GREENHILLS PORTUGAL LDA The Application of New Mineral Processing Technologies for the Improved Recovery of Refractory Gold in Portugal PETER SULLIVAN OPERATIONS DIRECTOR PDAC CONVENTION 2011 TORONTO, 7th March 2011

Company Relationships MAELGWYN MINERAL SERVICES UK GREENHILLS TECHNOLOGIES INTERNATIONAL MAELGWYN MINERAL SERVICES AUSTRALIA MAELGWYN MINERAL SERVICES AFRICA :AGENTS IN GERMANY, PORTUGAL CHILE, RUSSIA, MAELGWYN MINERAL SERVICES AUSTRALIA GREENHILLS PORTUGAL LTD

Greenhills Portugal Limited Greenhills Portugal LTD Greenhills Portugal is strategically involved in the Gralheira concession licence application To install and operate the advanced proprietary gold extraction and cyanide destruction technologies of associated company Maelgwyn Mineral Services Ltd (MMS). Greenhills Portugal LTD

Greenhills Portugal LTD The LeachoxTM Process is the integration of “in house knowledge” plus a range of established and innovative unit process steps HPGR investigations Imhoflot flotation Ultra-fine grinding of the flotation concentrate Partial oxidation of sulphides Leaching in a leach column to replace conventional open to atmosphere leach tanks. Low cost cyanide destruction process Safe handling of concentrate tails Greenhills Portugal LTD

Greenhills Portugal LTD Ore Milling Investigating the potential of High Pressure Grinding Rolls for ore preparation Initial findings indicate greatly reduced Energy Requirements (up to 60% reduction) Greenhills Portugal LTD

Aachen ReactorTM

FLOTATION ImhoflotTM G-Cell Aachen reactor Aerated slurry Distributor Distributor Concentrate Tailings

Greenhills Portugal LTD MMS IMHOFLOTTM FLOTATION Shorter residence times than conventional flotation Requires a smaller “footprint” in plant design Reduces capex and opex significantly No moving parts Lower energy requirement as there is no rotor/stator required to keep the pulp in suspension Greenhills Portugal LTD

ImhoflotTM G-cell –Cleaning a gold pyrite/arsenopyrite ore

Greenhills Portugal LTD LeachoxTM Intensive oxygenation to oxidize cyanide consuming species: reduces cyanide consumption and enhances leach kinetics Leach columns can result in significant reductions in residence times for refractory gold ores Greenhills Portugal LTD

LeachoxTM Process: Columns and Aachen reactorsTM

Aachen ReactorsTM

Greenhills Portugal LTD Cyanide Destruction Economically reduce WAD cyanide levels to comply with the most rigorous emission limits Greenhills Portugal LTD

Greenhills Portugal LTD Concentrate Tails Handling ContubesTM safely store and dewater concentrate tails, creating a dry product for reuse or safe disposal Arsenic left in a stable form Greenhills Portugal LTD

ContubesTM Storage of Conc. Tails Safe Storage of Concentrate Tails

Background of the Gralheira-Jales deposits The Jales mine produced 830,000 ounces of gold and almost 3,000,000 ounces of silver during its 50 year life, mostly from high grade shoots. Gold grades averaged about 12.9 g/t Au. The mine was developed only to depth of 600 meters. At the time of closing there were several blocks of mineralisation developed and ready for mining. The Company believes the Gralheira deposit also contains equivalent or similar conditions. Greenhills Portugal Ltd

Highlights of the Jales - Gralheira Property Concession includes the past producing Jales Mine covering 5.2 km² Environmental base line studies complete. NI 43-101 Resource Calculation shows all category resource at 3.0 g/t cut off in excess of 240,000 ounces gold (900,000 oz silver) to a depth of 300m. Government support, positive local interest. Competent mining conditions Geophysics shows the “structure” reaches 1,200 meters in depth. Deepest drill hole 520 meters below surface intersects the vein structure. Greenhills Portugal Ltd

Greenhills Portugal LTD Highlights of the Jales - Gralheira Property Metallurgical studies indicate 90% gold dore recovery possible for the refractory ore utilising advanced state processing (gravity, pneumatic flotation, LeachoxTM, CN-DTM). Arsenic component left in stable form and separated from main tailings. Possibility to be placed in backfill in the stopes. Greenhills Portugal LTD

PLANS FOR 2011 Gralheira - Jales Expand the dimensions of the identified “high grade shoots” to depth and western extension. Full Mining Licence Application in first quarter 2011. Confirm metallurgical and environmental testwork in progress to confirm design critiera of Leachox™ process and MMS CN-D™ cyanide destruction process (April 2011). Feasibility study including detailed engineering to be complete by May 2011. Decision for mine development expected end 2011. Greenhills TECHNOLOGIES INTERNATIONAL LTD

GREENHILLS PORTUGAL LDA Psullivan @gtiprocess.com www.maelgwyn.com Psullivan @gtiprocess.com PETER SULLIVAN OPERATIONS DIRECTOR PDAC CONVENTION 2011 TORONTO, 7th March 2011