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EXPLORATION UPDATE

TOROPARU GOLD-COPPER DEPOSIT


OVERVIEW DRILL CAMPAIGN RESOURCE ESTIMATE

REGIONAL EXPLORATION
GEOCHEM CAMPAIGN : RESULTS, INTERPRETATIONS and PROGRAMS January 2012

South America

Location Upper Puruni Concession Package (1000 km) in western Guyana and Toroparu Deposit

Toroparu

Geological Sketch Of the Upper Puruni Area Location of the Toroparu Deposit

716900 N 716800 N 716700 N 716600 N 716500 N


TPD240 TPD239

716400 N 716300 N 716200 N


TPD222 TPD236 TPD233

Drill statistics as of end 2011 Resource Definition drilling : Exploration Stepout drilling : Total :
metrage performed in 2011 : resource dr. : stepout dr. : Total :

111,668 m 225 DDholes 34,569 m 98 143,934 m - 323


45,549 m 24,834 78,788 120 78 226

716100 N 716000 N 715900 N 715800 N


TPD199 A TPD199

north-western Extension Zone


TPD314 TPD312 TPD307

TPD230 TPD228 TPD219 TPD 243 TPD226 TPD224 TPD 204 207 206 TPD 197 TPD TPD200 202

715700 N 715600 N 715500 N 715400 N 715300 N 715200 N 715100 N 715000 N 714900 N 714800 N
TPD309 TPD311

TPD087 TPD221 TPD212 TPD213 TPD304 TPD209 TPD301 TPD 117 TPD 115 TPD299 TPD297 TPD190 TPD192 TPD098 TPD096 TPD084 TPD082

TPD088 TPD 080 TPD 214 A TPD217 TPD109 TPD107 TPD 266TPD264 TPD130 TPD034 033 TPD TPD081 TPD114 TPD129 TPD132 TPD 135 TPD 127 TPD116 TPD 102 TPD194 TPD 133 TPD075 TPDTPD104 138 TPD090 TPD 118 TPD196 TPD188 TPD185 TPD125 TPD142 TPD291 TPD293 TPD167 TPD164 TPD289 TPD290 TPD092 TPD105 TPD052 TPD280A TPD280 GT05 TPD048 TPD158 TPD 141 TPD249 TPD285 251 TPD246 057 TPD TPD053 TPD 169 253 176 TPD178 144 TPD TPD163 TPD170 TPD076 TPD073 TPD 173 TPD051 TPD TPD 058 049 TPD 155 TPD091 TPD100 TPD093 TPD077

NUMBER BANDS

L/R R

PATTERN

RANGE 0.25 to 0.5 0.5 to 1 1 to 2 2 to 600

Au g/t
NUMBER BANDS L/R PATTERN

TPD089 TPD305 TPD302

RANGE 0.05 to 0.1 0.1 to 0.5 0.5 to 10

TPD120 TPD112 TPD270 TPD108 TPD110 TPD079

TPD113 TPD111 TPD094 TPD097 TPD123 TPD 106 TPD121

Cu%

TPD 103

TPD 295

TPD263 TPD267

TPD095 TPD099TPD101

714700 N 714600 N 714500 N 714400 N 714300 N


TPD078

TPD298 TPD296 TPD294 TPD288 GT01 TPD286 TPD071 TPD 148 TPD252A 252 TPD 023 292 024 TPD 146

Resource Western Main Zone

TPD 029 TPD032 TPD151 GT02 TPD 060 TPD031 TPD031 TPD283 A TPD006 TPD022 TPD004 TPD156 TPD154 TPD059 TPD 061 TPD028 TPD050 TPD215 TPD216 TPD005 TPD160

TPD 245

714200 N 714100 N 714000 N 713900 N 713800 N 713700 N 713600 N 713500 N 713400 N 713300 N

TPD047 TPD218 TPD258 TPD257 TPD220 TPD247 TPD242 TPD279 TPD225 TPD149 TPD237B TPD237 TPD223 TPD 040 TPD046 TPD018 TPD014 TPD014 A TPD 278 TPD025TPD001 TPD227 TPD274 TPD074 TPD136 TPD070 TPD020 TPD019 TPD072 TPD021 TPD161 TPD165 TPD036 TPD157 TPD015 TPD153 TPD054 TPD009 TPD008 TPD147 TPD147 A TPD016 GT04 TPD064 TPD002 TPD062 TPD168 TPD010 TPD162 TPD159 TPD030 GT03 TPD011 TPD017 TPD131 TPD 273 TPD255 TPD182 TPD134 TPD035TPD 026 TPD003 TPD143 TPD027 TPD041 TPD284 TPD287 TPD282 TPD260 TPD198 TPD 007 TPD281 TPD150 TPD201 TPD 276 TPD234 TPD119 TPD055 TPD137 TPD277 TPD256 TPD259 TPD195 TPD268 TPD056 TPD139 TPD229 TPD063 TPD067 TPD211 TPD166 TPD171 TPD066 TPD065 TPD261 TPD038 TPD250 TPD068 TPD152 TPD 254 TPD271

Resource Eastern Main Zone

CA

MP

TPD275 TPD140

TPD248 TPD244 TPD248B TPD248A

TPD186 TPD184

Air strip
Air Strip

TPD172

TPD180

TPD037 TPD272 TPD269 TPD039 TPD183 TPD 179 TPD145 TPD181 TPD193 TPD 191 TPD013 TPD012 TPD128 TPD205 TPD203 TPD177 TPD210 TPD241 TPD235 TPD232 TPD208 TPD238 TPD189 TPD187 TPD045 TPD231

TPD174 TPD175

TPD069

Toroparu Gold Copper Deposit Drill Plan Map

TPD265 TPD262

TPD306 TPD303

713200 N
TPD 315A TPD315

South-eastern Extension zone


TPD313 TPD310

713100 N
TPD308

713000 N 712900 N 712800 N 712700 N 712600 N 712500 N 712400 N


TPD300

500 m

828400 E

823000 E

823100 E

823200 E

823300 E

823400 E

823500 E

823600 E

823700 E

823800 E

823900 E

824000 E

824100 E

824200 E

824300 E

824400 E

824500 E

824600 E

824700 E

824800 E

824900 E

825000 E

825100 E

825200 E

825300 E

825400 E

825500 E

825600 E

825700 E

825800 E

825900 E

826000 E

826100 E

826200 E

826300 E

826400 E

826500 E

826600 E

826700 E

826800 E

826900 E

827000 E

827100 E

827200 E

827300 E

827400 E

827500 E

827600 E

827700 E

827800 E

827900 E

828000 E

828100 E

828200 E

828300 E

Resource Estimate
(Inverse Distance Squared Grade Interpolation) 66 % M&I and 34 % Inferred

Copper as by product mainly in eastern domain


Note : Silver as by product Study ongoing

0.1 % Cu Shell

LIST GOLD DEPOSITS GUYANA SHIELD 1 2 3 4 5 6 7 8 9 10 11 12 13 Choco Las Christinas - Brisas Aurora Toroparu Omai Gros Rosebel Yaou Dorlin Camp Caiman Salamangone Amapari Aurizona Gurupi
operating mine

LIST GOLD DEPOSITS WEST AFRICA SHIELD 1 2 3 4 5 6 7 8 9 10 11 Yatela Sadiola Loulo Tabakoto-Segela Sabodala Lero Siguiri Morila Siama Sissingue Tongon 12 13 14 15 16 17 18 19 20 21 22 Nogbele Konkera Mana Poura Bissa Inata Essakane Taparko Samira Youga Ity
operating mine

23 24 25 26 27 28 29 30 31 32 33

Bonikro Agbaou Afema Ahafo Bibiani Chirano Ayanfuri Obuasi Akyem Tarkwa Bogosu-Presto

Location of Toroparu in Guyana Shield


n Se eg al

P M an o b af ile ric B an el t

5 3

1 2 4 Mali 6

au r it an ia

W
Bamako

TOROPARU
eo rg e
ela ezu en V

ES T

Freetown

7 Sierra Leone 8 9

AF

RI CA

to w

ar a

1 2 4

m ar

ib

en n

12 Monrovia Liberia 22 13 10 11

14

16 17 18 15 Ouaga Burkina Faso 21 19 20 Niamey Niger

5 Guyana 6 Suriname 7 8

Ca y
9 10 11

23 24 Ivory Coast Abidjan 25 28 29 33 32 26 Ghana


n ica t afr el an ile B P b Mo

27 30 31
nin Be

Recent Sediments Upper Proterozoic Sediments Middle Proterozoic Sediments (Roraima)

12

Brasil
Lower Proterozoic

Large intrusive zones Granitoid Batholithes


Volcano-sedimentary Belts Archean formations Regional Shearzones Panafrican Mobile Belts

az Am

C nia

ra

to n

13
elt ile B M ob

Accra Co as tL ine

n Li st oa C e

SOUTH AMERICA

Reconstruction of the Proterozoic and Archean GUYANA and WEST AFRICA Shields Location of all Gold Deposits - reserves > 0.5 M oz.

Geological Sketch of the Upper Puruni Area


(Concession package +/- 1,000 km)

showing strongly variable geology on a relatively small scale

Location of the Geochem Target Zones


Based on regional geological map, on sattelite imagery and airborne geophysical interpretations. This reflects a broad geological approach exploration for different types of deposits : intrusion related gold and base metal deposits (oxidized as well as reduced IR) and orogenic gold deposits (structural control).

Regional Geochem targets


1000 x 100 m grid sampling

Semi-regional geochem targets


(tight sampling)

808000 730000 732000

810000

812000

814000

816000

818000

820000

822000

824000

826000

828000

830000

832000

834000

836000

838000

840000

842000

844000

846000

848000

850000 732000 730000

PURUN IR

728000

728000

726000

726000

IVER

Au ppb
Auger geochem
> 250 < 500 500

724000

724000

722000

722000

100
Au ppb
Auge rge o em ch
> 25 0 10 0 < 50 0 50 0 25 0 10 0 50 25 10

250 100 50 25 10

50 25 10

720000

50 25 10

720000

718000

718000

716000

716000

714000

Location map sampled gridlines


Red Dragon Prospect Puruni Valley Prospect Toroparu area

714000

712000

712000

710000

710000

708000

708000

706000

Red Dragon prospect Puruni Valley Prospect

706000

704000

704000

TA PU

702000

702000

ER RIV NG RE

700000

700000

698000

698000

Geochem sampling : period April - Dec. 2011 total of +/- 4,450 samples collected with hand auger at av. depth 1.5-3 m in dense rain forest ; heavy equipment to make access tracks to geochem target areas

A uger geochem
> 25 0 10 0 50 25 10 < 50 0 50 0 25 0 10 0 50 25 10

Au ppb

Ameeba

Red Dragon N
Red Dragon road

150

100

50
25

Au ppb

4000 m

A PU T PU T RE N RE N

100

Geochem sampling RESULTS : Gold anomalies


Prospectcs : Red Dragon North Red Dragon road Ameeba Toroparu Puruni

Au ppb
Additional Infill lines
Auger geochem
> 250 100 50 25 10 < 500 500 250 100 50 25 10

2000 m

Concession Limit

Ameeba

Red Dragon N

Red Dragon N and Ameeba Gold anomalous features


Infill sampling programs nearly completed Awaiting further results - Access roads construction Recon drill campaigns planned for March-April 2012

2000 m

Gold anomaly Recon drill Fence

Toroparu Area
gold anomalous features Infill sampling programs ongoing Recon drill campaign underway Toroparu Deposit

169 144 127 112 102 93 85 78 71 65 59 52 46 41 35 30 25 20 15 9 4

Au ppb

2000 m

Gold anomaly
Planned infill sample line

Puruni Valley Puruni Gold anomaly


weak but multi-kms long feature

Auger geochem
> 250 100 50 25 10 < 500 500 250 100 50 25 10

Au ppb

As ppm

Ag ppm

Sb ppm

T R UT A PU

Ternary Image : good regional correlation of As Sb Ag and Gold


(As: arsenic Sb: antimony Ag: silver)

NG ENG I RIV

A uger geochem
> 2 50 1 00 50 25 10 < 50 0 50 0 25 0 10 0 50 25 10

Au ppb

UT PUT R AR EN ENG RIV RIV

Interesting regional Correlation for Gold and Copper Copper anomalies coincide with the gold features

Upper Puruni Concession Package

Work model for further exploration


Based on combined interpretation of the reprocessed Airborne Geophysics Data and Interpretations of the 2011 geochem sampling data Reprocessed Airborne Geophysics data

Gold anomaly

Ameeba Toroparu Gold-Copper deposit Red Dragon Road Puruni 1

Regional map Elevated K-40 radiometric superimposed on RTP low-pass filtered magnetics
(low pass filter removes near surface mag response and enhances larger and deeper-seated sources with larger depth extent) Observations and Interpretation : Series of Magnetic lows within the Puruni NW-oriented Structural Corridor. Magnetic lows can correspond granitoid Intrusive bodies of different intrusive phase then large granitoid pluton, marked by magnetic banding (magmatic layering ?)

Geochemistry data
Observations and Interpretations (see previous slides) Gold anomalies : Red Dragon N, Red Dragon road, Ameeba, Toroparu, Puruni Cu As Sb Ag show good correlation with Gold and can be associated elements and tracers

Magnetic low

Facts
Toroparu gold-copper developed along the border of the Toroparu granodiorite (low mag intrusive body) Gold anomalous features are all located close to the border of the presumed low mag intrusive plutons

Puruni Structural Corridor

Conclusion Gold (Copper ?) mineralization systems tend to form along intrusive contacts within the Puruni Shear corridor.

Exploration Program 2012


Development Toroparu deposit
Period January July 2012 Last phase infill drilling (core) : more precise resource in the sap layer and convert more Inferred to Indicated Borehole scanning - 4000 m : focus on structural aspects complete core logging and re-logging Construct final geological model Final Resource update Complete metallurgical study Prefeasability Study Note : Proposal to purchase a small RAB drill to realize vast condemnation drilling program then RC drill available for exploration drilling

Exploration
Geochem (see map next page) : infill line sampling in regional gold anomalies (see previous slides #) regional sampling in NE and SW of concession package (see slide # further infill sampling in new anomalous features Ground geophysics IP and Mag surveys in confirmed gold anomalous prospects Drilling (RC) Exploration-Expansion-Condemnation drilling in area in between the Toroparu deposit and Ameeba Reconaissance drilling in Gold anomalies Red Dragon N - Ameeba In case encouraging results, recon drilling in Puruni and other new gold anomalies