Golden Opportunities Fund Inc.

October 28, 2002

Release Date: October 28, 2002
Golden Opportunities Fund and PIC Investments Group Increase Their Ownership of Philom Bios Inc.

Golden Opportunities Fund, in cooperation with PIC Investments, is pleased to announce the completion of a second round of investment in Philom Bios, one of Canada’s leading inoculant biotech companies. The syndicated purchase of 229,774 Class “A” common shares at $3.90 per share from the Saskatchewan Wheat Pool will make Golden Opportunities Fund and PIC Investments the largest shareholders of Philom Bios, each with 16%.

With head offices located in Saskatoon, SK, Philom Bios employs over 50 people in the development, manufacturing and marketing of leading commercial phosphate and nitrogen inoculants for sale throughout Western Canada and Northern U.S. Despite difficult agricultural conditions, Philom Bios continues to post increased revenues and market share every year, while enhancing the net profit margin of prairie farmers through its products.

CEO/Chairman of Golden Opportunities Fund, Grant Kook, indicates “The increased ownership position in Philom Bios by Golden Opportunities Fund and PIC Investments was of great interest, not only because of the performance of the company, but to further support an important Saskatchewan company.”

Golden Opportunities is Saskatchewan’s first and largest provincial labour sponsored fund, launched in 1999. The fund has grown to approximately $22.0 million through a widely held shareholder base of over 4,500 shareholders from across Saskatchewan. The Fund’s investment in fourteen different strategic Saskatchewan companies has affected hundreds of jobs and ensured a strong investment pace of the Fund’s capital.

PIC Investment Group is a private investment company, with head office located in Saskatoon. PIC has significant investments in operating companies throughout Saskatchewan, Alberta and British Columbia.

If you have questions regarding the above, please feel free to contact:

Mr. Grant Kook
Golden Opportunities Fund Inc.
Phone: (306) 652-5557

Mr. Jim Yuel
PIC Investments Group
Phone: (306) 664-3955

The Saskatchewan Securities Commission has neither approved nor disapproved the information contained herein.