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PortfolioChapmanJ MARKETING + DESIGN
This portfolio shows a selection of thecorporate marketing and design workproduced collaboratively by Lisa Chapman and Dyann Johnson over thelast ten years. Specialising in investorrelations, Lisa is our marketing guru,with extensive experience working withpublic resource companies. Dyann specialises in corporate graphic design,bringing ideas to life in unique investormaterials. This successful partnershiphas enhanced the corporate profiles ofnumerous resource companies, helpingthem reach analysts, financiers andprospective investors.
ChapmanJ MARKETING + DESIGN
Ring of FireNoront’s discovery in 2007 led to an unprecedentedstaking rush in Northern OntarioIn August 2007, Noront Resources discovered a high-grade nickel-cop-per-platinum-palladium - the Eagle One Discovery - which led to anunprecedented staking rush on the geological structure surrounding it.This area, located in the James Bay Lowlands of Ontario, becameknown as the Ring of Fire.To date, Noront controls 100% of approximately 48,600 hectares(120,000 acres) and has joint ventures comprised of an additional68,000 hectares (168,000 acres). This land position represents approxi-mately 30% of the land claims in the Ring of Fire.Since the discovery of Eagle One, Noront has had tremendous explo-ration success in the Ring of Fire. In less than a year, Noront has com-pleted a NI-43-101 compliant resource estimate at Eagle One,discovered Eagle Two, nickel-copper deposit, and made two high gradechromite discoveries known as the Blackbird One and Blackbird Two.The Company remains focused on further exploration of these discover-ies. Resources will also be deployed to a number of nickel-copper andchromites targets that remain unexplored at this time. A budget ofCdn$19 million has been dedicated for exploration in the Ring of Firefor 2009.
ONTARIO
C A N A D A
U S A
Hudson’sBay
Norontdiscoveries
Corporate OverviewNoront Resources is an explorationstage company focused on it’s sig-nificant nickel-copper-platinum-palladium-chrome discovery at theDouble Eagle project in the “Ringof Fire”, a massive mineral discov-ery at McFaulds Lake, James BayLowlands in north eastern Ontario,Canada. The company is wellfinanced, having just completed anon brokered flow through privateplacement for $18,870,000. As ofOctober 31, 2008, Noront has acash position of Cdn$44 millionand plans to spend Cdn$19 millionon exploration in the Ring of Fire.The company remains focused notonly on its economic nickel-copper-PGM discovery at the Double Eagleprojects but also continues to de-lineate its world class high-gradechromite discovery at BlackbirdOne and Two.
Noront’s Ring of Fire PropertiesEagle One- Discovered by Noront in August 2007– Owned by Noront- High grade, 3 million tonne Ni/Cu/PGE deposit- NI 43-10 compliant- High grade nickel within the massive sulphide zone makes it pos-sible for Noront to consider the option of direct shipment of un-processed ore to one of the existing concentrator/smelterfacilities outside the project area- Excellent in-place infrastructure that has year round access byair, and in winter months is within 59 km of winter road
- Main camp and drill camp established near discovery site- Drilling highlights include: 117.4 meters grading 4.1% Ni, 2.2%
Cu, 2.1g/t Pt and 7.1 g/t Pd. Indicated resource of 1.8 M/Tgrading 1.96% Ni, 1.18%Cu, 1.12g/t Pt and 3.91 g/t Pd. Inferredresource of 1.1 tonnes grading 2.39% Ni, 1.27% Cu. 1.37g/t Pt,and 4.50 g/t Pd. The deposit remains open at depth and alongstrike.
Ring of Fire Properties Investor Relations Contact us
Ring of FireNoront’s discovery in 2007 led to an unprecedented staking rushin Northern OntarioIn August 2007, Noront Resources discovered a high-grade nickel-copper-platinum-palladium - the Eagle One Discovery - which led to an unprecedented staking rush onthe geological structure surrounding it. This area, located in the James Bay Lowlands ofOntario, became known as the Ring of Fire.
To date, Noront controls 100% of approximately 48,600 hectares (120,000 acres)and has joint ventures comprised of an additional 68,000 hectares (168,000 acres).This land position represents approximately 30% of the land claims in the Ring of Fire.
Since the discovery of Eagle One, Noront has had tremendous exploration success inthe Ring of Fire. In less than a year, Noront has completed a NI-43-101 compliant re-source estimate at Eagle One, discovered Eagle Two, nickel-copper deposit, and madetwo high grade chromite discoveries known as the Blackbird One and Blackbird Two.
The Company remains focused on further exploration of these discoveries. Resourceswill also be deployed to a number of nickel-copper and chromites targets that remainunexplored at this time. A budget of Cdn$19 million has been dedicated for explo-ration in the Ring of Fire for 2009.
ONTARIO
C A N A D A
U S A
Hudson’s Bay
Noront discoveries
fact sheettrade show booth
website
Noront Resources Ltd.
NOT - TSX-V
www.norontresources.comwww.norontresources.com
NOT - TSX-V
disc label
Belvedere Resources Limited is a Canadian incorporated mining company with
a primary focus on Finland. Belvedere is the only operating nickel miner, and the
eighth largest claim holder in Finland. Currently, Belvedere has two operating nickel
mines and a large portfolio of advanced gold projects and other prime development
assets including nickel, cobalt, copper, zinc and uranium.The Company is well-funded with strong links to the Finnish mining establish-
ment. An experienced and innovative management team are extremely capable of
capitalizing on its growing assets base.Growth Strategy – From exploration to productionIn 2007, Belvedere made the critical transition from exploration company to a
production and development company through the acquisition of the producing
Hitura Nickel Mine and the remaining 55% of Finn Nickel. Finn Nickel is an unlisted
Finnish company with advanced nickel, copper and cobalt projects in southern
Finland.In October 2007, the company also acquired the Luikonlahti mill and concen-
trate facility, which is located in eastern Finland close to a number of Belvedere’s
100% owned nickel projects.These recent acquisitions and developments have given Belvedere a significant
strategic position in Finland. The company is now pursuing its objective of building
substantial shareholder value through low cost, low risk strategies for mine develop-
ment as well as growing nickel production to 10,000 tonnes per annum (tpa).Belvedere’s Nickel Producing MinesThe company’s two producing nickel mines – Hitura and Särkiniemi – together cur-
rently produce approximately 2,500 tpa of payable nickel.HITURA MINEBelvedere’s flagship operation is the Hitura Mine, with current production of
2,200 tones of nickel per annum and a processing mill with 650,000 tonnes per
annum capacity.• Operating since 1970, the mine is historically the largest nickel producer of any
in Finland – 14 Mt at 0.6% nickel to date.• Resources and reserves totalling 2.57 Mt nickel ore at 0.67% nickel.• Contained metals 17,300 tonnes nickel, 6,100 tonnes copper.Current StatusBelvedere has commissioned a 3.5 million euro (CAN $5M) exploration program
at Hitura. To date all previous production has originated from North Hitura. The
focus of the new exploration program will be on developing further resources and
reserves at the middle and south ore bodies.
SÄRKINIEMI MINEA small satellite operation, the Särkiniemi Mine is currently shipping 300 tonnes
of ore per day at 1% nickel to Hitura’s mill for processing.• Särkiniemi is an open pit nickel deposit.• Mine opened on time and on budget in June 2007.• Resources Särkiniemi West 116,000 tonnes at 1.17% nickel, 0.53% copper(Indicated).
• Resources Särkiniemi East – 60,000 tonnes at 0.86 % nickel, 0.69% copper
(Inferred).Current StatusInfill drilling continues on the Särkiniemi East deposit, which has an inferred resource
at this point of 60,000 tonnes at 0.86% nickel.NICKEL, COPPER, COBALT PROJECTSVALKEISENRANTADiscovered in 2000, the Valkeisenranta Nickel Deposit is located 2 kilometres west of
Belvedere’s Särkiniemi Mine. Recent drilling, has identified three orebodies with a
combined resource of 1.54 Mt at 0.71% nickel and 0.29% copper. Geochemical stud-
ies have indicated that the intrusion is capable of hosting 3 Mt at more than 1%
nickel.
HAUTALAMPIThe Hautalampi cobalt copper project is currently Belvedere’s most significant in the
Outokumpu district. Drilling on the project in now underway.RIIHILAHTIThe Riihilahti Copper Cobalt deposit is a small deposit located under a lake in a
shallow bay, 200 m from the shoreline. The deposit has an indicated resource of
135,000 tonnes at 1.69% copper and 0.14% cobalt.GOLD COPPER PROJECTSIn addition to its Nickel-Copper-Cobalt operations, Belvedere has several advanced
gold copper projects:KIIMALA
In September 2007, Belvedere announced intersects of a further high grade zone of
5.2 g/t gold over 15.33 metres on its Kiimala gold property.KOPSA
In June 2007, drilling completed at Belvedere’s 100% owned Kopsa gold copper
property 50 km to the south of Kiimala extended the strike of the Kopsa main zone.KUUSAMO
Belvedere is currently waiting for results of drilling completed on Haarakumpu
Copper Cobalt Gold project in Kuusamo.
MINING IN FINLAND• Positive investment andoperating environmentwith high potential fornew discoveries.• A long history of miningactivity.• Excellent geological data-bases, good infrastruc-ture, and readily availableexploration services, met-allurgical technology andmanufacturers of miningequipment.
SÄRKINIEMI MINE
HITURA MINE
Muonio
Bothnia
Pori
Rantasalmi
Kotalahti
Belvedere propertiesnickel producing centres
Kuusamo
Hitura
BELVEDEREr e s o u r c e s
Finland
BELVEDERE
n i c k e l c o p p e r c o b a l t g o l d
resources
Mining in Finland
Unearthing Finland’s nickel to supply world demand
BELVEDEREr e s o u r c e s
BELVEDEREr e s o u r c e s
trade show booth
folder
brochurer
SUTTER GOLDMINING INC.
COMPANY PROPERTIES CORPORATE INFO COUNTRY INFOINVESTOR RELATIONS CONTACT US
website
PowerPoint presentation
logo design
able reserves on the MLE pool could exceed 3 TCF gas.On Yacoub, the contract to shoot 230 km2 of 3D seismic data commenced in
February to identify locations which FCP plans to drill during the third quar-
ter of 2002. The 3D seismic is expected to be completed by May and interpre-
tation to be completed shortly thereafter. Average recoverable reserves of the
offsetting wells are 44 MMBO per well and average production is 8000 bbl/d
of oil.M A S I L A , Y E M E NSecond phase exploration underway on Block 43, Yemen
Joint venture partner, DNO ASA of Norway is funding work requirements for
the second phase of a five year exploration agreement on Block 43. DNO will
carry out further seismic studiesto identify targets and drill twowells. Block 43 covers 2,717 km2and is adjacent to Nexen’sMasila Block which producesapproximately 220,000 barrelsper day or half of Yemen’s dailyproduction.
First Calgary Petroleums willcommence drill programs ontheir two licences in the oil richBerkine Basin, Algeria, during2002. The area is considered tobe one of the most productive,yet underexplored basins in theworld.
Anadarko
Burlington
AnadarkoEl Merk(Anadarko)
Repson YPF
0 40kilometres
Hassi Berkine(Anadarko)
RKF (CEPSA)
FCP
Ourhoud(Sonatrach)
oil poolsgas poolsleadspipelines
AGIP
ROD(AGIP, BHP)
LEDJMET
YACOUB
Total-Fina-Elf
Menzel Lejmet(Burlington)
3D
3D
FCP
A L G E R I AA member of OPEC, theRepublic of Algeria has provenoil and gas resources of approxi-mately 40 billion barrels of oilequivalent. More than 90% ofAlgerian export earnings andabout 30% of its GDP is derivedfrom oil and natural gas.Approximately 90% of Algeria’scrude oil exports go to WesternEurope.
Natural gas production in 2000accounted for 60% of Algeria’stotal hydrocarbon production.Algeria is a major natural gasexporter, accounting for 34% ofthe European imported naturalgas market. Infrastructure tomove the gas to Europe is inplace with two pipelines underthe Mediterranean and twoadditional pipelines planned.Algeria ranks in the top tencountries worldwide for naturalgas resources.
AlgeriaB E R K I N E B A S I NFirst Calgary - one of only seventeen operators in Algeria
Like all foreign companies operating in Algeria’s oil industry, First Calgary
obtained licences for the Exploration and Exploitation of Hydrocarbons with
Sonatrach, the Algerian state-owned oil company. A production-sharing
agreement is in place with Sonatrach on the Ledjmet Block and a joint ven-
ture, on the Yacoub Block. Upon commercialization of each of the Blocks, a 25
year and 30 year exploitation license for oil and gas respectively will be
issued on the Ledjmet Block and a 25 year exploitation license on Yacoub.
More than five billion barrels of oil discovered in the last ten
years in the Berkine BasinThe Berkine Basin has one of the highest oil and gas exploration success rates
in the world. Its exploration potential, pipelines, infrastructure, relatively low
exploration costs, and proximity to markets, make the area an ideal region to
explore. Geologically, the Berkine Basin has near-perfect petroleum conditions that
have resulted in a string of giant oil and gas discoveries. Offsetting First
Calgary’s Ledjmet Block is Burlington’s Menzel Ledjmet oil field with 300
million barrels oil (MMBO), Anadarko’s El Merk gas field with 1.5 trillion
cubic feet of gas (TCF); commercialization starting 2004, and Anadarko’s El
Merk oil field with 250 MMBO. This area of the Basin has recorded some of
the highest natural gas and oil production test rates to date, 22,000 barrels of
oil per day (bbl/d) and 107 million cubic feet of gas per day (mmcf/d).
Offsetting First Calgary’s Yacoub Block is Anadarko’s Hassi Berkine oil field
with 2.8 billion barrels oil, BHP’s ROD oil field with 300 MMBO, Sonatrach et
al’s Ourhoud oil field with 1.0 billion barrels oil, and Cepsa’s RKF oil field
with 250 MMBO.Proven gas reserves on Ledjmet BlockThe 1,108 square kilometre Ledjmet Block contains the MLE pool, which has
been evaluated by DeGolyer MacNaughton (independent reservoir engi-
neers), with established reserves of 1.021 TCF sales gas of which 447 BCF is
proven. These reserves have a net present value, at a 10% discount rate, of )
US$198 million established and US$102 million proven.Drilling to begin in 2002 On Ledjmet, First Calgary has acquired 109 km2 of 3D seismic data covering
approximately 60% of the MLE gas and condensate pool located on the Block.
Interpretation is expected to be completed in April. The MLE pool contains
the MLE-1 cased gas well which tested 42 mmcf/d gas and 1700 bbl/d liq-
uids. First Calgary’s plan is to drill a delineation well to the MLE-1 well as
the next step to commercialization of the MLE pool. It is anticipated recover-
Algiers
Berkine Basin
F I R S T C AL G A R Y P E T R OL E UM S LT D .
Algeria
F I R S T C AL G A R Y P E T R OL E UM S LT D .
brochure
folder
CHOCO 10 MINE FEASIBILITY STUDY
The Choco 10 concession is locatedin the historic El Callao mining district inVenezuela, where over 5 million ounces ofgold have been mined historically. The areahas recently become the focus of renewedexploration interest and the results suggestthat the region still holds significant potential.
Between 1990 and 1995, the previous owners spent over $14 million exploring the
property with the aim of defining and developing near-surface oxide reserves amenable to
heap leaching. During this period 1,288 shallow holes with an average depth of 38 metres
were drilled for a total of almost 50,000 metres. These results produced an initial resource of
14.5 million tonnes grading 1.7 grams g/t, containing 795,000 ounces of gold in the
measured and indicated category and an inferred resource of 1.7 million tonnes at a gold
grade of 1.4 g/t, containing 74,000 ounces of gold.Only six deep holes were drilled into the underlying fresh rock, and all of these holes
encountered gold mineralization. In spite of the success of these deeper holes, the ownership
of the property changed hands and work on the project was suspended.
When Bolivar Gold became interested in acquiring the property, MiconInternational
(Micon), an independent technical consulting firm, was retained to review and update the
work done previously and to assess the development potential of the property. In their
Development Plan dated October 2002, Micon concluded that the existing resource could be
readily upgraded by additional drilling and that it was capable of supporting a mine plan
based on 4,000 tonnes per day (tpd) to produce approximately 100,000 ounces of gold per
year at a cash cost $161 per ounce.Based on these encouraging results, Bolivar Gold embarked on a plan to fast-track
development of the property while continuing to explore the potential beneath and adjacent
to this resource. A program of confirmation, infill and geotechnical drilling was initiated
immediately following acquisition of the property in March 2003. The company also
PISOLITAPIT
COACIAPIT
ROSIKAWESTPIT
ROSIKAPIT
0 500metres
plant
RESOURCES* Tonnes GradeGold(‘000) (g/t) (ounces)
Indicated 13,229 2.5 1,051,016Inferred
2,300 1.9 142,842RESERVES Tonnes Grade
Gold(‘000) (g/t)(ounces)12,600 2.2 880,000
*includes reserves
• open pit mine • 5,400 tonne per day mill will produce on average
125,000 ounces of gold per year • initial mine life is 6.5 years • total operating cost is expected to be $8.44 per tonne
or $146 per ounce• capital cost of Choco 10 is forecast to be $38.6 million.Source: Micon feasibility/engineering study, November 2003
VENEZUELA
GUYANASURINAME
FRENCHGUYANA
BRAZIL
Georgetown
Pto. Ordaz
Caracas
ParamariboOmaiMine
Cayenne
El Callao
G U Y A NA
S H I E L D
main gold districtscities
CHOCO 10 MINE DEVELOPMENT
BOLIVAR GOLD CORP. 5
4 BOLIVAR GOLD CORP.
CHOCO 10 MINE PLAN
]
Mine start-upis expected inNovember2004.
2003 ANNUAL REPORT
BOLIVAR GOLD CORP.
Corporate Overview
Bolivar Gold Corp. isan international goldexploration and devel-opment companyfocused on highlyprospective propertiesin Venezuela. Thecompany gainedprominence inFebruary 2003 afteracquiring a 70% interest in the 7,215 hectare Choco 4 and Choco 10 and 15,000hectare Bochinche Zero, 1 and 2 concessions Bolivar State, Venezuela.
Choco 10 Concession
The company’s most advanced project is the Choco 10 Concession where onemillion ounces of gold was previously identified. Exploration activity at Choco10 began in 1990 with a regional geochemical soil and aeromagnetic survey. Thiswas followed by a ground magnetic survey, a detailed geochemical soil survey andtrenching covering five prospect areas. During 1993, a geological survey and ageochemical soil survey carried out within the concession areas disclosed a largegold anomaly covering an area of 1,500 square metres. A shallow drilling programcommenced in 1993 to target the large gold anomaly.
Over US$14 million had been spent onexploring this property including 1,288drill holes (49,917 metres) with anaverage vertical depth of 38 metres.The drilling identified the presence offour major zones of mineralizationnamed as the Coacia, Pisolita andRosika prospects. More recently, BolivarGold has completed and announced anadditional 77 infill and explorationholes, with encouraging results. Theseincluded 143 metres averaging 2.8 g/tgold and 120 metres at 3.2 g/t. Withinthese broad zones were numerous high-grade intercepts, the best being 94.5 g/tover 3 metres.
Based on the first 46 holes, MiconInternational has calculated a revisedresource estimate of 13.7 million tonnesat an average grade of 2.5 g/t gold repre-senting 1.0 million contained ounces inthe indicated category.
CORPORATE INFORMATION
Symbol: BGC (TSX)
Shares issued: 85.4 million
Options: 7.6 million
Warrants: 36.7 million
Cash: US$55 million
HEAD OFFICESuite #1502
110 Yonge StreetToronto, Ontario
Canada M5C 1T4tel: (416) 360-4653fax: (416) 360-7783web: www.bolivargold.com
email: info@bolivargold.com
OFFICERS AND DIRECTORS
Serafino IaconoChairman and Chief Executive Officer
Miguel de la CampaPresident and Chief Operating Officer
Jose Francisco ArataExecutive Vice President, Exploration
Robert DoyleChief Financial Officer
Dr. John ThomasVice President Operations
Peter VolkCorporate Secretary and Legal Counsel
Andres CarreraDirectorIndependent business consultant
Robert HinesDirectorPartner, Hines & Co.
Stephen WilkinsonDirectorPresident & Director, ValGold Resources
ANALYST COVERAGE
Chantal Gosselin, Dundee SecuritiesCorporation
David Stein, Sprott Securities Inc.
Jim Taylor, Canaccord Capital (Europe)Limited
Jacques Wortman, Griffiths, McBurney&Partners (GMP)
BOLIVAR GOLD CORP.
Accomplishments:• Acquired prospective con-
cessions in Venezuela• Raised US$70 million to
fund acquisition, explo-ration and development
• Relocating 5,400 tpd mill• Converted all “inferred”
resources to “indicated”• Negotiated JV with Gold
Fields covering El Callao dis-trict
• Acquired interests in 6 addi-tional concessions
Objectives:• Complete construction of
Choco 10 project• Aggressively explore for
additional ounces
annual report
fact sheet
Output improves in second half of 2004 Bema’s wholly-owned Petrex Mines are located 50 kilometres
east of Johannesburg in the East Rand area of South Africa. It is
underlain by the Archean gold-bearing conglomerates of the
Witwatersrand basin, the world’s largest gold metallogenic
province. Bema acquired its 100% interest in the Petrex mines
in February 2003. Petrex consists of three main areas contain-
ing several underground operations accessed from eight shafts
and a central plant capable of processing 185,000 tonnes of ore
per month. All open pit operations were suspended by January
2005 because they were uneconomic in light of the increasing
strength of the South African rand against the US dollar.
During the first half of 2004, Bema successfully completed a
program designed to improve mining efficiencies and cut costs.
As a result, tonnes milled, recoveries, rand operating costs, cap-
ital expenditures and ounces produced improved during the sec-
ond half of the year, and new gold production records were
established. However, US dollar operating costs continued to be
adversely affected by the strength of the rand. All open pit oper-
ations were re-evaluated and the decision was made to suspend
open pit mining. In an effort to improve the grade of under-
ground ore delivered to the mill, changes were made to control
water flow, improve blasting techniques and mining practices,
and utilize trackless mining equipment where appropriate. New
mining contractors were introduced at several of the shafts and production from old waste
dumps was increased. Plant performance continued to improve during 2004 as a result of modifications made in 2003
and the early part of 2004. Recoveries were consistently above 94% in the last four months of
the year and have continued at this level into 2005. Capital expenditures of $7.5 million in 2004 were used for underground development, shaft
equipment and in the metallurgical plant.In 2005, Bema will pursue all opportunities to improve the economics of the operation. It will
continue to restructure its mining contractors and increase their day-to-day supervision, develop
into higher grade and higher tonnage areas and continue with efforts to reduce ore losses
underground. Exploration is currently focusing on short-term reserve and resource delineation and more medi-
um-term resource identification. Drilling in 2004 amounted to 32,720 metres in 318 holes car-
ried out at a cost of $1.4 million. Bema believes the Petrex property holds significant potential
for adding to reserves and increasing the life of the mines.
Location
South Africa
Bema ownership
100%200420031
2005e
Tonnes milled1,862,635 1,844,487 1,676,000
Gold grade (g/tonne)2.65
2.643.30
Gold recovery (%)88.7
86.292.5
Gold produced (oz)146,228 132,170 173,000
Total cash cost ($/oz) 2388
360347
Reserves (oz. gold) 3Proven & probable 851,893 940,000na
Resources (oz. gold) 3Measured & indicated 3,313,185 4,149,000na
Inferred2,025,122 3,475,000
na
Capital expenditures $7.5 million $6.9 million $7.6 million
Exploration expenditures $1.4 million $0.6 million $2.1 million
Debt at year end4$21.2 million $34.7 million
na
Average rand:US$ ratio 6.427.35
6.5
1 Bema acquired the Petrex mines effective February 14, 2003.
2 Adjusted for rand denominated put option gains of $64 per ounce
in 2004 $37 per ounce in 2003. 2005 estimate is based on a
$400 per ounce spot gold price and 6.5 rand to 1USD conversion
rate. Operating cash costs are same as total cash costs.
3 See page 25 or the AIF for details of reserve and resource esti-
mates. Resources are exclusive of reserves.
4 In 2004 Petrex closed out rand denominated gold put option con-
tracts maturing between October 2005 and December 2008 for
$15.3 million, of which $11.87 million was applied to the project
loan balance.
OPERAT IONSPETREX M INES
New production records established
BEMA GOLD CORPORATION 11
10 BEMA GOLD CORPORATION
MIN
ING
OP
ER
AT
I ON
S
SOUTH AFR I CA
PETREX M INES
NEVADA PROPERTIES USA
MONUMENT BAY PROJECTCanada
CERRO CASALE PROJECTChile
BEMA GOLD ONE O F THE WORLD ’ S FASTEST GROW ING GOLD PRODUCERS
REFUGIO MINEChile
EAST PANSKY PROJECTRussia
PETREX MINESSouth Africa
JULIETTA MINERussia
KUPOL PROJECTRussia
BEMA GOLD CORPORATION 32 BEMA GOLD CORPORATION
ADVANC ING ASSETS
ANNUAL REPORT 2004
20
04
BEMA GOLD CORPORATION
annual report
SARDINIA
The Sardinia gold district has a long history of gold production and is
host to the prolific Palaeozoic province, which continues to emerge as a
significant gold district in Europe, and to date contains 20 new gold
prospects.
With the exhaustion of readily-available sources of ore, the company
intends to shift its near-term focus to aggressively exploring its extensive
land package, while maintaining its flexible, fully-permitted processing
facilities at Furtei.
The exploration approach will focus on joint ventures with strategic part-
ners to fund a significant portion of the exploration and development
costs, utilizing their extensive experience and resources to reduce risk and
increase opportunities to enhance shareholder value.
FURTEI
Exploration directed mainly at enargite-gold mineralization associated
with the central diatreme, resulted in the discovery of a number of new
orebodies. These include the high-grade gold and copper Su Coru
deposit and the S’Arruga deposit in 1998 and 1999, both of which were
“blind to the surface”.
Mining of eight separate oxidized ore depsits ended in 2001 and a transi-
tion made to mining sulphide ores. Additional exploration drilling will be
carried out on the Su Coru and the Cima-Est prospects.
MedOro Resources Ltd. is the suc-
cessor to the formerly producing
Gold Mines of Sardinia (GMS), with
the addition of a Canadian listing,
additional funding and a senior joint
venture partner as a result of its
amalgamation with Full Riches
Investments Ltd. Prior to the reor-
ganization, GMS, through its 90%-
owned subsidiary Sardinia Gold
Mining (SGM) had successfully
mined numerous near-surface
deposits in the Furtei area, as well as
accumulating a substantial prospec-
tive land position throughout
Sardinia.
SWITZERLAND
AUSTRIA
FRANCE
YUGOSLAVIA
Palermo
Zagreb
Cagliari
Geneva
Marseille
Tunis
Mediterranean Sea
CORSICA
SICILY
SARDINIAOSILO
MONTEOLLASTEDDU
FURTEI
ITALY
Milan
Florence
Rome
Naples
Venice
SYMBOL: MRL
TRADING: TSX & AIM
COMPANY PROFILE
Gold explorationand developmentin Sardinia andEurope
MEDORORESOURCES LTD.
MEDORORESOURCES LTD.
MedOro holds significant landclaims on the island of Sardinia,which has a long history ofgold production and is re-emerging as a significant golddistrict in Europe. The company is aggressivelyexploring its extensive landpackage, and maintaining itsflexible, fully-permitted pro-cessing facilities at Furtei.MedOro recently acquired 100percent of the share capital inMiniere di Pestarena srl, anItalian company with exploration rightscovering the 141 hectare Pestarena and245 hectare Lavanchetto concessionslocated in the Piedmont Region innorth western Italy.
TSX-V: MRLAIM: MRL
TSX-V: MRLAIM: MRL1502 - 110 Yonge StreetToronto, Ontario M5C 1T4tel: 416-603-4653fax: 416-360-7783email:info@medororesources.comwww.medororesources.com
MEDORORESOURCES LTD.
MEDORORESOURCES LTD.
”SGM”Località Santu MialiFurtei (CA) 09040
Sardinia, ItalyM: +39 335 453 635T: +39 070 937 0740F: +39 070 937 0730
jeffrey.rayner@tiscalinet.it www.medororesources.com
Jeff RaynerManager Explorationfact sheet
logo
conference ad
business card
folder
MEDORORESOURCES LTD.
MEDORORESOURCES LTD.
Gold exploration and developmentin Sardinia andEurope
TSX: MRLAIM: MRL
SWITZERLANDAUSTRIA
FRANCE YUGOSLAVIA
Palermo
Zagreb
Cagliari
Geneva
Marseille
Tunis
Mediterranean Sea
CORSICA
SICILY
SARDINIA
OSILO
MONTEOLLASTEDDU
FURTEI
ITALY
Milan
Florence
Rome
Naples
Venice
0 40km
N
S
EW
OnanÏ
Calabona
Romana
MonteMurale
Narbolia
Grighini
Laconi
Goene
Seui
Talentinu
VillasaltoTacconis
GennaUreu
Gulf ofCagliari
Iglesiente
Siliqua
S. AndreaFrius
PedraLoabbio
TorpË
Gulf ofAsinara
Bantine
Iglesias
Carbonia
S.S. 131S.S. 131
0 40 km
MiningConcessionPR Granted
PR Applied
AI Granted
AI In renewal
PR In renewal
AI Applied
SARDINIASARDINIA
Bantine
OSILO
FURTEIMONTEOLLASTEDDU
TENEMENTS
Furtei Project
annual report
PowerPoint presentation
trade show booth
Company Highlights
• Debt free, unhedged
• Positive cash position: US$35M
• Annual production rate of 100,000 oz Au, increasing
to 135,000 oz Au in 2004
• Immediate cash flow with average 50% production
growth profile per annum
• Gold resources: 6.6Moz Gold reserves: 4.0Moz
• Copper Reserves: 2.3B lbs
• Competitive advantage, significant Brazilian land holdings
• Comprehensive, diversified production & exploration portfolio in Brazil & Argentina
• Proven management team
• Excellent market valuation vs. industry peer group
The New Latin American
Gold Producer
Yamana Gold Inc. is a producing gold company with a
diversified portfolio of operational, production-stage and
exploration properties located in Brazil and Argentina.
In 2003, Yamana acquired
producing and advanced
production-stage properties
in Brazil, making it one of
the largest mineral land-
holders in Brazil. The
Company produces over 100,000
ounces of gold annually, which will
increase to over 135,000 ounces by mid-
2004 and 350,000 ounces before the end of
2006 through the development of its other
Brazilian properties.
At its current development rate, the Company’s growth
rate is 50% per annum until 2007 (400,000 oz). Yamana
also holds a significant copper-gold production-ready
property in Brazil that will produce an average annual 107
million pounds of copper starting in 2007.
YAMANAG O L D I N C .
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
02003 2004 2005 2006 2007
Brasileiro Fazenda Nova Sao Vicente Sao Francisco Chapada
Listings:TSX: YRI
AMEX: AUY
AIM: YAU
Shares outstanding:95.8M
Fully diluted shares:143.8M
Share price high/low: C$3.70/$1.20
Investor Relations: Rebecca Greco
Corporate Office: 150 York Street
Suite 1902
Toronto, Ontario
Canada M5H 3S5
Tel:416-815-0220
Fax:416-815-0021
Email:investor@yamana.com
Website:www.yamana.com
Transfer Agent: CIBC Mellon Trust
Research:
CANACCORD CAPITAL
Steven Butler416 869 7918
NATIONAL BANK FINANCIAL
Brian Christie416 869 7118
NESBITT BURNS
Craig Miller416 359 7770
SPROTT SECURITIES
David Stein416 943-6407
WESTWIND PARTNERS
Chad Williams/Richard Gray 416 815 3060
Shareholder Information
Annual Gold Production Targets
ARGENTINA
BRAZILCumaru
Fazenda NovaSão Vicente
São Francisco
Rio de JaneiroSao Paulo
ChapadaBrasileiro
ARGENTINA
• Assumes that existing resources will be upgraded
to reserves to extend the mine lives at Brasileiro
and Fazenda Nova such that gold production lev-
els post 2005 will be maintained
• Copper and gold production at Chapada is pro-
jected to begin in 2007 at an average annual rate
of 107.5 million lbs and 120,000 oz respectively
(5-yr avg)
Annual gold production of750,000 ounces by 2008!Yamana was recreated in 2003 with an ambitious plan to turn undervaluedBrazilian properties into profitable, producing mining operations. Now, with 3 producing mines, 2 more producing mines being acquired, 1 more mine in production in 2006 and a number of develop-ment projects, Yamana is projecting production of 550,000ounces in 2007 and is targeting 750,000 ounces by 2008.
VI S I O N
YAMANAG O L D I N C .
150 York St., Suite 1902, Toronto, Ontario, Canada M5H 3S5Tel: 416-815-0220 Fax: 416-815-0021
Email: investor@yamana.com Website: www.yamana.com
Yamana Gold Inc. is a producing goldcompany with a diversified portfolio ofoperational, construction-stage and explo-ration properties located in Brazil.
In 2003, Yamana acquired producing,production-stage and advanced explo-ration stage properties in Brazil, making itone of the country’s largest mineral land-holders. The Company’s annual gold pro-duction is currently 125,000 - 130,000ounces from two mines. A third mine
comes into production this year, followedby a fourth in 2007, bringing projectedproduction to more than 400,000 ounces.This is a production growth rate ofapproximately 50% per annum until 2007.
Yamana will also produce copper atChapada, a significant copper-gold projectin Brazil that is currently under construc-tion and is targeted to produce an averageof 130 million pounds of copper per year,starting in 2007.
150 York Street Suite 1902
Toronto, Ontario Canada M5H 3S5 tel: 416-815-0220 fax: 416-815-0021
investor@yamana.comwww.yamana.com
YAMANAG O L D I N C .
50% per year production growth rate through 2007
Value and Growth
SÃO FRANCISCO/SÃO VICENTE
• Advanced open pit heap leach gold project
• Positive initial feasibility study
• Over 830,000 ounces of production over initial 8 years
• Under US$190 cash cost
• Significant potential in deeper zones with high grades
• Production target of 2005/2006
FAZENDA NOVA
• Fast track gold project – construction currently underway
• Phase I production in excess of 143,000 ounces
• Low capex and in production in 2004
• Additional mine life expected in second phase from saprolites
• Deep resource potential at high grades could support third phase
CHAPADA
• Feasibility stage copper/gold project
• 1.3 mm oz Au; 2.0 billion lbs Cu
• Attractive infrastructure; accelerated payback
• Head grade @ 0.7% Cu equivalent for first five years
• Attractive cash costs
SANTA ELINA GOLD BELT
• 900 km trend extension along Brazil and the
Bolivian border
• 750,000 hectares of mineral concessions
• Historical production
CUMARU (CARAJAS)
• Approximately 100,000 hectares of
exploration concessions
• Existing inferred resource
• Historical production
• Further nickel prospects
ARGENTINA
PROPERTIES
• Exploration proper-
ties in Argentina
• Bonanza grades at
Martinetas
YAMANAG O L D I N C .
BRASILEIRO MINE
• Producing underground mine
• Production: over 100,000 ounces per year
• Current cash costs: US$210 per ounce
• Significant exploration concessions on a greenstone belt
• Drill program underway to increase reserves
PR
OD
UC
TIO
ND
EV
EL
OP
ME
NT
EX
PL
OR
ATIO
N
March 2004
YAMANAG O L D I N C .
www.yamana.com150 York Street, Suite 1902
Toronto, Ontario, Canada M5H 3S5tel: 416-815-0220
fact sheet
ads
disc label
explore the Xiongwu gold district. Under thisagreement, the company will earn up to 84% by
spending US$2 million and taking the projectinto feasibility.Local Chinese miners have been operating small-
scale on the Xiongwu gold district for more than
a decade, mainly exploiting oxidized, near- sur-
face gold mineralization with reported grades of
0.5-5 g/t Au with higher grades of up to 10-20g/t Au.GCR has conducted detailed mapping, soil geo-
chemical surveys with planned follow-up drillingwhen access and ownership issues with localminers are resolved. The company is highlyencouraged by the high-grade gold grades ingeologically continuous and favourable hostrocks.
• Beyinhar, Inner MongoliaThe Beyinhar gold project lies within the InnerMongolia Fold Belt Region, a productive oro-genic belt hosting several skarn, orogenic/meso-
thermal veins and porphyry Cu-Au deposits.In 2003, the company entered into a LetterAgreement with Huayu Geological and Mineral
Exploration Ltd. (NHE) to explore and purchasethe Beiyinhar Gold Project. Under the agree-ment, GCR can earn a 100% interest.The company recently completed a 1770m dia-
mond drilling program consisting of a total of 11
widely spaced HQ diamond drillholes (averagedepth of 160m). The results indicate a continu-ous gold-mineralized zone encouraging enough
to warrant a follow-up programin the second half of 2005 totest new targets and move clos-er to defining a resource.
Hebei
BeijingInner Mongolia
Yunnan
Guizhou
Guangxi
WangmoNibao
Xiongwu
Beyinhar
Background to Golden China ResourcesIn February 2005, Golden China Inc. (amerchant bank) amalgamated with APACminerals (a natural resource company) toform Golden China ResourcesCorporation. Currently, the company has
cash and liquid securities in excess ofCDN$20 million and is focused on explo-ration and development, operations, andmerchant banking in China’s preciousmetal industry.Immediate growth potential in ChinaGolden China Resources (GCR) is activelycapitalizing on its international miningexperience, financing expertise, and part-nership with Kingsway Group, a globallyfocused mid-market financial servicesprovider with affiliations in Hong Kongand mainland China,GCR’s expertise in exploration, develop-
ment, and merchant banking is a uniquebusiness model for China. With the com-pany’s unmatched combination of provenstrengths, GCR intends to increase share-holder value by becoming a major partici-pant and consolidator in China’s develop-ing precious metals sector.THE PROPERTY PORTFOLIOGCR has three major gold proj-ects in China’s Golden Triangle:Nibao, Xiongwu and Wangmo inGuizhou Province hosting signifi-cant Carlin-type gold deposits;and one in Inner Mongolia:Beiyinhar, which is a shear-host-ed gold deposit. Recent resultsfrom these four properties haveindicated multi-million ounce gold
resources and the immediate potential forextension of known mineralization.• Nibao, Guizhou ProvinceNibao is GCR’s main gold project and cov-
ers a concession area of 11.4 kilometres.The company has a joint venture contractwith Guizhou Geology and MineralDevelopment Corporation and QianxinanIndustry Investment Corporation. Underthe JV contract, GCR will earn 84% byspending US$2 million and by bringingNibao up to development stage through afull feasibility study.As of November 2004, GCR has conduct-
ed 8,300m of drilling, culminating in thehighly significant Nibao South discovery.Work to date at this discovery area hasidentified a 3.2 kms-long gold belt con-sisting of several Carlin-type mineralizedzones with high-grade drillcore Au valuesup to 15.03 g/t Au, totaling 3.45 millionounces of contained gold. The interveningundrilled area between zones producedsurface channel samples with high-gradegold (5-22 g/t Au) results.The next phase of drilling will delineate an
indicated gold resource at the NibaoSouth discovery area and test valid targetsgenerated from the geological and geo-chemical surveys.
GOLDEN CHINA• Wangmo, Guizhou ProvinceCGR’s Wangmo property is close to Sino
Gold’s Jinfeng Gold Mine and other goldoccurrences such as Yata, Daguan andLouyi. Like the Jinfeng deposit, Wangmo’sgold mineralization is sediment-hosted,displaying characteristics similar to theworld-class Carlin deposits in Nevada.CGR has an agreement with the Guizhou
Bureau of Geology and Mineral Resourcescovering granted exploration tenements atWangmo. Under the agreement, CGR willearn 70% interest by spending US$ 1 mil-lion over a three-year period, and can earna further 14% when the project is taken tobankable feasibility.Exploration work completed during 2004
identified two gold-anomalous catch-ments. Follow-up work in early 2005 to‘source’ these anomalies revealed that thegold shedding from the anomalous catch-ments is related to siliceous alteration andsulphide mineralization. A trenching pro-gram in the second half of 2005 is pro-posed to better define the extent of goldmineralization.
• Xiongwu, Guizhou ProvinceXiongwu is a 15 km-long hydrothermalsystem with no systematic past exploration(local or foreign). Like Sino Gold’s Jinfengdeposit (3.45 million ounces at 5.1 g/t Au),Xiongwu’s gold mineralization is sediment-hosted similar to the world-class Carlindeposits in Nevada, USA.GCR has entered into an agreement with
the Xingyi municipal government to
Golden China’sexpertise inexploration,development,and merchantbanking is a
unique busi-ness model forChina.
China opens up toforeign investmentIn the late 1990s, theChinese government updat-ed its exploration and min-ing law with regulationsmodeled on those ofAustralia and Canada. Theresult has been a consider-able liberalization of foreigninvestment in China’s miningsector. For example, powerto grant mineral titles hasbeen transferred to theprovinces, up to 90% for-eign ownership is nowallowed, and generous taxincentives for mining invest-ment introduced.
The Golden Triangle of Southern ChinaThe precious metal rich Golden Triangle in southern China consists of Yunnan,
Guangxi and Guizhou provinces (GCR has three gold properties in Guizhou).
The United States Geological Survey considers this highly prospective area to
have the resource potential comparable to the multi-1,000-tonne Carlin-type
gold resource in northern Nevada. Sino Gold’s recent announcement of a
gold resource on their Jinfeng deposit at Guizhou of 3.5 million ounces at 5.1
g/t Au supports the area’s potential.
Focused on the vast potentialand positive climate formining investment in China.
R E S O U R C E SGOLDEN CHINA
Pursuing precious metal opportunities in China
R E S O U R C E S
GOLDEN CHINAfolder
brochure
Focusing on China with its vast potential and positive climate for mining investment.
TSX-V: AUC
R E S O U R C E S
2005 A N N UALREPORT
annual report
trade show booth
OI L EX CO INCORPORA TED
Prin
ted
in C
anad
a
‘Pro
duce
d by
The
F.I.
R.M
.
EXPLORATIONOilexco has a large portfolio of desirable exploration properties, and in the short time
since beginning exploration in the UK North Sea has gained a reputation for drilling
quickly, efficiently, and accurately. During 2007 Oilexco was awarded interest in sev-
eral new projects during the 24th Licensing Round.BLUEBELLOilexco was awarded a 75% working interest in Blocks 15/24a and 15/25f in February
2007 in the 24th Licensing Round. Oilexco has committed to re-process 100 square
kilometres of existing seismic data. Bluebell is situated within a Paleocene channel
complex can be mapped on seismic.This channel complex anomaly sprawls across the
eastern portion of Block 15/24a into Block 15/25f near the 15/25-4 well. The 15/25-4
well appears to be drilled on the edge of the channel complex and contains clean, fine-
grained sandstone. Oil may be stratigraphically trapped within portions of this channel
complex.
CATCHERThe Catcher prospect (Block 28/9 and Block 28/10a) was awarded 50 percent equity
interest in the 24th Licensing Round. Oilexco has a firm commitment to drill a well to
the Paleocene Forties Formation within the next four years. The Company holds a 50%
equity interest in the prospect and are the designated operator of the license. Catcher
is a four-way dip closure at the Forties level within an undrilled Forties/Tay Formation
deep water turbidite feeder system. Block 28/9 and Block 28/10a are part of the same
turbidite feeder system which contains 120 million barrels of oil and 120 Bcf of gas
from the Bittern Field down dip from Catcher. DANICAOilexco was awarded a 100% equity interest in Danica (Block 29/6a) and has commit-
ted to drill a firm well to the Lista Formation within the next four years. Block 29/6a is
located in the southwest corner of the West Central Graben, with the Danica prospect
located on the upthrown side (West Central Graben Platform) of the main basin-
bounding fault. A sandstone injection complex in the Paleocene Balder level is evident
on the 3D seismic survey. This sandstone injection complex is similar to that encoun-
tered at Gryphon, Balder, Jotun, Grane, Hamsun, Chestnut and Alba Fields.
In 2008 Oilexco’s capital budget is US $707 million—US$400 million on develop-
ment and US$300 million on exploration and appraisal. The plan will focus on the Bal-
moral Core area with five additional production wells, facility optimization, gas
conservation and field redevelopments, The Shelly Development the Huntington ap-
praisal (including Nexen-Scott Joint projects) and ongoing exploration.
Our Plan
OC Guard drill
In 2008 Oilexco’s capitalbudget is US $707 million –US$400 millioinon develop-ment and US$300 millionon exploration and appraisal.
15
14
OILEXCOINCORPORATED
Delivering on our Strategy
20
07
UP
DA
TE
folder
PowerPoint
brochure
OILEXCOINCORPORATED
OILEXCO’SAnnual Golf Tournament
Welcome GolfersGOODWOODREVIVALSEPTEMBER2008
outside
OILEINCORPORA
XCORPORATED
OILEXCOINCORPORATED
OILEXCO INCORPORATED
70 Jermyn Street
St. James, London
UK SW1Y 6NY
Contact: Kim Galavan
Tel: +44 (0)207747 1500
Fax: +44 (0)207747 1501
OILEXCOINCORPORATED
GOODWOODREVIVAL
SEPTEMBER 2008
invitation
poster
itinerary
logo
10:00 Bus ArrivalPractice on Driving Range
11:00 Shotgun Start4:00 Cocktails in the Banquet Room5:00 10oz. Ribeye Steak Dinner Served6:00 Prize Presentation7:00 Departure
2 Drive Texas Scramble Format1. Each team contains four players with one designated captainplaying in the same group.
2. Each player hits their ball with the captain selecting the best shotof the four.
3. At least two drives from each player must be selected.4. One score is kept for each team. In essence, it is four playersplaying one score with four chance at each shot
5. To speed up play, if your shot is in the woods or possibly lost,have another ball ready and drop it at the selected shot.
6. The gentlemen will be playing from the blue tees, while the ladieswill be playing from the white tees.
ProximitiesHole #8 East Ladies’ Closest to Pin
Men’s Closest to PinHole #9 West Ladies’ Long Putt
Men’s Long PuttHole #6 West Ladies’ Long Drive
Men’s Long DriveLongest PuttK.P. Second ShotWater DrawClosest to Cattle SkullLong DriveK.P. Third ShotClosest to Spruce Tree
Hole-in-OneHole #1 East Escalade SUV - sponsored by Oilexco Inc.Hole #3 West $10,000 Cash Prize - sponsored by Stream-Flo
Industries, Duncan McNeillOilexco is pleased to offer you a complimentary casual lunch and beverages atthe Halfway House, along with complimentary service from the beverage cartsthroughout the tournament.
ItineraryThursday, August 7, 2008
OILEXCOINCORPORATED
JANUA RYOilexco raises Cdn $16.1M / £7.0Mthrough a private placement. Oilexcoentered into an agreement with CanaccordCapital (Europe) Ltd for a private place-ment of up to 5,385,000 common sharesvalued at approximately Cdn $3.00 or£1.30 per share.
FEBRUA RYThe Royal Bank of Scotland is named asexclusive debt arranger.The EngagementAgreement contemplates a Project Facilityof £75 to £100 million (approximately Cdn$172 to $230 million) for a period of upto five years for the purposes of develop-ing its Brenda Field.
M A R C HSedco 712 drilling rig begins its first opera-tions for Oilexco.The semi-submersibledrilling rig on lease from Transocean beginsdrilling on 15/25a, for which the companyis paying 100% of the drilling costs to earn70% of the lease.This well is on the sametrend as the Brenda Field, which is located10 kilometres to the southeast.
APRILOilexco and Transocean reach an agree-ment to extend the contract length for theSedco 712 semi-submersible drilling rig byone year,until the end of March 2007.Sensing that the market for available rigs inthe UK North Sea would continue totighten, the company secured the rig forthe additional year to ensure it coulddevelop the Brenda Field and continuedrilling exploration wells in a cost effectivemanner.
M AY Test wells from the “Nicol” Field prove suc-cessful and flow at 4,194 b/day.The15/25a-13 “well cluster” has appraised aPaleocene sand oil accumulation defined bythe well 15/25a-2, which was drilled in1988.This Paleocene sand reservoir is onthe same depositional trend as Oilexco’s“Brenda” oil accumulation located 10 kilo-metres to the southeast in Block 15/25b.Under the terms of the farmin agreement,Oilexco is paying 100% of the costs of the15/25a-13 “well cluster”, to earn a 70%interest in Block15 25a.£10M bridge financing signed with RoyalBank of Scotland.The agreement allowsOilexco to order certain equipment thatrequires a long lead time so the companycan develop its Brenda Field.The bridgefinancing is the first step for a ProjectFacility loan to finance the entire Brendadevelopment.
JUNEOilexco begins trading on TSX. On June29th, the company’s common shares andcommon share purchase warrants begantrading on the TSX under the symbols “OIL”and “OIL.WT”, representing a major movefrom the TSX Venture Exchange.Oilexco raises £30.0M to fund their explo-ration program.The company issued31,000,000 shares at £0.98 per share,(approximately Cdn $2.22) for total grossproceeds of £30.0M, or Cdn $68.8M.
Since Oilexco entered the UK North Sea in 2002, it has gained a
reputation for being one of the most innovative and aggressive exploration
companies within the UK. sector of the North Sea. In 2005, the company
continued to pursue its objective of seizing the re-emerging opportunities of
North Sea oil and gas.Major highlights of 2005 included equity financings totaling Cdn
$215.6 million, Oilexco’s appraisal and exploration program being drilled
with the exclusively contracted Sedco 712 semi-submersible rig, Oilexco
being awarded two more Licenses in the 23rd Round, and the company’s
reserves being increased by 46% in an interim independent review.
O verview2005
3
2
- emphasizes the “oil” as the
product and the company’s
trading symbol
- has a cool, retro feel
OILEXCO
OILEXCO
INCORPORATED
Spearheading the r
evitalization of Nor
th Sea production
Update2006
brochure
MARTRESOURCESINC.
MART RESOURCES INC.
MARTRESOURCESINC.
1133 KENSINGTON ROAD NWCALGARY, ALBERTA CANADA T2N 3P4T: 403•270•1841F: 403•270•1839www.martresources.com
MARTRESOURCESINC.
MARTRESOURCESINC.
1133 KENSINGTON ROAD NWCALGARY, ALBERTA CANADA T2N 3P4
same artw
ork/add
ress forb
oth No 10 and
10x13”envelop
es
MARTRESOURCESINC.
WILLIAM CHERWAYKODirector
MARTRESOURCESINC.
1133 KENSINGTON RD NW, CALGARY, AB, CANADA T2N 3P4T: 403•270•1841 F: 403•270•1839 C: 403•815•9700E: bill.cherwayko@martresources.com &
tanner50@telusplanet.com www.martresources.com
MARTRESOURCESINC.
folderstationery
business card
logo
Political Stability EstablishedThe election of President OlusegunObasanjo's administration in 1999 returnedNigeria to civilian rule. In April 2003,Obasanjo was re-elected with 61% of thevote, affording Nigeria a basic level of political stability.
A Growing EconomyNigeria's Real GDP grew at around 4.2% in2003. The economy is heavily dependent onhydrocarbons extraction, which accounts for: • 90-95% of export revenues• Over 90% of foreign exchange earnings
• Nearly 80% of government revenues. In 2004, the International Monetary Fund(IMF) expressed hope about Nigeria becausethe government seems to have adoptedtighter fiscal policies and has saved revenuesfrom recent oil earnings. Internationalreserves were also up in 2004. Reforms and PrivatizationNigeria's post-1999 political climate has
brought about a determined privatizationprogram designed to improve the productivi-ty and efficiency of petroleum exploration,production, distribution and marketing. The government, through its 100% state-owned national oil company NigerianNational Petroleum Corporation (NNPC), hashad overall control of the industry. Under the
privatization program seven NNPC sub-sidiaries are to be sold and state-heldrefineries are slated for privatization.The Oil SectorSince 1999, the democratically elected gov-
ernment has done much to restore confi-dence in the oil sector. Currently, Nigeria isthe world's fifth largest oil producer and amember of the Organization of PetroleumExporting Countries (OPEC).Current Oil ProductionMost of Nigeria’s crude oil production, com-
prising 10 major crude streams, is light sweetcrude with API grades 21-45 and a low sul-phur content. • In 2003, Nigerian crude oil productionaveraged 2.1 million barrels per day (bbl/d). • As of August 2004, OPEC raised Nigeria’sproduction quota to 2.14 million barrels perday in the face of record-high crude oilprices.Onshore Oil ReservesEstimates of Nigeria's proven oil reserves
range from 25 billion to 35.2 billion barrels.The majority of these reserves are found inrelatively simple geological structures alongthe country's coastal Niger River Delta, butnewer reserves have been discovered indeeper waters offshore. Offshore Oil ReservesEstimates of recoverable oil reserves in
deepwater geological formations (up to 5000feet below the surface) range from 8 to near-ly 20 billion barrels. Nigeria's deepwater hasalready produced substantial discoveries andthe bulk of new exploration by major multi-national oil companies is taking place off-shore.
Nigeria’s Proven Undeveloped Fields Project presents a major
opportunity for growth
The CompanyMart Resources Inc. is an international energy company committed to
building substantial shareholder value by acquiring, financing and developing
oil and gas related assets in West Africa. In so doing, the company will become
strategically positioned to capitalize on future expansion in this resource-rich region.
The Opportunity - Nigeria’s Proven Undeveloped Fields Project
The Nigerian government is playing a leading role in proven undeveloped field devel-
opment, and they see it as an effective way to both increase the country’s production
and promote domestic participation in the oil and gas industry. Following the transi-
tion to civilian government in 1999, the Oil Ministry issued new guidelines for the
development of proven undeveloped fields. These called for abandoned or under-
exploited fields to be recovered from operators and production rights re-allocated.
In 2001, the government offered 24 proven undeveloped fields. The fields could only
be awarded to companies incorporated in the country with majority Nigerian owner-
ship. Early in 2003, 31 indigenous companies were selected for farm-out and opera-
tion of the fields. Mart to Participate in Development of Proven Undeveloped Fields
Over the past several years, Mart has been evaluating opportunities to participate in
the development of proven but undeveloped oil and gas fields in Nigeria under the
Nigerian Marginal Field Allocation Program. Under the Program, which was intro-
duced by Nigerian government decree in 1996, a total of 116 proven but undeveloped
fields were designated as “marginal”, meaning that the fields were believed to hold
commercial quantities of hydrocarbons but were considered to be too small to be
commercially exploitable by multinational oil companies under historical fiscal
regimes. According to published reports, these fields may hold an esti-
mated two billion barrels of oil, and reports suggest that proven unde-
veloped fields have the potential to add over 150,000 barrels per
day to Nigeria's oil production.Mart has undertaken detailed technical and commercial evalua-
tions on 10 of the 24 fields allocated, and has entered into
commercial discussions on five of these fields. Mart has con-
centrated its efforts on those fields located in close proximity
to existing infrastructure, allowing for short development
times and early cash flow generation. Many of the wells in
these fields were drilled in the 1970s and 1980s on the basis
of outmoded 2D seismic; however, most of the fields being
evaluated by Mart are covered by more modern 3D seismic
data, which provides much improved definition of the proven
reservoirs as well as the upside exploration potential in and around
the fields.Mart has formed strategic partnerships with indigenous Nigerian companies –
all successful bidders – to jointly develop and finance a number of proven undevel-
oped fields. Mart will partner with international industry and financial companies to
fund and develop the projects. The company’s indigenous Nigerian partners will be
responsible for operational support, infrastructure, logistics, local working knowledge
and relationships.
Opportunity forMartThe major multinationaloil companies are nowconcentrating theirefforts and availablefunds on exploitingNigeria’s huge deepwa-ter offshore potential.This has left Mart and afew other smaller com-panies with the excitingopportunity to partici-pate in development ofthe many low-risk, high-reward oil opportunitiesremaining onshore in theprolific Niger Deltaregion of Nigeria.
Nigeria – Ripe for Investment
Abuja
NIGERIAYola
PortHarcourt
BeninCity
KadunaZarla
Lagos
NIGER
BENIN
CAMEROON
CHAD
Niger
Kano Maiduguri
Ibadan
Ilorin
Gulf ofGuinea
Obodugwa
Eremor
Qua Ibo
Umusadege
200 ft200 m
MARTRESOURCESINC.
Based on an African carving.Empasizes the West Africanfocus of the company.
MARTRESOURCESINC.
glossy black foil
glossy black foil
copper ink, embossed
blue ink, embossed
processes:2 colours ink,1 colour foil+ emboss
processes:1 colours ink,2 colours foil+ emboss(may be considered expensive- could replace copper foil with ink)
glossy black foil
copper foil, embossed
blue ink, embossed
MARTRESOURCESINC.
glossy black foil
MARTRESOURCESINC.
processes:2 colours foil+ emboss
Oil, gas and power opportunities
in resource-rich West Africa
MARTRESOURCES
INC.
Based on an Africa
n carving.
Empasizes the We
st African
focus of the c
ompany.
MARTRESOURCES
INC.
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MARTRESOURCES
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MARTRESOURCES
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GOLD EXPLO R ATION AND
DEVELOPMENT
IN PERU
SIENNA GOLD INC.
SGP: TSX-Vwww.siennagold.com
SIENNA GOLD INC.
SUITE 820 - 840 7TH AVENUE SWCALGARY, ALBERTA
CANADA T2P 3G2T : 403.508.2061F : 403.508.2670
SIENNA GOLD INC.SUITE 820 - 840 7TH AVENUE SW
CALGARY, ALBERTA CANADA T2P 3G2
SIENNA GOLD INC.SUITE 820 - 840 7TH AVENUE SW
CALGARY, ALBERTA CANADA T2P 3G2
T : 403.508.2061 F : 403.508.2670
E : rucci@telus.net
JOHN M. RUCCIPresident and CEO
E X P L O R O M I N E R A L S C O R P
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Sienna Drilling on the Mina Igor Gold Property
The Mina Igor Gold Mining Project is the most advanced of Sienna’s
gold opportunities. The Company has identified five target areas for
exploration within this high potential gold concession. A drilling pro-
gram is underway on one of these target areas (Tesoro 1) and surface
and tunnel exploration proceeds on the other four. Mina Igor Gold Mine ProjectThe Mina Igor Gold Property is located in the Yanacocha-Pierina gold
belt of Northern Peru, an historic gold mining region dating back to the
Spanish colonial era. Access to the site is a five hour road trip from
Trujillo, which has mining infrastructure and a skilled workforce.
Like Mina Igor, several operating gold mines and deposits in the belt are
sandstone-hosted. The previous operator recovered 5,000 ounces of
gold by crude vat heap leach methods from 15,000 tonnes of mineral-
ized rock in the high-grade breccia zone.Close to world-class gold producersPeru’s largest gold mines, Minera Yanacocha and
Pierina Mine are located within 75 kilometres of the
Mina Igor property. Together they produced 113.4
tonnes (3.645 million ounces) of gold in 2004.
Barrick’s Lagunas Norte Mine in the Alto Chicama,
can be seen from the Mina Igor Project (approximate-
ly 9.5 kilometres). This mine went into production in
2005 and has reserves of 9.1 million ounces.The Mina Igor Exploration Program & ResultsThe Company has initiated exploration and estab-
lished five primary target zones:1. Tesoros 1 Fault and breccia zone2. Tesoros 2 Fault (Domo)3. Tesoros 3 Fault zone (Callanquitos)
4. Tesoros 1 Fault and breccia zone - Northern extension
5. Lower Intrusive Porphyry zone (Portachuelo & Carmen Alto)
THE COMPANYSienna Gold Inc. is a public mining company based inCalgary, Alberta. We are focusedon exploration and mine develop-ment in Peru - the world’s sixthlargest gold producer. Our objec-tive is to be a mid-tier miningcompany within five years bycombining Canadian and Peruvianbusiness strengths. Peruviandirectors provide local knowledgeand expertise while Canadiandirectors contribute public com-pany experience and access tofinancial markets.
Our key gold prospect is MinaIgor in which we hold 60% withthe option to acquire 100%. Wealso hold options on eight otherproperties, all in Northern Peru.
Work is well advanced on the Tesoros 1 Fault and brec-
cia zone and sampling has recently commenced on
the Tesoros 2 Fault and breccia zone. The Tesoros 1
Fault and breccia zone was extensively sampled
within previous workings which range from 2750
meters to 3200 meters above sea level. The aver-
age grades for these samples are:locationgold g/t silver g/t
3175 Tunnel5.5
2473150 Tunnel
3.6151
3120 Tunnel1.8 36
14 Lower Tunnels 1.5 63In late December the Company commenced drilling on the
Tesoros 1 exploration area and has completed 300 meters of cor-
ing. The drill program is for 1,500 meters of BQ (38 mm) diameter
diamond drilling. Additional locations to complete 2,580
meters of drilling have also been identified and will be drilled
following completion of the first phase of the program.The Sienna Exploration PlansThe company plans the following exploration program in
2006:1) Continue drilling of the Tesoro 1 zone2) Extend geologic mapping on the entire 1,000 hectare con-
cession specifically the 4 other target areas that are identi-
fied 3) Prepare and submit to the regulatory authorities a
Declaracion Jurada (an application) which outlines plans for
an additional drill hole program of up to 75 holes.
4) Conduct a preliminary metallurgical study to determine the
best technique for silver and gold recovery.
Other ProspectsSienna Gold has geologic teams evaluating a further eight properties on
which it holds 12 month options:Prospect Target mineralization type
Pachin AltoHigh sulfidation gold system
Cerro Blanco VMS copper previously drilled
Francisco Josefa Low sulfidation gold system
Llipa Old copper mine with high grade polymetallic body
Chincha de Huaripampa Copper-zinc skarn Sitabamba
Low sulfidation gold system
ColcabambaGold exploration target
HuaguilGold exploration target
A Major Gold Producing CountryPeru is located on the Western Coast ofSouth America and is the world’s sixthlargest gold producer. Mineral resourcesaccount for approximately 50% of foreignexchange. Peru is forecast to produce 175tonnes of gold (5.63 million ounces) in2005.
Democratic GovernmentThe Peruvian government is composed ofan executive branch, a single chamber con-gress and a judiciary branch. The Presidentand all congress members are directlyelected by popular vote every five years.
SIENNA GOLD INC.
Stable Exploration & Mining EnvironmentIn the 1990s, the Peruvian governmentmade dramatic improvements to the min-ing laws and the current rules and regula-tions are both clear and fair regarding theownership of mineral rights. Today, mostmajor mining companies have a presencein Peru.
Foreign Investment EncouragedForeign investors are allowed to remitabroad (without restrictions) net profitsand other proceeds originating from theirregistered investment as well as proceedsfrom the transfer of shares, ownership par-ticipation or rights, capital reductions anddissolution of companies.
HH.
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ECUADORCOLOMBIA
BRAZIL
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Mina Igor
Pachin Alto
HCerro Blanco
MINING IN PERU– AN OVERVIEW
Tesoro 2
Tesoro 1
drilling at Mina Igor
The Igor Domeshowing the twofaults (Tesoros)
IGORPROJECTHH
Pri
nted
inC
anad
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Pro
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I.R.M
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SIENNA GOLD INC.
GOLD EXPLO R AT
ION AND
DEVELOPMENT
IN PERU
SGP: TSX-V
www.siennagold.com
brochure
CASPIAN ENERGY INC.
TSX: CEK AIM: CEKQ
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field due to an extensive Soviet era 2D seismic survey and the proximity of significant
producing oil fields.Aral has already re-entered one of the Soviet era exploration wells in the East
Zhagabulak field and re-perforated and tested the well. The well went into produc-
tion in February 2004 and is currently producing approximately 400 bbls of light
crude oil per day. The North Block is serviced by excellent infrastructure, including electrical power
lines, a good network of all weather roads and an experienced oil industry work force.
The area is crossed by the regional rail oil transportation system and also connected by
a new pipeline from Kenkiyak to Atyrau and on to Western European and Russian
export markets.Neighbouring FieldsThe North Block and Caspian Energy’s oil and gas properties within the area have
significant producing fields nearby:Alibekmola – Nelson Resources 50% - Kazmunaigas 50%
In 2000, Nelson Resources purchased a 50% interest in Kazakhoil Aktobe, the Kazakh
State Oil Company, KazMunaiGas, owns the other 50%.
Alibekmola was discovered in 1987. The field is a large north - south trending anticli-
nal fold with a faulted western margin. A total of 24 exploration and appraisal wells
were drilled on the field between 1985 and 1994. The estimated remaining proved
and probable oil reserves are 206 mmbbl barrels for Alibekmola. Production in 2004
was 16,000 b/d.The Alibekmola field is 15 km north of the Zhanazhol field, operated by
Aktobemunaigaz (CNPC) and about the same distance from the Kenkiyak - Orsk
pipeline system. A rail link is available just 50 km from the field. A pipeline system
now links the Alibekmola Field directly with the Black Sea port of Novorossiysk via
the CPC pipeline. The South Alibek Field – Transmeridian 50%The South Alibek field is located to the south-west of the Alibekmola field in the
Aktobe. The field covers over 14,000 acres and is surrounded by major producing
fields including Alibekmola, Kenkiyak and Zhanazhol. According to McDaniel &
Associates Consultants, the oil reserves are estimated at 193 mmbbl. They are located
in the KT-2 reservoir, which is identical to producing zones in the Alibekmola and
An Emerging Company Aggressively Targeting Growth
In September 2004, Caspian Energy Inc (formerly Northway Explorations Ltd.) suc-
cessfully completed a merger with Caspian Energy Ltd. In the same month, the com-
pany announced that its common shares had been admitted to trading on the London
Stock Exchange (TSX-V/AIM: CEK).Today, Caspian Energy Inc is a dynamic international oil and gas exploration company
focused on exploration and development in resource rich Kazakhstan where it has a
number of targets in the highly prospective Aktobe Oblast of Western Kazakhstan.
Caspian Energy Acquires 50% of Aral Petroleum
Caspian has 50% of Aral Petroleum Capital LLP. The remaining 50% is owned by
Azden Management Ltd. (local Kazakh investors). Aral has operated in Kazakhstan
since December 2002, and has assembled a management team of both Kazakh and
international executives who have extensive experience in the Kazakh operating and
regulatory environment.Through its 50% stake in Aral Petroleum, Caspian holds a government-issued explo-
ration contract to explore and develop certain oil and gas properties in the ‘North
Block’. This area is in the prolific Pre-Caspian basin and lies immediately adjacent to
producing fields of Alibekmola, South Alibek, Zhanazhol and Kenkiyak.
In March 2005, the government awarded Aral a further 1,110 sq. km. of territory
adjacent to the North Block. With this acquisition, the North Block has been expand-
ed by 47% from 2,348 sq. km to 3,458 sq. km. Important geophysical information
indicates that a series of geological features associated with salt domes that extend
from the North Block are within the latest acquisition. Strong Growth StrategyCaspian Energy will employ 3D seismic and the latest western technology to prove up
the maximum amount of reserves from the minimum number of wells. Caspian
intends to crystallize shareholder value through selected developments or through a
targeted program of disposing of its North Block assets at the appropriate stage of
development.2004/2005 Seismic 3D Program Indicates Significant Structures
Aral has received preliminary interpreted data from the 3D seismic survey of 400
square kilometres in the Zhagabulak area in the ‘Golden Triangle’ of the North
Block. This is prime exploration territory that encompasses the oil-producing Well
213. The government of Kazakhstan has estimated that Zhagabulak has recoverable
reserves of 195 million barrels. The preliminary interpretation of the data indicates
the presence of significant structures. Drilling of the first well is projected to start at
the end of the second quarter of 2005.North Block Proven to ProduceWithin the North Block, several producing and non-producing oil fields are operated
by international and Kazakh companies. Caspian is primarily targeting the Zhagabulak
THE REPUBLIC OF KAZAKHSTAN• is located at the eastern marginof the Pre-Caspian Basin – one ofthe world’s largest untappedhydrocarbon reserves• has reserves of 28 billion barrels
of oil and condensate and 106trillion cubic feet of gas• was projected to produce 1.09
million bopd and 565 billion cu ftof gas by 2004
• isn’t a member of OPEC andtherefore not subject to its pro-duction quota system• has a government that encour-
ages direct foreign investment inthe oil and gas sector.• has an excellent infrastructure of
electrical power, roads, rails andpipelines
• has an experienced oil industryworkforce.
Location: Central AsiaArea: 2,717,300 square kmPopulation: 16,763,795GDP growth rate: 9.2%
UZBEKISTAN
TURKMENISTANIRAN
AFGHANISTAN
RUSSIA
CHINA
KYRGYZSTAN
KAZAKHSTAN
TAJIKSTAN
PAKISTAN
CaspianSea
Astana
Caspian’sNorth Block
Caspian’s Northern Block licenceCaspian prospectslicences held by other companiesfields held by other companies
Baktygaryn
Bulash
Shengelshly
E. Zhagabulak
Tashir
Kozdysay
Urikhtau(26 million bbls)
Kokzhide(66 million bbls)
Kumsay(43 million bbls)
Bozoba(5 million bbls)
ZhagabulakAlibekmola(210 million bbls)
So. Alibekmola(193 million bbls)Zhanazol(848 million bbls)
Kenkiyak(500 million bbls)
0 25km
Zhanazhol fields. Extensive 2D seismic data was acquired
over this area up to 1996, and 3D was acquired in 2001. In
2004 production was estimated at 25,000 - 28,500 barrels
p/d. The production rate for the South Alibek Field is 1500
b/d.Aktobe – China National Petroleum Corporation (CNCP)
In July 1997 China National Petroleum Corporation
(CNPC) acquired a 60% stake in Aktobemunaigaz,
Kazakhstan's second largest oil company. Total CNPC-
Aktobe oil production in 2004 was 5 million tons and is
expected to rise to 6.7 million tons by 2007.The CNPC acquistion included the Zhanazhol and
Kenkiyakfields. Zhanazhol has estimated reserves in place of
398 million tons (2.99 billion barrels) and recoverable
reserves of 118 million tons (883 million barrels).
Zhanazhol production in 2004 was 95,000 b/d.The Kenkiyak under-salt field was discovered in 1971 but
remained undeveloped until CNPC acquired the field.
Reserves in place are estimated at 137 million tons (1.03
billion barrels) and recoverable reserves of 44.7 million tons
(335 million barrels). CNCP/Aktobe oil production in 2004 was 108,000 b/d.
95,000 b/d were from Zhanazhol and 13,000 b/d were
from Kenkyiak. Production is expected to increase to
129,000 b/d by 2006.PipelinesKenkiyak-Atyrau Oil PipelineIn June 2000, it was announced that KazTransOil was to
build a pipeline to transport oil from the Kenkiyak region,
and the North Block to Atyrau, to link up with the CNPC
and Samara export pipelines. In the longer term, this
pipeline is intended to form the first part of the strategic
trunk line linking west Kazakhstan and China. There are
also additional above salt reserves that are being developed
by CNCP. The line was inaugurated on 28 March 2003, although not
fully commissioned until late 2003 and was immediately
used to deliver Aktyubinskneft crude for export. Capacity
expansions to 180,000 and 240,000 b/d are envisaged.
Kazakhstan-China Oil PipelineConstruction of the Atasu (rail loading terminal on the
Omsk-Pavlodar-Chardzhev line) to Alashankou (Druzhba
rail terminal on the Kazakh-China border) section of the
Kazakhstan-China pipeline commenced on 28 September
2004, with the first oil expected to be delivered in 2006.
The 988 km, 32" pipeline will have initial capacity of
200,000 b/d and is planned to increase to 400,000 b/d
from 2011. CNPC has agreed to fund this initial project,
which has been valued by Kazakhstan at US$850 million.
Oil from the Precaspian basin, and the North Block may be
fed in by reversing the Kenkiyak-Atyrau line (operational)
and the Kumkol-Aralsk-Kenkiyak line (proposed). The 752
km. line is scheduled to be in operation on 2011. The 32”
pipeline will have an initial capacity of 400,000 b/d.
U N L E A S H I N G
K A Z A K H S T A N ’ S
O I L R I C H E S
CASPIAN ENERGY INC.
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SUITE 390
1090 W. GEORGIA ST.
VANCOUVER, BC
CANADA V6E 3V7
TEL: 604-602-9144
FAX: 604-602-9155
SUITE 3901090 W. GEORGIA STREETVANCOUVER, BC CANADA V6E 3V7
SUITE 390, 1090 W. GEORGIA ST.VANCOUVER, BC CANADA V6E 3V7
TEL: 604-602-9144 FAX: 604-602-9155 rhindson@farwestmining.com www.farwestmining.com
R O B E RT E. HINDSON, P.EN G.
PRESIDENT & CEO
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Falcon™ Airborne GravityGradiometer System revolution-izes exploration
Falcon is BHP Billiton’s breakthroughgeophysical technology that measuresminute changes in the earth's gravity pro-
ducing colored maps indicating changes in the earth's density
that can give geologists vital clues to the whereabouts of high
value ore bodies. Installed onto a light aircraft and flown over
prospective mining areas it’s a cost-effective, fast way to explore
new terrain.
Far West’s Broken Hill-type (BHT) exploration in
Queensland Australia has the potential for massive capi-
tal appreciation as conceptualized by BHP Billiton. The
Georgetown Project area is believed to have the poten-
tial to host BHT style mineral deposits such as Broken
Hill (280Mt 10.0 % Pb, 8.5 %Zn, 150 g/t Ag) and
Cannington (45Mt 11.9% Pb, 4.8 %Zn, 520 %Ag).
Area ranks third in the world for BHT mineralisation
BHT lead-zinc-silver deposits are high grade, large ton-
nage, lead-zinc silver sulphide deposits. Georgetown
Province is ranked third globally for silver-rich BHT min-
eralisation. There is demonstrated Proterozoic BHT min-
eralization to the north, and numerous BHT prospects
along the Gilberton Pb-Zn corridor that extends into
the project area.
Georgetown Exploration ProgramIn May 2005, Far West contracted with Fugro Airborne
Surveys Pty. Inc. to carry out a 7,817 line km airborne
electromagnetic/magnetic survey over the Georgetown
properties. The company is anticipating that at least 10
-12 anomalous targets will be generated for subsequent
ground geophysics and drill testing.
In 2002-03, Far West entered into an agreement with
BHP Billiton to explore for iron-oxide copper-gold (IOCG
deposits) in northern Chile’s Candelaria copper belt,
which is rated one of the most prospective IOCG
provinces in the world. The belt hosts numerous copper
deposits including Candelaria (460 million tonnes) and
Manto Verde (350 million tonnes). Far West recently completed its 100% earn-in on the
Candelaria project from BHP Billiton, which now holds a
2% net smelter return royalty.Falcon gravity survey outlines target areasIn 2002, a 10,700 line km Falcon airborne gravity gra-
diometer technology was flown along a 300 km strike
length of the Candelaria copper belt. The survey out-
lined in excess of 76 target areas containing one or
more distinct gravity anomalies.
4C Drilling ProgramBetween February 2003 and May 2004, reverse circula-
tion (RC) drilling discovered encouraging IOCG mineral-
ization in 3 target areas 3d, 4a, and 4c. Drilling in the
4c target in early 2005 encountered widespread IOCG
mineralization; however, no priority zone has emerged.
4a (Santo Domingo) Target AreaFar West has a 100% interest in three key properties in
the Santo Domingo 4a Target Area. The properties are strategically located along the major
east-west Santo Domingo fault zone where high grade
copper veins, breccias and mantos are exposed. Previous
Far West drilling in the 4a target area intersected stock-
work/breccia and strata bound manto-style mineraliza-
tion of variable grade and thickness for over three kilo-
metres along the Santo Domingo fault.
Latest drilling on 4a3 cuts significant copper
interceptsDuring the recent drilling campaign (April/May 2005), six
holes placed in the Santo Domingo Sur Area intersected
significant a mantos structure, or feeder zone, hosting
Iron Oxide Copper-Gold (IOCG) mineralization. Reverse
circulation (RC) drill hole 22 cut 56 metres from 14
metres below surface grading 0.8% copper, including
14 metres averaging 1.3% copper.Target 4a3 exhibits stacked manto-style mineralization
including a deeper intercept of 22 metres from 186
metres below surface grading 0.7% copper. Hole 22 was
positioned about 2.5 km southeast of the main east-
west Santo Domingo fault. Five other RC holes in the
area intersected numerous 20 to 150-metre intercepts
averaging 0.7-1.1% copper.
The Argentinean Andes are in the top five prospective
magmatic arcs in the world for porphyry copper-gold
deposit exploration. Porphyry deposits provide more
than 50% of the worlds copper supply. Far West is cur-
rently exploring for major deposits in the Farallón
Negro project in Argentina.Proven deposits in the Farralón Negro project area
The Farallón Negro project area has proven large cop-
per-gold porphyry potential
- Alumbrera (752Mt @ 0.51% Cu & 0.67 g/t Au)
- Agua Rica (802Mt @ 0.61% Cu & 0.23 g/t Au).Falcon gravity airborne survey completedBecause conventional exploration for massive porphyry
copper deposits in much of the Andes is hindered by
extensive post mineral cover, Far West employed the
advanced Falcon system to survey for world-class por-
phyry Cu-Au target areas in the Farallón Negro project.
In April 2005, the Falcon airborne survey was complet-
ed. The areas surveyed covered 7,270 sq km of the proj-
ect area at 800m line spacing and lay to the north and
south of the district hosting the major Alumbrera and
Agua Rica deposits. The data is currently being processed by BHP Billiton’s
Falcon technical team in Australia. It is estimated that
5-8 target areas will be identified for further geological
investigation, geochemical sampling, ground geophysics
and initial diamond drilling.
CHILE , Candelaria IOCG Project
ARGENTINA , Farralón Negro Project
AUSTRALIA , Georgetown Undercover BHT Project
Far West intersects significant iron-oxide copper-gold (IOCG) style mineralization in Chile.
Discovering world-class assets through advanced technology
Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation,
acquisition, exploration and development of mining properties. The company has current operations in
Chile , Argentina and Australia in collaboration with its exploration strategic alliance partner BHP
Billiton.
Far West’s strategic alliances with BHP Billiton
Between 2001 and 2004, Far West entered into seven strategic alliances with international mining
giant BHP Billiton (BHPB). BHPB is a multi-national integrated mining company that focuses solely on
the exploration and development of world class mineral deposits. BHPB brings to the strategic alliances
its revolutionary Falcon exploration technology, specialist expertise on specific mineral deposit types
and significant mine development capacity.
A global focus on world-class assets
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CHAPMAN CORPORATECOMMUNICATIONS
E X P L O R O M I N E R A L S C O R P
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in all directions.
SARCOALENERGYCORP.
SARCOAL ENERGY CORP.
A R I M E X
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