1. WEST AFRICA – THE GROWTH REGION OF WORLD GOLD PRODUCTION A new report from GFMS World Gold Paul Burton Investing in African Mining Seminar Toronto, 9 March 2010

2. GFMS World Gold is an independent, mining equities research company formed in 2008 as a joint venture between GFMS and World Gold Analyst.

3. World gold mine production has been declining… Rest of World S. Africa, US, Australia, Canada Source: GFMS

4. But West African gold production is growing... t Source: GFMS

5. In % terms the region has seen phenomenal growth Source: GFMS Growth in gold production 1999-2009 1999-2009

6. West African Projects 05-09 Loulo, Randgold Ahafo, Newmont Tasiast, Red Back Bonikro, Lihir Syama, Resolute/Tabakoto, Avion Source: GFMS World Gold

7. SPONSORSLGL Newmont Mining Randgold Resources Adamus Resources Avion Gold Gold Fields Keegan Resources Orezone Gold Perseus Mining Resolute Mining

8. West African Projects - Future Source: GFMS World Gold Inata (Avocet): 120 koz/y Essakane (Iamgold): 320 koz/yCentral Ashanti (Perseus):230 koz/y Nzema (Adamus): 100 koz/y Wa (Azumah): 65 koz/y Gounkoto (Randgold): 410 koz/y Akyem (Newmont):500 koz/y Tongon (Randgold): 265 koz/y)

9. DESIGN STAGE – Massawa (Randgold) – Senegal – Agbaou (Estruscan) – Cote d’Ivoire – Tengrela (Perseus) – Cote d’Ivoire – Hire (LGL) – Cote d’Ivoire DEFINITION STAGE – Bombore (Orezone) – Burkina Faso – Esaase (Keegan) – Ghana – Konkera (Ampella) – Burkina Faso …plus numerous exploration projects And there may be more to come

10. www.gfmsworldgold.com