Strategy and Objectives

The strategic intent is to maximize shareholder value through the continuing development of this focused portfolio. Revenues will be generated by:-

• Developing defined gold resources into mines via a production joint-venture agreement with Turkish civil engineering and contract mining company NTF; or
• Discovery of major new gold projects via joint-venture agreements with companies that have the technical and financial capabilities to put large resources into production. Those projects not meeting the +1 million oz gold resource requirements of major companies would be spun into the NTF JV, thus ensuring growth of the NTF-driven company into a significant gold producer; or
• Ongoing go-it-alone exploration to define new targets in Turkey, Ethiopia and Djibouti using the innovative exploration philosophies and techniques that have proved so successful to date and joint-venturing or selling resulting new discoveries to a third-party company whilst retaining a royalty payment based on future metal production.