July 29, 2010

Mt. Todd, Australia - In 2006, we acquired 100% of the Mr. Todd gold project in Northern Territory for $2.1 million which equated to $0.46 per ounce. Since acquisition, we have increased gold reserves at Mt. Todd’s Batman deposit by 192% to the current resource base of 5.1 million ounces. In mid 2009, we completed a preliminary economic assessment for the Batman deposit at Mt. Todd which indicated favorable estimated economics from annual production of approximately 245,500 ounces of gold over a 15-year mine life. Based on these results, we initiated a preliminary feasibility study for Mt. Todd which we expect to complete by the third quarter of 2010. In conjunction with the pre-feasibility study, we recently completed a 9,760 meter drilling program which consisted of a total of 17 core and six reverse circulation drill holes at the Batman deposit designed to test areas of the Batman deposit for potential resources expansion, to convert inferred resources to measured and indicated resources and to obtain samples for further metallurgical testing. The Mt. Todd gold project also has significant existing infrastructure including paved access to the major transportation corridor,
natural gas pipeline to site and medium tension power lines for power generation, fresh water reservoir and water treatment plant, readily available labor and technical personnel. The Northern Territory government is supportive on mining and there are no Aboriginal rights issues associated with the project.

The Mt. Todd gold project also has significant exploration and district expansion potential across the project’s more than 1,000 Km2 of exploration licenses.


Technical Report - June 2009

Technical Report - February 2009

Technical Report - May 2008

Technical Report - Dec 2006

Cautionary Note to U.S. Investors concerning estimates of Measured and Indicated Resources: This website uses the terms "measured and indicated resources". We advise U.S. investors that while these terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into reserves.

Cautionary Note to U.S. Investors concerning estimates of Inferred Resources: This website uses the term "inferred resources". We advise U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility or other economic study. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally mineable.

Cautionary Note to U.S. Investors concerning estimates of Proven and Probable Reserves: The estimates of mineral reserves shown in this table have been prepared in accordance with NI 43-101. The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in U.S. Securities and Exchange Commission Industry Guide 7. Accordingly, the Company’s disclosure of mineral reserves herein may not be comparable to information from U.S. companies subject to the reporting and disclosure requirements of the U.S. Securities and Exchange Commission.
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