Industry Overview: Gold Mining & Exploration Part II Company Profiles

Industry Overview: Gold Mining & Exploration Part II Company Profiles

Industry Overview: Gold Mining & Exploration Part II Company Profiles

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 2 of 31 Copper Ridge Explorations Inc Symbol (Exchange) KRX (TSX Venture) Commodity Focus: Gold/Copper Status: Exploration Share Price (01/18/2005): C$0.21 Market Cap: C$7,614,160 Average Volume: 248,500 Cash (October 31, 2004): C$998,632 Company Address: Suite 500 625 Howe Street Vancouver, British Columbia Canada V6C 2T6 Phone: (604) 688-0833 Share Price Performance $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Copper Ridge Explorations explores and develops mineral resource properties.

The company has secured twelve large-scale, early-stage gold and copper properties in the Yukon, Alaska, British Columbia, and Mexico. Five of these properties are under option to other mining and mineral exploration companies. This strategy enables the company to minimize risk and financial exposure freeing up resources to seek out new acquisitions. The company focuses primarily in copper and precious metal exploration. Major Exploration/Development Projects Lucky Joe Yukon Copper/Gold • Potentially significant metamorphic, porphyry copper-gold deposit located in two zones. Large area of potential mineralization on flat-lying strata with strong copper/gold correlation.

• Kennecott Canada Exploration Inc. (sub of Rio Tinto plc) has option on up to 75% of property and is responsible for further development. Completed approximately a $1 million soil sampling program in 2003. Drilling program to begin in 2005. Yukon Olympic Yukon Copper/Gold • Iron oxide copper-gold deposit with mineralization similar to the Olympic Dam deposit in Australia. • Previous exploration included geophysical exploration program, including gravity, an induced polarization (IP) survey and a detailed magnetometer scan, during the 2003 field season. Two drill holes produced no significant copper mineralization.

• Drilling expected to continue, contingent on successful IPO of new exploration partner, Janina Resources Ltd. Quitovac Property Mexico Gold • Located in northern Sonora state, Mexico. Oxidized, structurally controlled gold deposit similar to nearby La Choya heap leach mine. • Drilling by previous owner produced resource estimate of 143,230 ounces of gold. The results of recent drilling have been less encouraging, but management believes that these results are not indicative of actual resources. • Further exploration plans at this site are undetermined, but the company is continuing to investigate other opportunities in Mexico in order to extend its exploration season.

Scheelite Dome Yukon Gold • Scheelite Dome is a gold exploration property located in the Mayo Mining District, Central Yukon Territory. According to management, gold mineralization is similar to Pogo and Fort. Knox deposits. • During 2003, exploration partner Golden Patriot surveyed the property, including an IP survey and a 310-meter drilling program. Results included: 5.06 g/t gold over 1.22 meters in hole TOM1; 7.09 g/t over 6.4 meters in hole TOM2 (including 24.42 g/t over 1.7 meters); and 10.0 g/t over 1.37 meters in hole TOM4. • Golden Patriot did not carry out an exploration program during the 2004 field season and has not announced any future exploration plans.

They are likely to be replaced.

Ogopogo Alaska Gold • High-grade, intrusive gold deposit. Similar characteristics to nearby Sumitomo-Tech Pogo project. • No significant exploration in 2004, but proximity to Pogo gold mine may make access easier, allowing for exploration in 2005. Copper Ace British Columbia Copper/Zinc/Gold • Porphyry-style targets adjacent to the Gibraltar copper-molybdenum mine north of Williams Lake, British Columbia. Acquired in 2004, farmed out to Bell Resources Corporation. • 1000-meter drilling program planned for Q4 2004. Gibraltar has gone back into production, improving access to site. Shamrock & Thistle British Columbia Copper/Gold • The properties share similar geology with neighboring property Lucky Joe.

Target is a large copper-gold deposit, thought be either metamorphosed porphyry or a variety of iron oxide copper-gold.

• Kennecott gave up Shamrock option in late 2004; Copper Ridge will be seeking a partner to continue exploration on this property. • Ongoing exploration will include geophysics, detailed mapping, and sampling to define drill targets. Joss’Alun British Columbia Copper • Copper massive sulfide discovery made by a survey party of the British Columbia Geological Survey in 2002. • A program of five kilometers of line cutting and IP geophysical surveying completed in 2004. • Previous development agreement with Imperial Metals Corporation expired in 2004. Company recently entered into agreement with Consolidated Norsemont Ventures Ltd.

Drilling is planned for 2005.

Chimo Property Yukon Copper/Gold • Copper-molybdenum-gold porphyry project located in the Dawson Range area of central Yukon. • Recent work has identified strong gold and copper soil geochemical anomaly stretching 1.6 kilometers along the property. • Company completed a five-kilometer line cutting and IP geophysical survey in 2004. Results have not yet been received. Hart River Project Yukon Copper/Gold • Company has begun a gravity geophysical survey on this IOCG (iron oxide copper-gold) exploration target. A property- wide, helicopter-supported gravity survey, further geological mapping, prospecting, and soil geochemistry surveys completed in 2004.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 3 of 31 Consolidated Odyssey Exploration Inc. Symbol (Exchange) ODE (TSX Venture) Commodity Focus: Gold Status: Exploration Share Price (01/18/2005): C$0.21 Market Cap: C$4,892,752 Average Volume: 172,405 Cash (September 30, 2004): C$931,550 Company Address: Suite 303 595 Howe Street Vancouver British Columbia Canada V6C 2T5 Phone: 604-718-2800 Share Price Performance 0.05 0.1 0.15 0.2 0.25 0.3 0.35 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Consolidated Odyssey Exploration, a Canadian junior exploration company, recently contracted with White Knight Resources (TSX.V-WKR) to explore two gold properties in north-central Nevada.

The agreement represents the company’s planned first step towards developing a portfolio of high-quality exploration projects. Consolidated Odyssey also continues to build a strong management team, highlighted by its recent director-level appointment of a respected industry veteran, Glen Garratt, P.Geo. The company also maintains interests in various oil and gas properties in Texas, including nine producing gas wells. Although these properties may continue to generate positive cash flow in the future, the company has shifted its core focus to gold exploration. Major Exploration/Development Projects New Pass Property Nevada Gold • Previously calculated resource of 3,371,000 tons at an average grade of 0.042 ounce/ton gold (1.8 g/t) –a total of 141,500 ounces of gold (not NI 43-101 compliant).

• The company has restricted most exploration to a large jasperoid deposit. Limited drilling and sampling suggest that additional gold reserves may be present in decalcified zones adjacent to the jasperoid and in a volcanic sequence located to the west of the deposit. • The property is easily accessible via Highway 50, simplifying any future mining and processing operations. • The New Pass claims are 100% owned by White Knight Resources (through its U.S. subsidiary White Knight Gold, Inc.). Consolidated Odyssey has agreed to explore the property.

• The company plans to develop the property at a measured pace, allowing it to maximize the return for each exploration dollar spent.

In 2005, Consolidated Odyssey will likely drill only a handful of holes outside of the jasperoid deposit. • The company is finalizing its exploration plans for 2005, indicating that it intends to focus its initial efforts on the jasperoid, with the aim of further defining and possibly expanding the existing resources there. Squaw Creek Nevada Gold • The property is located along the Carlin gold trend, believed to be the most gold-rich region in North America. • Previous owners have encountered significant gold mineralization across an area approximately one mile wide by three miles long, suggesting the presence of a large gold-bearing hydrothermal system and the possible existence of a large, still-undiscovered ore deposit • The Squaw Creek Property is a strong early-stage exploration opportunity with the potential for large gold discoveries.

• Squaw Creek claims are 100% owned by White Knight Resources (through its U.S. subsidiary White Knight Gold, Inc.). Consolidated Odyssey has agreed to explore the property. • The company intends to continue exploring the region using advanced geophysics and additional geochemical sampling to determine targets for deeper drilling. • Given the greater exploration risk involved at the Squaw Creek project, the company is likely to focus initially on developing New Pass continuing exploration at Squaw Creek.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 4 of 31 St.

Jude Resources Ltd. Symbol (Exchange) SJD (TSX Venture) Commodity Focus: Gold/Copper/Iron Status: Exploration/Development Share Price (01/18/2005): C$1.89 Market Cap: C$72,620,007 Average Volume: 100,720 Cash (October 30, 2004): C$4,356,650 Company Address: Suite #200, 5405 48th Avenue Delta, British Columbia Canada, V4K 1W6 Phone: (604) 940-6565 Share Price Performance 0.5 1 1.5 2 2.5 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary St. Jude Resources is a leading West African explorer focused on the discovery and development of low-cost gold mines.

The company’s projects in West Africa now cover over 2900 square kilometers (716,605 acres) of one of the most productive gold bearing regions in the world with a total of 1,316,000 ounces of measured and indicated resources and 799,000 ounces of inferred resources. The company expects to complete a pre-feasibility study for the Hiwni-Butre and Benso by April 2005. The company intends to apply for listing on the TSX.

Major Exploration/Development Projects Hwini-Butre Republic of Ghana Gold • The Hwini-Butre concession straddles approximately 20 kilometers of the main Ashanti belt, host to several multi-million-ounce gold deposits including the 40-million-ounce Ashanti mine. • Property contains independently verified measured and indicated gold resources of 829,000 ounces and inferred resources of 14,000 ounces. Resources have been estimated only for the southern deposits. • The company has completed over 30,000 meters of diamond drilling on the project. An proven economic grade of mineralization exists in the southern deposits over a strike length of 1000 meters.

• Extensive pitting in the southern sector has identified large areas of surface enrichment down to a depth of three to five meters. The company is optimistic that this surface enrichment has the potential to become a low cost source of ore that can be processed quickly and profitably.

• Excellent infrastructure for mining, including all-weather roads, railroad access, and connection to the power grid. Sekondi-Takoradi, Ghana’s third largest city and the country’s largest seaport, is a 25-minute drive away. • St. Jude can earn up to a 65% interest in the property by carrying out a fixed dollar amount of exploration (already completed) combined with a $800,000 cash payment. Benso Republic of Ghana Gold • The Benso property immediately adjoins the Hwini-Butre property to the north. • Property contains independently verified measured and indicated gold resources of 487,000 ounces gold and inferred resources of 11,000 ounces.

• Benso is one of several gold occurrences found along a newly discovered mineralized trend on the eastern side of the Tarkwaian sedimentary basin. • St. Jude owns 100% of the Benso concession (subject to the standard government 10% carried interest). • Blue sky potential: these high-grade deposits are open at depth and along strike. Other advanced exploration targets remain to be tested. Goulagou /Rounga North Central Burkina Faso Gold • Previous operator established significant oxide resources within four gold deposits called GG1, GG2, Rounga, and Sobona North. These deposits are open for further development.

Several advanced targets remain to be explored. • Inferred resource of 774,700 ounces gold (not NI 43-101 compliant). To date, the company has drilled 133 holes totaling approximately 18,000 meters at Goulagou. Previous owners completed 421 holes totaling 22,869 meters. The company expects to complete a NI 43-101 initial resource estimate before the end of Q1 2005. • Test results indicate that the oxide can be mined using low cost heap leach mining techniques. • St. Jude can own up to 100% of the project (subject to the standard government 10% carried interest). Shieni Hills Republic of Ghana Gold/Copper/Iron • The property is centered on the Shieni Hills iron ore deposits in northeastern Ghana.

The host rock is 50- kilometer belt of iron-enriched late Proterozoic clastic sediment in the Buem Formation in the Voltaian basin. • The company is testing the theory that the iron is hosted in hydrothermal breccias. This source makes the Shieni Hills an IOCG candidate (iron ore, copper, gold), and the geological setting is similar to the Adelaide Basin/Olympic Dam IOCG deposit.

• The Shieni Hills appear to overlay the strike extension of the Ashanti gold belt. • St. June owns 100% of the project. Deba / Tialkam Niger, West Africa Gold • The Deba and Tialkam permits are strategically located along an established, 150-kilometer gold mineralization corridor. The permits cover 90 kilometers of this corridor with areas of 742 square kilometers and 1100 square kilometers, respectively. • The heavy concentration of gold anomalies at Deba and Tialkam is similar to the nearby Samira Hill Mine, located fewer than five kilometers away. With success at this property, St. Jude expects to discover and develop additional gold resources in Niger in the future.

• Drill program commenced in October 2004. The program will include up to 10,000 meters of rotary air blast drilling to test numerous gold targets that have been established by a combination of geochemical data, previous trenching and drilling, and extensive artisanal gold mining activity.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 5 of 31 Gold Canyon Resources Symbol (Exchange) GCU (TSX Venture) Commodity Focus: Gold/Gallium Status: Exploration Share Price (01/18/2005): C$0.62 Market Cap: C$15,594,659 Average Volume: 21,498 Cash (August 31, 2004): C$2,414,199 Company Address: Suite 810 - 609 Granville Street P.O.

Box 10356, Pacific Centre Vancouver, British Columbia Canada V7Y 1G5 (604) 682-3234 Share Price Performance 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Gold Canyon Resources acquires and explores mineral and precious metals properties. The company controls and operates the Springpole Gold Project in the Red Lake mining district of Ontario and the Cordero Gallium Project in Humboldt County, Nevada. In December 2004, the company announced gross proceeds of $560,000 after successfully closing the private placement of 622,222 flow-through units.

With these proceeds, the company now has approximately $1.6 budgeted for the company’s planned 2005 winter drilling campaign which is scheduled to begin February 1, 2005.

Major Exploration/Development Projects Springpole Lake Gold Project Ontario, Canada Gold • The Springpole Lake gold project is located in the Red Lake mining district, approximately 115 kilometers east- northeast of the town of Red Lake in northwestern Ontario. The project covers approximately 11,720 acres with 168 unpatented and 30 patented claims. The claims are 100% owned by the company. • Historically there has been approximately C$15.0 million spent on the property to create 320 diamond drill core holes totaling 74,535 meters (244,550 feet). Drilling has been confined to a core area of roughly 1000 acres.

90% of the Springpole property remains unexplored.

• Early exploration at Springpole Lake focused on the possible development of a low grade, high tonnage resource. Analysis of historical data and recent drilling, however, has led the company to believe that the property could instead support a high-grade, low-tonnage shear system. • The company is currently processing the historic and recent drilling data using 3D computer modeling programs. These models will be used to guide drilling programs during the Winter 2004-2005 drilling campaign in the core area of the property.

• Gold Canyon’s management believes that detailed modeling of existing data and follow up drilling of selected targets will rapidly move high-grade mineralization at Springpole into the potentially lucrative reserve/resource category.

• The company plans to conduct up to 20,000 feet of core drilling in three general areas of the property during the Winter 2004-2005 drill season. The objective of this drilling will be the delineation of high-grade mineralization for which an updated NI 43-101 compliant resource estimate can be completed. Gold Canyon currently has up to C$1.6 million dedicated to this winter’s drilling campaign.

• Blue sky potential exists at the recently staked Sandy Point area of the property, which the company believes could share similar geology with the nearby Trade Winds (TWD – TSX.V) Birch Lake Highgrade Island Property. The company intends to drill at this location as part of the winter program. Cordero/Caley Gallium Project Nevada Gallium • Gold Canyon's Cordero Gallium project covers approximately 1800 acres at a site approximately seven miles southwest of the town of McDermitt, in Humboldt County, Nevada.

• The company has an assignment agreement with Tech Industries Ltd. for the exploration and production of valuable minerals and commodities (excluding gold and silver) on Cordero Property.

The company also has a lease agreement with Tech Industries for the Caley property, a series of 70 unpatented mining claims bordering the Cordero property. • Surface sampling and reverse circulation drilling (approximately 80 holes) have identified an area approximately 1000 feet wide and over 6000 feet long which hosts gallium concentrations of up to 430 g/t. This gallium deposit could potentially represent an important new metal discovery in the U.S.

• Gold Canyon expects to have completed metallurgy on the property by early 2005, which should enable them to estimate the potential extraction rates, cost, and resource size. • Gallium has unique physical, chemical, and electrical properties that make it useful to the computer, communications, and electronics markets. Its largest single use is in gallium-arsenide compound semiconductors. Integrated circuits used in cell phones, power converters, microwave amplifiers, satellite dishes, and missile guidance systems account for about half of current demand. LEDs, blue lasers, fiber optics, light- and heat- detection photocells, night vision devices, and some medical treatments may also require the use of gallium.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 6 of 31 Minefinders Corporation Ltd. Symbol (Exchange) MFL (TSX) MFN (AMEX) Commodity Focus: Gold/Silver Status: Production/Exploration Share Price (01/18/2005): C$8.01 Market Cap: C$292,179,496 Average Volume: 195,633 Cash (September 30, 2004): US$42,119,000 Company Address: 2288-1177 W Hastings St. Vancouver, British Columbia Canada V6E 2K3 Phone: (604) 687-6263 Share Price Performance 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Minefinders Corporation is an exploration and development company operating primarily in Mexico and Nevada.

Its main asset is the Dolores deposit in Chihuahua, Mexico. The company's resource holdings have increased from less than 30,000 ounces to well over five million ounces of gold equivalent in the past seven years. The company reports resources of approximately 2.89 million ounces of gold and 130 million ounces of silver—most of it in the Dolores deposit. In addition to Dolores, the company has properties at five other locations in various stages of exploration.

Major Exploration/Development Projects Dolores Project Mexico Gold/Silver • The Dolores project contains measured and indicated resources of 101 million tons at an average gold-equivalent grade of 1.34 g/t—a total of 2.65 million ounces of gold and 128 million ounces of silver—together with inferred resources of 668,000 ounces of gold and 24 million ounces of silver. • The Dolores deposit is a true gold-silver deposit, with equal values of gold and silver mined. Predicted recovery should reach 1.8 million ounces of gold and 81.6 million ounces of silver.

• The Dolores project is the subject of an ongoing feasibility study to determine the economic viability of the project.

The results of the study are expected during Q1 2005. • Minefinders has drill rigs currently active on the property, conducting infill and step out drilling on selected targets within the main resource area in order to continue to convert inferred resources to measured and indicated so that they may be included in the feasibility economics. • In the past, production at Dolores consisted of underground mining of high-grade ores. Drilling has intercepted bonanza-grade gold and silver—up to 233.5 g/t (6.8 ounces per ton) gold and 5502.9 g/t (160.5 ounces per ton) silver. High-grade zones have also been shown to be remarkably continuous.

• The calculated Dolores resources account for less than one-third of a four-kilometer-long surface gold-silver anomaly. Additional areas of drill-intersected ore-grade mineralization are present elsewhere on the anomaly. Exploration continues on additional large areas of alteration within the district. La Bolsa Project Mexico Gold/Silver • The La Bolsa Deposit is approximately 30 kilometers (19 miles) west of the border city of Nogales, Mexico. It is the most advanced exploration project among Sonora concessions (see below). The drilled resource at La Bolsa is currently 208,000 ounces of gold and 2.1 million ounces of silver at a 0.3 g/t gold-only cutoff.

• The company feels that the La Bolsa resource could become a low-cost producer for Minefinders after infill drilling and resource expansion are complete. Additional drill targets in the area are under development and have the potential to significantly increase the resource base in the region.

Sonora Properties Mexico Gold/Silver • Minefinders controls a large block of concessions in Northern Sonora, west of Nogales, which host numerous prospective mineralized systems, including the La Bolsa Project. • The company is currently conducting exploration programs at several of its properties, including a 20-hole drill program presently underway at the Real Viejo silver project. In June 2004, the company announced the discovery of significant silver mineralization in an initial drilling program at its Real Viejo project. Minefinders began an additional drill program of 2000 meters of reverse circulation drilling in October.

• Exploration continues on the 500-hectare Planchas de Plata mineral concession, approximately eighteen kilometers west-southwest of Nogales. The company has obtained the surface rights necessary to start drilling and expects to begin a first-phase program in January 2005.

Nevada Properties Nevada Gold • Minefinders holds the mineral rights to three properties within the prolific Carlin, Battle Mountain, and Getchell gold belts in north-central Nevada. • A six-hole diamond drilling program is under way on the Dottie property in Elko County, Nevada. The company completed the first hole to a depth of 1577 feet; the second hole is currently being drilled. The Dottie target is a deep-seated, high-grade gold structure similar to, and approximately 35 kilometers from, Newmont’s Midas deposit.

• Following completion of the drill program at Dottie, the core rig is scheduled to complete a twelve- to fifteen-hole program at the company’s Clear Project.

There the company will explore for mineralization peripheral to high- grade gold zones that were discovered during Minefinders summer drilling on the project. At that time, fourteen reverse-circulation drill holes, totaling 2706 meters (8877 feet), were completed as a follow-up to the company’s 1997 drill program.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 7 of 31 Apolo Gold Corporation Symbol (Exchange) APLL (Bulleten Board) Commodity Focus: Gold/Silver Status: Production/Exploration Share Price (01/18/2005): US$0.082 Market Cap: US$4,270,000 Average Volume: 194,863 Cash (September 30, 2004): US$59,794 Company Address: 1458 - 409 Granville Street Vancouver, British Columbia Canada V6C 1T2 Phone (604) 687-4150 Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Apolo Gold retains absolute development and mineral rights over two neighboring Indonesian gold-silver projects run by capable management advisors and an experienced mining team.

The company maintains it has established excellent relationships with the Indonesian government, business, financial, and mining communities. While exploration continues on both properties, Apolo has recently refurbished its mill. The company recently announced that it would shift its 2005 production focus from the Karya Bukit Utama (KBU) project to the Napal Umbar Picung (NUP) project, which it believes to have significantly higher mineralized values. In September, the company appointed Tim Scott as vice president of operations for the company’s gold and silver project in Indonesia. Mr. Scott, who resides in Jakarta, has extensive mining experience in Indonesia, including an eight-year period as administrator and president of Barrick Gold Corporation Indonesia, where he oversaw an extensive exploration budget.

Major Exploration/Development Projects Napal Umbar Picung (NUP) Indonesia Gold/Silver • NUP is a 733.9-hectare gold and silver property located about 48 kilometers southwest of Bandar Lampung, Sumatra, Indonesia. It lies along the Trans-Sumatra Fault Zone, a major strike-slip fault that runs the length of Island of Sumatra and continues into West Java. The property is a volcanic-hosted, low-sulfidation, epithermal gold-silver deposit of Mio-Pliocene age, hosted within the Sunda magmatic arc. • Apolo Gold technical personnel have analyzed data from a total of 36 holes (10,000 feet) drilled over a 15-year period, including recent drilling completed in July 2003.

This data confirms the existence of a four- to five- hectare mineralized area known as the Camp Zone that is 1500 feet long, 1000 feet wide, and 200 feet deep. The company geologist estimates that 85,000 tons could be processed with an average grade of 7.5 g/t gold and 163 g/t silver.

• Following up on these estimates, the company has been extending a crosscut on the Camp Zone, drilling an exploration adit to intercept the Camp Zone vein. Currently 100 meters long, the adit should intercept the vein in the near future. • The Camp Zone is open to the south and at depth. The company intends to carry out additional drilling on the zone in 2005, which could appreciably increase known mineralized values and significantly expand the expected three-year production schedule. • The mineral rights agreement at NUP calls for semi-annual payments to Apolo’s partner, PT Metro Astatama, of $25,000 for six years for a total $375,000.

As of September 30, 2004, the company had paid $175,000. Payments are made in March and September each year. The last payment is due September 15, 2008. PT Karya Bukit Utama (KBU) Indonesia Gold/Silver • The KBU consists of a total of 933.3 hectares located directly north of NUP. The mill used to process material for both sites is located on this property. Production has continued sporadically at KBU since April 2004. • In December 2004, the company completed its exploration program on the KBU. After comparing its test results with drilling and test results previously obtained at NUP, the company decided to focus its production activity in 2005 on the Camp Zone area in NUP.

• The company has an agreement with PT Metro Astatama to acquire development rights to the property. The company agreed to pay a total of $2,500,000 on a payment schedule that runs through December 15, 2007. The company has paid $200,000 to date on this property. In December 2004, this agreement was amended: any remaining payments currently due plus payments due in January and February 2005, totaling $200,000, have been deferred until March 31, 2005.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 8 of 31 American United Gold Company Symbol (Exchange) AMUG (Bulletin Board) Commodity Focus: Gold Status: Exploration Share Price (01/18/2005): US$0.20 Market Cap: US$4,308,903 Average Volume: 17,434 Cash (June 30, 2004): US$3,734 Company Address: 555 Burrard Street, Suite 900 Vancouver , British Columbia Canada V7X 1M8 Phone: (604) 692-2808 Share Price Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary American United Gold, along with its affiliate company Anderson Gold (China) Inc., intends to acquire, finance, and develop base and precious metal properties in China.

Currently, American United Gold has the right to buy up to an 85% interest in Daguan Exploration Property in Guizhou Province, China. Its affiliate Anderson Gold has been able to foster close business and personal relationships with various high-ranking dignitaries from the resource-rich province of Guizhou. Ken Thorsen, the current senior vice president of exploration and former president of Teck Exploration, has had extensive experience in evaluating resource potentials around the world. The company previously operated under the name MPAC Resources Corp.

Major Exploration/Development Projects Daguan Exploration Property Guizhou Province, China Gold/Silver • The Daguan Exploration Property sits directly adjacent to Daguan Mine, a Chinese operation not run by American United. Ten different local operators control the mining operation of the Daguan Mine, producing an estimated 2000 tons per along a 1.5-kilometer stretch of a fault that runs through American United’s property as well. Gold production has not been disclosed. No geologists, mining engineers, or professionals are involved in these operations.

• The Daguan property is a deposit similar to those found in the Carlin Trend in Nevada.

These Carlin-style deposits are typically low-grade/high-tonnage deposits. Production is made financially feasible due to the low cost of mining. The mines use conventional open-pit mining methods where gold is extracted by heap leaching, a process that can be used effectively in China. • The local Chinese operators are mining with a gold recovery of 20 to 30 percent. With Western mining technology and techniques, American United believes gold recovery can be more than doubled—possibly tripled. With proper exploration of the ore bodies, a more comprehensive and efficient mining plan can be created than the “follow-the-ore” style of mining used by the locals.

• Despite existing operations at Daguan Mine, previous owners did no exploration of the Daguan Exploration Site. The company plans an accelerated exploration program, consisting of trenching and mapping, which the company intends to begin in January 2005 and quickly finish. A second phase of drilling is expected to follow in mid- tolate-2005. The company has budgeted approximately $628,000 for these two stages of exploration. • American United Gold has the exclusive right to acquire 100% of Anderson Gold (China) Inc. Anderson Gold has entered into a Joint Venture Corporation with the Guizhou Gold Corporation for the exploration rights to the Daguan Exploration Property.

American United Gold can earn an 85 % interest in the Daguan Property by putting US$1,880,000 in registered capital into the property over four years; American United Gold must also pay the Guizhou Gold Corp staged payments of US$600,000 over four years.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 9 of 31 Corex Gold Corporation Symbol (Exchange) CGE (TSX Venture) Commodity Focus: Gold/Silver Status: Exploration Share Price (01/18/2005): C$0.68 Market Cap: C$8,023,396 Average Volume: 31,023 Cash (October 31, 2004): C$100,898 Company Address: Suite 590-1199 W. Pender St Vancouver, British Columbia Canada V6E 2R1 Phone: (604) 683-2505 Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Corex Gold Corporation is a newly formed junior gold exploration and development company focused on evaluating gold projects that have low production cost potential and the likelihood of containing a 1,000,000-ounce-plus deposit.

Dr. John R. Carden, Ph.D directs exploration. Mr. Carden has more than 25 years of experience in exploration management, research, and teaching. He was previously the director of U.S. Exploration for Echo Bay Mines and has acted as a consultant to TSX-listed Minefinders Corporation Ltd. The company is actively exploring two properties in Mexico, one of which is ready for drilling. The other is a true greenfield property. Corex recently announced that, subject to regulatory approval, it will raise up to C$1,300,000 through private placement. Major Exploration/Development Projects El Trébol Property Zacatecas, Mexico Gold/Silver • The El Trébol property is located approximately 55 kilometers northwest of the town of Concepción del Oro.

Trébol consists of four parcels of land situated in the Transverse Ranges of the Sierra Madre Oriental. The main area of exploration is at the Canelas Mine, along the north flank of the Sierra El Trébol Range. Corex is the sole owner of El Trébol’s 478 hectares. In May 2004, Corex added to the property though the acquisition of the 25- hectare Puerto De Los Viejos mineral concession.

• The company finds the property attractive because it is a shallow target with large footprint, making the deposit ideal for open-pit mining. Mineralization is open in several directions with multiple high-grade gold occurrences. The property has not been explored using modern exploration techniques, and the main target has never been drill tested. Corex anticipates that the property has all the elements for a major discovery, including a strong gold- bearing hydrothermal system. • The company recently completed geologic mapping for the property around the mine. The survey showed a series of limestone deposits of Upper Jurassic age, part of the Zuloaga Formation, exposed in the core of a sharp east- west striking anticline.

Gold mineralization on the property is widespread, consisting of Manto-style pipes in the Taraises Limestone and disseminated gold mineralization in the La Caja Shale.

• Corex received assay results from a third round of surface and underground sampling in July 2004. The 157 samples collected ranged from detection to 13.8 g/t with 39 of the samples containing over 1.0 g/t and 17 samples containing over 4.0 g/t. The average gold content of the 157 samples collected is 1.21 g/t (0.035 ounces per ton). The samples all have a high gold-to-silver ratio, an anomalously high toxic elements signature, and low base metal content. • The company anticipates an initial 3000-meter drill program that could be followed up by a more aggressive program if warranted. Drilling is expected to begin in Q1 2005.

Zuloaga Concession Zacatecas, Mexico Gold/Silver • The Zuloaga concession is a g reenfield exploration project consisting of two areas totaling 399 square kilometers in the Melchor Ocampo mining district. The Melchor Orcampo District is known to contain widespread mineralization. Sampling at the Zuloaga concession has been encouraging. Gold has been mined in the area since the 16th century. The company believes the region may have already produced as much as 250 million ounces of silver and 1.5 million ounces of gold. The concession is 100% owned by Corex Gold. • Corex has defined three separate areas of up to seven kilometers in strike length that are indicative of gold and silver deposits.

Target areas have been defined by past producing gold mines, prospect pits, favorable geology, gold anomalies, and Mexican governmental maps—all of which should help expedite the exploration process. • Mapping and sampling are under way; to date, the company has collected 240 samples. 51 of those samples contain over 1.0 g/t gold.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 10 of 31 Houston Lake Mining Inc. Symbol (Exchange) HLM (TSX Venture) Commodity Focus: Gold/PGM/Other Status: Exploration Share Price (01/18/2005): C$0.35 Market Cap: C$6,015,603 Average Volume: 7,884 Cash (April 30, 2004): C$85,550 Company Address: 2892 White Street Val Caron, Ontario Canada P3N 1B2 Phone (705) 897-7622 Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Houston Lake Mining explores and develops properties in the strategic and high technology metals sector that have excellent supply/demand fundamentals.

The company has amassed a portfolio of properties with gold, platinum group metals, and other rare metal deposits in Ontario, where excellent geology, positive legislation, an advantageous tax climate, and management experience combine to facilitate effective exploration and development. Relying on over 100 years of mining industry experience, Houston Lake management strives to position itself in key properties ahead of supply/demand trends in various sectors of the metals market. Major Exploration/Development Projects West Cedartree Lake Gold Properties Ontario, Canada Gold • West Cedartree is composed of four separate properties, covering 604 hectares in the Kenora mining district of northwestern Ontario.

The properties are called the McLennan, the Jesse (North), the West Cedartree, and the North Block. Recent exploration work has focused on the Angel Hill Gold Zone in the McLennan Property area. • The Angel Hill Gold Zone (AHGZ) sits within a large gabbro sill at the contact of ultramafic rocks forming the footwall to the gabbroic rocks of the hanging wall. The AHGZ contains gold-in-soil anomalies and a gold occurrence along 2.1 kilometers of its strike extension.

• The company has now completed a two phase drilling program—with twenty-six holes in the AHGZ—totaling 1840 meters. Results have been highly encouraging. A resource calculation is being prepared and should be completed in early 2005. The company believes that it has explored less than 1% of the total gold system. • The other major gold zone is The McLennan Shear Zone, identified in 1944-45 by Noranda Mines Ltd. The zone contains 918 feet of gold mineralization. Tib Lake Palladium Property Ontario, Canada PGM/Gold • Tib Lake is a 1904-hectare property located approximately fifteen kilometers northwest of the Lac des Iles Complex in the Thunder Bay Mining District of northwestern Ontario.

The property is also fifteen kilometers from the Roby Zone open-pit mine of North American Palladium Ltd., which processes 15,000 tons per day. • Positive characteristics include large intrusion size, high background values of PGEs (platinum-palladium and gold), and shared provenance with that of the rocks hosting the nearby Lac Des Iles mine. • The company has spent over C$1million in exploration on the property. This work includes 70 kilometers of line cutting, geophysical surveys (IP, magnetic and VLF-EM), geological mapping, trenching and stripping, channel sampling, and 2770 meters (9086ft) of diamond drilling.

• The company has identified four PGE occurrences: the Kuhner, the West Shore, the Road, and the Jewelweed. The Kuhner Zone has been the main target of previous exploration. It remains open to depth below previous drill intersections of 18.47 meters of core length grading 1.68 g/t PGEs at an average depth of 35 meters and 22 meters of core length grading 1.456 g/t PGEs at an average depth of 65 meters. • A $500,000 program of detailed magnetic surveys, channel sampling, and a 2000m (6560ft) diamond drilling survey has been recommended.

Pakeagama Lake Rare Metals Property Ontario, Canada Ta/Cs/Rb/Li • The Pakeagama Lake Rare Metals Property consists of three adjoining properties known as Pakeagama Lake, Pakeagama Lake West, and Pakeagama Lake Northwest Properties.

They are located about 170 kilometers north of Red Lake, Ontario. • The Pakeagama Lake rare-metal pegmatite is contained within the northwestern end of the Pakeagama Lake pluton. The width varies from 30 to 125 meters and appears to be widening at both extremities, where a thin overburden masks the pegmatite.

• The Pakeagama Lake pegmatite has the large size, high concentration of rare metals, and internal zonation shown by exploitable rare-metals deposits found elsewhere in the world. Pakeagama Lake is thus an important exploration target. Houston Lake intends to carry out the recommended $300,000 trenching and drilling program contingent upon more favorable rare-metal commodity prices.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 11 of 31 Eagle Plains Resources Ltd. Symbol (Exchange) EPL (TSX Venture) Commodity Focus: Gold/Silver/Copper/Other Status: Exploration Share Price (01/18/2005): C$0.68 Market Cap: C$26,884,888 Average Volume: 121,605 Cash (September 30, 2004): C$3,375,747 Company Address: Suite 200, 16 – 11th Ave.

S. Cranbrook, British Columbia Canada VIC 2P1 Phone (250) 426-0749 Share Price Performance 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Eagle Plains Resources Ltd. (EPL:TSX-V) is a junior exploration company aggressively exploring for minerals in British Columbia, the Yukon and the Northwest Territories. Eagle Plains seeks to attract joint-venture participation on its properties, thereby leveraging exploration spending to the ultimate benefit of the company’s shareholders. The company is currently operating 30 projects at various stages of development, seven of which are under joint venture or option, committing Eagle Plains to over $18 million in exploration over the next five years.

Joint venture partners include: NovaGold Inc., Amarc Resources Ltd. (a Hunter-Dickinson Company), Northern Continental Resources Inc., Shoshone Silver Mining Co., and Golden Cariboo Resources Inc.

Major Exploration/Development Projects Copper Canyon British Columbia, Canada Gold/Silver/Copper • The project is located approximately 75 kilometers northwest of Barrick Gold's Eskay Creek gold-silver mine that produces 350,000 ounces of gold annually. It lies 150 kilometers northeast of the tidewater port of Stewart, British Columbia. • Eagle Plains and NovaGold Inc. (NG: AMEX, TSX), have reached an agreement whereby NovaGold may acquire up to an 80% interest in the Copper Canyon project by completing C$3 million in exploration expenditures over the next four years, issuing 296,000 shares of NovaGold and making payments totaling C$250,000.

NovaGold may earn an additional 20% interest in the project by paying Eagle Plains C$1 million and completing a feasibility study on the project.

• The project adjoins NovaGold’s Galore Creek project, one of the largest and highest-grade alkalic intrusive- related gold-silver-copper deposits in North America. Management believes that consolidation of the two properties can provide significant benefits for development of both the Galore Creek and Copper Canyon deposits. NovaGold plans to develop the projects as a single consolidated project. • Past work at Copper Canyon indicates the widespread presence of copper, gold, and silver. Geology consists of a suite of Upper Triassic-Middle Jurassic alkalic intrusives emplaced into a coeval volcanic pile.

Mineralization is hosted within both intrusives and volcanics, often associated with k-spar flooding and biotization. • The current exploration concept is to outline a resource of 80-150 million tons of material with bulk grades exceeding 2.0 to 3.0 g/t gold equivalent suitable for selective open-pit and underground mining operations. • NovaGold recently announced a new Inferred Category on Copper Canyon based on 2004 drilling and historic results that contains over 2.86 million ounces of gold, 37.9 million ounces of silver and 1.16 billion pounds of copper. Planning is underway for a drill program in 2005 in preparation for a Feasibility Study in 2006.

Blende Project Yukon Territory, Canada Silver/Lead/Zinc • The Blende is a sixteen-claim, carbonate-hosted deposit located approximately 65 kilometers northeast of Keno in central Yukon Territory. Based on exploration work completed in 1991, drill-indicated reserves are reported to contain 19.6 million tons grading 56 g/t silver and 5.84 % lead-zinc. Within this resource are 15,300,000 tons grading 67.5 g/t silver and 6.27% combined lead-zinc. The recently completed NI 43-101 report stated the property holds at least 35 million ounces of silver, 1.3 billion pounds of zinc and 1.2 billion pounds of lead.

At the completion of work in 1994, the deposit was found to be open along strike to the west, and down-dip. • While the property was initially explored by Billiton Metals Canada Ltd. as an open-pit target, Eagle Plains management feels that there is good potential to develop the property as an underground operation. • The company’s geologist has recommended a two-phase, $1.6 million exploration program consisting of extensive diamond drilling to outline a higher-grade resource which may be suitable for underground development.

Kalum Project British Columbia, Canada Gold • The Kalum Gold Project consists of over 500 claims (more than 30,000 acres) located 35 kilometers northwest of Terrace, British Columbia. Eagle Plains has sole ownership of the claims, representing the first time the mineral showings have been consolidated by a single owner. • In 2003, Eagle Plains completed a significant exploration program on the Kalum property. The program defined numerous new, high-grade zones of Au-Ag mineralization. • In 2004, the company completed a nineteen-hole, 1958-meter diamond drilling program, which confirmed the widespread existence of high-grade gold systems over the approximately 120-square-kilometer property.

Elsiar (LCR) Property British Columbia, Canada Copper/Moly • The property is located in west-central British Columbia, approximately 40 kilometers north of Terrace, British Columbia. Elsiar lies two kilometers north of Eagle Plains’s Kalum project and shares many geologic similarities. • Elsiar is currently under option to Northern Continental Resources (NCR:TSX-V), which recently completed a preliminary exploration program including a three-hole, 490-meter diamond drilling program at the property. The program found ore-grade copper intercepts in all holes over narrow widths, with mineralization noted throughout the entire length of the drill-holes.

• The company plans an aggressive drill program; permitting for road-construction and additional diamond drilling has been initiated. A 3000-meter diamond drilling program will begin in the target area during the 2005 field season, concurrent with reconnaissance-scale work to be conducted in other areas of the property.

Industry Overview: Gold & Exploration January 19, 2005 Copyright © Harbinger Research, LLC, 2005 Page 12 of 31 Andean American Mining Corporation Symbol (Exchange) AAG (TSX Venture) Commodity Focus: Gold/Silver Status: Production/Exploration Share Price (01/18/2005): C$0.80 Market Cap: C$34,733,970 Average Volume: 38,547 Cash (September 30, 2004): C$5,831 Company Address: 1005 - 750 West Pender Street Vancouver , British Columbia Canada V6C 2T8 Phone: (604) 681-6186 Share Price Performance 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Company Summary Andean American Mining is a profitable international gold mining and exploration company with two 100%-owned key assets in Peru: The Santa Rosa Mine and the polymetallic Sinchao exploration project.

The company expects significant cash flow from its Santa Rosa property to finance future growth. Fiscal year 2005’s production is expected to be 20,000 ounces, rising to more than 40,000 ounces in fiscal year 2006. There are currently 21 exploration targets surrounding the mine; the potential for additional discovery of gold and silver mineralization is excellent.

Major Exploration/Development Projects Santa Rosa Peru Gold/Silver • The 24,000-hectare Santa Rosa open-pit gold and silver mine is located in southern Peru, approximately 550 kilometers southeast of Lima. The area surrounding the mine is the target of significant exploration activity. • A new, NI 43-101-compliant resource estimate is being prepared. • In operation since 2001 (fully operational since March 2002), the mine currently processes approximately 50,000 tons of dry fresh ore per month grading an average 2.0 g/t gold and 44.0 g/t silver. • By September 30, 2004, there were 33,700 ounces of gold and more than 940,000 ounces of silver on the heap- leach pads in the process of being recovered in a recycling program which commenced in mid-December 2005.

• Cash costs are less than $175/ounce. Additional non-cash costs are approximately $25 per ounce. • Significant exploration in the area surrounding the Santa Rosa mine suggests blue sky potential. The company is examining 21 targets, many of which are currently being drilled. Andean American believes that the geological potential for the zones and targets surrounding the open-pit mine is greater than 25 million tons. Sinchao Peru Gold/Silver/Zinc/Copper • The Sinchao is an exploration property containing copper, gold, silver, zinc, and lead located within the Yanacocha-Hualgayoc mining district in northern Peru.

It consists of four exploration rights (Valled de Sinchao 1 to 4) covering 1300 hectares that overlie seventeen mining concessions.

• The company completed three drill programs in 1997 and 1998: 32 holes totaling 8449 meters. • Four distinct styles of mineralization have been identified within the property: gold-zinc-copper (silver) skarn (exploration target: 437 million tons); central fault and breccia zone (exploration target: 41 million tons); high sulfidation epithermal system (exploration target: 55 million tons); and massive sulfide lenses (exploration target: six million tons). • Management believes that the combined mineralization systems at Sinchao have the potential to exceed 500 million tons of true polymetallic mineralization.

• Excess cash flow from the Santa Rosa Mine will be used to fund future exploration program at Sinchao.