WEST AFRICA – THE GROWTH REGION OF WORLD WEST AFRICA – THE GROWTH REGION OF WORLD GOLD PRODUCTIONGOLD PRODUCTION

A new report from GFMS World GoldA new report from GFMS World Gold

Paul BurtonPaul Burton

Investing in African Mining SeminarToronto, 9 March 2010

GFMS World Gold is an GFMS World Gold is an independent, mining independent, mining equities research equities research company formed in company formed in 2008 as a joint venture 2008 as a joint venture between GFMS and between GFMS and World Gold Analyst.World Gold Analyst.

World gold mine production has been World gold mine production has been declining…declining…

Rest of World

S. Africa, US, Australia, Canada

Source: GFMSSource: GFMS

But West African gold production is growing...But West African gold production is growing...

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Source: GFMSSource: GFMS

In % terms the region has seen phenomenal growthIn % terms the region has seen phenomenal growth

Source: GFMSSource: GFMS

Growth in gold productionGrowth in gold production 1999-20091999-2009

West African Projects 05-09West African Projects 05-09

Loulo, Randgold

Ahafo, Newmont

Tasiast, Red Back

Bonikro, Lihir

Syama, Resolute/Tabakoto, Avion

Source: GFMS World GoldSource: GFMS World Gold

SPONSORSSPONSORSLGLLGLNewmont MiningNewmont MiningRandgold ResourcesRandgold ResourcesAdamus ResourcesAdamus ResourcesAvion GoldAvion GoldGold FieldsGold FieldsKeegan ResourcesKeegan ResourcesOrezone GoldOrezone GoldPerseus MiningPerseus MiningResolute MiningResolute Mining

West African Projects - FutureWest African Projects - Future

Source: GFMS World GoldSource: GFMS World Gold

Inata (Avocet): 120 koz/y

Essakane (Iamgold): 320 koz/yCentral Ashanti (Perseus):230 koz/yNzema (Adamus): 100 koz/yWa (Azumah): 65 koz/y

Gounkoto (Randgold): 410 koz/yAkyem (Newmont):500 koz/y

Tongon (Randgold): 265 koz/y)

• DESIGN STAGE– Massawa (Randgold) – Senegal– Agbaou (Estruscan) – Cote d’Ivoire– Tengrela (Perseus) – Cote d’Ivoire– Hire (LGL) – Cote d’Ivoire

• DEFINITION STAGE– Bombore (Orezone) – Burkina Faso– Esaase (Keegan) – Ghana– Konkera (Ampella) – Burkina Faso

…plus numerous exploration projects

And there may be more to comeAnd there may be more to come

www.gfmsworldgold.comwww.gfmsworldgold.com