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The Mining Department has completed the Terminal Report and submitted to Ghana's Mineral Commission on 20 November 2012.
The Minerals Commission in Ghana has approved the quarter report that we have submitted in September 2012. Currently, we are actively working on the Terminal Report which is expected to be sent to the Minerals Commission by November.
1.Additional information: The first sampling project was completed by 22nd of August 2012, and had submitted the sample to the global provider of Geochemical, Metallurgical and Inspection Services, the ALS Minerals. The content of gold reserves has exceeded our expectations and various areas already reached the mining standard. The second sampling will be focus on those high density areas.
2.Geologists based the first sampling report from ALS, GSDT, and the geological statement which are the first sampling results and consolidated to complete the quarterly report which Minerals Commission required and submitted to Minerals Commission on 17th of September 2012.
Soon mining company will be holding an investment seminar for the specified investors on 2012/09/06, Thursday in Taipei.
Matters to be discussed in the financial meeting
1. Finance Department to immediately assess and compare the listing mechanisms and processes in relation to Mining companies in United Kingdom, Australia and Hong Kong, with a view to enable the Company to deliberate base on budget and time schedule.
2. In view of the cash injection requirement and pre-listing operation, the major shareholder has agreed to release a 7% stake for subscription by certain investors. This is to be coordinated and completed by Finance Department by 2012/09/30.
Initial sampling project
Geologists, accompanied by staff from the Mining Department, entered the mining area to carry out the first sampling. Sampling work within 10 meters below the surface was done on a number of key areas. Subsequent sampling will be arranged pending the result for the first one.
Preliminary identification of exploration areas
Having consolidated all reports, information and data, the Mining Department and geologists have identified and determined several exploration key areas to be focused upon and the work flow. They have also listed the machinery, equipments, and staffing requirement. Operation will commence once everything is in place.
Plan of the Mining lease
Mining Department will establish a one year plan, after deliberating with the geologists, and having regards to progress of the exploration and license application. It will then collaborate with the Finance Department to formulate budget, with a view to complete the project with minimal capital. These should include several surface and deep target sampling, precise geological analysis and Terminal Report submitted to the relevant government authorities, and lastly the Feasibility Report to apply for a Mining lease.
Prospecting licence was officially obtained
Prospecting licence issued by the government was officially obtained. The said license was also notarized and recognized by the Ghana Supreme Court. The validity of the license is for two years from 2012/03/20-2014/03/19. During this time any sampling and drilling works relating to the Mining lease can be carried out. Periodic progress reports are required to be submitted. An application for extension of the Two-year validity period may be submitted if there are legitimate reasons.
An application for Prospecting licence was submitted to government agencies based on the analysis made by the geologists.