GEDABEK

• Priority for early production
• Excellent year-round access by paved road - elevation 1,500-2,000 m
• 1864 to 1917 records show at Gedabek 56,000 t Cu and 134 t of gold-silver doré produced from 1.72 m t of ore by Siemens - giving a average feed grade of 3.8% Cu, 5.4 g/t Au & 86.4 g/t Ag
• Drilling results were released on 2nd June, 24th August and 16th November 2006. Please see 'Other Downloads' in Investor section.
• JORC compliant resource of 702,000 oz of gold, 37,500 t of copper and 6,100,000 oz of silver at Gedabek, as confirmed by the Company’s independent geological consultants, SRK Consultants (“SRK”)
• The combined estimate results in a gold equivalent resource of 1,081,000 oz
• Resource based on 15,507 metres of drilling in 129 diamond core and reverse circulation drillholes
• Potential for expanding the resource in a number of directions
• Low strip open pit using heap leach technology proposed
• 'Probable' JORC compliant reserve 311,000 oz Au, 1,959,000 oz Ag and 17,425,000 lbs Cu
• Capital costs estimated at $30.7m including working capital
• Operating costs estimated at $283/oz of Au ($147/oz net of other metal credits)