Mr. Frempong and his dealings.

I would like to send you a downpayment for the gold in order to secure the consignment for myself, lock in a good price, and to help you cover the expense of this transaction which has taken longer than expected. Please send me the "certificate of ownership" that you mentioned and I will come up with a way to get you a 20% payment or any amount you consider to be fair.

Please respond soon,
Penny Mahoney