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Maoling Project

Overview


2006 Resource Estimate Update

In February of 2006, a revised resource estimate (the "2006 estimate") for Zone 1 was conducted by Golder Associates Pty Limited ("Golder"). This study incorporated all drilling data used in previous estimates and also the results from 48 diamond core holes (12,800 metres) drilled in 2005. The 2005 drilling program was focused primarily on in-fill drilling to maximize the Indicated Resource to be considered in the Feasibility Study ("FS"). The 2006 estimate includes a modest volume of material, 4 million tonnes grading 1.31 grams gold per tonne using a cut-off grade of 0.5 grams gold per tonne, in the north central part of Zone 1 that has been classified as a Measured Resource. The 2006 estimate for Zone 1's Measured and Indicated category shows an increase of 26% over 2004's Indicated category. The cumulative 2006 estimate at various cut-off grades for Zone 1 are outlined below:



Using 0.5 grams gold per tonne as an economic cut-off grade, the 2006 resource estimate provides an additional 41 million tonnes of Measured & Indicated Resource (approximately 1 million ounces of gold) for consideration in the FS over what was considered in the PFS to define a gold reserve.

The decline in average grade of the Indicated Resource from 0.98 grams gold per tonne in the 2004 estimate to 0.92 grams gold per tonne in the current estimate results primarily from; (a) a more constrained geological model used in the current estimate, featuring four independent domains separated by northeast trending faults, versus two domains used in the 2004 estimate; and, (b) the inclusion of 33 million tonnes of additional material at a lower than average grade from the south end of the deposit.

Aggregating the new resource estimate for Zone 1 with a 2001 resource estimate by AMEC for Zone 4 produces the following Maoling Project Resource Summary:

 
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