Good evening Ironman and welcome back to CH
Well I just went thru your MoBo manual and there is no jumper so both front and rear ports can be used. Out of curiosity did you used the HD header or the AC97 header? and if so did you make the change in the BIOS to reflect which header you used.
If the above suggestion does not work or help you I would have to agree that the port for the speaker is bad. Also on the same rear ports does the MIC work & line in etc. It would be weird if just the speaker port would be bad and I am assuming you are using the green one right
Edit: it just dawned on me your sound issue is a PCI card (well that was a brain fart) so is the front panel port plugged into this card. This connection is Shared by Headphone out / 2 channels out / Microphone in so now do the mic and line going out working? just like I had put above because this is shared port.
By the way nice board I like it a LOT
Hope this helps and even if this doesnt help and you find the answer please let us know. Good luck, Mike