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Registered Office and Postal address

C/- McCullough Robertson

11/66 Eagle St,

Brisbane, QLD. 4000

Telephone: 0427 401198
Facsimile: 07 33993172




The Convergence Indonesia 20th Floor

Jalan Epicentrum Boulevard Raya

Kawasan Epicentrum
Jakarta 12960 Indonesia

Telephone: +62 21 2988 0399
Facsimile: +62 21 2988 0427

Sihayo Pungkut (75% owned)

The Sihayo Pungkut Gold Project ("Sihayo Pungkut") is held under a 7th Generation Contract of Work ("COW"). The COW is the highest standing legal tenure achievable in the Indonesian mining industry.

The COW describes in detail the rights and obligations of both the Company and the Government during the term of the COW. Our COW is currently in the Feasibility Study Phase the next phase is the Construction Phase and then followed by a 30 year Production Phase. At the end of the Production Phase the Company has the right to two by ten year extensions under the prevailing Indonesian Mining Law.

Sihayo Pungkut is located in Mandailing Natal, North Sumatra, Indonesia.

Significant projects located nearby include; G Resources Limited's Martabe Gold/Silver Project, which contains a resource base of approximately 6 Moz Au and 60 Moz Ag and is 75km to the north of Sihayo Pungkut and PT Bumi Resource Mineral Tbk's Dairi Lead-Zinc Project, which contains a resource base of 18 Mt at 12.6% zinc and 7.3% lead and is approximately 200km to the north.

Figure 1 below shows the Sihayo Pungkut location and other mineral deposits within Indonesia.

Sihayo Pungkut is owned by PT Sorikmas Mining ("Sorikmas"), which is 75% owned by Sihayo Gold Limited ("Sihayo") and 25% by PT Aneka Tambang Tbk ("Antam"). Sihayo is responsible for 100% of the exploration and development funding of Sorikmas until the commencement of production. The funding is by way of loans to Sorikmas and under the terms of the Loan Agreement, Antam is required to repay its share of loans to Sihayo or other lenders to Sorikmas, from 80% of its attributable share of available cash flow from production, until its 25% share of the loans are repaid in full.

The current Sihayo Pungkut JORC Compliant Resource stands at 17.0 Mt at 2.7 g/t for 1.5 Moz comprising the larger Sihayo Resource and the smaller Sambung Resource with approximately 88% of the total resource contained in the JORC Indicated Category.

Sihayo Pungkut - Geological Setting

Sihayo Pungkut is located along the Trans Sumatra Fault Zone ("TSFZ") and associated Neogene Magmatic Arc ("NMA"), which is the result of an oblique collision of two tectonic plates and associated subduction (refer to Figure 1). A complex suite of Permian volcanics and sediments, intruded by Jurassic and Cretaceous intrusive plutons, subsequently juxtaposed or overlain by Tertiary to recent volcanics, intrusives, and sediments comprises the broader COW area (refer to Figure 2).

The TSFZ has provided the plumbing and heat mechanisms to source, transport and deposit metals in favourable settings. The TSFZ is a major under explored corridor that boasts world class resources such as the Martabe Gold/Silver Deposit, similar tectonic settings in the Philippines (Philippine's Fault) and Chile (Atacama Fault) are analogous to the TSFZ and host major gold and copper deposits.

By any measure, Sihayo Pungkut is strategically located in a world class geological address.

In addition to the current JORC Compliant Resource of 1.5 Moz Au, there are over twenty (20) identified prospects of carbonate-hosted gold, low to intermediate -sulphidation epithermal-vein gold; gold-copper skarn, copper-gold porphyry, and lead-zinc skarn style mineralisation spread across the highly prospective COW area and these prospects will be the subject of future exploration activities.

Figure 2, below shows the location of the Sihayo - Sambung Resources and key exploration prospects across the COW.