[2008] transparent frame on an image

[Icyculyr]

Basically, I have thumbnail images (Picture boxes) which are 122 * 98, at the locations
X69, Y500, X201, Y500, X339, Y500,

Just a few of them I am using as an example,

Basically I want to load the main image onto the picture, like this:

ThumbViewer(0).BackgroundImageLayout = ImageLayout.StretchImage
ThumbViewer(0).BackgroundImage = Image.FromFile(ThumbList(0))

ThumbViewer(i).SizeMode = PictureBoxSizeMode.StretchImage
ThumbViewer(0).Load("MyFrame")

So the background image would be the picture, and the frame would be around that, it would cut a little bit of the background image off, but I do not mind, the thing I am wondering is, how can I do this

I made the frame I want in Photoshop CS2, and did Help - Export transparent image, and exported it as a transparent image, but when I put it on my picturebox, it appears to be 'white' through the middle, it should show the background image.

Thanks in advance