s NOTE Editl

ysar Joumal isdsdicatd loacquainl heconvoning olh6 Asmara ouncs oigold ovsa 7yeal This P6r q6n6a gslogtl(nodn wilh ths nlne lile. Sunidgs has comdeld you leas bilitt srudy ior lh and alas ol minsGlizlon a bankalle \pes (Eoba and lheinvestmo opp.tunits thepDiecls nofi olAsman goldl lt b otr hisMcoccasion i. lh Do'no, Af Nels dd Gupo snd envnormenl ol En'bea devslopnenl This lo imFove he Joumal oilhercgion s nining induslry inMay 2013. study considels inlenlion qualily contenl 2010 was ol using acenlralized nlefins ol and Asmara Geocongrcss lhsbenefts tacitry Dedo and and henc6 l00k ioMard l0your melcLioust organizsd and woL. opsling d Emba processing on hos we d dob6ler UkewlF in201 1and 2012 reighs dre concepl ol sugqestjois atsndsd. prolesionals, DeOafta aldis in2014. a0loialion mmpanies$e ore lrom doptrtil plsnt. public and reF65ndng $meenr.afzed sat Boulder dolgales W hope, tusl .ndwrymuch lool isM*ingonlhe dnplelion hMard onlides tomSudan, Soulh Suda4 Mins toyou in ou us ioining Ynn and saudi Abia have ol adeiniliv laas bfiry study, Soqal shded jounsy olluming challongss panic pated. Almosr Environmenta sludies 3nd allE lrcan and prolsssionals hav bs6n able Resource rccalculaton lorlhscolluli loannd t lso days lechnical Ir thii rNddl, the E9ltolxion s6ssions, shere awid6 lanqe yar 2013 has heing adimail ofpoliti..l bou Lris shodd lot toPobnrial olrhsn6: rclatod lormdyexplolion and mining bet.Ln a .uthonbit . oppodunilis lb|mlning dwelopmenl Tho companis. Minislry oiEndgy inEitoaaswel asinIhAEbim and Mines isprcpaGd tolake lhe gschem Nubian Shield countis, cal necessary pmclcl sleps l0weahd gophysid mthods and ol bedrenl iMCnl slomdd renain invssligalion, miminarcjn!p.oi:.ls cfinpetliv prcpare loriJtne and poiash inAlrica, and itsdploElion snd eNircnmenlal issoos have beei years ll sben lwo tre sinoo covgred. A{iderang6 olissus ollheEineaimininq .slaled rolheMining hdusty havo dynamics has onthe achange bon raisd and discussed dudng dre socror impansd rtleolhe conterence, lrom Asman lo asmara ilining OooC$grc.s nest.tt of Entrea Asmara Mining Contercnce 2012 was Conforcnce. Having o@nized a Minis,o`E ,and M h6ld alatmewh6n s3 aEleinglh6 sucesstul Gocongrcss lwoyeaK Tcl 2911ll` 47 realilis orlheunjustnabb sanclions a!0,more peopL ano ftrol8 nsvo F t x 1 2 , 1 1 16 2 lmposed onErib6a. Ndwdnelss, dt! sho{n inreresr to9anicipale. Dudng 2 B x 5285 rodvelop. ssclor c.ndnud oclobr 2013 iioreril belwo days prcsenlaliois In2ot 3gislra managed lo ol and discussions Deparlment olM suctsstully @nlinu6 ilscommercialand lollosed byanorhibiton. Thrc Td 2,112 889 qold produclion (phas6 l)asr\Jell will also beaono day visI 1o Bhha : 2,1 1 124509 phde ssdevelop and commence mine and advanced explolion ROBox 272 ll coomnialc'p!rprcduclion. sil6 dd twoday3 xcu6iMlo lh manBntr p6tne Aa ilinins Sh.C. ish.lsadon {abrsolrhe Red sea coasr ^ d6vlodng dleKota Deposil includinq Gold a lrainid6 verging ona liho gold inlo alow cosl op6n-pil mine which isexpsted toprcduco 104,000
Asman, Erltca

A mnA

EEa13 02

oon after ndependedce nMay 1993 lhe n conrb co!d oller sign licanl and ahradve ^alon govehmenl prblrc prvale ol Erxea has been enqaqed ot)0o unlesloreslablshingvable panne6h psiogenerale n rehabl laling lhewarlorn econom! and nveslmenl rap d econom . peop mprovin9lhe slaidard oilvinq o{rhe e llcrealed a conducve enyronmenl iorlhe adve ira4o nad 0r!lheolher a n!mber olcouiIes have alta panrpalon pnvaie ol ocaand 1d.ergn h!erlo6 e.0iom.qJ0rnh malirg rhdr mnera endovrmenras llovever snce ay1998lhe developmenl ollhs touig rrr.ptumar! prmary d.\erolrhe economy. Thrs dr!c' slale has beeiseyereLy tudaLed bt the borderdrspul. ser!es asa n mu uslothe ol olher seclors olrlr 9roynh wirh ie ghbor dgEthop a Despreihs the Erlrean grornh 4qrothe NarLona ..ononyread overal olrhe peopcand Goyenmenlareas resoluleas erern llren e . o io mT r r e llh e e r o io m yd !e *' y h ea i t hg h ee oe 1s o comm meitand endeavor lowork logelher lorebu d !hei se.onoary.n0 rei aryseao6. couilrys economy and lo secure soc a aid econDm. \!h n the acl!aconlrb!loI lorea.h cou.tryvares proqre$. The oulcome 01 lhebard sod s novr no Lre cotrilieslllh lvdlldeve min havc d0rrEd oped ng seclon prospecllve redzed bythe emcrgence oJa counlq m enormous econom c benef ls rhe on Themainsecloa aids0b{edors 01lh0 'eq good & lrear ecofony lhal inveslmenl olrer opporludlies The EfllreaD GoverMenlre.o9oizes llialnridra p.ospecls and lo.9eneraring 6pidand suslanab c r.sou(es can a nalions ereally.ontabuleto econony ecoi0ii c growlh and deve opmenl are agr tu luru I 1r) Tli. Dcorod[ beielholmin nqare also rell.cl0d n llt proc.$ aqopr@6snq Mdlish ig and I JJsheries conlr lo ror.!n exchanq-a bLrlon ear n0s markelng and aled hosp h rry setu ms (!l {ii)lodsm Aihough re.enly lhere isdorriui inlhe llorrd a rernale rssources georherfia one'gy .gas.wind {o c.df0tri. d rrale ne!Etfces: rhcnlemalronalb0om n soarand b omass)devei0pmenl and @msDalm i|l p' n.la h4 ror n ces beei a maj.r ocenire i0v m di minLng nd!slra olprecou: and coisir!.ior n ierds dE11,e Aa s ar e s ! lE r l@ noran sa and naiui.acrurnq tvi).oitruclcn n ! r s lh e ils 1v4qhllabicaloi I n p o r l. ^ ld e s l. a lo n lo r . ! e s im lm n e r n i9 l a i d D y2 0 l 6 orh o !sn g b a sc a nd nl ras i i !dure l v l)i rai s p o n a n d Lls expe.led lhal EilEar hale lou mn nqooenlons comm!n cai 0ns se0.e3 {u}domesln afdroieign m ie 6 le llu n d e n / a T h c B s f a r ry h . h ' r b el oo e e d b l lrade erpaision (rl cepeninq and ol banl i9 aod ollrer h nes 2ara De b a n ; a a idu Co l p o l: s m lnan.aisemesThese Ei sedldrsand s0bseclo6

0l A$nafilMNil[ cff$rrt [t zotl

ENERGY AND MINES

(MoEM, hMinislry oi Eneryy and Mines ths Inlftelesilewycals Highllght otaclivitlei lhe Agency Ministy) is aulhoizd Ljcensing lnclode: and isrespoNible lorlh6admln slralion, uplo lho Following apedormanc h8sed valualion nahoi ol rcqulalion and coord 0l alitypes Presen! aclivl esnlheenerqy and ftining ssto6 olEritla. lo Exploalion and o.dinary aswola3 c0Ne6ion theDpanment W$inthe Minisby olMin4{DoM) liMs sqe issud by exlraodinary nndons ol i5snlrusred eih Magingh0 minel secior and lhecslosil Sudey Mineal ncompasses {EGSI, licni. wdedNened toa mining Two doposirs (MRD) nesources Devglopmenl and $o Mineral ol Eri.Ub Mining Ihe Nelasil nd Fanco.Guluj licnss (MBM) Fsoufcs Managemenl DMsions. A laloialory the K6tkob6t license ol Sanu B6sourcos Sh.Co. and Following isprovided byasmsll unil inlhDoM. snice lho oldre ii ning Law in1995 and lssuancs siachonl potash, nesourc$ has 16nquishedlhe Bada NGEr lheEdlrean mining seclor has shown olliconsos in1996 Epid developmenl. PuFuanl lo rccenly inlroduced projs.l, Affer zda Minins Sh. Co. acqui,ed bo Zara policy dd hrge s.ile midng opoariois, orplorarion rdslreditsMogoEib dd Hurum Keren Mining MoEM, mi.iig,ae adninislered byMRM rcpresentng pmPedi6 lo sutssahaB Fesourcs. p@de whil small scale oplal,ons ownsd bylocal olloeltnd Tne EGS aid lhGological suRey fle lorconsrrucrion and induslrial ri ne6ls are wilh geophysical mnducred a deuiled suftoy consisling guidanelrcm undor MoEM. RsgionalAdministalions (MT) and rffslenlEclmmagnelrc oi Maqieionelu'ic Th6 rnaFtasks, among olhrc, accomdished byt'e prospecr. The we' lhe ALid oEM) osorhema Mnislry inlhemineBl sector thrcuqh ilssubordinals ars '$ulls polsnllal indical in ollhissrNey agmdgeodremal prcmo0on and monitodng otthe se.tor, issulng ol licnss Ihe MinisE has ben developinq a olcompliance. Gologici ilapotEdtsa, sl lle flsl dEfiRegional has lo nalionsl ftinemls dalabase. ll a rcsoo.s&ililv is ready 1r,000,0m s.:16 has being fnaf2ed and prcvid p.eliminaiy inlomalion to6xploration mmpaniss gelogical fll disltution. Inaddilion naps olher inconductng inEdtrea, intsrosled dohiled inestigatids producd at1:250,000 scale were also lorspcific lo mate confibution lowads n'ichinq lie gooloqical and now darabase olrhe counrry lnlina wilh Ihs rl1orc are llvilh Based onlechnica co.openton agromnl !h llv 1:250,000 sca eqeologlc maps soire olwhich are nol gochemicalexplomlion Chlna Geological Suryey, piibl goologic map th shod. 1r,000,000 scalo covenig insou$en mapping wod( havs b@n conduclod and shol6 counlry has r@nny b*n prepded. Several maior Edlrea. have involved and explorarion companios ben iuniof polenual inassessing and exdodnq he minel ot$o rhe fi6t round r@k in1996. c.unrry sinc ollk3lEing Upon rcceipl olapplicalions aconpanid byproposals, gowining ol allmining The lqal tanewod( U'o conducl lrom dmranies, lhoMnl\i ieviss he orclonion rclaled opeialions $dlhin lhe lefiitory ot Edlrca and parly, adoquacy olproposals, conplsncy olapdying olMinoral3 ina Mining Law comprising ollhewoftFogram and expenditure Isembodied app'opdaleness Prcc dalion No68/1995, MinBl Proclamaton commilment saiely and oNircimonlal issuss and lncom No. 165201 I, Mining Tar Prcclanalion 69/1995 provida rHmnmdalion lotissuane otliense. ltrs dd Eeguhlions on Mining Opaliois te$l tlolic N0. MRM also coiuols and slprviser exph|alion aid mioing 1919!15, adivilibloensure ltal @mpei6 arcm*hq iuline gurdolinsKey Poliry i$M upon whkitheMining tawisba$d $$ lhe agrcemenls signsd and lhodteclivs/ issu6d byd'eMinislry Mosl imponan[y, honiloing is . Allminenl don mining ina loonsurc opolal ons arsopEled proporly. rssourc6 inEdlra alepublic sustalnabl wav inadhercnc loinlmaliona! accsold I'as Th Slate a duly lo snswE he conserualion snd prdctoes. The EGS, asa rcsarch wlng oi Doll,onlha suslainsble development oilhese rsources iollh6 geoloEical o$olhand canjss oul mappinq and mineEl prcgds byil${ and . Tne drplo,alion incdbnomdm inlenlion h t0date af.vdalleahosphse govmms.lal sit' lorign inlematjooal lorlorcigi inwsrnonl h hs maing 4eiciesand sedor Dlre isnad olthe signined ,ole lhat lorciqn 'ecqnfion

MiN:NG LAW

rsmr mnEqmmrrF 04

inveslrnenl and skills dn play indEddelopnenl ol inlengve, d'isse.tor aidlhecapihl l0nq tem,and dsky nEIu'e otmining investnentsi Ihe nocssily lorionnulatng sulalions tt)ich ensu rcprclclion ollhenalu El enM ron me nl,togethr with developnent susrainable oirhe counlry s mnelal pincipres resourcss insccordanc wilh somd ol maiagement and ose;The Edlroan rcsou.co and l, ning Law s uplo.dale, atraciive and compelitivo, asil prov des 6ns derable benefls and inconlivss lo provides For invesloG. xamp e lhelaw lor: The l0 sxploil any ommercial discovedes 'ighl p!.suail mad loa valid erploralion icense; TIe lo sell l6ally or e&o( lre olalldulies 'ighl withoul and hresand bsing qund b obtain any o$er aulhonzaton orpemisjon |rom any olhe. prcducsd puGuanl Governme.l69enc! al mioeGls Asifrple and hn lMton sysiem whlch rccognisos inveshenls lhoisly nalur olmning and h6nce (slGishl Accslsfald doproclation line melhod over 4

yas) olallepilaltudprc!rcduclid @66; wdle-ois oiexplonlion expendilurc incoded The carrying ioNard oj losses; (5% Agenercus rcinveshenl deduclion oigross (0.5%) Anominal lare ol mpod dury onaI npuls nBcesery lormning opehlions; Nomal lorlhe rcyally atesaswell asanoplion pension rcduclion, sus orwa ver 0llhooyaty n apPrcpnate cirumslancos; pemitng; Equiablelb'qn exchanqe requlations F@dd unaticledrepatiation oleaningsi podion Relention ola olloreiqn cwncy ermings abroad inexhal aountsi Ma ntenance inbanl6 ii oihrc gncffiency amounls A simp licsnsing ing e"on+sloC syslm enab ali trelormal lies loralllypes of icssgs lormininq opofalons lo becomdeled byasingle Govetnmenl agency, the Minislry olEnorgyand Mines.

TheMineral Licensing System

'Ir10 idn! lt{r prni! lE loidhg ly!6 oricrE8s

naxinun ara $al a!i{lo lc|E3 can col{ h ffr6d Trble ahove)he Minlt} 8lloft m iple {s lccoss oonliguo{s undr ons la.|Essgrcsmsnl
Mtt Arta m21

u"31 , 0

uC3 6e Fee (POr ucOnml

Annllel 13 Re eer K

us$lepplox l

mll P11 uS,le,prO x, "

g|Ed Ai 0l$.0h3n663 ordu$vB and $t '3 holdfls ar a{txnatic L' odlh e E@rdlio. ful tjc|E8 toml{ifh a PioS6ihgLiglsand a MiriQtic||s. fon anBplo.dixlLireEs, sltid ro$s tulillmant olhe obligatiom ud$ $e g.d,ing licnsa. h &taliona251rductid oldre originl arsa tu6lobsmad6 aldd1 rcnlvalvar. fiaff6r he lnitial hl66yars and ho s0b6Euent odin&y jusdiicaton onon3bn ollvoys]s $eGisasrong b contnuo 6xd0r6li0n d|eMoEM ha!adisdtoiery porlr b givs extaordln8ly enonskns. Wnib hh cn |gsooauy coflinu llnullo lcme b convdd b nning[| XinRity tust]r lo odemhm 'lqit Atuldl 'eiod tE basd 0nprtumnco eEludion.

AplaodioG lr antolftso fcgB6nayboir*16 qnrhs hyandtuAw$ ollg3| oleny ndons|y. A ,p!f,cdio|lt are b hsmds0nspdi.d Lrm lul can bo obbned tun hs DolS erdmusl be pilcdlng eooonpani{d byanon rctun&Uo pr paso lee ol us$l 0loadl spplbaton t6$tdi0n) p|aoltd, dElie suppodino do$mnhlion tuccsl'I applictit5 arc abo subjcr b apaynfft ol yaf3 licnss loss and $fct l.nhleonlhoissu olalcnss. IheBte olthss rs b gownd !y Rlddion shom in$Etl6.hw). {as

05 rsffrmffiru2l|l

Companies MiningandDevelopment-Stage
nera h a Canadian.0 6 a Inf n9company 0da[dde!elopmenl agrcemenl erp 0ra1 iomed byalointvdnlure and niig company engaqed n expLoral0i Erlfeas NaUonalM belqeen preclous olbase and and Canadas deveiopmedl Coe GNAMCo) padra ysnoufd ng meialdeposN Nevsun Fesources LtdB SC has now shifted lyslad and Asnara Suirdge managed tosuccessl! phase mne n 10 lhedeve opoenl olthe the ftstmodem ope'ale 4 deposls oi the Asma'a Proiecl. lhe Bslra Min ngShare Edrea qnicantamou[h ol r,ir.hconla nss Companytransilions nom a Go d produccrlo zn. god and s Lver, wilrr lhe lhalola malor coDpef copper leasib tY producer 20l3 .onrp elon ol a banlab e n lhe3d Aoarreror inMay 2103.Trestudy St!dy ngola demonsl.ales thal lhcmin lotradvaiced deposls llEImake up qold wilh n lheAsmaraFroje The Koka deposl, ocaled (Enba De o Ad Proiecl area oT Mnhem lhezara Nelas, God and Debatua)and Cupo Erlrea isIreinq developed byllre processLnq near ollhe ore thearue dnsshare zaia 1"1 Company lzr,lsc), Emba y Deiho deposil seconomca aJodVe ure beNleen ENAI'ICo

i7. ::''

(sFEco) Grcup a mdllre SFEco

sbs dlary olShanghai Conslru.lion oisoulh s a subs dia'y isasolheEPC Group. SFECo Mines Lld., alutuor co raclor iorllreproleclTheKoka Bo!der and Ausl.alian exporalion company Gold Deposii hosis aJoRC and N promotng potash rhe Mne.al s successluly 43101comp anlP@babe resources ofco uli in Danaklafea Fesede 0f4.6 million ronnes ng 9Gd A J0RC/43 101 comp anlresouce g/lgord, d ng760 5.1 conla 000 IotaLin9l.03Bi Iras been eslab shed ounces TheCompanyisJocNed rc wifirolalconlaned lherckaGold Deposl @ 13% ondeveLophg polash 194M1 FoasibLily ol Delinalive pitgold hioa owcosr open mine (DFS), whchisexpecled lo p.oduce isexpecled 10 r04.000Sl!dy 2 0 1 3 { . o d s der bec om p e lo d in "!hich yearover ounces oJgo d per a 7 year processmg mn rg and lheCanallile mine lile al anaverage cash cosl ol

TEREX

gophtsical a5.161 line/lim6id0m0 London AlricaLtd.isaB. ish lheadobha and Gerasi over p'ivale thal has soNey e[ploralion conpany 19 rael Elscoveing anexploralion nght on$s 876km2 Soulh areas seLecred onthe basis oiTM licenDe inlheGash Akordat.orcta geological inloerelalion, an om alies, Barka reg onolweslem Ertea. geochemical and nonal s. The licenss was orgiialy granled year Ch in a Hu a kan 2010lor aninilalthroe Aftica Exploralion Lldisa nJuiy Andiamo poiod. junior Tho discovered Inveslmenl Co. has xp oralion company UK basd exp oralion conDany 2 km censes inSsroa, nonh ol Keren, and systm over alleasl lhathas been aclivly engaged aVMS ganled in 2009 dd of srriko lollowing .@nl d'il lng al MensuE 4ea inrcg d detailed onal, aswll Kohl-Gerger inGcsclin9 sulphide exploGlion based ongeological mine.aliMlion masive,slinger mapping, ollhean usiig star {smi Zhong Ch a n g Nin i ng C o.Ltd. geophysic6l ground aidome sruey, isa Chines ondergoinq d company gephysical lPardg'avily soNeys, S u b sa h aF ra e so u r ce s e4loGlFn wo.krn Mai.Mine area. $lellrcimage inle.pElatron and (Erilrea) Lld: The sq Ply 550 ThaniAshanti Akordal rock chip and soI sampliig alMg km Mogoaib Nonh Explo'alio. No d h L ld .a n d T h ani wilh d'illinq nlheHaykola arer granled inJanuary 2011, AshanliKerkasha Lrcence, Lld.Aie rwo since 2009 The company ldenlilied lies.pproxlmately 10kiiometres nonh independ enlt rcgiste r6d olploral on morc lhan 20polnl alvi\,ls la4el polymsh ollhsBisha Lic Volcanic' companios roprssonring lhe Thani areas including i5 larqels lorgo d (VHMS] tuhanli hosred l,lassivs Sulphide olllAE, a recsntlylomed volcano-sodineitary Slhtogic deposiL Ths Allianco tugocold btwon hosling li'e thhadeposil (china) rccks Land Enersy Group Ashanli and Than lnvsshenl. Iire lhe enend nodhwads bnalh Ltd.isa Chi.ese Bxplofaljon ara oioperaton s inlhoGash Nodh EL{Flg 2)and dillinq Saka islookin9lorgold c0mpanylhal and Mogdaib region snhprdynension ot basmsd clnduclors l\iodal Nodh b6e metal doposits inG09n are-a olpdoriused lolheAnseta licns d.illholes lor10,457m) idenhfied Feqion, fte arca enends tomGogne noih (58 making a roral ol 1863 km2. byananbome elelromagnolic b rekwdasolth ol Bsha mine. lJlinerals Lld.isa suryey csulled inhe ioteG4lion ot Sahar I 'I i n i n g Sh andong company volcanogenlc massive sulphida lo he pivalelyownedexplo.slion developmenl Erilrea Lld.is srablished and rogisrsrod io resroldEMogoBib Fiver aChinsso company opraling in Bemuda inady 2009. The compmy Besources (Erilrea) secured Dokemharo rcgion. The Fmpany hs Adobha rhs Tamb Prcspecling ownod sbsidiaryUcense been undergo ngdolai dgoologicl Plytld., s wholly nE.itroa l0January onrho gochemical Lld,s anAustralian mappinq and emplinq orGippsland 2013.The Llcenss has unloslod junfi exp oalion conpany. ll has a.d prcdu@d laEels. Febtua,.y since Adisanal mining and is-1skms aroas 2013, hhas besn drilling s6veral Moconliguousxploralionliconss gold sourieast olthe ch'8isha' inhe Adobha ara innonhem largels. The @mpany hd intGecled (VMS) volmnogenic nasstsuLphid g@d wilh a6.? metols 2ono 2,200km2 combiiad wilh @pper Eilroa gold su'lace aleas. Solh lidses we@ and valuos inAlar arca in2 ptotuit Fq detals see he conpary prcspcring trcm hol* out ater ollou'holes. IlrecompanymNened pages helatet d kisjwnal
p!r6h deposil inoengel arca immedialely wesr ol coL uli.ftis yeai lhetoral deprh iien holes ol which is 1393 mals6 have been di led andI eeol lhelifieen holes have

07 r'innl rfi r urHsclrE

ERITREA
I

l==E
--E -*

Thegeologlcal setupof Eritrea is mad6 upot Precambrian basemnt rocks thatareoverlain unconformably bypredominantly Mesozoic sedimentary rocks andTertlary to Quaternary volcanic andsedimentary rocks.
lnllPretalion dd6d byli|lihdg@nd contds, sug96t dul t's m.lc can ! subdMdsd inlo hlr ldonic blocts Basrint ods inEdrs co$rnbl6drd 60* olhs orsgnenls, sptatd byEdottic bdlxlni63. Il'e oI sufacs ollhocounty. The h6nnt rcdsol Eiboa llvtslm, lhoso blo.*s, ['e cnlral and oaslom sgmais, arcpan ol$s tuabian Nuhian shlald dr6 0Ns)whidl underlie nolt]nand Edliea, {hll9llhelounh, cnlral (Egypl exp0s6d innonh Anioa 6ast sudan, Eifoa,8nd pad th Danak sogmsnl, ocans in t'e soulh8sslsm Et'iopia) and inSaudi Aabia, nolhm 6nd nod'reslin olh csunliy. Tlr asldn sesmFl, te Ba'*a Israli olYmn and oif'e wsismMiddlo o8|ls Dan Ealtft6 parl i3 in op06ed hs no{trrlcem 0l hr monty sr*# isbas{sd ton?l6ent am60a siture bdwd and undsftsto 8rl'!lo}lans I b m.de $ ol Fa$arnWbl Gontufielrdr6r' s'd Pbloporromic pelihsdrisb anprit'olilehci{E anphiboEe, ccnEino co{iinnld orun ocrsmal8 hs oldffcofiFnal! oih6 qudrtiles kyaft'le and staurclib, and matr. Tns cntd p6d shield and ocqipy avry small o1!l3 basmnt rc.ts $gmsnl, rcforrd lo ar lhe Hagar Trc|n, tom orhnds pa'tollhshild and lle major c'mlats ofNeoprolrczob rh6 8&ka Biver uprolhi Adobha Abi vallsy inrhs a51, juvonil Ms) condna.rbl-maEinal and k. 8t0'070 and comp'i,s svlal la4e elliplical bodl6s vaious ol intaoce$ic maldElic'arc rc.ts,InEdtss, he b4mlnl tclonic unils hal &6 dominantlv como06d ol oceana bcls ,n rctruI stdieddspl6 t6i hid'ninerd acdelionaty mdgm0leiits. O.caioly,laFEd potndal. ns tuogeohgi:lma!6 sohr cdndted covr 3nd $Aenc.6 ol chlodic inhdaysrcd acl'ids arc rn, pd d nlocoultylcololy te wesldr olGath Bivst lvin pidolic and chhriuc melaba-salb, occ$imal t'in tuea) pan (ceol0gt and Iho soulhm olt county ol and dis.onlinuous rndbhs, and nmganilroos and Mai Dima/roh6in tuo|).Compihdon haps oigsorogic at1i250,000 scals ha!rsrndybssn comDltsd lorlour map sh6b. ohorrtdy, ba6od laEdy onsdtellile inags

Precambrian Basemerl Rocks

--{.*
-E -*-

rn||rxffir!08

'rheHaga lercindisplays le'ging i ows aneasr thrusl codact olbasallic lava and lufis lhat are usually iound 'rerain wilh lhadiacsnl segmenl lo lheeastThe H agar inlercalaled vilhsedimenls olthe DdakiFormalion;and plalinum grcup {3) isknown tobeprcspe.live iorchromile, lhoAlar Basa ls compossd otrccenl lava I ou's and gold elsmsnls, nick1, and coppe. mineGlizalion. fte volcdic @nes, vih minor acid lo interoediale volcaniG, easiem segment, lheNakJa Terain, isbounded by nainly lrachyles, ftyolltes igniri-briles. and The Tediary jn rh Adobharoivally lh esland byh6 ned Sea basalts ee curcnlLy aclvely exploiled ioragqregales. escaQmenl tolheeasl. ll lsoade upoicalc alkaline Tediary The Sediments volcanic vorcanoclasl and crocks conlornabu oveain TheTodarysedlmeds aaong Ure Rifl esmQmsnl and bya ftelasedlmenlary sequence olchLoite schists, in cenlGl AjaL Three sedimenlary iomal ons have been gils and polymicl pelilic clnglomeralos lriilh occsional Dogalland en he Danatil, Dassol Formalions. soricilo schisls and mrbonates. The melavolcanlc rccks idenlili TheDanaki andDogaiFormaionsareollaleTenia plulon are iniruded byva ably deiomed c tohypabyssal ageanda.ecomp6ed mainly oi limeslones inlercalaied calc alkaline bodles.The sequence iscul inplaces wilh clngiomeGlic sandslones and silhtones. Tney arc poslkinemalic gabbrcs by and and isalso aranites padly bydlcafeous s lh colal refs, sands parallel ovedain Iransecled byseveraL iarowshear zones subpebbles @Nislins oi ol vohanic origin, and tolhercgional dike.The Nakfa Tern niscons dered lo Eawls sdd, sillandclay hodzons. ThDessel Fomalion reprcsenta reclisland afcassombage. SevaalVMS with comfl sos saidslones, clays and li ne beds ol anhyddro (Volcanogsnic Ma$ive S!lphide) base m elal occurieo ces y oveying halle unconjomab lheDoqaliiomalion qold and showings are with this ass0ciated tectonic unil. and pad lr'/hile n ihe nodhern ol lhe coasl, lfs R6d Sories The soulhern sogmenl, The DanakilTeGin, iscomposed coarse claslic lrcsh wale. sedimenls 06upes oJ meiamorphic rcdcwhchmay begrouped inlo lhrce conlaining pan the southeh d fte coasl. (l) riig'nalitic iomaliomt homb ende bolihgneisss;(2) a phyllitic lomaiio. @Nisring oisch srscoigomeraric Oualelnary Sediments phylliles, graphilic crysralliie llmestones, and schists; and evapor licjomaliod olbedded ha ilqypsum, post.teclonic graniloids. (3) qeologic Athick Fecenllycompiled polassium anhydie, and riagnesium salls, wthshell map ollhe whole counlry ar1:1,000,000 scale hNdivided male al li lls L\e bsin n the Danakil Deprcssion. Dposils lhoFrecamb anbasemenl rocks inlo 7domains 5groups preseit ood leraces, sil,sand and arc Eavel presenlalionoisheeil and 3lormaion s.lr sdn orarioredehiled in some ocal on s occasionally fed cove by wind ollhorock unlhollhecomlry - blown Basallic I owsand sands. rclaled spater cones represent Mesozolc Sedimenls oualernary vocan caclvlty inrhe Danaki rcgion. the lower Mesozoic sedinanls arcrepresnled by MINERAL POTENTIAL OF ERITREA (AdigGl) lhsMabel Sandslone which outcrops nrhe pan soulhem oi$counlry and lnlhe Danakilarca, and Erlt e6has hslory along olmining, oespile lhismodem y iscommon inte.ca ated wilh silrslones haomatilic mining and began allhe beg nning ollhe 20lh century layeBll lies unmnlomabry over thin layec olcon lollowing lheltalian colonizaiion otihacounlry After glomeral c sandslones which, inplaes, appeaf tohave $e Sacond Woid Wa[mining and relaled opeBtiom the chdacteistics 0i aglaclal deposil. 6nllnued lhroughour rhe counlyj allhough nlenri ltently. In lhe early sevenles lhis resu led in lhe development Ovenying lhesandstone (Anhto) isthe Jura$ic Adaito mod-em rnine aloebar'va, belore lhe Limeslone. f isunil isexposd over a large area inlhe ollheshodived rndependence slruggle forced ils E olosule. lrca is noui Danakiland ismade upollimeslones lhal arc conpacl, known lo host signiJi cant VMS deposils aswell assh4r pa.tly shel[4 lo$ililercG andayered. Altemal ons of goLd hosled daposils. Ilref 6l modem mine, Blsha quarhilic presonr pan, laye6 are inlheiowe. whilst prcduclion. VMs deposil, has prcjecl shned Xoka has pad lowards lhoupper lhesequenF becomes riainly compleled leasibilily work and rhorc are olhar advanced gypsi'eous lo dolomilic. Tlrs upper sandstone loms prciecls and many orploralion opeGlions unde ay. pockec prassfled olsandslones thal have been from Considednq mrch or lhe munty,emains unexdorcd, sroslon. commonly rhis sandslone ismedium rocoarss porendaloi esindicale lhe hlgh mineBl ganed,lighl qua&ilic pantylhsediscov coloured, and don nandy bul porenlial gold lhecounlry The lorshar hosted deptsils isalso demonstated liom gotd tie recnt, discovry in Tediary Volcanics and Sodiments zafa, silualed 6long a maior shear zone lhattuns adoss unlry The counlry isnoiwelexplorcd. Ther Ihefediary are volcanics can bedivided into (1) lheco three unib: prospeclive many areas ro srill bo dlscovred. Eitea uieplateau loming Teniary prcdominantly basats lhat de a georogica seting lial islavounble lor olivine basa lswirh lnlercalalions olinteimedlate lavas possesses prccious (2) bolh melals and base mtal minealialion, s and luifsi lhelowsAIar slraliiedbasa tscomposed

09 rst||A8rru$ csrsHn2[[

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qnds olhe hbbrlc county. Tileavorag had inmosr gold lhalwr lhellallan colonlal vsln miies &livodu'ing rim6 upr0lhelare 1s50s, ttrcrporld robeashigh good ftcove,ie{, Edbor 6 as25- 45gL silhreasoftlly jnqual' vins gold isusually ninen{zarion hosrd and aid inD.nidarinshw zon6 sodalod stod(mdG. inwdols {ib l*ic volcanic rods, dioilic intusions and d'ar de teq!6ndy tohe stic ol$o 3ub.paranel pobsh olminaH wapoalos schists ocourcncs and sulphur pmnounced cleavag 0l ri hosr m.ks. occurnc$ ol inlhoanald depGssion, has no, hecome apparsnl, gold VliSd8posils, and inlh$alhold withiierhalalivo ncluding hatl, and avaieqolcomtruclon mal'ials, and supe4eno zons ovodyinq lhen, arc bcomlng g.anil parb insev|al and olhs$ otho counlry isalso mo|g dider wihrc.nt disodedes ol gold ln addilional Db$sa and Adi Nobs 0le cenrl higl and6), and sl 0n Gold Hareia lo$ianbl. Eisha and li. 0'snsslln prcved R.enl s9lo.alion ctxi!s hrvd dElgold giana Pornr*r to lor glldbulk ronnag icr6d gold paisol Errrr3a minrali2alims de very widespBad occurdm inmarry pans hawbn indicald invarious ot& grsal polntal and $s count] has lordevdoping nore gold depos ls-Inadditon lolhpreviously knoM alsas lletal Deoosits god occu,enc (!filch Base ol pdmary inrh cnnal highlands gold lncluds lhesocalled Hanasien r eld), tDse0l NNW lo NNE-Lnding bll ol gossans, exhalaliv cnois Shil alo 0nsout'weslem lo*1mdsl aiea. and lhose ol and altsed lelsic rock3 hatars otmar9v indicarors pai. ol c.ohem Eit3,e4loratbn adivjry inhe lasl decade sulphido minsali2alion alorc.oded inmany ias snM d'eFesen e ol scononic dpodls an EdfeaTne o.es olhe6 mr{*w slpnide depoGib 00ld lhewrslrn lorlanifs and lso inUE rcdEmpsnoItrs arspEdonnandy dahodle, an unls Mle tih ninof hinorals. Th lange 6d wll asl0rindustial ol idenlif polsnllal gold prclous deposils covors and ofier mohls, polymshllio quad massjve sulphld8 vein and and lps quatE sloclwoi( lyp oldposiL. Tlercisanindicalion lorf'e odrcne ol Ni*latdchrcmite de{dils lo he ultaDalic asso.iald rcdsin$larndlhoihe

olsphale le,chalcopyrile and bomite, gypsun A major beh ma, clay and close Iogelhei Saileo@urences gold 0tmassrve sulph dedeposl \tilh and bae mehl have b*n idenliJi sdaround Ihe Heieb, Meler and passes mineBiizarion through tsmala and inctudes Glrarca wadis lo lhenodh west otMerca Gutbub. Baile Deba^ya, AdiNei6Embaderho and many olher tocaliries veins also occur associaled wllh lau tsin$o sedimenls ol rouqhly wilhin a50km wide belt over a stdke ngflr oi 250 lheDogali and Desser Fomar ons. Olher badle deposils km, e{ending tom, morerhan 50kmnodh oiAsmara up ofeconomic signifr g6des cance, wlh reponed ol95-97% lo lhoEihean boder lolh6south. The belt thal ircludes are known r0exisl al Deb aand Ketina. lhe Bisha hgh.grade zinc coppergoldVlrS depos r and Construclion lllale als Harona VMS depos rsinthe Wslem Low hnds hm prcved Large depos tsolmadle alrdy occur d belts running the otwor nodh dctass deposits &d Fesence isalso Adilbdim so htoGerenltl bengexplored toraddit arcm. md discoveies. Tnere nonheastlrom quades However, lherc de lew a.e ind Ftions ofsimiarvMs oi Marble ln b6emeraldeposits cogne and lanhet GoEnda nonh0iKe possibysurounding area which aGsituarei bet, Harabsuitand atIhe midd e olthebetr. Similar be I also occurs arcas. There isa beit iurlher wesl and runs ironAbu olcopper minek ization in sourhwards roGuluj. Fa,innonhorn Erilrea, a be I oi naba Senaii gossanous area, suphideiich ockinMl marb e occurs in Adobha Valley ae6 other slgnif cant Tullului(Bedeho) nsahel, nodhem Edtreaaid inMl m4be deposils occur al Aflrimbol, Ambedeb, and Ml. Secc and She bareas inlheEaslor Lowtands. Al (inrreuppef Kurukr va y ol Barka). Bisha, au/orld class deposil oiprecious and base melal The Kerlse.Komre glay VtlSdeposil has and Debri btack and madie boan lound. Elploalion nldi Nehs deposils VMS sllows gmding occursoulh ofDecamharc 9,0 melres g/l gl Ag, and have been 11.91 Au, 285 exploiled lor a long rine 3.18% Cu and 11.05% Fecrystallised Znand inanoiher limostone deposits tesl drillNG wilh vafegaled 043 D 5.25 gBding g/tAu, colouB occuatDichinema metres 10.01 g/r arca, ]n 239.8 Ag, lhe soulhwesl oi E l.ea. 6.77 %Cuand 6.77% Znhas Granites ofvaious mlo!|s been obtained. Reserye eslmalioi recelyhas are exposed over laryo made shown areas. Gnites lhalminab ezinc, aid lexturcs qualily, copper gold 0fdimension slone add ass@iared wh chare curenlly ls paenl nAdiNeias boing exp oiled, g.anile), Enrbaderho isnow occu alGe eb(pink emerging asa lafge and nIhetualo, base mebts (ctrZn) (grey qranite). Korbaia, and rukul dapositwilh some qotd. a@as Ihe Mai.mine assmiared Bosource ghnile glan eslinration issliI going and Elabered le afo on however also suilabl candidates al{tisstaqe il s conti med lhat itisabig Jor dimension slofe. A narow bas odcrop oi coral limeslone mehtdeposi overattin tems oi polenl mineral alassessment geolog along lhecoasl from rhe headLard and ol Fas Kassar cst wo*,much enends l0lhecoadineoillo. orliemunlryremans une$lorcd, lmmensedeposirsoJ mestone despile rh soveml occuf in$s AdaiLo-AitNh discoverles lhalara area bsinq nade. soulh-wesl olTto. Indusl Geolhermal alMinerals Polential Polash, gyparm-beai Ednon icexploilalion syvteand olgeo$ emal nqevaporales heal for powe I occur genemlioi possible alColluli, sourh appeaG ofBada. Sout\ BoLider in dfl{elared volcanlc Mining Lrd, rocks a @mpanylooking inlhe Fed Sea Fifr lorPohsh afeas Atid, Nabrc, deposltin lhe sourheastem and Dubiareas geothernal margin oidte evapomle arc lhe main largels deposls as activily inDankatia, have in thase arca3 shown their hope Iodiscover lo beinlansie Polash Lower lariperatuie deposil inbilions aclivrly ojtones isknown also Subshnlial occu$ deposils atMai wuui, olgypsum occur 30kms west oiJ\rassawa. atDe$er doa, Geotremal no.lh-west evidenced 0lNlassawa. Larue bytumarcles deposils oi cornmon and holsprings wiUl sall aclivi\4 asooccur places enoisive ground, alseve6 a[eration onrho aong arc tha Red ss co6l abundant inihe geolhemal quanl Conside6ble !esothiqh quatity lieLd, Studies caified sitica out soturinthis arc iound al Alid Merber,shich areaindicalelhe prcsonce has been gtass possible oxpto ted tor oi a manulacMng. subsuda@ high h add !on, depos lsolsrcasand .eseivoir with fte goolhe.mat tetdsparo@ur maniiestalions al lempemluG al vaious wadls pudty Nabrc prcmising, 0l Erilrea. and Dubbiarc High ttdspars also omr in bul tudher sludy witl pegnaliles ai Lahazen 35kms b sslimaie the reseftoir south otMassawa. temperatuis Sub berequned emnom cdeposils oj mica, wh chwd once expoded olher Potential byrhslhlians, are tound soulh easl of Lahaien. Large geology Ths otEdrrca islavoabt torolher deposils oi iaolin ol occur inlhelaleril choizon inpads rypes oilelaimni, atAdi Koteio dNeroAdi Kwda, AdiKeih, Zghlb,AdlHawusha, AdiAhdercm and sesl dd A Pote grade diallora owbutkton ganiro nage hosled s0ulhwsl areas ol Himbidi. Exlensive deposits otlheraw gold mineralizalion have bsen lndiled invaious maleia s fofcemont manuiacture are tound atAdaito, vaiolies 0fpre syn reclonic granttes and fitdoglanites. cose roTio lillr aI the consiituents includinq tinstone. llo.eove! Cu, Cu+Ag, Cu+Ag+Au skam syslens hmas

11 Afr nnflr f,mMmfl$2op

gEnil.Gabbro been indicaied wheE madle h6 been pro$mal goology mapped as inavolcano sedimenlary (ANS) emeqiig TleAnbian-Nubian Shield ir prcsendy proMm s aroiortanlalum rnininq rih unomic Mialed wirh 1)poralkaline atued$nir+ dsp.sirs qnnil(Ghu.ar.yah,),2)p.aluminous alkalileldsp gEn moscrvire r(Abu Dabbab,), and 3) albite peGluminousspodumene-dbile peqmatle (K6nlicia,). Inaddilion, a nunbd olsubomnon clantalum in inc membeB mineralizalions occur lhsANS uding or each olhe drreo dsposlt styl$.lnErltea, Thqe isa good poteniial lorTanlalum lypes mdREE aoig vado6 pegmalitic grdilebells. olpegmatles and 6ss0ciald A ponion ol lhos has l@ked allor oi Me behs been apolential TaTREE ninelizalion, aprelimjnary rcsu[ ilnidrB dElrhe bft @!ldbe. prmpecrive one. Ine the discovry olzonal volulion ollhenellirom \inich pegmalite bodies consolldared, alinity ofpegmarils Ioberyl.columb le sublype aswell asthe dscovary oi promising emnomiFlly typos ol pogmatiles, lheAlblle. chpogmalil-alpilas, malss lhe who abgll wodh geology younger Similady, he rional hosls non sullide Zn.Pb.Ag sysloms inMsoroic lineslone which has been af*ted bysubsequmt dffing, volcanism dd assmialed geohrnal (Yenen) acriviies. Eg. Jebari nmsurfde zinc deposn dnlains anappbciable resore. 9eologi6l prcspclive geological Therc isasimila inlhe sening soutE cd s$ rcg onwhich couid have a polenial lor, well dvdlopod, simil non.sulfide syslems. Variely 0lrcck lyp6s ar lound assoclared wirh Ce0ozoic geological inEdlrea. Th isiavounble volcanism seiing lfi vaious typas induslrial mneEls, rccks and naluBl ponib, puhce agq'egales E9. Zeoliles zeolilic and lufs,

Phato.PtEnntites:Coa6egraired blacktowhaline tlt.lapea within a &,1'ilnh?irlt httkpdr (?etthire)oJ Peghdit. fto vry.oare Srdittd bl..ktoundtin. and rcdgdn.t .1itp.6.d or .lb.ti.*l peahiteoI p.snlntite bodf ('ri.\lle). Bi( btlt (lltak ol to,n\linehon k Jettls?N.lbite/Oliga.lde p.tihit. quartzn6.orite/ teghnt it. (boroh, bdn (F?i ana aso1dkd (Pihk-otunge) in Etitft. Enhitas

ABIIIARI ttllt{mC0Xftn ftA|s 12

Bisha

Mining Share Company

BMSC
A SOLID sETOFOPERATIONAL NIsUIIS FYR 2OT 2

Looking producing back onFYR 2012 Edrtea's only prcducod mine ag ain anaxcellenl selolopeEonal resurls, lhes rssuts were deliwred onaloundalion ol sale rhrcuqh ou sally vision ot everyone Faclice going home sal aid h4lthy everyday. Th Bisha Mine rccodd ZEqoLnsand a nlFR ot<0.m forlheyear These opqarional lesuls ee wodd ctass 6aebetow) and aro lslamdlolhededicarion and hadwork olour employees and thpeople olErftea.

TCAN$ITIO TOCOPPER PNODUCER

The Bisha Mining Shde Company trnsilions lrom aOotd producef lo tlal ota major prcducer Copper intho 3d progrEsed Quaner of2013. Conslaction wofthas over lhlast 24monhs onthenew Copper Fioatation Ptant pon concentale lEnspod and hcililies d Pon 0ncluding Massam) lo wel and hot coomissioning linal and handover !fiat isschsduled du ngSaptomber 201 3. padnerchip Th betreen BI,SC, SNFI and SEGEN has pDjeci rcsullEd intis major being completsd y - >2,smittion 1. SaL LTIFH

Fig. Crpp eI Floaldtion PIdnt,(to? ) Trdns?orttruckt (bottoft)

This isa remadable achiovsmenl inaNrenrindusty lrend olovertuns and srippage wihrgard toprciecl

2012

2011

1,591,000
58

ph4. pr.*inp, bnn.s CoppPr

30z00o
621

80o000
755

, %Ofgdd

GoldIn dod, ounc.sproduced Goldprlc. r.rliuedperounr Clrh cct p.roule.old 169,900

s !671 s 1,659
2CII

s 7,620

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s 1,s72

13n S M I n A m t t G

Hm

VMS/Gold Capan Opportunity YacobDewar for SmallScaleMiningDevelopment

The Company Andiamo:
rsucc$aful dFcovrgrof ocononicgold daposit .a prlvstocompany h3od in London,uK. .Oprllng!^,ilhexcluslv locus on Eritrea. .T.rgellng on v S andsoldxploratlon. .H.! b6lngoporatinsin Eritreafor tho last 4 y e a r s o v e r 1 8 e a r s managomont in Eritrca .Hlghly xperi6nc6d

Financing
Ra,sed uSD 10 1 m private!

ExploEtionAclivitles
Basedongelogil mappin!,usin! slaleor h ad ailoomegoophysiels!toey,groundlP 3ndg@iV gophFie *rllit im39einlepreialion,andrcckchipandsil suryoy6. h.5 identlie! moe lEn 20 polntul s.mplinsandlano ExploErion 15 Ma$iv. Sllph d Volnoganic {VMS)laEt G.s inoluding l.r!.ts ior gold.xploElion. VMSb.lt 6nd Followoo mr{ don6.nd idenff.d imponant sh.mboiai andGurgu goldblit H.ykola. pEgEmme and4475 m of Rc d llinq of 3766.7on so lardlenond lingpbgrammo hasbeiigcadedoot. ddllingand 36mair@redd
Track Record o Discoveries

Dittwered Yac b DearVMS(2010)Adl M lrey vMS(2011) ShamOo (2011)ond uawk y(2012)Oo O,rOSpec
Frabtt VMS(2013)

, l ty v ,,oloob De "Of Pre re,

ur br YB b SRK(UK)hBs pr du 43 101 ComplantRo DD arox Oe g p Mi leK of SouAfn prOdu O a prelm na melalutti morkrep t Soda and Envi nmen ine dud e,Currenly be r9 med y S obal R3murOes Dovolo,ment CO Sulla ls o

ng 201' ng 10n o9nmme du

Shan otalCrgrr ae Caried outintense exPloration proOramme in Shambotai and Curgur are35

tD !!19

Yacob Dwar and 1378.60 m drilllng campalgn duringMayJun 2013 in Frataka, 'Complted prospect Shambotal arers.

D`rra wlllems i o ll F o Goo O sere eerle

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Explo lron ttanager

ASII|ARA M niG [0 fnEiff 2fi3 ]4

Pldned mimprcduction isplannod tocommeftce byth yd pldned, liid Ot 2015, As.wn nim lih is basd plannum. onadstit. milling rale ot6m,000loons CaD'lal cosb lortl mine dryeloDfilnl 6tsfo@ast al US$147 oillion. lhe Koka pooplo Gold Mino $'ill ompl0y 350 when ln prtucij:on and will consisl old'obllowing i.ftasrwctur: Developing Critrea'3 NextGoldMin open Pt - n lokaminelised zono ial . roc|dnks The Kot8 locared duiintE zaAPrcFcr lolddeposir, long$ olmore 6an650 h. The midnq de rill be25,@ arsa oln0nhfi EritrB h being byho Z,ra developed p$ loins day, and $ll benind wili ansdoltuclG (ZMSC), Mining shaoCompany aJoinl Venlurc bah{on and bacih$orcavalols in5m b6nch confgunlion. Mo3t ENAMCOand (SFECo), rhsSFECo Grcup asuhstdhryollhelleet rill b3!rcoured foniChlna. Tlo oilwill bs ol ShaiEhdi CoNtuction Group. SFECO ffe also th drclopd inslagos toprovide sLlficionl slockpied o@ lo EPC contador lorlheproiecl. process planl dlq he lo coomenca corunis$ning as SFECO ils 61f{ intercst in Dumhaled ths Zara Prciecl lrm Chalic Gold Mines inNovefibd m12tura tohlol Pllcas Phnt TIp'ant dsrign will hav6 a no$inal paymom US$80 milion, lnclusive oladellled ol US$2 planl per capacny ol2,000 lonnes d6t Duo tohe looalion qold pour million onfirsl arthe Koka Gold Mine. The Koka Oold 06posil hcts aJoRC and Nl4:rr01 complianl Probablo MineGl 8s6.ni ol4.6 fiillion lonns gn0ng s.l 9[ gold, 6ttni.g ?00,000 oonces. T]h reseNe isincluded wfin anlndicatd Fesd@ot5.0 gading million ronns q,tgotd, 5.3 conr.ining 840,000

ZMSC

Mining Share Company

Zara

KOKA GOLD PNOJECI Progn$ lo Dale

t. Finalisadon ol Pudlase l'lov $12 2.SFECO osignApp@ed tub2013 3-Reet$ennl Koka vattE Mar 2013 4.cohmoncmnt ol Devt A$ 2013 5.Sir Prsp Slad sognA$2013 6.Awad EPC Contacl May 2013 ?.Crnstuclion CmpJon 20t3 L LqnAppoved Jury 2013 0r 07m)

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. th6TSF Talllng! slong Fdcilily sleis2 km w$tol lheplanltand willbetomd bylhsconstuclion 0lacrcss valloy embankneni ala mu mum hgh, using min6 50m wasle lhebasin and to'ro* wilhin area. Tailings rill bs lr6at6d l0 redue ctEnlde levels. A L5mm HDPE lid sill plaed be lhrcughorl he basin Asyslm and sido slopes. ol monilodng boreholes will bedined arcund dre TSF lo delsmine lhe amounl olany sopags, WarLSock Sloctplle! lolhesleep lopog.sphy - Dus imilod i,vaste dunping localions ar lnaddilion available. pile lolhelnilial saslo a main dunp, va$ercck wll b6 piland localed imnedialely rsl olthe adjaenr rorhe prccess plad. pile Tne main sasle ro.l will 100 beover n hohand has sulicienl stoage lor80% ollhepilwasle. . Ths Upgradiiq $e access ioad seclion olweslen accsss road beluenKe*ebd Bikeb has been and upgadod $e lravel lime fion45lo 2houls. rcducing lo.aled onlopola mounlaln lo h sfiih olhs Konal lydLr$pply - Warer wjll bewpplied ata EreoI34Us, qnvl lrom a borc iield tobedilld inlheallwial aquile6 CO TACI z.idilining Shtr.Conprny Kelly, llr. U|ro G.n.nl ilhn.gor pow.rsupply posr El.clrlcrl wlL supply be - The Buildlng, W.myAvonu., A.nrr, Edlr.r poidedlfom qs eralion power anon4ile dissl slalon SA 1 12 ToI +291 513a prcess planr localed wilh nlhe comp singfvel,S00lW E||AICO: gsnsralo$, diesl lorslandby one prc. Ac.rmmodtlior vill.g. . To beconsttucld using hb buildings assembled onsile. Hellpld exisling h6lpad locared close rolhe - Ths procgss panr will beused iorbu onlransisls, for emercsncy evacualions 01 nedical cases tne and occasional tanspon otemployees lrom Asmara.

Gold Corp 2013 ZMSC its@mmuniy conslde$ rclarions &enM.onnnral

couul TY &EilvtBo[flENI
responsibiiilies highu Tlishas been demonslraled qood wilh lhg conlinued willbelyon rhe company lhs comnurlty. Fesefllemenl cofiimilmenls olape'nranenl waler supply snd housing lortho .osnbd community will p bahlgh onih lisr ot oitios duing the constaclion peiod assill ilsenvionnenLl @omiunenis. EXPIOR NOI POIEI{ML TIs poldnlial olrhe zara Projscl Area lo realise tunhof min ngpotsntial past ishigh wih di I ngtothenoilrand gold soulh 0llheKoka dopos l, ldnl llinqinlresting targels. The doposil conlinues ardpt'r lo lheSouth. geololicl Drilliig, malping dd rc.kchip sampting hs gold.hearing defrned dorher nldoglanhe arth 06bro Konal Prcspd rnidr islocated inmedialety betos the sumnil olKonare Mounlain. Tracks and dill pads have also iesnprepared tolhe Dobre gold Tsaeda bsing vains hosled hyganite and

5unridge

Sunidge Gold iasben exproring iorVMS bsse and prccious melal doposils inEdrca since 2003. Tho Company hassuccssslullydefned4 deposllsonlhe AsmaE Prcjer which bcard ourslde oiAsmaia conhln qold, signincanl amouds oicoppel zinc, ad silvor pnase Sunddge h6 now shiffsd lothe devlopned ol he proiecl wihfis condelim ol a Feasibility Study in May 21G.rheSrudy dronstares $arrh mlnin! ol dl lo( Edvancd dposils lhat make upthe Asmara Prcjecl Deino, Adi Nslas, Gupo Gold and Dbafta) and {Emba processing ollheoGnedlheldgeEmba Defto doposll isMnomilry rcbusr vrirh aNel ?r6senr \tlu6 CNPV"I (1,791Billion ol$692 million with , 10*dscounr aoplid NPv wihzebdiscouno and he inlemal Gt6 olletum flFBlis34%. -Ihe pmining Study oulines a!h rce.phase sbg6d st d.u plan producrio. yeat which would inllislo almosi one plasibili! eff ieilhan was envisaged inlheFsMous

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pmduclion pounds will olcopper, 184 study and rcduces he initial capjlal rcquiromsnls lo b average 65milllon gold, poun& milLion oinnc, 42housafld ouncs oi and lnanced byover million. $130 per yeai lver comenraie 1.0 mill on ounces oi s Copper fte Sludy co'rcluded hatlheplocessinq ol gold and silver and slwl byFoducl and zinc concsnlmls u'ill ba Emba 0et'0,Gupo DebaMa byheap' {ilh gold ores nom Gold and pod lacilily MNawa tor shipp ng to transpond b $c at leaching as1l'61 asl[e prccssing oi copps and zinc oeslrom Emba Derho, Adi Netas dd DebaNa bymilling prcvids Pows wl begeneraled onsile $lnga comblnalon ol and llolalion ailacililios noar Emba De'lro lhe gonemlols. is econofiic scenaio. The EnbaDe0,DebaNa diesel and modium irl ol1 Walor supply optimufi ponds trcm $e caplure oI.ainlall in and reryded and Gupo doposils will bminsd byopn.pil mohods and sourced lheAdi Nehs dep$ilbylnderyrcund mining melhods. positive plan mining olthe oulcome ollheSludtSunridgs The consisls ola3 phase danuplnorder Asa resuli prciecl towori< towads the Asmara rorducs inirial capiral cosls. lnPhass l,rh6 high-grade con[nues b nging (Phase "oso')will prcduclion copper lA)(dirccl shipping orc be into a3$on aspossible, bycompleling forlhemining mined, cruslrsd lo less han10mm, loaded inlo c0nlaine6required onvironmonlal studies, applying and lranspoded 120 km lolhepln bcilily al Massawa to. license, arang nqdebt fnancinq, comfisncing delailed neoing hiingn# key emdoyees. sng wo'rand produclion Managemenl slimales lhal iniliaL onlh (Phase gold Inaddifon, lB) near sudace and siker o@ Asmara Proiecl commence inmid-2015. wilbeminedlromtheDebaoa,EmbaDshoandCupo 'lill deposis and lrucked lolhesarie crushing lacilily near sun dge also conlinus r0exdore irs"pipoline deposits prccessed Emba oefioand inlle godrccovry heap. onlhe Asmara Prciecl. Inlhelasl12monlhs inilial leach iaciily. lre h*pleach lacilily islocated inside resou@s weeslablished lorborh AdiRassi, alaqo got onde lhetailin9s slohge lacility and available untlYear 5oi coppelgold deposil, and Kodadu, analsudace Dwing Phase ll, supergene mpper ores {ill bemined prccssssd lrom bolllDebafta and Emba Defio and al ph acennal ilolation al Emba Dedo ata noninal Ete per lonnes 0l2 million annum, Coppor concsnlGle wilh gold and silver byproduct will belransponed b the Pon ol Massawa shipped !osnillo$. and Full Prcduclion M beachleved inPhase lll. Primary copper and zinc orcs nom oebatu?, Adi Nehs and Emba planl Dofto dsposiis uillbepDce$ed aiaflolalion ai pr Efiba Delho ai anominal late 4 of mllion tonns produclion Mehl annum. over lhef61I yeds oflull
Pioto coa .t.lt:agr' A& N.h. vMt depsd (kl\ | art loegnsa D$a' a .anp t' " 'sh)

Mines umtted(ASX:STB

Boulder South
Boulder) South

gypsum. proxinily Th6 closs ollhercs.urco cnbddo and qives producls polentsl lh$ long lm lothe coast Taking inlo lhsrcsource inthsqobal markeL accounl laruel ol mioeralisalion, lntaslructule and siz, deprh Prciecl b arpdcled lo demonstale na*els, t C0ljuli @lative lo 0h6f opratng and caPiial cosls compebrive medEd TleAenculmining dlelopmenls. Eenrdd

advanlaqe ovl convenlional undryrcund devsopmenls. DFS, Aspan olhe ongoing

(ii)in@udue, proc{sing, gcolFhnicil nlneplanning,

Minss Unired soohEouldor) souhBourda [{sX:sTB, and mining conDrny isanAostatdMsod srplo|aton in wif'epl0ralion licns tu lhsCoLluli concession Eilrca. Tho issituated ina soutlr4asl concsion younq uniquely and shallo{' vapoile basin clld lho jor Depression, wh hghly Gle\,ant Danaiil ohbocano polnhexplonlion prics ledilisor and dwolopmenl tlvhn ina40? du6 roaglobal defcil. lho SIB escalared supply pogran exploraton commsncd in2009, alddisMrcd @nLining high anounL ol amddclasw.poddposil pohi0m, magno$un, sodiom and caldum bnng sais. Tne drEntpotash reum @nr.iN 1.08 tillion tons rcl wlnfie loflns ol polassium beating sallsl @18% sylvinile camdrlita dd kainite IXCI], lKMgCl3.6(H20)l lodjlisl ma*ol in GrcMh ollh [MgSO4KC|.3(H2O)]. populalion gro$h including and danging dilar] preterences0tfflsrginoaconomies. InMay 2013 heiomalion iliniN Share olhe Colluli eas Compary announcod, wnill isa 5{rs0 itnl vsolure belwerSIB.ndEntm. IltrscomDanv rfl Lte lh prciecl loMd lolloeing conplelioo old'eoFS, ' l'ict yed has ben lhrcughoul lhe {itfi 60 koy lrogressing pmcessing oI devlopinq objmtive a circuil llralrcclvN allpolassium bsaing $lts tomther$urce.STsisalso assasing the Mnonicsolulilising o{rer salls wlhin lio rsource, including ro,"( sall, industial sat,mqnsium

lilo thsocononils, scale and

Contacls: PauloonaldsonPhon+61 86315 144,r CEo: pdonaldson@sourhbouldominos.com.au 1111 162 Mamger Zoiay Losko Phon +291 Counry dake@sodhbouldorminss.oom.a! pany Tssolde Cnft Administ-alor Solomon +ai 1111162 Phono ddoee@souhbouldmin.coo.au

good rhs tuturc issrppond by na*er tundarmnrals,

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18

Beijing Sinoma SubSahara

MINING INVESTMENT ERITREA [TD
PROGRESS INTHE YEAi2013 Beiiin9 Sinoma Min n9Inveshe0l Eilrea Lld signed a consullecf contracr vrh Ercosp anCompany rcgad ng desgn ngollhe ddlling hoe,9uidellnesior Ihe ddllid9 aclivilies and lo piovdelhecompany wlthChemica A$ays ollheco.e samp es Following lhallhecompaiy slgned a conlEcl wlhGonera Exploralon Ddlling projBcl Conpany iorlhedilLing

Resources

h cooperalion wilh Erc0splan Companyand Genera Dd nqCompany ll1een holes Erploraloi wirh a rola dep l h o l w hs lc 1393mel h e6hav ebee n d d lle d . h . u d n 9 one inlheIorgravilysutbas n duinq February Apl1. porsh 2013 F e out olffieen hoesinreGecred miiera s. Ercosplan inleereled lhalrheeis aiautzone i the iorrh polash 0i the s& and beds may exisl al350 800 mele6

OGORA B RIVE

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PLAN FO8TfiEflEXTSTAGE: prciect,lhe Tho planned nexl company 6 hoes inlholaull prcve zone intneiodh Deop hore ol rhesre d lling may dilicult asthe.e a@ a oroluncontolled condilons. The company loehploy Ihe rqhlequlpmentwi$ e4ecls an
Co.sdernq these Dond rois.lhe companysladed lo 0 negoliatewilhlhedillnqcompanies nErircalorlhenexl Fit t Lo.tian al Ln.ne\ slep oJlhe dr ling inlhaMay 2013.oicoihe company manages t0sign aconlracl wilh any ollhe d llifg Ihe550 sqkmMogorab Nodh Explorat onUcence companies, il willshndr lng n lhaoctober orNovember granled 1). mJanuary201l,ls app@x mately l0 {Fig 2013. I omerres nodh olrhsBishapolymera icVolcanic hosled phide Mass ve Addrcss: Su dproduclion Eetinq Sinoma Min nglnv6fnenlEilrcaUd {VHMS)deposlwherego lrom anoldepcommenced ineany January 2011. 14866:3881 r2 No42r'6nara Tel08204130 The volcaio.sedinref hryrocks hoshnglhe BFha deposrr Emailbeijingsinomamin nq@gnail.@m exlend nonhwards be nealh theM ogoraib Nonh EL ddllinq ol F or sed basemenl mnduclore {Fg 2)and (58 dr holes ior 10 45h) dentlied byan aitome 121,olol "0 eledtomagnol c suNsyrssulted inlheinlereection otvoicanoqenic massivesulphidelo lheweslollhe Mogoraib FNer Funher dilhg oJ olher conduclon delided a sixkilomele lodgsulphide minerallsatonzone lohe wesl ol lheMogo6ib F ver Dilling al lhesou$em endoi penelraled lheminelalsedbend Moslacledsulph de{ ch lnleruals bolh olwhchconlained massive Meral suphide gradeinle6eclions lorlhis (M0GD dillho e 53)and ths discovery driilho e (MocD 21) iollow: M0GD53 upper 2one(Fiq 3)l 7n @7 04g,tAq 052%C!l% Zn

MOCD50 bwer2ore: 56m@891 A9,09 Cu,0 %Znmdudes3 6m al 1301 ,10 Cu 103%Zn l 10GD21 0 co hoe uo b I C o ,0 Zn hdud 5m@74391 086 173%Cu and 2 7 Zl

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CONTACT
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Di@to. fi Doug Jonss, Technical wilhe mij, Exploralion Manager DrHarry Lwel 2,1292 Hay Slrcol Pft,Westem Austalla 6005 Wsl PO Box 2890 Pedh 6001 Tel +618 9322 3960 +61 438872 Mobilor 090

L I B

WaMy Avenue, Asmala, Edlroa Tel +2911125334 Mobilq +291 7308499 Fig3.Dtitttus #ionfur tdrget T2ae. E-hail:hwilhelnii@chall@9old.@m A minenlogical sludy ollhemassive sulphide shows lhal Websiie:wwchalicegold.com lhecl'alcopydte and sphalotlo arcrccrysbllised and efiibilsindegrain boundary Glalionships 5)which {Fig medrhar rhey should beredhblevlaflolaton atan
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ASMARA

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London Africa Ltd

London Aticalld isa &irish rcsoorc$ compary that 3 holds $e 8?6tn2 Atodal.Omla exdoratio. li@n@ in he GdhBaita gion olental Edtra. Tn l'tnce was graded onginalt inJuly 2010 loraninfial ya dree pedod dd was (rd renewat. rccenly renewed 20t3so W has been wrysu..esstul !$Ur se!ral nile9on6. ior tE ftmpdy.Tlese include: . Discovry olaVMS sysleB over alleast 2km olsl'ike lollo$nq reFnldl I ing at(olotceqerinl6Fecling $lphideminemlisaion (semi.massive,slrinqef and . Complelionof Nl43-101 iechnicalr6podonthe (by licenco Drlucrer Barie) Explorarion rodale has prcspocrivo idnrfied lou hghty
1

(770 Ddlling sudace. n ofdiamond dilling) reveald va lu 6 o l1 .3 ? 9 [Ar o vs1 I m 35mdomhol m lr o including 3.63 0[ Au@s3 mi. dEquattveins. Hawesu disttict dmpiss d'e[) Melth base netal (ii) gold Naddel and base rural Fcpecl. Drcspecr, (ii)Hawegu.Eer prcspecl, gold Noray aid (rv) Hurut goldFospecl.Fo*d psamplEolup9.? gtAu, 9.9 0 23% Cud rcco'dd and boul 9t Agand qoa&reinhosted gold and vMsoccurcnces ae prospo.iivo inlhisdistjcl. Soil smpling has identfied gold sws6l ad copper in.soil anomafes mnhy ol Engene dslrictcomprising tho0)Engeme, (ii) (iii) Degasay, (iv) Garsay.Kelin, and dinjeh gold prospscls.Bocl g/tAu chip Io samp esolup 101 and gnAgarcrecordad 60.8 fomquatz veins and iollow. gI Au upchannelsampling wilh values olupro18,58

Himboi dislrict @niaining (1 the(i)Yatre and ) gold Kotolcdger and prcspscls base netat tocated London Alrlc. Llnll.|l appmnmably 6km along Suile 1r,3t J.nyn StroolLondon, stikironeach oth4 Rock chip sampling idedmed up lo4.029tAu,121.6 SwlY60[, Unil.dKi]nldoil Ag gGsanous aft 3.64 Cu nom mak al, and 9[ Floor w'l!.l 4 S.c.Burldr.g, soil sarnpliig defined anapFoximalely 2.7 by0.6 km stt4 gold and copps in-soil aomaly silha. associated Arh.n, Edlt.. (>0.5 g@ily mqal) domaly at(olol.Gdgel Along rfxJordoi.tnc..co.ut std@ gotd al Yalare, stsalsmat coppl and Ern.ll inlo@londoDticr.co.u yelJ gvily aiomalies s asa anomaly re@also idatifed. Inaddition, bolh bse prcspcts have se{rar lo!$l VTEM mduclc{ targels, which aE spalially aso{taled silhlhegeod'emical giavily snd anomalios prospeclive making heBhighly asVMS ta'qels. Fece dnltng m ot rovlse circutalion) {1991 alKolot.Ge4er inle&crdd massive, st ngof and dlsseminared solphide mineBtisaioi nhots ove' Land Enrcy Gmup trdisaChinese exploElion lchina) 2.5 km oisLike (<100fii), atshattow deplhs s.g.43 m company which isengaggd inexploadon iorgold md lfom 75fi down hole al0.6% cu,0.39/rAu and 13.2 baso molal dposit inTetawda'Gogne which locates intho incuding Tmat !.09% g/1Au.nd south Cu,0.29 sitAg, ollio Bisha Mining and esl oiAndiamo, g.lAg 24.23 andlmal141% glAuand Cu, 2.07 200s,lh have been wo ing indkawda cogno iol g.l 23.03 A9. Tliree I mintGctions ovl 2% Sinco 9rad6d lhan 4y6a6. Alilsl, the license aroa was785 knr2 Cu. Anoxide surlace cap idelilied ovd2 tmotstik6 more anff xlnslon in 2012, rhe license area was rcduced ro isalso @cognised tdir elevated val!s olcoppsr, 6.9 ; 58tkn2,husLand Energy Goup locus can itsafiedion 39mnom 10mdown hote at0.24% Cu. Taninay distictcompdses (ii) the and 0 laninay I8blerl3blel gold prcspects. quaiz souh Eoth arc vin no$ed dd arcpad quaiz olnre $moregionat vem sysleh ttd iinemitenlly Mcrop6 lo' dl 6 km. Fo* chip sampts otuplo231 Au and 8.5 9t 9[ Ag are rccorded dd soil wpling has idenbfed 1I ovl km orprospe.live ldd along sln]J(e iothiolh and souh othe ldinayprospeaivs. Channet spling alImiiayrcveded values oluplo 1.5 over 22 9t m,jnduding g,t 45 over 6 mftom $e qua't2 voins at

LandEnergyGroup ((hina) [imited, Eritrea

0ud.9 4yeacolwoltinfeld,the got company a prelimi'rary unde.sLnding abolihe area, affer conduclinq gochemicalFospe.ling, gophysicalFospecling,and ilis. Oilling aclif Aid il ispdomiog dilng jnrh ntd ighlrft. Acdding totie Euhsotditting, it islooking prohising lofndgold dd o$er base metat dposit bnd a|.r!! crouplclina) Lid"Ertr!. Add: tlo.36, tu.i4 snc{itAsnad,EdtE Phon. I FlI:0ic0fi3

2i t$m

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he Idirn and rcnl lnisafial aditity. oredutug a61iu'ty prc.es:inq y ladl nonsnall olgms hdcd roa Htsd glaGdtl/o(t 0146ol |lli63n be 8rea. Norsoorcs, (tbod1952 gold nhsdisnr'lioi'odinhistdidllllerabre . Jolrnc 196q. h3ld S.hdiihelsisa F valoly ortloralih ooryant &donIon C.n|.d out byS.Lr lll|.f.b lo 0.i! gold onr'e dh@wry olmddcLls.ooomic locl6d and dabfBimnl ola othidoncd daia inh3 highly . . Ar alDlaisal &base mehls depcrib inBita,located GIS daldba* AEb-dNubirn shield tisl runs on6[iarsid oros0crive peEonnel dd eqlipmenl mrnp, ' Siupoli5sld . Acquisilion ol landsal lmagffy lorgeologicalbor Ihe Conpany s6 6labllshsd inady 2009 lo pursu mappng fomdeFessed 8s$l pdca oppo'tunilies adsi.g . geolooical Abaom Prcspscl mapping alTambh, sids.c.edii in occurlng asa rcsul ofho woid Crunch' pmspets and mck chip samding and Tonibila , pmc$s ne prcjecl waiuaton &nagolldlon laro 2008. conmsnced inl\lay 2009 with oppodunities a$o${d . Boglonal gsoLogical mapping/io* chip sampling nunber ol Easl aliican counl $ incLuding aorcss a Mozaribique, Egypl md lcnya, Tanzanra, sudan, . tugional prcqrammo rol sdimeri sampling Strcam pocss zmbabwe. Afler anexlenli! valuallon $s ed precious chalcophile slemenls rlalod lo base lwoprcpenies inEdtoa, nam6ly: C0rnpany sscurd (tsldinaJV mlal Prois.t - qold /hase ' algarc Welsilor w\Nw.shaminslah.c{m Di.edor ltlasdai Smih Managing gold/ba6omral in Emat Prciocr{i00$ hsld ' ftrabsuitAlasd.lr.smih@sal'ami.erab.com ar EdsalionUd* &al asftar4, Eitea Add6rs: S.A. Suilding, Wa6ay Avenuo, o'ringQg 201 2,it bcane d6ar toSahar lt t il noedei El +291 1110000 tose@ n4 liffi ir Etllres a.,mndtu|s comnitns$onh6 odii.g Licerros .rn Hnab {Algaro cqid iol b br e4lo.ali.n ft$lls t drl. Sliq iusli!d . Ito AlgdoE4or.rih Lice@ vrds rcllnadt0Jv h*ls IECEUI 0|lt'6 310c6mbff 2012. Sanat ighb lo d'e Augm Ucrls8 A'8a. rslaitB m . fte |knb Sun Edoralion Lici1s6 N6s rotumd lolheMinietv ol MiM M he 2t lhnbl 2012. &lar reldisnonilhb lo lhHrah SdlUcanso

Minerals Sahar

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