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Brazilian Projects

The Company continues to assess a number of advanced gold acquisition opportunities in Brazil.

The Company has commenced systematic geochemical/geophysical surveys on its Brazilian phosphate projects with the objective of prioritising targets for fast track development. The program which is expected to extend over the coming months will initially target the Serra do Chapadao (5,500ha) and Jao Pinheiro (6,000ha) properties in the state of Minas Gerias.

The projects include areas where past explorers have identified phosphate mineralisation <38% P₂O₅ and benefit from locations being close to domestic phosphate consumers (primarily the Brazilian fertilizer industries). The project areas have not been examined for more than 20 years and have not been explored with modern exploration techniques and the Company believes there is significant potential for the discovery of large, quality +25% P₂O₅ phosphate resources.

The exploration and development of a prospective phosphate portfolio will put the Company in a strong position to benefit from continued growth in the Brazilian agricultural sector. Brazil is the largest South American economy with a growing population of +200 million and is already an agricultural superpower. Brazilian farmers are becoming increasingly reliant on fertilizer for food/bio-fuel cropping productivity. Brazil currently imports approx 80% of its phosphate requirements such that the agricultural authorities are promoting activities to reduce the dependency on imported phosphate supplies.