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Development of deposits of gold in E ast-Kazakhstan area

Development of deposits of gold in E ast-Kazakhstan area. « Altyn Dala Mining » LLP. The general data on the company. Ownership type - The Limited Liability Partnership « Altyn Dala Mining ». Share for sale – 50 – 100%. Registration date – March of 2005.

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Development of deposits of gold in E ast-Kazakhstan area

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  1. Development of deposits of gold in East-Kazakhstan area «Altyn Dala Mining» LLP

  2. The general data on the company Ownership type- The Limited Liability Partnership«Altyn Dala Mining». Share for sale– 50 – 100%. Registration date – March of 2005. The company holds subsoil use contracts for two gold deposits in Eastern Kazakhstan: • Uba Contract Area – Contract №410 dated 24.02.2000 • Ashaly Contract Area – Contract №2098 dated 11.07.2006 The company holds license for “Engineering and Operating in Mining Industry”. The company also provides geological consulting services in mining sector. Headquartered in Almaty. Regional offices are based in Ust-Kamenogorsk and Ridder. Employees - 58 people, including 20 geologists.

  3. The Company is currently conducting an exploration work on placer gold deposit – “Uba exploration block” in accordance with Subsoil Use Contract No. 410 dated 24.02.2000. Contractual area size is 2172 sq.km. The area contains number of gold halos and alluvial gold concentrations as well several placer gold deposits and perspective ores. Geological staff in place - 31 people. Main base is located in Ridder: Land in ownership – 0,187 hectares. Office and industrial space in ownership – 691 sq.meters. Number of own vehicles – 12 units. In 2006 the company has proven with GKZ (State Committee on Reserves) and put on the state balance 3 435 kg of gold under C1+C2 categories Uba Contract Area

  4. Resources and reserves of Uba Contract Area • In 2008 the company by using Micromine® program conducted a reserve estimation and modeling of Phillipovka and Tikhaya river deposits located within Uba contract territory. • As of today the company found 4736 kg of gold falling under C1+C2 category with an average grade of 6,43 grams per cubic meter. • The total reserves and resources of Uba contractual area are summarized in a table below : To meet the 2008-2009 minimum work program the company needs to invest at least 38 million tenge onto Uba contractual area. Anticipated result would be then commercial finding of gold on Filippovka and Tikhaya river banks and increase of reserves by at least 3000 kg. Additional investments of $2M into exploration above the minimum work program into Uba contractual area can lead up to 20 000 kg increase of reserves under C1+C2 categories within two years.

  5. To start the gold production on the deposit the following activities were performed as of today: The Feasibility Study for development of the field is completed in April 2007. Laboratory and semi-production tests were made in 2007. 3,5 hectare land was acquired and zoned for processing plant and tailing. The technical study for application of graviton enrichment and tank leaching technology on Phillipovka and Tikhaya placer deposits was completed in 2008. The program of extraction Uba of a site

  6. The company carries out exploration of placer gold at Ashaly exploration block in accordance with Subsoil Use Contract No.2098 dated 24.02.2000. Contractual territory - 206,3 sq.km. There are linear volcano-tectonic arc-like structures on the Ashaly Area formed of effusive and explosive products (mainly dacit) of volcanic activity. Today, Yuzhny Ashaly deposit is estimated as a deposit with substantial reserves, and it might be classified as large-scale type of deposits. Geological staff in place - 31 people. Office and industrial space –375 sq.m (rented). Number of own vehicles – 3 units. Volume of drilling made – more than 5000 m. Volume of mine work made – more than 15000 cub.m. Ashaly Contract Area

  7. Resources and reserves of Ashaly Contractual Area • Data about reconnoitered and probable reserves Ashaly of a site are resulted in the table: It requires 77 million tenge to meet the minimum work program at Ashaly contractual area. Expected result - the announcement of commercial finding at Yuzny Ashaly deposit and net increase of reserves by 15 000 kg. Additional investments into exploration of Ashaly Contractual Area in the amount $2M may increase the gold reserves under C1+C2 of categories roughly by 20 000 kg within two years.

  8. Geological consulting services • Number of employees - 12 people. • Services rendered: • studying the deposit geological structure; characterizing ore bodies; studying mining and geological, geotechnical and hydrogeological characteristics; • developing surface process complexes, local projects and general layouts including non-utilizable waste sites, mine vehicles, open pit drainage areas, repair and storage facilities, electrical facilities, etc.; • developing the feasibility study, occupational and fire safety programs, and cost estimates. • Licenese No 004978 on design and operation of mine manufactures dated 27.02.2006. • Completed projects – more than 30.

  9. «Altyn Dala Mining» Ltd Valuation Estimation and modeling of reserves by using Micromine® program conducted a in 2008 Wardell Armstrong International (WAI) was contracted by Altyn Dala Mining to prepare a Competent Person’s Report of the assets held by the ADM. Results of study of other areas within the licensed territory were delineated to have more potential for placer gold mineralization and recommended for further exploration for large ore body gold occurrences.

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