1. Kentor Gold Project Review 2005

3. Uzunbulak Cu Au Porphyry – Cu soils on Magnetics Kazakstan Kyrgyzstan > 1000 ppm > 500 ppm Soil Cu sediment contact Rock chip Cu Rock chip Au 110 rock samples Max Cu 0.93%, Au 0.6 ppm Av Cu 0.28%, Au 0.12 ppm 59 rock samples Max Cu 2.3%, Au 1.7 ppm Av Cu 0.66%, Au 0.3 ppm 76 rock samples Max Cu 2.6%, Au 2.3 ppm Av Cu 0.54%, Au 0.35 ppm

4. Uzunbulak Cu Au Porphyry - Summary Cu Au system developed over 5km long strike length 3 zones in southern 2km of system with interesting Cu Au & classic porphyry style veining (5 to 50% range) Indications of higher grade Au to 2.3 ppm (Au enriched) Cu to 2.6 % (supergene?) Modest surface dimensions - may represent the upper portions of more extensive system at depth Good access and relatively low altitude (>2000m) Minimal work to make drill ready

5. Barkol-Overview BKL_2 BKL_1 BKL_3 BKL_4 BKL_5 BKL_6 Kazakstan Kyrgyzstan Taldybulak porphyry Cu district Barkol

6. 12.1 29.7 8.9 10.5 25.3 40.9 45.6 3.0m @ 1.34ppm 0.3m @ 7.17ppm 0.2m @ 2.16ppm 0.5m @ 1.02ppm 1.0m @ 17.95ppm 0.5m @ 7.59ppm 1.0m @ 1.19ppm Granite Metasediment

7. Barkol Au Cu Anomaly - Summary New zone of Au-Cu mineralization Soils define 600 x 250 zone at +50 ppb Lode style mineralization with rockchip in the range 1.0 to 17.9 ppm Au Indications of more disseminated mineralization → bulk mineable zone ? Bleg stream anomalies open to west mapping / geophysics / potentially drilling 2006

8. Karabalta CT0074 - Summary Stats 49 Rockchips Av. Au = 1.65 g/t (peak 42 g/t) Av. Ag = 14.1 g/t (peak 80 g/t) Av. Cu ~ 0.25% (peak 0.9%) CT0057 CT0073 - 2 RC Samples 10.85 g/t Au – 0.23% Cu 4.27 g/t Au – 72.1 g/t - Ag 0.5% Cu Chatkal Talas Targets Bleg & Mesh 15-30 ppb Au

9. Karabalta Summary Raw reconnaissance property Two areas of strongly anomalous Au-Cu-Ag on edge of ring fracture Northern Zone - rock sampling Av. 1.7 ppm (peak 42 ppm) Southern Zone – contiguous Au in drainages and rock float with 4.3 ppm Au Tenement extended to cover new gold anomalies Follow-up gold anomalies and evaluate 2006

10. Ak Bel Review

12. Key Elements of Kumtor Gold Target Structure Buried intrusive Carbonaceous host rocks. Alteration Au Mineralization

13. Regional Context of Kumtor & Ak Bel Project area Intrusives Volcano-seds Riphean Vendian/ Cambro-Ord Cambro- Ordovician Siluro- Devonian Carboniferous Cenozoic MetaSeds Including Target Carbonaceous Shales Volcano-seds MetaSeds Intrusive MetaSeds Melange Limestone Cover

14. Geological Setting of Ak Bel Boordu River Kumtor Hanging wall sequence Soviet & Teck Drill Holes Soviet & Teck drill holes Mine host sequence

15. Kentor Ak Bel Data Sets ~3200 MMI samples (Ak Bel & Choloktor) 57.5 line kilometers resistivity & IP 540 line kilometers magnetics (Ak Bel only) Detailed surface outcrop and regolith mapping 20 rockchips 10 drillholes (historic Teck)

16. Ak Bel data sets used for covered drill hole targeting Conductive Zones Chargeable Zones Ground Magnetics MMI Soil Au Ag Kumtor Tenement Weak mag low Kumtor FZ parallel linears Moderate mag lows Coincident Strong Au Ag Ak Bel MMI Au straddles Ag zone Coincident conductive (black shale) With Chargeable bodies & MMI Au Chargeable bodies (Sulphides) within MMI Au trend

17. Ak Bel - Proposed Drill Program 2006 Planned holes: 16 “A” Priority holes: 9 Planned metres: 6,885 “A” Priority metres: 4,000

18. Ak Bel - Section 19,800E Glacial Moraine Unstrained Diamictite Shale Diamictite/Tillite AKBDD01 AKBDD0 2 AKB_III AKB_IV MMI Au Groundmag AKBDD01 AKBDD0 2 AKB_III Weak Au Pending Results

19. Ak Bel - Section 20,000E AKB_VII AKB_VI AKBDD0 3 450m 600m 208m 580m Chargeable body Conductive zone Peak MMI Au Glacial Moraine Unstrained Diamictite Shale Diamictite/Tillite MMI Au Groundmag Hole terminated above target (results pending)

20. Ak Bel - Overview of progress 2005 Completed Holes: 2.5 (AKBDD3 terminated above target) Drilled metres: 909 of planned 4000m Technically better targets yet to be tested Teck drilling/AKB-1 Teck Drilling Kumtor hanging Wall/AKB-2 Mine host sequence AKB-3

21. Kentor MMI Soil Au – Ak Bel in context Tarasai Au & periph W-As Tarasu Au-Ag, Bi & periph Ag, Mo, Cu, w, Pd Achik- Tash Au +/- ME KFZ Extension? Choloktor Area Pb +/- Bi, As, W, Cu, Pd Ak Bel

22. Ak Bel - Summary Structure – crustal suture / orogen oblique / host structure. Buried intrusive - heat engine / metal source? Carbonaceous / pyritic host rocks. Alteration sericite – albite – Kspar – carbonate. Mineralization Au-pyrite-(basemetal) Drilled 2.5 holes of minimum 9 hole program in the Ak Bel No significant gold in drill holes to date (Results pending in Holes 2 and 3) Technically higher priority holes are yet to be drilled Ak Bel is one of a number of Kentor’s prospect areas along strike from the +10 M.Oz Kumtor District    1/21/2 ?

23. Kentor – 2005 Review Range of quality 100% owned Au (Cu-Au) projects derived from systematic targeting “Drill ready” Cu Au porphyry – Uzunbulak Significant gold in soil & rockchip at new Barkol prospect areas Highly anomalous Au (Cu Ag) in rockchip and stream sediment two new zones in Karabalta Ak Bel - along strike from the +10m oz Au Kumtor District Ak Bel - 2.5 of 9 priority holes drilled with no significant Au (results pending) Ak Bel - best targets yet to be drilled Ak Bel - one of a number of Kentor’s prospect areas at Ertash