Projects Overview

Projects Overview

Valencia Uranium Deposit ("Valencia") is located 35 km along geological strike to the Rössing Uranium Mine and 40 km from Paladin's Langer Heinrich uranium deposit.

The Valencia project is now in an advanced stage of development and is maintaining our target of achieving production in 2010. The Company is currently focused on the completion of our 30,000 metre drilling campaign at Valencia, with anticipation of delivering a revised reserve and resource calculation in September 2008 along with major components of the feasibility study. For more information on our Valencia project, please go to our website at www.valenciauranium.com.

Ondundu Gold Deposit: located in the Northern Zone of the Neoproterozoic Damara Orogen in north-central Namibia. Ondundu is a sediment-hosted structurally-controlled mesothermal gold deposit belonging to a family of deposits that include some of the world's most significant gold resources including Muruntau (+100M oz), Telfer (+26M oz), and Kumtor (+4M oz) and locally to the Navachab Mine (+4M oz) and the Otjikoto Deposit (+1M oz).

Sperrgebiet Zinc Project: located in the restricted Sperrgebiet (Diamond Area No. 1) in southwest Namibia, approximately 30km northwest of the Skorpion Mine and 50km northwest of the Rosh Pinah Mine.

Omaruru Gold Project: an early stage exploration project consisting of one EPL, located in north central Namibia near the town of Omaruru. The EPL is located approximately 70km northeast of Navachab and covers folded and faulted altered lithologies similar to the mine horizon at Anglo American's Navachab Gold Mine, a low cost gold producer having reported reserves of over 10M tonnes at a gold grade of 2.4g/t.

Elbe Copper Project: an advanced stage copper, zinc, silver and gold deposit, located 70 km northwest of the capital Windhoek. Access to the site is via a 12 km heavy-load gravel road off the Trans-Kalahari highway. The main Ruacana power transmission corridor also crosses the Licence area.