PortfolioChapmanJ MARKETING + DESIGN

This portfolio shows a selection of thecorporate marketing and design workproduced collaboratively by Lisa Chapman and Dyann Johnson over thelast ten years. Specialising in investorrelations, Lisa is our marketing guru,with extensive experience working withpublic resource companies. Dyann specialises in corporate graphic design,bringing ideas to life in unique investormaterials. This successful partnershiphas enhanced the corporate profiles ofnumerous resource companies, helpingthem reach analysts, financiers andprospective investors.

ChapmanJ MARKETING + DESIGN

Ring of FireNoront’s discovery in 2007 led to an unprecedentedstaking rush in Northern OntarioIn August 2007, Noront Resources discovered a high-grade nickel-cop-per-platinum-palladium - the Eagle One Discovery - which led to anunprecedented staking rush on the geological structure surrounding it.This area, located in the James Bay Lowlands of Ontario, becameknown as the Ring of Fire.To date, Noront controls 100% of approximately 48,600 hectares(120,000 acres) and has joint ventures comprised of an additional68,000 hectares (168,000 acres). This land position represents approxi-mately 30% of the land claims in the Ring of Fire.Since the discovery of Eagle One, Noront has had tremendous explo-ration success in the Ring of Fire. In less than a year, Noront has com-pleted a NI-43-101 compliant resource estimate at Eagle One,discovered Eagle Two, nickel-copper deposit, and made two high gradechromite discoveries known as the Blackbird One and Blackbird Two.The Company remains focused on further exploration of these discover-ies. Resources will also be deployed to a number of nickel-copper andchromites targets that remain unexplored at this time. A budget ofCdn$19 million has been dedicated for exploration in the Ring of Firefor 2009.

ONTARIO

C A N A D A

U S A

Hudson’sBay

Norontdiscoveries

Corporate OverviewNoront Resources is an explorationstage company focused on it’s sig-nificant nickel-copper-platinum-palladium-chrome discovery at theDouble Eagle project in the “Ringof Fire”, a massive mineral discov-ery at McFaulds Lake, James BayLowlands in north eastern Ontario,Canada. The company is wellfinanced, having just completed anon brokered flow through privateplacement for $18,870,000. As ofOctober 31, 2008, Noront has acash position of Cdn$44 millionand plans to spend Cdn$19 millionon exploration in the Ring of Fire.The company remains focused notonly on its economic nickel-copper-PGM discovery at the Double Eagleprojects but also continues to de-lineate its world class high-gradechromite discovery at BlackbirdOne and Two.

Noront’s Ring of Fire PropertiesEagle One- Discovered by Noront in August 2007– Owned by Noront- High grade, 3 million tonne Ni/Cu/PGE deposit- NI 43-10 compliant- High grade nickel within the massive sulphide zone makes it pos-sible for Noront to consider the option of direct shipment of un-processed ore to one of the existing concentrator/smelterfacilities outside the project area- Excellent in-place infrastructure that has year round access byair, and in winter months is within 59 km of winter road

- Main camp and drill camp established near discovery site- Drilling highlights include: 117.4 meters grading 4.1% Ni, 2.2%

Cu, 2.1g/t Pt and 7.1 g/t Pd. Indicated resource of 1.8 M/Tgrading 1.96% Ni, 1.18%Cu, 1.12g/t Pt and 3.91 g/t Pd. Inferredresource of 1.1 tonnes grading 2.39% Ni, 1.27% Cu. 1.37g/t Pt,and 4.50 g/t Pd. The deposit remains open at depth and alongstrike.

Ring of Fire Properties Investor Relations Contact us

Ring of FireNoront’s discovery in 2007 led to an unprecedented staking rushin Northern OntarioIn August 2007, Noront Resources discovered a high-grade nickel-copper-platinum-palladium - the Eagle One Discovery - which led to an unprecedented staking rush onthe geological structure surrounding it. This area, located in the James Bay Lowlands ofOntario, became known as the Ring of Fire.

To date, Noront controls 100% of approximately 48,600 hectares (120,000 acres)and has joint ventures comprised of an additional 68,000 hectares (168,000 acres).This land position represents approximately 30% of the land claims in the Ring of Fire.

Since the discovery of Eagle One, Noront has had tremendous exploration success inthe Ring of Fire. In less than a year, Noront has completed a NI-43-101 compliant re-source estimate at Eagle One, discovered Eagle Two, nickel-copper deposit, and madetwo high grade chromite discoveries known as the Blackbird One and Blackbird Two.

The Company remains focused on further exploration of these discoveries. Resourceswill also be deployed to a number of nickel-copper and chromites targets that remainunexplored at this time. A budget of Cdn$19 million has been dedicated for explo-ration in the Ring of Fire for 2009.

ONTARIO

C A N A D A

U S A

Hudson’s Bay

Noront discoveries

fact sheettrade show booth

website

Noront Resources Ltd.

NOT - TSX-V

www.norontresources.comwww.norontresources.com

NOT - TSX-V

disc label

Belvedere Resources Limited is a Canadian incorporated mining company with

a primary focus on Finland. Belvedere is the only operating nickel miner, and the

eighth largest claim holder in Finland. Currently, Belvedere has two operating nickel

mines and a large portfolio of advanced gold projects and other prime development

assets including nickel, cobalt, copper, zinc and uranium.The Company is well-funded with strong links to the Finnish mining establish-

ment. An experienced and innovative management team are extremely capable of

capitalizing on its growing assets base.Growth Strategy – From exploration to productionIn 2007, Belvedere made the critical transition from exploration company to a

production and development company through the acquisition of the producing

Hitura Nickel Mine and the remaining 55% of Finn Nickel. Finn Nickel is an unlisted

Finnish company with advanced nickel, copper and cobalt projects in southern

Finland.In October 2007, the company also acquired the Luikonlahti mill and concen-

trate facility, which is located in eastern Finland close to a number of Belvedere’s

100% owned nickel projects.These recent acquisitions and developments have given Belvedere a significant

strategic position in Finland. The company is now pursuing its objective of building

substantial shareholder value through low cost, low risk strategies for mine develop-

ment as well as growing nickel production to 10,000 tonnes per annum (tpa).Belvedere’s Nickel Producing MinesThe company’s two producing nickel mines – Hitura and Särkiniemi – together cur-

rently produce approximately 2,500 tpa of payable nickel.HITURA MINEBelvedere’s flagship operation is the Hitura Mine, with current production of

2,200 tones of nickel per annum and a processing mill with 650,000 tonnes per

annum capacity.• Operating since 1970, the mine is historically the largest nickel producer of any

in Finland – 14 Mt at 0.6% nickel to date.• Resources and reserves totalling 2.57 Mt nickel ore at 0.67% nickel.• Contained metals 17,300 tonnes nickel, 6,100 tonnes copper.Current StatusBelvedere has commissioned a 3.5 million euro (CAN $5M) exploration program

at Hitura. To date all previous production has originated from North Hitura. The

focus of the new exploration program will be on developing further resources and

reserves at the middle and south ore bodies.

SÄRKINIEMI MINEA small satellite operation, the Särkiniemi Mine is currently shipping 300 tonnes

of ore per day at 1% nickel to Hitura’s mill for processing.• Särkiniemi is an open pit nickel deposit.• Mine opened on time and on budget in June 2007.• Resources Särkiniemi West 116,000 tonnes at 1.17% nickel, 0.53% copper(Indicated).

• Resources Särkiniemi East – 60,000 tonnes at 0.86 % nickel, 0.69% copper

(Inferred).Current StatusInfill drilling continues on the Särkiniemi East deposit, which has an inferred resource

at this point of 60,000 tonnes at 0.86% nickel.NICKEL, COPPER, COBALT PROJECTSVALKEISENRANTADiscovered in 2000, the Valkeisenranta Nickel Deposit is located 2 kilometres west of

Belvedere’s Särkiniemi Mine. Recent drilling, has identified three orebodies with a

combined resource of 1.54 Mt at 0.71% nickel and 0.29% copper. Geochemical stud-

ies have indicated that the intrusion is capable of hosting 3 Mt at more than 1%

nickel.

HAUTALAMPIThe Hautalampi cobalt copper project is currently Belvedere’s most significant in the

Outokumpu district. Drilling on the project in now underway.RIIHILAHTIThe Riihilahti Copper Cobalt deposit is a small deposit located under a lake in a

shallow bay, 200 m from the shoreline. The deposit has an indicated resource of

135,000 tonnes at 1.69% copper and 0.14% cobalt.GOLD COPPER PROJECTSIn addition to its Nickel-Copper-Cobalt operations, Belvedere has several advanced

gold copper projects:KIIMALA

In September 2007, Belvedere announced intersects of a further high grade zone of

5.2 g/t gold over 15.33 metres on its Kiimala gold property.KOPSA

In June 2007, drilling completed at Belvedere’s 100% owned Kopsa gold copper

property 50 km to the south of Kiimala extended the strike of the Kopsa main zone.KUUSAMO

Belvedere is currently waiting for results of drilling completed on Haarakumpu

Copper Cobalt Gold project in Kuusamo.

MINING IN FINLAND• Positive investment andoperating environmentwith high potential fornew discoveries.• A long history of miningactivity.• Excellent geological data-bases, good infrastruc-ture, and readily availableexploration services, met-allurgical technology andmanufacturers of miningequipment.

SÄRKINIEMI MINE

HITURA MINE

Muonio

Bothnia

Pori

Rantasalmi

Kotalahti

Belvedere propertiesnickel producing centres

Kuusamo

Hitura

BELVEDEREr e s o u r c e s

Finland

BELVEDERE

n i c k e l c o p p e r c o b a l t g o l d

resources

Mining in Finland

Unearthing Finland’s nickel to supply world demand

BELVEDEREr e s o u r c e s

BELVEDEREr e s o u r c e s

trade show booth

folder

brochurer

SUTTER GOLDMINING INC.

COMPANY PROPERTIES CORPORATE INFO COUNTRY INFOINVESTOR RELATIONS CONTACT US

website

PowerPoint presentation

logo design

able reserves on the MLE pool could exceed 3 TCF gas.On Yacoub, the contract to shoot 230 km2 of 3D seismic data commenced in

February to identify locations which FCP plans to drill during the third quar-

ter of 2002. The 3D seismic is expected to be completed by May and interpre-

tation to be completed shortly thereafter. Average recoverable reserves of the

offsetting wells are 44 MMBO per well and average production is 8000 bbl/d

of oil.M A S I L A , Y E M E NSecond phase exploration underway on Block 43, Yemen

Joint venture partner, DNO ASA of Norway is funding work requirements for

the second phase of a five year exploration agreement on Block 43. DNO will

carry out further seismic studiesto identify targets and drill twowells. Block 43 covers 2,717 km2and is adjacent to Nexen’sMasila Block which producesapproximately 220,000 barrelsper day or half of Yemen’s dailyproduction.

First Calgary Petroleums willcommence drill programs ontheir two licences in the oil richBerkine Basin, Algeria, during2002. The area is considered tobe one of the most productive,yet underexplored basins in theworld.

Anadarko

Burlington

AnadarkoEl Merk(Anadarko)

Repson YPF

0 40kilometres

Hassi Berkine(Anadarko)

RKF (CEPSA)

FCP

Ourhoud(Sonatrach)

oil poolsgas poolsleadspipelines

AGIP

ROD(AGIP, BHP)

LEDJMET

YACOUB

Total-Fina-Elf

Menzel Lejmet(Burlington)

3D

3D

FCP

A L G E R I AA member of OPEC, theRepublic of Algeria has provenoil and gas resources of approxi-mately 40 billion barrels of oilequivalent. More than 90% ofAlgerian export earnings andabout 30% of its GDP is derivedfrom oil and natural gas.Approximately 90% of Algeria’scrude oil exports go to WesternEurope.

Natural gas production in 2000accounted for 60% of Algeria’stotal hydrocarbon production.Algeria is a major natural gasexporter, accounting for 34% ofthe European imported naturalgas market. Infrastructure tomove the gas to Europe is inplace with two pipelines underthe Mediterranean and twoadditional pipelines planned.Algeria ranks in the top tencountries worldwide for naturalgas resources.

AlgeriaB E R K I N E B A S I NFirst Calgary - one of only seventeen operators in Algeria

Like all foreign companies operating in Algeria’s oil industry, First Calgary

obtained licences for the Exploration and Exploitation of Hydrocarbons with

Sonatrach, the Algerian state-owned oil company. A production-sharing

agreement is in place with Sonatrach on the Ledjmet Block and a joint ven-

ture, on the Yacoub Block. Upon commercialization of each of the Blocks, a 25

year and 30 year exploitation license for oil and gas respectively will be

issued on the Ledjmet Block and a 25 year exploitation license on Yacoub.

More than five billion barrels of oil discovered in the last ten

years in the Berkine BasinThe Berkine Basin has one of the highest oil and gas exploration success rates

in the world. Its exploration potential, pipelines, infrastructure, relatively low

exploration costs, and proximity to markets, make the area an ideal region to

explore. Geologically, the Berkine Basin has near-perfect petroleum conditions that

have resulted in a string of giant oil and gas discoveries. Offsetting First

Calgary’s Ledjmet Block is Burlington’s Menzel Ledjmet oil field with 300

million barrels oil (MMBO), Anadarko’s El Merk gas field with 1.5 trillion

cubic feet of gas (TCF); commercialization starting 2004, and Anadarko’s El

Merk oil field with 250 MMBO. This area of the Basin has recorded some of

the highest natural gas and oil production test rates to date, 22,000 barrels of

oil per day (bbl/d) and 107 million cubic feet of gas per day (mmcf/d).

Offsetting First Calgary’s Yacoub Block is Anadarko’s Hassi Berkine oil field

with 2.8 billion barrels oil, BHP’s ROD oil field with 300 MMBO, Sonatrach et

al’s Ourhoud oil field with 1.0 billion barrels oil, and Cepsa’s RKF oil field

with 250 MMBO.Proven gas reserves on Ledjmet BlockThe 1,108 square kilometre Ledjmet Block contains the MLE pool, which has

been evaluated by DeGolyer MacNaughton (independent reservoir engi-

neers), with established reserves of 1.021 TCF sales gas of which 447 BCF is

proven. These reserves have a net present value, at a 10% discount rate, of )

US$198 million established and US$102 million proven.Drilling to begin in 2002 On Ledjmet, First Calgary has acquired 109 km2 of 3D seismic data covering

approximately 60% of the MLE gas and condensate pool located on the Block.

Interpretation is expected to be completed in April. The MLE pool contains

the MLE-1 cased gas well which tested 42 mmcf/d gas and 1700 bbl/d liq-

uids. First Calgary’s plan is to drill a delineation well to the MLE-1 well as

the next step to commercialization of the MLE pool. It is anticipated recover-

Algiers

Berkine Basin

F I R S T C AL G A R Y P E T R OL E UM S LT D .

Algeria

F I R S T C AL G A R Y P E T R OL E UM S LT D .

brochure

folder

CHOCO 10 MINE FEASIBILITY STUDY

The Choco 10 concession is locatedin the historic El Callao mining district inVenezuela, where over 5 million ounces ofgold have been mined historically. The areahas recently become the focus of renewedexploration interest and the results suggestthat the region still holds significant potential.

Between 1990 and 1995, the previous owners spent over $14 million exploring the

property with the aim of defining and developing near-surface oxide reserves amenable to

heap leaching. During this period 1,288 shallow holes with an average depth of 38 metres

were drilled for a total of almost 50,000 metres. These results produced an initial resource of

14.5 million tonnes grading 1.7 grams g/t, containing 795,000 ounces of gold in the

measured and indicated category and an inferred resource of 1.7 million tonnes at a gold

grade of 1.4 g/t, containing 74,000 ounces of gold.Only six deep holes were drilled into the underlying fresh rock, and all of these holes

encountered gold mineralization. In spite of the success of these deeper holes, the ownership

of the property changed hands and work on the project was suspended.

When Bolivar Gold became interested in acquiring the property, MiconInternational

(Micon), an independent technical consulting firm, was retained to review and update the

work done previously and to assess the development potential of the property. In their

Development Plan dated October 2002, Micon concluded that the existing resource could be

readily upgraded by additional drilling and that it was capable of supporting a mine plan

based on 4,000 tonnes per day (tpd) to produce approximately 100,000 ounces of gold per

year at a cash cost $161 per ounce.Based on these encouraging results, Bolivar Gold embarked on a plan to fast-track

development of the property while continuing to explore the potential beneath and adjacent

to this resource. A program of confirmation, infill and geotechnical drilling was initiated

immediately following acquisition of the property in March 2003. The company also

PISOLITAPIT

COACIAPIT

ROSIKAWESTPIT

ROSIKAPIT

0 500metres

plant

RESOURCES* Tonnes GradeGold(‘000) (g/t) (ounces)

Indicated 13,229 2.5 1,051,016Inferred

2,300 1.9 142,842RESERVES Tonnes Grade

Gold(‘000) (g/t)(ounces)12,600 2.2 880,000

*includes reserves

• open pit mine • 5,400 tonne per day mill will produce on average

125,000 ounces of gold per year • initial mine life is 6.5 years • total operating cost is expected to be $8.44 per tonne

or $146 per ounce• capital cost of Choco 10 is forecast to be $38.6 million.Source: Micon feasibility/engineering study, November 2003

VENEZUELA

GUYANASURINAME

FRENCHGUYANA

BRAZIL

Georgetown

Pto. Ordaz

Caracas

ParamariboOmaiMine

Cayenne

El Callao

G U Y A NA

S H I E L D

main gold districtscities

CHOCO 10 MINE DEVELOPMENT

BOLIVAR GOLD CORP. 5

4 BOLIVAR GOLD CORP.

CHOCO 10 MINE PLAN

]

Mine start-upis expected inNovember2004.

2003 ANNUAL REPORT

BOLIVAR GOLD CORP.

Corporate Overview

Bolivar Gold Corp. isan international goldexploration and devel-opment companyfocused on highlyprospective propertiesin Venezuela. Thecompany gainedprominence inFebruary 2003 afteracquiring a 70% interest in the 7,215 hectare Choco 4 and Choco 10 and 15,000hectare Bochinche Zero, 1 and 2 concessions Bolivar State, Venezuela.

Choco 10 Concession

The company’s most advanced project is the Choco 10 Concession where onemillion ounces of gold was previously identified. Exploration activity at Choco10 began in 1990 with a regional geochemical soil and aeromagnetic survey. Thiswas followed by a ground magnetic survey, a detailed geochemical soil survey andtrenching covering five prospect areas. During 1993, a geological survey and ageochemical soil survey carried out within the concession areas disclosed a largegold anomaly covering an area of 1,500 square metres. A shallow drilling programcommenced in 1993 to target the large gold anomaly.

Over US$14 million had been spent onexploring this property including 1,288drill holes (49,917 metres) with anaverage vertical depth of 38 metres.The drilling identified the presence offour major zones of mineralizationnamed as the Coacia, Pisolita andRosika prospects. More recently, BolivarGold has completed and announced anadditional 77 infill and explorationholes, with encouraging results. Theseincluded 143 metres averaging 2.8 g/tgold and 120 metres at 3.2 g/t. Withinthese broad zones were numerous high-grade intercepts, the best being 94.5 g/tover 3 metres.

Based on the first 46 holes, MiconInternational has calculated a revisedresource estimate of 13.7 million tonnesat an average grade of 2.5 g/t gold repre-senting 1.0 million contained ounces inthe indicated category.

CORPORATE INFORMATION

Symbol: BGC (TSX)

Shares issued: 85.4 million

Options: 7.6 million

Warrants: 36.7 million

Cash: US$55 million

HEAD OFFICESuite #1502

110 Yonge StreetToronto, Ontario

Canada M5C 1T4tel: (416) 360-4653fax: (416) 360-7783web: www.bolivargold.com

email: info@bolivargold.com

OFFICERS AND DIRECTORS

Serafino IaconoChairman and Chief Executive Officer

Miguel de la CampaPresident and Chief Operating Officer

Jose Francisco ArataExecutive Vice President, Exploration

Robert DoyleChief Financial Officer

Dr. John ThomasVice President Operations

Peter VolkCorporate Secretary and Legal Counsel

Andres CarreraDirectorIndependent business consultant

Robert HinesDirectorPartner, Hines & Co.

Stephen WilkinsonDirectorPresident & Director, ValGold Resources

ANALYST COVERAGE

Chantal Gosselin, Dundee SecuritiesCorporation

David Stein, Sprott Securities Inc.

Jim Taylor, Canaccord Capital (Europe)Limited

Jacques Wortman, Griffiths, McBurney&Partners (GMP)

BOLIVAR GOLD CORP.

Accomplishments:• Acquired prospective con-

cessions in Venezuela• Raised US$70 million to

fund acquisition, explo-ration and development

• Relocating 5,400 tpd mill• Converted all “inferred”

resources to “indicated”• Negotiated JV with Gold

Fields covering El Callao dis-trict

• Acquired interests in 6 addi-tional concessions

Objectives:• Complete construction of

Choco 10 project• Aggressively explore for

additional ounces

annual report

fact sheet

Output improves in second half of 2004 Bema’s wholly-owned Petrex Mines are located 50 kilometres

east of Johannesburg in the East Rand area of South Africa. It is

underlain by the Archean gold-bearing conglomerates of the

Witwatersrand basin, the world’s largest gold metallogenic

province. Bema acquired its 100% interest in the Petrex mines

in February 2003. Petrex consists of three main areas contain-

ing several underground operations accessed from eight shafts

and a central plant capable of processing 185,000 tonnes of ore

per month. All open pit operations were suspended by January

2005 because they were uneconomic in light of the increasing

strength of the South African rand against the US dollar.

During the first half of 2004, Bema successfully completed a

program designed to improve mining efficiencies and cut costs.

As a result, tonnes milled, recoveries, rand operating costs, cap-

ital expenditures and ounces produced improved during the sec-

ond half of the year, and new gold production records were

established. However, US dollar operating costs continued to be

adversely affected by the strength of the rand. All open pit oper-

ations were re-evaluated and the decision was made to suspend

open pit mining. In an effort to improve the grade of under-

ground ore delivered to the mill, changes were made to control

water flow, improve blasting techniques and mining practices,

and utilize trackless mining equipment where appropriate. New

mining contractors were introduced at several of the shafts and production from old waste

dumps was increased. Plant performance continued to improve during 2004 as a result of modifications made in 2003

and the early part of 2004. Recoveries were consistently above 94% in the last four months of

the year and have continued at this level into 2005. Capital expenditures of $7.5 million in 2004 were used for underground development, shaft

equipment and in the metallurgical plant.In 2005, Bema will pursue all opportunities to improve the economics of the operation. It will

continue to restructure its mining contractors and increase their day-to-day supervision, develop

into higher grade and higher tonnage areas and continue with efforts to reduce ore losses

underground. Exploration is currently focusing on short-term reserve and resource delineation and more medi-

um-term resource identification. Drilling in 2004 amounted to 32,720 metres in 318 holes car-

ried out at a cost of $1.4 million. Bema believes the Petrex property holds significant potential

for adding to reserves and increasing the life of the mines.

Location

South Africa

Bema ownership

100%200420031

2005e

Tonnes milled1,862,635 1,844,487 1,676,000

Gold grade (g/tonne)2.65

2.643.30

Gold recovery (%)88.7

86.292.5

Gold produced (oz)146,228 132,170 173,000

Total cash cost ($/oz) 2388

360347

Reserves (oz. gold) 3Proven & probable 851,893 940,000na

Resources (oz. gold) 3Measured & indicated 3,313,185 4,149,000na

Inferred2,025,122 3,475,000

na

Capital expenditures $7.5 million $6.9 million $7.6 million

Exploration expenditures $1.4 million $0.6 million $2.1 million

Debt at year end4$21.2 million $34.7 million

na

Average rand:US$ ratio 6.427.35

6.5

1 Bema acquired the Petrex mines effective February 14, 2003.

2 Adjusted for rand denominated put option gains of $64 per ounce

in 2004 $37 per ounce in 2003. 2005 estimate is based on a

$400 per ounce spot gold price and 6.5 rand to 1USD conversion

rate. Operating cash costs are same as total cash costs.

3 See page 25 or the AIF for details of reserve and resource esti-

mates. Resources are exclusive of reserves.

4 In 2004 Petrex closed out rand denominated gold put option con-

tracts maturing between October 2005 and December 2008 for

$15.3 million, of which $11.87 million was applied to the project

loan balance.

OPERAT IONSPETREX M INES

New production records established

BEMA GOLD CORPORATION 11

10 BEMA GOLD CORPORATION

MIN

ING

OP

ER

AT

I ON

S

SOUTH AFR I CA

PETREX M INES

NEVADA PROPERTIES USA

MONUMENT BAY PROJECTCanada

CERRO CASALE PROJECTChile

BEMA GOLD ONE O F THE WORLD ’ S FASTEST GROW ING GOLD PRODUCERS

REFUGIO MINEChile

EAST PANSKY PROJECTRussia

PETREX MINESSouth Africa

JULIETTA MINERussia

KUPOL PROJECTRussia

BEMA GOLD CORPORATION 32 BEMA GOLD CORPORATION

ADVANC ING ASSETS

ANNUAL REPORT 2004

20

04

BEMA GOLD CORPORATION

annual report

SARDINIA

The Sardinia gold district has a long history of gold production and is

host to the prolific Palaeozoic province, which continues to emerge as a

significant gold district in Europe, and to date contains 20 new gold

prospects.

With the exhaustion of readily-available sources of ore, the company

intends to shift its near-term focus to aggressively exploring its extensive

land package, while maintaining its flexible, fully-permitted processing

facilities at Furtei.

The exploration approach will focus on joint ventures with strategic part-

ners to fund a significant portion of the exploration and development

costs, utilizing their extensive experience and resources to reduce risk and

increase opportunities to enhance shareholder value.

FURTEI

Exploration directed mainly at enargite-gold mineralization associated

with the central diatreme, resulted in the discovery of a number of new

orebodies. These include the high-grade gold and copper Su Coru

deposit and the S’Arruga deposit in 1998 and 1999, both of which were

“blind to the surface”.

Mining of eight separate oxidized ore depsits ended in 2001 and a transi-

tion made to mining sulphide ores. Additional exploration drilling will be

carried out on the Su Coru and the Cima-Est prospects.

MedOro Resources Ltd. is the suc-

cessor to the formerly producing

Gold Mines of Sardinia (GMS), with

the addition of a Canadian listing,

additional funding and a senior joint

venture partner as a result of its

amalgamation with Full Riches

Investments Ltd. Prior to the reor-

ganization, GMS, through its 90%-

owned subsidiary Sardinia Gold

Mining (SGM) had successfully

mined numerous near-surface

deposits in the Furtei area, as well as

accumulating a substantial prospec-

tive land position throughout

Sardinia.

SWITZERLAND

AUSTRIA

FRANCE

YUGOSLAVIA

Palermo

Zagreb

Cagliari

Geneva

Marseille

Tunis

Mediterranean Sea

CORSICA

SICILY

SARDINIAOSILO

MONTEOLLASTEDDU

FURTEI

ITALY

Milan

Florence

Rome

Naples

Venice

SYMBOL: MRL

TRADING: TSX & AIM

COMPANY PROFILE

Gold explorationand developmentin Sardinia andEurope

MEDORORESOURCES LTD.

MEDORORESOURCES LTD.

MedOro holds significant landclaims on the island of Sardinia,which has a long history ofgold production and is re-emerging as a significant golddistrict in Europe. The company is aggressivelyexploring its extensive landpackage, and maintaining itsflexible, fully-permitted pro-cessing facilities at Furtei.MedOro recently acquired 100percent of the share capital inMiniere di Pestarena srl, anItalian company with exploration rightscovering the 141 hectare Pestarena and245 hectare Lavanchetto concessionslocated in the Piedmont Region innorth western Italy.

TSX-V: MRLAIM: MRL

TSX-V: MRLAIM: MRL1502 - 110 Yonge StreetToronto, Ontario M5C 1T4tel: 416-603-4653fax: 416-360-7783email:info@medororesources.comwww.medororesources.com

MEDORORESOURCES LTD.

MEDORORESOURCES LTD.

”SGM”Località Santu MialiFurtei (CA) 09040

Sardinia, ItalyM: +39 335 453 635T: +39 070 937 0740F: +39 070 937 0730

jeffrey.rayner@tiscalinet.it www.medororesources.com

Jeff RaynerManager Explorationfact sheet

logo

conference ad

business card

folder

MEDORORESOURCES LTD.

MEDORORESOURCES LTD.

Gold exploration and developmentin Sardinia andEurope

TSX: MRLAIM: MRL

SWITZERLANDAUSTRIA

FRANCE YUGOSLAVIA

Palermo

Zagreb

Cagliari

Geneva

Marseille

Tunis

Mediterranean Sea

CORSICA

SICILY

SARDINIA

OSILO

MONTEOLLASTEDDU

FURTEI

ITALY

Milan

Florence

Rome

Naples

Venice

0 40km

N

S

EW

OnanÏ

Calabona

Romana

MonteMurale

Narbolia

Grighini

Laconi

Goene

Seui

Talentinu

VillasaltoTacconis

GennaUreu

Gulf ofCagliari

Iglesiente

Siliqua

S. AndreaFrius

PedraLoabbio

TorpË

Gulf ofAsinara

Bantine

Iglesias

Carbonia

S.S. 131S.S. 131

0 40 km

MiningConcessionPR Granted

PR Applied

AI Granted

AI In renewal

PR In renewal

AI Applied

SARDINIASARDINIA

Bantine

OSILO

FURTEIMONTEOLLASTEDDU

TENEMENTS

Furtei Project

annual report

PowerPoint presentation

trade show booth

Company Highlights

• Debt free, unhedged

• Positive cash position: US$35M

• Annual production rate of 100,000 oz Au, increasing

to 135,000 oz Au in 2004

• Immediate cash flow with average 50% production

growth profile per annum

• Gold resources: 6.6Moz Gold reserves: 4.0Moz

• Copper Reserves: 2.3B lbs

• Competitive advantage, significant Brazilian land holdings

• Comprehensive, diversified production & exploration portfolio in Brazil & Argentina

• Proven management team

• Excellent market valuation vs. industry peer group

The New Latin American

Gold Producer

Yamana Gold Inc. is a producing gold company with a

diversified portfolio of operational, production-stage and

exploration properties located in Brazil and Argentina.

In 2003, Yamana acquired

producing and advanced

production-stage properties

in Brazil, making it one of

the largest mineral land-

holders in Brazil. The

Company produces over 100,000

ounces of gold annually, which will

increase to over 135,000 ounces by mid-

2004 and 350,000 ounces before the end of

2006 through the development of its other

Brazilian properties.

At its current development rate, the Company’s growth

rate is 50% per annum until 2007 (400,000 oz). Yamana

also holds a significant copper-gold production-ready

property in Brazil that will produce an average annual 107

million pounds of copper starting in 2007.

YAMANAG O L D I N C .

450,000

400,000

350,000

300,000

250,000

200,000

150,000

100,000

50,000

02003 2004 2005 2006 2007

Brasileiro Fazenda Nova Sao Vicente Sao Francisco Chapada

Listings:TSX: YRI

AMEX: AUY

AIM: YAU

Shares outstanding:95.8M

Fully diluted shares:143.8M

Share price high/low: C$3.70/$1.20

Investor Relations: Rebecca Greco

Corporate Office: 150 York Street

Suite 1902

Toronto, Ontario

Canada M5H 3S5

Tel:416-815-0220

Fax:416-815-0021

Email:investor@yamana.com

Website:www.yamana.com

Transfer Agent: CIBC Mellon Trust

Research:

CANACCORD CAPITAL

Steven Butler416 869 7918

NATIONAL BANK FINANCIAL

Brian Christie416 869 7118

NESBITT BURNS

Craig Miller416 359 7770

SPROTT SECURITIES

David Stein416 943-6407

WESTWIND PARTNERS

Chad Williams/Richard Gray 416 815 3060

Shareholder Information

Annual Gold Production Targets

ARGENTINA

BRAZILCumaru

Fazenda NovaSão Vicente

São Francisco

Rio de JaneiroSao Paulo

ChapadaBrasileiro

ARGENTINA

• Assumes that existing resources will be upgraded

to reserves to extend the mine lives at Brasileiro

and Fazenda Nova such that gold production lev-

els post 2005 will be maintained

• Copper and gold production at Chapada is pro-

jected to begin in 2007 at an average annual rate

of 107.5 million lbs and 120,000 oz respectively

(5-yr avg)

Annual gold production of750,000 ounces by 2008!Yamana was recreated in 2003 with an ambitious plan to turn undervaluedBrazilian properties into profitable, producing mining operations. Now, with 3 producing mines, 2 more producing mines being acquired, 1 more mine in production in 2006 and a number of develop-ment projects, Yamana is projecting production of 550,000ounces in 2007 and is targeting 750,000 ounces by 2008.

VI S I O N

YAMANAG O L D I N C .

150 York St., Suite 1902, Toronto, Ontario, Canada M5H 3S5Tel: 416-815-0220 Fax: 416-815-0021

Email: investor@yamana.com Website: www.yamana.com

Yamana Gold Inc. is a producing goldcompany with a diversified portfolio ofoperational, construction-stage and explo-ration properties located in Brazil.

In 2003, Yamana acquired producing,production-stage and advanced explo-ration stage properties in Brazil, making itone of the country’s largest mineral land-holders. The Company’s annual gold pro-duction is currently 125,000 - 130,000ounces from two mines. A third mine

comes into production this year, followedby a fourth in 2007, bringing projectedproduction to more than 400,000 ounces.This is a production growth rate ofapproximately 50% per annum until 2007.

Yamana will also produce copper atChapada, a significant copper-gold projectin Brazil that is currently under construc-tion and is targeted to produce an averageof 130 million pounds of copper per year,starting in 2007.

150 York Street Suite 1902

Toronto, Ontario Canada M5H 3S5 tel: 416-815-0220 fax: 416-815-0021

investor@yamana.comwww.yamana.com

YAMANAG O L D I N C .

50% per year production growth rate through 2007

Value and Growth

SÃO FRANCISCO/SÃO VICENTE

• Advanced open pit heap leach gold project

• Positive initial feasibility study

• Over 830,000 ounces of production over initial 8 years

• Under US$190 cash cost

• Significant potential in deeper zones with high grades

• Production target of 2005/2006

FAZENDA NOVA

• Fast track gold project – construction currently underway

• Phase I production in excess of 143,000 ounces

• Low capex and in production in 2004

• Additional mine life expected in second phase from saprolites

• Deep resource potential at high grades could support third phase

CHAPADA

• Feasibility stage copper/gold project

• 1.3 mm oz Au; 2.0 billion lbs Cu

• Attractive infrastructure; accelerated payback

• Head grade @ 0.7% Cu equivalent for first five years

• Attractive cash costs

SANTA ELINA GOLD BELT

• 900 km trend extension along Brazil and the

Bolivian border

• 750,000 hectares of mineral concessions

• Historical production

CUMARU (CARAJAS)

• Approximately 100,000 hectares of

exploration concessions

• Existing inferred resource

• Historical production

• Further nickel prospects

ARGENTINA

PROPERTIES

• Exploration proper-

ties in Argentina

• Bonanza grades at

Martinetas

YAMANAG O L D I N C .

BRASILEIRO MINE

• Producing underground mine

• Production: over 100,000 ounces per year

• Current cash costs: US$210 per ounce

• Significant exploration concessions on a greenstone belt

• Drill program underway to increase reserves

PR

OD

UC

TIO

ND

EV

EL

OP

ME

NT

EX

PL

OR

ATIO

N

March 2004

YAMANAG O L D I N C .

www.yamana.com150 York Street, Suite 1902

Toronto, Ontario, Canada M5H 3S5tel: 416-815-0220

fact sheet

ads

disc label

explore the Xiongwu gold district. Under thisagreement, the company will earn up to 84% by

spending US$2 million and taking the projectinto feasibility.Local Chinese miners have been operating small-

scale on the Xiongwu gold district for more than

a decade, mainly exploiting oxidized, near- sur-

face gold mineralization with reported grades of

0.5-5 g/t Au with higher grades of up to 10-20g/t Au.GCR has conducted detailed mapping, soil geo-

chemical surveys with planned follow-up drillingwhen access and ownership issues with localminers are resolved. The company is highlyencouraged by the high-grade gold grades ingeologically continuous and favourable hostrocks.

• Beyinhar, Inner MongoliaThe Beyinhar gold project lies within the InnerMongolia Fold Belt Region, a productive oro-genic belt hosting several skarn, orogenic/meso-

thermal veins and porphyry Cu-Au deposits.In 2003, the company entered into a LetterAgreement with Huayu Geological and Mineral

Exploration Ltd. (NHE) to explore and purchasethe Beiyinhar Gold Project. Under the agree-ment, GCR can earn a 100% interest.The company recently completed a 1770m dia-

mond drilling program consisting of a total of 11

widely spaced HQ diamond drillholes (averagedepth of 160m). The results indicate a continu-ous gold-mineralized zone encouraging enough

to warrant a follow-up programin the second half of 2005 totest new targets and move clos-er to defining a resource.

Hebei

BeijingInner Mongolia

Yunnan

Guizhou

Guangxi

WangmoNibao

Xiongwu

Beyinhar

Background to Golden China ResourcesIn February 2005, Golden China Inc. (amerchant bank) amalgamated with APACminerals (a natural resource company) toform Golden China ResourcesCorporation. Currently, the company has

cash and liquid securities in excess ofCDN$20 million and is focused on explo-ration and development, operations, andmerchant banking in China’s preciousmetal industry.Immediate growth potential in ChinaGolden China Resources (GCR) is activelycapitalizing on its international miningexperience, financing expertise, and part-nership with Kingsway Group, a globallyfocused mid-market financial servicesprovider with affiliations in Hong Kongand mainland China,GCR’s expertise in exploration, develop-

ment, and merchant banking is a uniquebusiness model for China. With the com-pany’s unmatched combination of provenstrengths, GCR intends to increase share-holder value by becoming a major partici-pant and consolidator in China’s develop-ing precious metals sector.THE PROPERTY PORTFOLIOGCR has three major gold proj-ects in China’s Golden Triangle:Nibao, Xiongwu and Wangmo inGuizhou Province hosting signifi-cant Carlin-type gold deposits;and one in Inner Mongolia:Beiyinhar, which is a shear-host-ed gold deposit. Recent resultsfrom these four properties haveindicated multi-million ounce gold

resources and the immediate potential forextension of known mineralization.• Nibao, Guizhou ProvinceNibao is GCR’s main gold project and cov-

ers a concession area of 11.4 kilometres.The company has a joint venture contractwith Guizhou Geology and MineralDevelopment Corporation and QianxinanIndustry Investment Corporation. Underthe JV contract, GCR will earn 84% byspending US$2 million and by bringingNibao up to development stage through afull feasibility study.As of November 2004, GCR has conduct-

ed 8,300m of drilling, culminating in thehighly significant Nibao South discovery.Work to date at this discovery area hasidentified a 3.2 kms-long gold belt con-sisting of several Carlin-type mineralizedzones with high-grade drillcore Au valuesup to 15.03 g/t Au, totaling 3.45 millionounces of contained gold. The interveningundrilled area between zones producedsurface channel samples with high-gradegold (5-22 g/t Au) results.The next phase of drilling will delineate an

indicated gold resource at the NibaoSouth discovery area and test valid targetsgenerated from the geological and geo-chemical surveys.

GOLDEN CHINA• Wangmo, Guizhou ProvinceCGR’s Wangmo property is close to Sino

Gold’s Jinfeng Gold Mine and other goldoccurrences such as Yata, Daguan andLouyi. Like the Jinfeng deposit, Wangmo’sgold mineralization is sediment-hosted,displaying characteristics similar to theworld-class Carlin deposits in Nevada.CGR has an agreement with the Guizhou

Bureau of Geology and Mineral Resourcescovering granted exploration tenements atWangmo. Under the agreement, CGR willearn 70% interest by spending US$ 1 mil-lion over a three-year period, and can earna further 14% when the project is taken tobankable feasibility.Exploration work completed during 2004

identified two gold-anomalous catch-ments. Follow-up work in early 2005 to‘source’ these anomalies revealed that thegold shedding from the anomalous catch-ments is related to siliceous alteration andsulphide mineralization. A trenching pro-gram in the second half of 2005 is pro-posed to better define the extent of goldmineralization.

• Xiongwu, Guizhou ProvinceXiongwu is a 15 km-long hydrothermalsystem with no systematic past exploration(local or foreign). Like Sino Gold’s Jinfengdeposit (3.45 million ounces at 5.1 g/t Au),Xiongwu’s gold mineralization is sediment-hosted similar to the world-class Carlindeposits in Nevada, USA.GCR has entered into an agreement with

the Xingyi municipal government to

Golden China’sexpertise inexploration,development,and merchantbanking is a

unique busi-ness model forChina.

China opens up toforeign investmentIn the late 1990s, theChinese government updat-ed its exploration and min-ing law with regulationsmodeled on those ofAustralia and Canada. Theresult has been a consider-able liberalization of foreigninvestment in China’s miningsector. For example, powerto grant mineral titles hasbeen transferred to theprovinces, up to 90% for-eign ownership is nowallowed, and generous taxincentives for mining invest-ment introduced.

The Golden Triangle of Southern ChinaThe precious metal rich Golden Triangle in southern China consists of Yunnan,

Guangxi and Guizhou provinces (GCR has three gold properties in Guizhou).

The United States Geological Survey considers this highly prospective area to

have the resource potential comparable to the multi-1,000-tonne Carlin-type

gold resource in northern Nevada. Sino Gold’s recent announcement of a

gold resource on their Jinfeng deposit at Guizhou of 3.5 million ounces at 5.1

g/t Au supports the area’s potential.

Focused on the vast potentialand positive climate formining investment in China.

R E S O U R C E SGOLDEN CHINA

Pursuing precious metal opportunities in China

R E S O U R C E S

GOLDEN CHINAfolder

brochure

Focusing on China with its vast potential and positive climate for mining investment.

TSX-V: AUC

R E S O U R C E S

2005 A N N UALREPORT

annual report

trade show booth

OI L EX CO INCORPORA TED

Prin

ted

in C

anad

a

‘Pro

duce

d by

The

F.I.

R.M

.

EXPLORATIONOilexco has a large portfolio of desirable exploration properties, and in the short time

since beginning exploration in the UK North Sea has gained a reputation for drilling

quickly, efficiently, and accurately. During 2007 Oilexco was awarded interest in sev-

eral new projects during the 24th Licensing Round.BLUEBELLOilexco was awarded a 75% working interest in Blocks 15/24a and 15/25f in February

2007 in the 24th Licensing Round. Oilexco has committed to re-process 100 square

kilometres of existing seismic data. Bluebell is situated within a Paleocene channel

complex can be mapped on seismic.This channel complex anomaly sprawls across the

eastern portion of Block 15/24a into Block 15/25f near the 15/25-4 well. The 15/25-4

well appears to be drilled on the edge of the channel complex and contains clean, fine-

grained sandstone. Oil may be stratigraphically trapped within portions of this channel

complex.

CATCHERThe Catcher prospect (Block 28/9 and Block 28/10a) was awarded 50 percent equity

interest in the 24th Licensing Round. Oilexco has a firm commitment to drill a well to

the Paleocene Forties Formation within the next four years. The Company holds a 50%

equity interest in the prospect and are the designated operator of the license. Catcher

is a four-way dip closure at the Forties level within an undrilled Forties/Tay Formation

deep water turbidite feeder system. Block 28/9 and Block 28/10a are part of the same

turbidite feeder system which contains 120 million barrels of oil and 120 Bcf of gas

from the Bittern Field down dip from Catcher. DANICAOilexco was awarded a 100% equity interest in Danica (Block 29/6a) and has commit-

ted to drill a firm well to the Lista Formation within the next four years. Block 29/6a is

located in the southwest corner of the West Central Graben, with the Danica prospect

located on the upthrown side (West Central Graben Platform) of the main basin-

bounding fault. A sandstone injection complex in the Paleocene Balder level is evident

on the 3D seismic survey. This sandstone injection complex is similar to that encoun-

tered at Gryphon, Balder, Jotun, Grane, Hamsun, Chestnut and Alba Fields.

In 2008 Oilexco’s capital budget is US $707 million—US$400 million on develop-

ment and US$300 million on exploration and appraisal. The plan will focus on the Bal-

moral Core area with five additional production wells, facility optimization, gas

conservation and field redevelopments, The Shelly Development the Huntington ap-

praisal (including Nexen-Scott Joint projects) and ongoing exploration.

Our Plan

OC Guard drill

In 2008 Oilexco’s capitalbudget is US $707 million –US$400 millioinon develop-ment and US$300 millionon exploration and appraisal.

15

14

OILEXCOINCORPORATED

Delivering on our Strategy

20

07

UP

DA

TE

folder

PowerPoint

brochure

OILEXCOINCORPORATED

OILEXCO’SAnnual Golf Tournament

Welcome GolfersGOODWOODREVIVALSEPTEMBER2008

outside

OILEINCORPORA

XCORPORATED

OILEXCOINCORPORATED

OILEXCO INCORPORATED

70 Jermyn Street

St. James, London

UK SW1Y 6NY

Contact: Kim Galavan

Tel: +44 (0)207747 1500

Fax: +44 (0)207747 1501

OILEXCOINCORPORATED

GOODWOODREVIVAL

SEPTEMBER 2008

invitation

poster

itinerary

logo

10:00 Bus ArrivalPractice on Driving Range

11:00 Shotgun Start4:00 Cocktails in the Banquet Room5:00 10oz. Ribeye Steak Dinner Served6:00 Prize Presentation7:00 Departure

2 Drive Texas Scramble Format1. Each team contains four players with one designated captainplaying in the same group.

2. Each player hits their ball with the captain selecting the best shotof the four.

3. At least two drives from each player must be selected.4. One score is kept for each team. In essence, it is four playersplaying one score with four chance at each shot

5. To speed up play, if your shot is in the woods or possibly lost,have another ball ready and drop it at the selected shot.

6. The gentlemen will be playing from the blue tees, while the ladieswill be playing from the white tees.

ProximitiesHole #8 East Ladies’ Closest to Pin

Men’s Closest to PinHole #9 West Ladies’ Long Putt

Men’s Long PuttHole #6 West Ladies’ Long Drive

Men’s Long DriveLongest PuttK.P. Second ShotWater DrawClosest to Cattle SkullLong DriveK.P. Third ShotClosest to Spruce Tree

Hole-in-OneHole #1 East Escalade SUV - sponsored by Oilexco Inc.Hole #3 West $10,000 Cash Prize - sponsored by Stream-Flo

Industries, Duncan McNeillOilexco is pleased to offer you a complimentary casual lunch and beverages atthe Halfway House, along with complimentary service from the beverage cartsthroughout the tournament.

ItineraryThursday, August 7, 2008

OILEXCOINCORPORATED

JANUA RYOilexco raises Cdn $16.1M / £7.0Mthrough a private placement. Oilexcoentered into an agreement with CanaccordCapital (Europe) Ltd for a private place-ment of up to 5,385,000 common sharesvalued at approximately Cdn $3.00 or£1.30 per share.

FEBRUA RYThe Royal Bank of Scotland is named asexclusive debt arranger.The EngagementAgreement contemplates a Project Facilityof £75 to £100 million (approximately Cdn$172 to $230 million) for a period of upto five years for the purposes of develop-ing its Brenda Field.

M A R C HSedco 712 drilling rig begins its first opera-tions for Oilexco.The semi-submersibledrilling rig on lease from Transocean beginsdrilling on 15/25a, for which the companyis paying 100% of the drilling costs to earn70% of the lease.This well is on the sametrend as the Brenda Field, which is located10 kilometres to the southeast.

APRILOilexco and Transocean reach an agree-ment to extend the contract length for theSedco 712 semi-submersible drilling rig byone year,until the end of March 2007.Sensing that the market for available rigs inthe UK North Sea would continue totighten, the company secured the rig forthe additional year to ensure it coulddevelop the Brenda Field and continuedrilling exploration wells in a cost effectivemanner.

M AY Test wells from the “Nicol” Field prove suc-cessful and flow at 4,194 b/day.The15/25a-13 “well cluster” has appraised aPaleocene sand oil accumulation defined bythe well 15/25a-2, which was drilled in1988.This Paleocene sand reservoir is onthe same depositional trend as Oilexco’s“Brenda” oil accumulation located 10 kilo-metres to the southeast in Block 15/25b.Under the terms of the farmin agreement,Oilexco is paying 100% of the costs of the15/25a-13 “well cluster”, to earn a 70%interest in Block15 25a.£10M bridge financing signed with RoyalBank of Scotland.The agreement allowsOilexco to order certain equipment thatrequires a long lead time so the companycan develop its Brenda Field.The bridgefinancing is the first step for a ProjectFacility loan to finance the entire Brendadevelopment.

JUNEOilexco begins trading on TSX. On June29th, the company’s common shares andcommon share purchase warrants begantrading on the TSX under the symbols “OIL”and “OIL.WT”, representing a major movefrom the TSX Venture Exchange.Oilexco raises £30.0M to fund their explo-ration program.The company issued31,000,000 shares at £0.98 per share,(approximately Cdn $2.22) for total grossproceeds of £30.0M, or Cdn $68.8M.

Since Oilexco entered the UK North Sea in 2002, it has gained a

reputation for being one of the most innovative and aggressive exploration

companies within the UK. sector of the North Sea. In 2005, the company

continued to pursue its objective of seizing the re-emerging opportunities of

North Sea oil and gas.Major highlights of 2005 included equity financings totaling Cdn

$215.6 million, Oilexco’s appraisal and exploration program being drilled

with the exclusively contracted Sedco 712 semi-submersible rig, Oilexco

being awarded two more Licenses in the 23rd Round, and the company’s

reserves being increased by 46% in an interim independent review.

O verview2005

3

2

- emphasizes the “oil” as the

product and the company’s

trading symbol

- has a cool, retro feel

OILEXCO

OILEXCO

INCORPORATED

Spearheading the r

evitalization of Nor

th Sea production

Update2006

brochure

MARTRESOURCESINC.

MART RESOURCES INC.

MARTRESOURCESINC.

1133 KENSINGTON ROAD NWCALGARY, ALBERTA CANADA T2N 3P4T: 403•270•1841F: 403•270•1839www.martresources.com

MARTRESOURCESINC.

MARTRESOURCESINC.

1133 KENSINGTON ROAD NWCALGARY, ALBERTA CANADA T2N 3P4

same artw

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10x13”envelop

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MARTRESOURCESINC.

WILLIAM CHERWAYKODirector

MARTRESOURCESINC.

1133 KENSINGTON RD NW, CALGARY, AB, CANADA T2N 3P4T: 403•270•1841 F: 403•270•1839 C: 403•815•9700E: bill.cherwayko@martresources.com &

tanner50@telusplanet.com www.martresources.com

MARTRESOURCESINC.

folderstationery

business card

logo

Political Stability EstablishedThe election of President OlusegunObasanjo's administration in 1999 returnedNigeria to civilian rule. In April 2003,Obasanjo was re-elected with 61% of thevote, affording Nigeria a basic level of political stability.

A Growing EconomyNigeria's Real GDP grew at around 4.2% in2003. The economy is heavily dependent onhydrocarbons extraction, which accounts for: • 90-95% of export revenues• Over 90% of foreign exchange earnings

• Nearly 80% of government revenues. In 2004, the International Monetary Fund(IMF) expressed hope about Nigeria becausethe government seems to have adoptedtighter fiscal policies and has saved revenuesfrom recent oil earnings. Internationalreserves were also up in 2004. Reforms and PrivatizationNigeria's post-1999 political climate has

brought about a determined privatizationprogram designed to improve the productivi-ty and efficiency of petroleum exploration,production, distribution and marketing. The government, through its 100% state-owned national oil company NigerianNational Petroleum Corporation (NNPC), hashad overall control of the industry. Under the

privatization program seven NNPC sub-sidiaries are to be sold and state-heldrefineries are slated for privatization.The Oil SectorSince 1999, the democratically elected gov-

ernment has done much to restore confi-dence in the oil sector. Currently, Nigeria isthe world's fifth largest oil producer and amember of the Organization of PetroleumExporting Countries (OPEC).Current Oil ProductionMost of Nigeria’s crude oil production, com-

prising 10 major crude streams, is light sweetcrude with API grades 21-45 and a low sul-phur content. • In 2003, Nigerian crude oil productionaveraged 2.1 million barrels per day (bbl/d). • As of August 2004, OPEC raised Nigeria’sproduction quota to 2.14 million barrels perday in the face of record-high crude oilprices.Onshore Oil ReservesEstimates of Nigeria's proven oil reserves

range from 25 billion to 35.2 billion barrels.The majority of these reserves are found inrelatively simple geological structures alongthe country's coastal Niger River Delta, butnewer reserves have been discovered indeeper waters offshore. Offshore Oil ReservesEstimates of recoverable oil reserves in

deepwater geological formations (up to 5000feet below the surface) range from 8 to near-ly 20 billion barrels. Nigeria's deepwater hasalready produced substantial discoveries andthe bulk of new exploration by major multi-national oil companies is taking place off-shore.

Nigeria’s Proven Undeveloped Fields Project presents a major

opportunity for growth

The CompanyMart Resources Inc. is an international energy company committed to

building substantial shareholder value by acquiring, financing and developing

oil and gas related assets in West Africa. In so doing, the company will become

strategically positioned to capitalize on future expansion in this resource-rich region.

The Opportunity - Nigeria’s Proven Undeveloped Fields Project

The Nigerian government is playing a leading role in proven undeveloped field devel-

opment, and they see it as an effective way to both increase the country’s production

and promote domestic participation in the oil and gas industry. Following the transi-

tion to civilian government in 1999, the Oil Ministry issued new guidelines for the

development of proven undeveloped fields. These called for abandoned or under-

exploited fields to be recovered from operators and production rights re-allocated.

In 2001, the government offered 24 proven undeveloped fields. The fields could only

be awarded to companies incorporated in the country with majority Nigerian owner-

ship. Early in 2003, 31 indigenous companies were selected for farm-out and opera-

tion of the fields. Mart to Participate in Development of Proven Undeveloped Fields

Over the past several years, Mart has been evaluating opportunities to participate in

the development of proven but undeveloped oil and gas fields in Nigeria under the

Nigerian Marginal Field Allocation Program. Under the Program, which was intro-

duced by Nigerian government decree in 1996, a total of 116 proven but undeveloped

fields were designated as “marginal”, meaning that the fields were believed to hold

commercial quantities of hydrocarbons but were considered to be too small to be

commercially exploitable by multinational oil companies under historical fiscal

regimes. According to published reports, these fields may hold an esti-

mated two billion barrels of oil, and reports suggest that proven unde-

veloped fields have the potential to add over 150,000 barrels per

day to Nigeria's oil production.Mart has undertaken detailed technical and commercial evalua-

tions on 10 of the 24 fields allocated, and has entered into

commercial discussions on five of these fields. Mart has con-

centrated its efforts on those fields located in close proximity

to existing infrastructure, allowing for short development

times and early cash flow generation. Many of the wells in

these fields were drilled in the 1970s and 1980s on the basis

of outmoded 2D seismic; however, most of the fields being

evaluated by Mart are covered by more modern 3D seismic

data, which provides much improved definition of the proven

reservoirs as well as the upside exploration potential in and around

the fields.Mart has formed strategic partnerships with indigenous Nigerian companies –

all successful bidders – to jointly develop and finance a number of proven undevel-

oped fields. Mart will partner with international industry and financial companies to

fund and develop the projects. The company’s indigenous Nigerian partners will be

responsible for operational support, infrastructure, logistics, local working knowledge

and relationships.

Opportunity forMartThe major multinationaloil companies are nowconcentrating theirefforts and availablefunds on exploitingNigeria’s huge deepwa-ter offshore potential.This has left Mart and afew other smaller com-panies with the excitingopportunity to partici-pate in development ofthe many low-risk, high-reward oil opportunitiesremaining onshore in theprolific Niger Deltaregion of Nigeria.

Nigeria – Ripe for Investment

Abuja

NIGERIAYola

PortHarcourt

BeninCity

KadunaZarla

Lagos

NIGER

BENIN

CAMEROON

CHAD

Niger

Kano Maiduguri

Ibadan

Ilorin

Gulf ofGuinea

Obodugwa

Eremor

Qua Ibo

Umusadege

200 ft200 m

MARTRESOURCESINC.

Based on an African carving.Empasizes the West Africanfocus of the company.

MARTRESOURCESINC.

glossy black foil

glossy black foil

copper ink, embossed

blue ink, embossed

processes:2 colours ink,1 colour foil+ emboss

processes:1 colours ink,2 colours foil+ emboss(may be considered expensive- could replace copper foil with ink)

glossy black foil

copper foil, embossed

blue ink, embossed

MARTRESOURCESINC.

glossy black foil

MARTRESOURCESINC.

processes:2 colours foil+ emboss

Oil, gas and power opportunities

in resource-rich West Africa

MARTRESOURCES

INC.

Based on an Africa

n carving.

Empasizes the We

st African

focus of the c

ompany.

MARTRESOURCES

INC.

glossy black foil

glossy black foil

copper ink, embossed

blue ink, embossed

processes:

2 colours ink,

1 colour foil

+ emboss

processes:

1 colours ink,

2 colours foil

+ emboss

(may be considered expensive

- could replace copper foil with ink)

glossy black foil

copper foil, embossed

blue ink, embossed

MARTRESOURCES

INC.

glossy black foil

MARTRESOURCES

INC.

processes:

2 colours foil

+ emboss

brochure

PowerPoint

GOLD EXPLO R ATION AND

DEVELOPMENT

IN PERU

SIENNA GOLD INC.

SGP: TSX-Vwww.siennagold.com

SIENNA GOLD INC.

SUITE 820 - 840 7TH AVENUE SWCALGARY, ALBERTA

CANADA T2P 3G2T : 403.508.2061F : 403.508.2670

SIENNA GOLD INC.SUITE 820 - 840 7TH AVENUE SW

CALGARY, ALBERTA CANADA T2P 3G2

SIENNA GOLD INC.SUITE 820 - 840 7TH AVENUE SW

CALGARY, ALBERTA CANADA T2P 3G2

T : 403.508.2061 F : 403.508.2670

E : rucci@telus.net

JOHN M. RUCCIPresident and CEO

E X P L O R O M I N E R A L S C O R P

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Sienna Drilling on the Mina Igor Gold Property

The Mina Igor Gold Mining Project is the most advanced of Sienna’s

gold opportunities. The Company has identified five target areas for

exploration within this high potential gold concession. A drilling pro-

gram is underway on one of these target areas (Tesoro 1) and surface

and tunnel exploration proceeds on the other four. Mina Igor Gold Mine ProjectThe Mina Igor Gold Property is located in the Yanacocha-Pierina gold

belt of Northern Peru, an historic gold mining region dating back to the

Spanish colonial era. Access to the site is a five hour road trip from

Trujillo, which has mining infrastructure and a skilled workforce.

Like Mina Igor, several operating gold mines and deposits in the belt are

sandstone-hosted. The previous operator recovered 5,000 ounces of

gold by crude vat heap leach methods from 15,000 tonnes of mineral-

ized rock in the high-grade breccia zone.Close to world-class gold producersPeru’s largest gold mines, Minera Yanacocha and

Pierina Mine are located within 75 kilometres of the

Mina Igor property. Together they produced 113.4

tonnes (3.645 million ounces) of gold in 2004.

Barrick’s Lagunas Norte Mine in the Alto Chicama,

can be seen from the Mina Igor Project (approximate-

ly 9.5 kilometres). This mine went into production in

2005 and has reserves of 9.1 million ounces.The Mina Igor Exploration Program & ResultsThe Company has initiated exploration and estab-

lished five primary target zones:1. Tesoros 1 Fault and breccia zone2. Tesoros 2 Fault (Domo)3. Tesoros 3 Fault zone (Callanquitos)

4. Tesoros 1 Fault and breccia zone - Northern extension

5. Lower Intrusive Porphyry zone (Portachuelo & Carmen Alto)

THE COMPANYSienna Gold Inc. is a public mining company based inCalgary, Alberta. We are focusedon exploration and mine develop-ment in Peru - the world’s sixthlargest gold producer. Our objec-tive is to be a mid-tier miningcompany within five years bycombining Canadian and Peruvianbusiness strengths. Peruviandirectors provide local knowledgeand expertise while Canadiandirectors contribute public com-pany experience and access tofinancial markets.

Our key gold prospect is MinaIgor in which we hold 60% withthe option to acquire 100%. Wealso hold options on eight otherproperties, all in Northern Peru.

Work is well advanced on the Tesoros 1 Fault and brec-

cia zone and sampling has recently commenced on

the Tesoros 2 Fault and breccia zone. The Tesoros 1

Fault and breccia zone was extensively sampled

within previous workings which range from 2750

meters to 3200 meters above sea level. The aver-

age grades for these samples are:locationgold g/t silver g/t

3175 Tunnel5.5

2473150 Tunnel

3.6151

3120 Tunnel1.8 36

14 Lower Tunnels 1.5 63In late December the Company commenced drilling on the

Tesoros 1 exploration area and has completed 300 meters of cor-

ing. The drill program is for 1,500 meters of BQ (38 mm) diameter

diamond drilling. Additional locations to complete 2,580

meters of drilling have also been identified and will be drilled

following completion of the first phase of the program.The Sienna Exploration PlansThe company plans the following exploration program in

2006:1) Continue drilling of the Tesoro 1 zone2) Extend geologic mapping on the entire 1,000 hectare con-

cession specifically the 4 other target areas that are identi-

fied 3) Prepare and submit to the regulatory authorities a

Declaracion Jurada (an application) which outlines plans for

an additional drill hole program of up to 75 holes.

4) Conduct a preliminary metallurgical study to determine the

best technique for silver and gold recovery.

Other ProspectsSienna Gold has geologic teams evaluating a further eight properties on

which it holds 12 month options:Prospect Target mineralization type

Pachin AltoHigh sulfidation gold system

Cerro Blanco VMS copper previously drilled

Francisco Josefa Low sulfidation gold system

Llipa Old copper mine with high grade polymetallic body

Chincha de Huaripampa Copper-zinc skarn Sitabamba

Low sulfidation gold system

ColcabambaGold exploration target

HuaguilGold exploration target

A Major Gold Producing CountryPeru is located on the Western Coast ofSouth America and is the world’s sixthlargest gold producer. Mineral resourcesaccount for approximately 50% of foreignexchange. Peru is forecast to produce 175tonnes of gold (5.63 million ounces) in2005.

Democratic GovernmentThe Peruvian government is composed ofan executive branch, a single chamber con-gress and a judiciary branch. The Presidentand all congress members are directlyelected by popular vote every five years.

SIENNA GOLD INC.

Stable Exploration & Mining EnvironmentIn the 1990s, the Peruvian governmentmade dramatic improvements to the min-ing laws and the current rules and regula-tions are both clear and fair regarding theownership of mineral rights. Today, mostmajor mining companies have a presencein Peru.

Foreign Investment EncouragedForeign investors are allowed to remitabroad (without restrictions) net profitsand other proceeds originating from theirregistered investment as well as proceedsfrom the transfer of shares, ownership par-ticipation or rights, capital reductions anddissolution of companies.

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ECUADORCOLOMBIA

BRAZIL

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Mina Igor

Pachin Alto

HCerro Blanco

MINING IN PERU– AN OVERVIEW

Tesoro 2

Tesoro 1

drilling at Mina Igor

The Igor Domeshowing the twofaults (Tesoros)

IGORPROJECTHH

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SIENNA GOLD INC.

GOLD EXPLO R AT

ION AND

DEVELOPMENT

IN PERU

SGP: TSX-V

www.siennagold.com

brochure

CASPIAN ENERGY INC.

TSX: CEK AIM: CEKQ

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field due to an extensive Soviet era 2D seismic survey and the proximity of significant

producing oil fields.Aral has already re-entered one of the Soviet era exploration wells in the East

Zhagabulak field and re-perforated and tested the well. The well went into produc-

tion in February 2004 and is currently producing approximately 400 bbls of light

crude oil per day. The North Block is serviced by excellent infrastructure, including electrical power

lines, a good network of all weather roads and an experienced oil industry work force.

The area is crossed by the regional rail oil transportation system and also connected by

a new pipeline from Kenkiyak to Atyrau and on to Western European and Russian

export markets.Neighbouring FieldsThe North Block and Caspian Energy’s oil and gas properties within the area have

significant producing fields nearby:Alibekmola – Nelson Resources 50% - Kazmunaigas 50%

In 2000, Nelson Resources purchased a 50% interest in Kazakhoil Aktobe, the Kazakh

State Oil Company, KazMunaiGas, owns the other 50%.

Alibekmola was discovered in 1987. The field is a large north - south trending anticli-

nal fold with a faulted western margin. A total of 24 exploration and appraisal wells

were drilled on the field between 1985 and 1994. The estimated remaining proved

and probable oil reserves are 206 mmbbl barrels for Alibekmola. Production in 2004

was 16,000 b/d.The Alibekmola field is 15 km north of the Zhanazhol field, operated by

Aktobemunaigaz (CNPC) and about the same distance from the Kenkiyak - Orsk

pipeline system. A rail link is available just 50 km from the field. A pipeline system

now links the Alibekmola Field directly with the Black Sea port of Novorossiysk via

the CPC pipeline. The South Alibek Field – Transmeridian 50%The South Alibek field is located to the south-west of the Alibekmola field in the

Aktobe. The field covers over 14,000 acres and is surrounded by major producing

fields including Alibekmola, Kenkiyak and Zhanazhol. According to McDaniel &

Associates Consultants, the oil reserves are estimated at 193 mmbbl. They are located

in the KT-2 reservoir, which is identical to producing zones in the Alibekmola and

An Emerging Company Aggressively Targeting Growth

In September 2004, Caspian Energy Inc (formerly Northway Explorations Ltd.) suc-

cessfully completed a merger with Caspian Energy Ltd. In the same month, the com-

pany announced that its common shares had been admitted to trading on the London

Stock Exchange (TSX-V/AIM: CEK).Today, Caspian Energy Inc is a dynamic international oil and gas exploration company

focused on exploration and development in resource rich Kazakhstan where it has a

number of targets in the highly prospective Aktobe Oblast of Western Kazakhstan.

Caspian Energy Acquires 50% of Aral Petroleum

Caspian has 50% of Aral Petroleum Capital LLP. The remaining 50% is owned by

Azden Management Ltd. (local Kazakh investors). Aral has operated in Kazakhstan

since December 2002, and has assembled a management team of both Kazakh and

international executives who have extensive experience in the Kazakh operating and

regulatory environment.Through its 50% stake in Aral Petroleum, Caspian holds a government-issued explo-

ration contract to explore and develop certain oil and gas properties in the ‘North

Block’. This area is in the prolific Pre-Caspian basin and lies immediately adjacent to

producing fields of Alibekmola, South Alibek, Zhanazhol and Kenkiyak.

In March 2005, the government awarded Aral a further 1,110 sq. km. of territory

adjacent to the North Block. With this acquisition, the North Block has been expand-

ed by 47% from 2,348 sq. km to 3,458 sq. km. Important geophysical information

indicates that a series of geological features associated with salt domes that extend

from the North Block are within the latest acquisition. Strong Growth StrategyCaspian Energy will employ 3D seismic and the latest western technology to prove up

the maximum amount of reserves from the minimum number of wells. Caspian

intends to crystallize shareholder value through selected developments or through a

targeted program of disposing of its North Block assets at the appropriate stage of

development.2004/2005 Seismic 3D Program Indicates Significant Structures

Aral has received preliminary interpreted data from the 3D seismic survey of 400

square kilometres in the Zhagabulak area in the ‘Golden Triangle’ of the North

Block. This is prime exploration territory that encompasses the oil-producing Well

213. The government of Kazakhstan has estimated that Zhagabulak has recoverable

reserves of 195 million barrels. The preliminary interpretation of the data indicates

the presence of significant structures. Drilling of the first well is projected to start at

the end of the second quarter of 2005.North Block Proven to ProduceWithin the North Block, several producing and non-producing oil fields are operated

by international and Kazakh companies. Caspian is primarily targeting the Zhagabulak

THE REPUBLIC OF KAZAKHSTAN• is located at the eastern marginof the Pre-Caspian Basin – one ofthe world’s largest untappedhydrocarbon reserves• has reserves of 28 billion barrels

of oil and condensate and 106trillion cubic feet of gas• was projected to produce 1.09

million bopd and 565 billion cu ftof gas by 2004

• isn’t a member of OPEC andtherefore not subject to its pro-duction quota system• has a government that encour-

ages direct foreign investment inthe oil and gas sector.• has an excellent infrastructure of

electrical power, roads, rails andpipelines

• has an experienced oil industryworkforce.

Location: Central AsiaArea: 2,717,300 square kmPopulation: 16,763,795GDP growth rate: 9.2%

UZBEKISTAN

TURKMENISTANIRAN

AFGHANISTAN

RUSSIA

CHINA

KYRGYZSTAN

KAZAKHSTAN

TAJIKSTAN

PAKISTAN

CaspianSea

Astana

Caspian’sNorth Block

Caspian’s Northern Block licenceCaspian prospectslicences held by other companiesfields held by other companies

Baktygaryn

Bulash

Shengelshly

E. Zhagabulak

Tashir

Kozdysay

Urikhtau(26 million bbls)

Kokzhide(66 million bbls)

Kumsay(43 million bbls)

Bozoba(5 million bbls)

ZhagabulakAlibekmola(210 million bbls)

So. Alibekmola(193 million bbls)Zhanazol(848 million bbls)

Kenkiyak(500 million bbls)

0 25km

Zhanazhol fields. Extensive 2D seismic data was acquired

over this area up to 1996, and 3D was acquired in 2001. In

2004 production was estimated at 25,000 - 28,500 barrels

p/d. The production rate for the South Alibek Field is 1500

b/d.Aktobe – China National Petroleum Corporation (CNCP)

In July 1997 China National Petroleum Corporation

(CNPC) acquired a 60% stake in Aktobemunaigaz,

Kazakhstan's second largest oil company. Total CNPC-

Aktobe oil production in 2004 was 5 million tons and is

expected to rise to 6.7 million tons by 2007.The CNPC acquistion included the Zhanazhol and

Kenkiyakfields. Zhanazhol has estimated reserves in place of

398 million tons (2.99 billion barrels) and recoverable

reserves of 118 million tons (883 million barrels).

Zhanazhol production in 2004 was 95,000 b/d.The Kenkiyak under-salt field was discovered in 1971 but

remained undeveloped until CNPC acquired the field.

Reserves in place are estimated at 137 million tons (1.03

billion barrels) and recoverable reserves of 44.7 million tons

(335 million barrels). CNCP/Aktobe oil production in 2004 was 108,000 b/d.

95,000 b/d were from Zhanazhol and 13,000 b/d were

from Kenkyiak. Production is expected to increase to

129,000 b/d by 2006.PipelinesKenkiyak-Atyrau Oil PipelineIn June 2000, it was announced that KazTransOil was to

build a pipeline to transport oil from the Kenkiyak region,

and the North Block to Atyrau, to link up with the CNPC

and Samara export pipelines. In the longer term, this

pipeline is intended to form the first part of the strategic

trunk line linking west Kazakhstan and China. There are

also additional above salt reserves that are being developed

by CNCP. The line was inaugurated on 28 March 2003, although not

fully commissioned until late 2003 and was immediately

used to deliver Aktyubinskneft crude for export. Capacity

expansions to 180,000 and 240,000 b/d are envisaged.

Kazakhstan-China Oil PipelineConstruction of the Atasu (rail loading terminal on the

Omsk-Pavlodar-Chardzhev line) to Alashankou (Druzhba

rail terminal on the Kazakh-China border) section of the

Kazakhstan-China pipeline commenced on 28 September

2004, with the first oil expected to be delivered in 2006.

The 988 km, 32" pipeline will have initial capacity of

200,000 b/d and is planned to increase to 400,000 b/d

from 2011. CNPC has agreed to fund this initial project,

which has been valued by Kazakhstan at US$850 million.

Oil from the Precaspian basin, and the North Block may be

fed in by reversing the Kenkiyak-Atyrau line (operational)

and the Kumkol-Aralsk-Kenkiyak line (proposed). The 752

km. line is scheduled to be in operation on 2011. The 32”

pipeline will have an initial capacity of 400,000 b/d.

U N L E A S H I N G

K A Z A K H S T A N ’ S

O I L R I C H E S

CASPIAN ENERGY INC.

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SUITE 390

1090 W. GEORGIA ST.

VANCOUVER, BC

CANADA V6E 3V7

TEL: 604-602-9144

FAX: 604-602-9155

SUITE 3901090 W. GEORGIA STREETVANCOUVER, BC CANADA V6E 3V7

SUITE 390, 1090 W. GEORGIA ST.VANCOUVER, BC CANADA V6E 3V7

TEL: 604-602-9144 FAX: 604-602-9155 rhindson@farwestmining.com www.farwestmining.com

R O B E RT E. HINDSON, P.EN G.

PRESIDENT & CEO

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Falcon™ Airborne GravityGradiometer System revolution-izes exploration

Falcon is BHP Billiton’s breakthroughgeophysical technology that measuresminute changes in the earth's gravity pro-

ducing colored maps indicating changes in the earth's density

that can give geologists vital clues to the whereabouts of high

value ore bodies. Installed onto a light aircraft and flown over

prospective mining areas it’s a cost-effective, fast way to explore

new terrain.

Far West’s Broken Hill-type (BHT) exploration in

Queensland Australia has the potential for massive capi-

tal appreciation as conceptualized by BHP Billiton. The

Georgetown Project area is believed to have the poten-

tial to host BHT style mineral deposits such as Broken

Hill (280Mt 10.0 % Pb, 8.5 %Zn, 150 g/t Ag) and

Cannington (45Mt 11.9% Pb, 4.8 %Zn, 520 %Ag).

Area ranks third in the world for BHT mineralisation

BHT lead-zinc-silver deposits are high grade, large ton-

nage, lead-zinc silver sulphide deposits. Georgetown

Province is ranked third globally for silver-rich BHT min-

eralisation. There is demonstrated Proterozoic BHT min-

eralization to the north, and numerous BHT prospects

along the Gilberton Pb-Zn corridor that extends into

the project area.

Georgetown Exploration ProgramIn May 2005, Far West contracted with Fugro Airborne

Surveys Pty. Inc. to carry out a 7,817 line km airborne

electromagnetic/magnetic survey over the Georgetown

properties. The company is anticipating that at least 10

-12 anomalous targets will be generated for subsequent

ground geophysics and drill testing.

In 2002-03, Far West entered into an agreement with

BHP Billiton to explore for iron-oxide copper-gold (IOCG

deposits) in northern Chile’s Candelaria copper belt,

which is rated one of the most prospective IOCG

provinces in the world. The belt hosts numerous copper

deposits including Candelaria (460 million tonnes) and

Manto Verde (350 million tonnes). Far West recently completed its 100% earn-in on the

Candelaria project from BHP Billiton, which now holds a

2% net smelter return royalty.Falcon gravity survey outlines target areasIn 2002, a 10,700 line km Falcon airborne gravity gra-

diometer technology was flown along a 300 km strike

length of the Candelaria copper belt. The survey out-

lined in excess of 76 target areas containing one or

more distinct gravity anomalies.

4C Drilling ProgramBetween February 2003 and May 2004, reverse circula-

tion (RC) drilling discovered encouraging IOCG mineral-

ization in 3 target areas 3d, 4a, and 4c. Drilling in the

4c target in early 2005 encountered widespread IOCG

mineralization; however, no priority zone has emerged.

4a (Santo Domingo) Target AreaFar West has a 100% interest in three key properties in

the Santo Domingo 4a Target Area. The properties are strategically located along the major

east-west Santo Domingo fault zone where high grade

copper veins, breccias and mantos are exposed. Previous

Far West drilling in the 4a target area intersected stock-

work/breccia and strata bound manto-style mineraliza-

tion of variable grade and thickness for over three kilo-

metres along the Santo Domingo fault.

Latest drilling on 4a3 cuts significant copper

interceptsDuring the recent drilling campaign (April/May 2005), six

holes placed in the Santo Domingo Sur Area intersected

significant a mantos structure, or feeder zone, hosting

Iron Oxide Copper-Gold (IOCG) mineralization. Reverse

circulation (RC) drill hole 22 cut 56 metres from 14

metres below surface grading 0.8% copper, including

14 metres averaging 1.3% copper.Target 4a3 exhibits stacked manto-style mineralization

including a deeper intercept of 22 metres from 186

metres below surface grading 0.7% copper. Hole 22 was

positioned about 2.5 km southeast of the main east-

west Santo Domingo fault. Five other RC holes in the

area intersected numerous 20 to 150-metre intercepts

averaging 0.7-1.1% copper.

The Argentinean Andes are in the top five prospective

magmatic arcs in the world for porphyry copper-gold

deposit exploration. Porphyry deposits provide more

than 50% of the worlds copper supply. Far West is cur-

rently exploring for major deposits in the Farallón

Negro project in Argentina.Proven deposits in the Farralón Negro project area

The Farallón Negro project area has proven large cop-

per-gold porphyry potential

- Alumbrera (752Mt @ 0.51% Cu & 0.67 g/t Au)

- Agua Rica (802Mt @ 0.61% Cu & 0.23 g/t Au).Falcon gravity airborne survey completedBecause conventional exploration for massive porphyry

copper deposits in much of the Andes is hindered by

extensive post mineral cover, Far West employed the

advanced Falcon system to survey for world-class por-

phyry Cu-Au target areas in the Farallón Negro project.

In April 2005, the Falcon airborne survey was complet-

ed. The areas surveyed covered 7,270 sq km of the proj-

ect area at 800m line spacing and lay to the north and

south of the district hosting the major Alumbrera and

Agua Rica deposits. The data is currently being processed by BHP Billiton’s

Falcon technical team in Australia. It is estimated that

5-8 target areas will be identified for further geological

investigation, geochemical sampling, ground geophysics

and initial diamond drilling.

CHILE , Candelaria IOCG Project

ARGENTINA , Farralón Negro Project

AUSTRALIA , Georgetown Undercover BHT Project

Far West intersects significant iron-oxide copper-gold (IOCG) style mineralization in Chile.

Discovering world-class assets through advanced technology

Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation,

acquisition, exploration and development of mining properties. The company has current operations in

Chile , Argentina and Australia in collaboration with its exploration strategic alliance partner BHP

Billiton.

Far West’s strategic alliances with BHP Billiton

Between 2001 and 2004, Far West entered into seven strategic alliances with international mining

giant BHP Billiton (BHPB). BHPB is a multi-national integrated mining company that focuses solely on

the exploration and development of world class mineral deposits. BHPB brings to the strategic alliances

its revolutionary Falcon exploration technology, specialist expertise on specific mineral deposit types

and significant mine development capacity.

A global focus on world-class assets

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CHAPMAN CORPORATECOMMUNICATIONS

E X P L O R O M I N E R A L S C O R P

A statue of Zeus, king of the godsin front of the sun, with energy emanating

in all directions.

SARCOALENERGYCORP.

SARCOAL ENERGY CORP.

A R I M E X

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