Innovation, Collaboration and Discovery Geoinformatics Exploration Inc. 3D Modeling and near-mine exploration targets at the Saulyak Mine, Ukraine A summary presentation prepared for Eurogold Ltd May 2005

Innovation, Collaboration and Discovery Stage One Saulyak Project This presentation represents a short summary of some of the key findings of the Geoinformatics / Eurogold Saulyak Stage One project. For more detailed information and further results please refer to the report.

Innovation, Collaboration and Discovery Stage One Saulyak Project * Summary of project scope, aims and process* Conduct underground mapping and locate in 3D space. Understand the geometry of the main units and their relationship to mineralisation Provide training to Eurogold geologists on underground mapping techniques To establish a geometric framework for near-mine (in-mine) exploration *For further details please refer to the detailed project report

Innovation, Collaboration and Discovery Underground Mapping 3D representation of “factual” geology Detailed mapping focused on the main ore-zones including: Structure Alteration Lithology Veins

Innovation, Collaboration and Discovery Observations from Underground mapping Geology, veining and alteration* Schists  Chloritic and sericite schists are observed throughout the mine Marbles  Massive foot wall marble(s)  Occasional schistose marbles Veins  Quartz,  Carbonate  Quartz / Carbonate Alteration (from vein boundaries outwards)  Silicifcation  Sericite-carbonate +- pyrite  Sericite – carbonate – chlorite  Chlorite – ankerite  Chlorite – calcite *For further details please refer to the detailed project report

Innovation, Collaboration and Discovery 3D geological modeling Focus on main orezone between 498 and 468 levels The footwall marble The Trench marble Alteration zones Mineralised zones 498 Level 468 Level

Innovation, Collaboration and Discovery 3D geological modeling Focus on main orezone between 498 and 468 levels The footwall marble The Trench marble Alteration zones Mineralised zones

Innovation, Collaboration and Discovery Implications for near-mine exploration targeting The Gap Zone Mapping in the gap zone revealed normal faults off-set to the ore-body. The downthrown portion of this zone remains untested and forms a target beneath 498RL Fault off-set. NW is down thrown Wall Map NW SE

Innovation, Collaboration and Discovery Implications for near-mine exploration targeting Two ore bodies not one! Previous interpretations linked ore bodies and marbles on the 468 and 498 levels with the surface trenching / outcrop of the mineralised zone. Geological mapping and modeling revealed that the marbles don’t line up. (possibly fault offset, or separate lenses altogether). Mapping in the access adit on the 498 level revealed a marble and alteration zone that probably represents the down-dip continuation of the trench marble and surface mineralised zone. In the 498 adit this has not been sampled and forms an exploration target.

Innovation, Collaboration and Discovery Implications for near-mine exploration targeting Southward Continuation of mineralisation On the 468 level, the geological modeling of the marble and the location of mineralisation shows a change in strike from NW-SE to N-S. This is consistent with plunges in modeled alteration zones. The southern most cross-cut has some of the highest grades on this level including 52g/t, 10g/t, 9.6g/t and this continuation has not been adequately tested. This change in strike has implications to the location of the stope definition drilling to be carried out shortly

Innovation, Collaboration and Discovery Summary And conclusions The Saulyak ore-body is complexly deformed, and previous studies have mis-interpreted the 3D geometry of the mineralised zones and the key structural / lithological units. Three new in-mine targets have been identified. In particular, this project recognised that there are two sub-parallel systems in the main part of the mine. It is paramount that the findings and models from this study are used in resource definition / stope delineation drilling to be carried out shortly. There is still a lot to learn about this system. Extensional exploration for continuations of the mineralised zones to depth, or the recognition of new mineralised horizons is contingent on:  successful validation of the the drill database.  further 3D geological modeling that extends the in-mine model into extensional exploration areas  constant collection of in-mine geological data when new areas become available.  testing of hypotheses presented in this presentation as well as the report

Innovation, Collaboration and Discovery

Innovation, Collaboration and Discovery

Innovation, Collaboration and Discovery

Innovation, Collaboration and Discovery

Innovation, Collaboration and Discovery

Innovation, Collaboration and Discovery