PINNACLE RESOURCES ACQUIRES RIYADH GOLD PROPERTY

November 3, 2003 Denver, Colorado Pinnacle Resources, Inc. (PNRR:OTCBB; PIN: Frankfurt) announced today that it has acquired the Riyadh gold property in southern Ghana for an undisclosed cash and stock consideration. The Riyadh property consists of a 20,000 acre prospecting license on the world renowned Ashanti Gold Belt. A limited drilling program on the southern portion of the Riyadh property has already proven a resource of 250,000 ounces of gold, as reported by an independent expert who examined the property.

R.A. "Dutch" Hildebrand, Pinnacle's Chief Mining Engineer said, "an additional attraction for us to make this acquisition was that Golden Star Resources has committed to further develop the property and has taken an option to acquire it." Golden Star Resources Ltd (GSS:ASE) is the second largest gold producer in Ghana from gold mines adjacent to Riyadh and operates a gold concentrating plant located eight miles away.

Ghana has recently become the focus of exploration activity for a number of giant gold mining companies. AngloGold Ltd (AU:NYSE) announced earlier this year that it had made an offer to acquire Ashanti Goldfields Co Ltd (ASL:NYSE), which operates the largest gold mine in Ghana situated on the Ashanti Gold Belt extension to the north of Pinnacle's Riyadh property. Barrick Gold Corp (ABX:NYSE) and RandGold (GOLD:NASDAQ) have also made offers on Ashanti Gold Belt properties.

Glen "Trig" Gamble, President of Pinnacle, explained that the catalyst for this gold rush into Ghana is the resurgence of the price of gold, Ghana's stable political climate, and its reputation as the second largest gold producing country on the African continent.

Pinnacle is a Denver-based natural resource company that has successfully made the transition from start-up development/exploration company to a producing operator. The company's subsidiaries recently began producing diamonds along the west coast of South Africa, and started refining tantalum and niobium products at its Johannesburg processing plant.

This news release contains forward looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward looking statements include expressions of beliefs, expectations, hopes, or intentions regarding the future which may or may not come to pass. It is important to note that actual results may differ from those expressed in such forward-looking statements. Although Pinnacle believes its properties have potential, they are in early stages of exploration and development which have not shown to contain proven economic reserves. There can be no assurance that if identified, any resources might be economically extracted, or funding available, or that any such properties might be acquired in the future. If projects are acquired, there can be no assurance of any economic benefit, of cash flow to the company.

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