55th Minesite Forum - 14th October 2008

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55th Minesite Mining Forum

Tuesday 14th October 2008

Bishopsgate and Chancery Room
Andaz Hotel, Liverpool Street EC1
(Formerly Great Eastern Hotel)

Registration - 9am
Presentations beginning at 9.30am

Attendance at our 54th Minesite Forum in September was well above average which gives a clear signal that UK investors are now looking for bargains following the well documented collapse of the junior mining sector. They are aware that prices of metals and minerals are still holding up well; that China is now back in business following the Olympic Games and an interest rate cut; that majors are overflowing with cash and are likely to accelerate acquisitions of strategic holdings in exploration companies; and that fund managers are now switching to buy mode with plentiful funds available and a need to prove their investment expertise.

So far these facts seem to be ignored in North America where Canada is mesmerised by the financial mess in which its mighty neighbour finds its banking sector. But this is just another event in the seismic shift of geopolitical and economic power from West to East. In these circumstances it is as well to remember the basic facts. Every tonne mined is a resource tonne less and the world’s resources of most metals and minerals will run out in the next 20 years if no more are discovered. And this at a time when China, India and Russia are all undergoing industrial revolutions of varying degrees. Exploration cannot be left to the majors as the juniors do the job more efficiently and at less cost. Juniors who maintain a high profile in these difficult times will be rewarded.

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Kiwara is an AIM listed mining exploration and development company, focusing on nickel-cobalt copper and uranium in an underexplored part of the Zambian copper belt. The company’s prime asset is an interest in a prospecting licence on the periphery of the Kabombo Dome which includes three deposits previously drill-investigated – the Kalumbila nickel-cobalt-copper, Kawanga uranium, and Kawako nickel-copper deposits. Kiwara has recently announced a significant borehole intersection at Kalumbila.

Hampton Mining expects to list this month on the ASX with a market capitalisation around A$70 million. Over the last two and a half years the company has acquired a significant portfolio of ten exploration and potential development projects all of which, except one in Peru, are in Chile. These projects which are focused primarily on copper also include exposure to gold, molybdenum, zinc and iron ore. One of the copper projects has JORC resources and has been scoping studied to become a copper leach mine. In April this year Hampton raised US$20million through a private Chilean investor so it clearly has good local connections.

Scotgold Resources may be listed on the ASX, but all its operations are in Scotland where it is focused on gold and base metals in the SW Grampians area. Its core assets are 100 per cent ownership of the Cononish gold and silver project at Tyndrum, about 90 miles north of Glasgow, and Crown licences to prospect for gold and silver covering 2200 sq kms of the highly prospective ‘Dalradian’ sequence. It also owns an extensive historical gold and base metal exploration database covering its licence area. A JORC resource estimate already exists for Cononish which will be boosted by current drilling and a scoping study is being planned.

Uruguay Mineral Exploration, listed in Canada and on AIM, operates San Gregorio, the only producing gold mine in Uruguay. The company recently announced production of 16,439 ounces of gold for the first quarter of its financial year to end August 2009. Ore processed for the quarter was
335,832 tonnes at an average gold grade of 1.67 g/t with recovery of 91.4%. There was a slight problem over permitting, but production remains on track for a total of 80,000 ounces. Uruguay Minerals is the only mining company of note operating in that country and it also has assembled a portfolio of gold, diamonds and base metals prospects.

Rambler Metals & Mining is listed on both AIM and the TSX and its principal project is the Rambler copper-gold property, located on the Baie Verte Peninsula of Newfoundland and Labrador. This property hosts the former producing Ming and Ming West copper-gold mines which last operated in 1992 and 1996 respectively. Rambler acquired the property after both leases had been successfully consolidated and dewatering has now been completed at the Ming mine which the company intends to bring back into production. Access should be gained to ore grading better than 4% copper and 2 g/t gold before the end of the year.

London Mining is a UK company which listed on the Oslo Axess, a marketplace regulated by the Oslo Stock Exchange, on 9 October 2007. During 2007 the company raised over US$185million to advance iron ore production from its projects. Following the sale of its Brazilian operations in August 2008 for over US$800million, London Mining has projects in Sierra Leone, Saudi Arabia, Greenland, Mexico and South Africa, and total iron ore resources of 1.3 billion tonnes containing an estimated 459Mt of iron. The operation in Saudi Arabia is a 50:50 joint venture with Saudi-based National Mining on the Wadi Sawawin iron ore project.

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