Kiaka Gold Project

Table 4: Kiaka Gold Project - Mineral Reserve Statement as at July 2012

Mineral Reserves* Tonnes
(Mt)
Diluted
Grade
(g/t)
Contained
Gold
(Koz)
Proven 34.38 1.04 1,146
Probable 91.70 0.93 2,742
Total (Proven & Probable) 126.08 0.96 3,888
Total Wasted Mine 372.52
Strip Ratio 2.95

Note: The Mineral Reserve Statement is based on work completed by independent consultants (Tetra Tech UK) in July 2012. The reserves assume a cut-off grade of 0.4g/t gold, mining recovery of 97, dilution of 5% and $1,372 selling price for gold.

Gold
Copper