King Solomon's mines were in Ophir but no one has ever found Ophir. Cassidy's gold is found in Guinea.

Then shalt thou lay up gold as dust, and the gold of Ophir

as the stones of the brooks - Job 22.24

News Reaction: The market's reaction to Cassidy Gold Corp's release of news on a Friday (December 3, 2004) underscores the adage that only pessimists read press releases made on Fridays. The press release detailed assay results from nine more holes on the Sanu Filanan trend. Three of these tests did not show significant results which is a result to be expected. When exploration is done one needs to find where the goodies ain't, as well as where they are. The stock price went down a ridiculous 10%. I believe I can guess the only part of the release that was read. To me those "no results" indicate only that the explorers were looking for results in holes deliberately drilled pointing away from the known trend. Too bad, but realistically, only a small disappointment! Three holes "dry" out of more than a hundred to date on this trend is not bad! This does bring a dose of reality home. If Gold was found everywhere it wouldn't sell for hundreds of bucks an ounce. Finding Gold in so many holes is meaningful! The positive results reported at the same time therefore should have had all the more positive effect based on the amount of good news they contained.

What was the news about? Santa was good to Cassidy early this Xmas, though some shareholders don't appreciate it. Cores from another six holes on Sanu Filanan provided good news. Read the details at Cassidy's website. Two southward stepout holes extend that vein trend by another 95 meters. My calculations make the Sanu Filanan trend to now be gold bearing for more than 1,700 meters, like - well - like a country mile - and that is a LONG way in the gold business. Best of all, four holes encountered impressive grades over substantial thicknesses. Two had gold in 34 and 30 meters thick zones. Another two showed more than 10 meter thick intercepts each. That's the kind of result needed to build substantial tonnages of pay dirt! Best of all, these results were found at shallow (0 meters) to intermediate depths i.e. they would be cheap to mine.

These results do my heart particularly good. Last year I did calculations to project the results seen from deep drilling to the surface on the logical basis that the zone had been mined for gold at surface by artisans. My projections reasoned that the deep results were from holes located at random and therefore "representative". The method is an unconventional exercise to apply to calculating gold resources but with the stock riding high, I wanted to know if it was dangerously ahead of real possible value. The calculation indicated potentials for a very large deposit. I am convinced that the market has never "over appreciated" the value potential indicated for the company. Now these latest cores confirm substantial gold bearing beds near surface. Results still to come from the continuing drilling together with expected "official national policy approved" (read "cautions") resource calculations in the near future should attract knowledgable investors capable of recognizing the difference between finding the limits of a deposit and finding that only a limited deposit exists.

More to come! Assay results are expected before the end of the year from ten more, already sent for assay, shallow tests along the JJ trend. More drilling is now happening along the Sanu Filanan but drilling operations will soon be shut down for the holiday season. There may still be more assays to come from the SF (Sanu Filanan) trend. Work to map new prospects and to generate more drilling targets on already recognized prospective areas will continue. Exploration using the core drill on some of the dozen or so already found additional areas of specific interest will resume in '05. I expect that determining the "official" resource calculation will spur the detailed work needed to generate a feasibility study for the advanced stage areas. Comparison of values with other gold miner companies will increasingly become more "conventionally" feasible.

What does it mean? For me, these latest results are just more icing on the cake. The wider market must soon appreciate that Cassidy is working in a region of truly unusual gold potential. Cassidy's discoveries continue to expand as information is added. Added drilling has not established limits. The company knows of a dozen more similar opportunity areas even though less than ten per cent of its total landholdings have been even cursorily surveyed. One discovery trend, (the JJ) shows results causing anticipation of demonstrable economic value being determined in '05. The evidence that gold occurrences are so widespread beneath the area where Cassidy has exclusive right to explore sets the company apart from almost all publicly traded "small cap" firms. The Company has adequate funds, estimated to still be more than one million dollars in treasury. This permits it to commit to and maintain an effective exploration and delineation program. The company's capability to access more money while in a condition to be discerning and "picky" about the sources and terms of accepting funds is an important attribute.

As to political concerns: One international explorationist expressed the opinion that if the find were in Canada the stock would be ten bucks already. In fact, Canadian conditions make getting mining approval far more uncertain. Mines are already operating and are expanding in Guinea. Cassidy's operations are in Guinea, West Africa, where gigantic companies, including Alcan and Alcoa are currently committing hundreds of millions of dollars to new enterprises. The country is considered to be among the more politically stable of West African nations. Cassidy has gained the respect of the Guinean government, which seeks Cassidy's honest opinions about how to encourage more exploration effort by gold exploration companies. The government recently gave Cassidy exploration permits over an additional area of seemingly extraordinary gold richness. The company has a dedicated complement of staff which has proved competent and loyal. The company's website, www.cassidygold.com contains more details than are typically provided by small companies.

Determination of amounts of gold classified as "resources" in satisfaction of rigid rules set by Canadian regulators is underway for part of one trend explored by Cassidy. This work is being done by one of the most reputable independent evaluation firms in the world. It will use multi-discipline gold analyses made by independent, Canada accredited, assayers. Those assays will be "audited" and further confirmed by labs in Canada. Concerns about the validity of these determinations should absolutely not give rise to negative investment decisions whatever. The resource determination will be for only part of a trend where drilling shows more gold. The question then becomes, "to what extent will the market believe that extensions of the so determined zone will be similar or identical with it, and, to what degree will there be anticipation of similar results from the exploration of the other dozen or so known trends that show indications of gold in a similar condition of emplacement?"

Logical logic: The essential logic to be applied to any investment decision is that Cassidy had no foreknowledge of whether the now much drilled Sanu Filanan trend was the best or the worst of the many ancient gold workings. The truth is (though it may never be admitted), drilling was done at SF only because it was nearest the road and a water source! The spectacular early results of the exploration may be totally misleading! Maybe the SF will turn out to be the poorest of all the trends! Any one of the other zones still to be explored might be found to be far richer. For example, what is in the Banjo trend, which goes 12,000 meters, compared to 1,700 (so far) for the much drilled SF trend? The resource determined for the SF trend will tell all, at last, how long a Cassidy trend needs to be to contain a million ounces. The time for recognition of the special attraction in Cassidy by a broader investor community seems imminent and inevitable. Let the scientific term persist. Its still a whoopee!

DISCLOSURE STATEMENT

Ed Zederayko is a shareholder of Cassidy Gold Corp. He is not  an insider of the company.