West Africa Exploration Update 19 th May 2010 West Africa - PowerPoint PPT Presentation

West Africa Exploration Update 19 th May 2010

West Africa Landholdings – a strategic package 2

Exploration Pipeline – poised for growth Mine - Resource Generative Scout Drilling Pre-Feasibility Feasibility Development • West Africa focus • Grow Inata Penjom • Generate Feasibility projects Bakan North Lanut Doup Inata Souma Balandougou Koulékoun Seruyung Legend Pani Kodieran Burkina Guinea Indonesia Malaysia Mali Faso 3 Bubble size reflects current resource estimate

Ouagadougou Burkina Faso Unité, Progrès, Justice 4

Belahouro – limited soil auger geochemistry 30km 5km 20km Souma 10km Damba INATA Gomde Pali Fete Kole 5 Most anomalies defined by surface soils Avocet 100%

Belahouro – few targets drilled to date 30km 5km 20km Souma 10km Damba INATA Gomde Pali Fete Kole 6 Most anomalies defined by surface soils Avocet 100%

Inata – early VTEM results very encouraging • Initial survey oriented over Inata • Strong electro-magnetic anomaly • Mineralisation along eastern flank of anomaly o NE fabric intersections • New targets: o Poorly drilled zones to south & north o Parallel zone to the east & west 1km Grass Roots Drill Targeting Scout Drilling Infill Drilling Feasibility 7 Avocet 90%

Souma – a new mine to be made Granite • 16-kilometre long gold anomaly 6 m @ 13.0 g/t Au o Artisanal workings 8 m @ 5.07 g/t Au 25 m @ 3.19 g/t Au • 22 discrete soil anomalies 12 m @ 2.57 g/t Au o Only 4 drilled to date Dynamite 30 m @ 3.06 g/t Au • Main zone – Dynamite 1 m @ 10.1 g/t Au o 1,800 metres completed this year o First batch sent to lab (14 May) 7 m @ 6.29 g/t Au o Gabbro host • 20 kilometres from Inata mill o Potential to haul to Inata, or may 23 m @ 15.5 g/t Au warrant new plant 7 m @ 9.19 g/t Au 6 m @ 3.69 g/t Au Gravity image (BHP) 1km Grass Roots Drill Targeting Scout Drilling Infill Drilling Feasibility 8 Avocet 100%

Bélahouro – exploration schedule Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Programmes ’10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘11 ‘11 ‘11 ’11 Inata Resource Upgrade R VTEM Survey VTEM Follow Up Drilling Souma (Dynamite) R Inata AoI Targets R Souma Trend R Damba Trend Other targets R = resource model report 9

Conakry Guinea Travail, Justice, Solidarité 10

Tri-K Block Koulékoun, Kodieran, Kodiafaran 11 Avocet 95-100%

Tri-K Block – multi-million ounce potential Kodieran 13.4Mt @ 1.6 g/t Au (667,000 oz Au) Additional permit to the NE 60 m @ 2.01 g/t Au 20 m @ 6.43 g/t Au Koulekoun 5km 12 Additional permit to the south Avocet 95-100%

Koulékoun – wide porphyry host • Quartz-feldspar porphyry host 50.9m @ 1.14 g/t Au • Wide zones of mineralisation o 73.1m @ 3.60 g/t Au 48.2m @ 2.38 g/t Au o 90m @ 2.10 g/t Au 64m @ 2.28 g/t Au o 11m @ 6.91 g/t Au • Upper 60m completely oxidised 56m @ 3.23 g/t Au • Favourable metallurgy 23m @ 2.30 g/t Au • Post mineralisation dolerite • Drilling of district targets planned for Q4 2010 Dolerite dyke Quartz-feldspar porphyry 50m Grass Roots Drill Targeting Scout Drilling Infill Drilling Feasibility 13 Avocet 95-100%

Balandougou 14 Avocet 100%

Balandougou • 7km long trend of orpaillage o Up to 200m wide o Part of a larger 20km long structure 500m • RAB & aircore drilling by Ashanti (1997) • Weathered zone is clay-rich and has few 17m @ 17.3 g/t Au quartz fragments 16m @ 1.60 g/t Au o Miners reject very little material 29m @ 1.53 g/t Au o Gold is disseminated in granitic host • Drilling planned for Q4 2010 11m @ 2.45 g/t Au Grass Roots Drill Targeting Scout Drilling Infill Drilling Feasibility 15 Avocet 100%

Guinea – exploration schedule Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Programmes ’10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘11 ‘11 ‘11 ’11 Mapping /Trenching Tri-K Soil Sampling Drilling Balandougou R Tri-K Targets R Kankan R R = resource model report 16

Exploration summary – potential company maker o Belahouro district is open and untested o 1,660km 2 covered by VTEM o Systematic survey to define targets o Inata “Area of Interest” drilling is a priority o Souma obvious new resource o Two quality targets in Guinea o Tri-K Block is a multi-target district o Porphyry host is important o Sizeable target at Balandougou – 7 km length up to 200 m wide o Five more greenfields permits 17