MISDAG - In the Ordubad Contract Area

• 4 km northeast of Piyazbashi at an elevation of 3,400 m
• The large Kadjaran Cu-Mo deposit in Armenia is located about 15 km to the northeast of Misdag on the extension of the Misdag fault
• Significant intercepts
• 145 m @ 0.83% Cu, 327 m @ 0.4% Cu, 27 m @ 0.88% Cu, 12m @ 1.67% Cu & 18 m @ 0.85% Cu
• Soviet geologists estimated a P 1 resource of 686 m t tonnes grading 0.43% Cu
• Behre Dolbear has tabulated a P 1 resource of 350 m t at a grade of 0.43% Cu
• Technology/Metallurgical tests indicated that 93% of the copper could be recovered by flotation