QUARTERLY REPORT 30 SEPTEMBER 2010
KEY EVENTS
West Kenya Gold and Base Metals Project
· Bumbo high-resolution heliborne VTEM and magnetic survey completed.
· Airborne magnetic and radiometric survey completed over 90% of licenses.
· Contract signed with Hall Core Drilling for 3,000m core drilling program.
· Commissioner of Mines & Geology consents secured for JVA.
Mmamantswe Integrated Coal and Power Project
· South Africa released its Integrated Resource Plan on the 8 October and it does not provide for any IPP coal fired power until 2027.
· Neighbouring coal projects in South Africa and Botswana receive off-take and takeover proposals from Indian companies.
Coolimba Power Project
· Term Sheet and Exclusivity Period signed with preferred development proponent for the Coolimba Power Project.
Outlook
· Continue integration and interpretation of recent and historical magnetic survey data and geological mapping in the West Kenya Projects.
· Ongoing regional and targets specific geochemical surveys in the West Kenya Projects.
· Drilling program to test Bumbo and other known base metal and gold targets to commence in October.
· Continue target generation and prioritisation for a 20,000m RC/RAB program to commence early in 2011 in the West Kenya Projects.
· Complete a review of the export thermal coal potential at Mmamantswe in light of the IRP2 recommendations and recent transactions in the region.
· Facilitate due diligence process for preferred development proponent in respect of Coolimba Power Project.
· Finalise environmental approval for Central West Coal Project.
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