KOZA GOLD COMPANY

OCTOBER 2006

TURKEY

2

KOZA GOLD OPERATIONS

A- OPERATIONSA- OPERATIONS OVACIK GOLD MINEOVACIK GOLD MINE (200,000 ons/yr Gold Productions)(200,000 ons/yr Gold Productions)

B- PROJECTSB- PROJECTS• MASTRA GOLD MINEMASTRA GOLD MINE (150.000 ons/yr Gold Productions)(150.000 ons/yr Gold Productions)• KUCUKDERE OPEN PITKUCUKDERE OPEN PIT (80.000 ons/yr Gold Productions)(80.000 ons/yr Gold Productions)

C- FUTURE PROJECTSC- FUTURE PROJECTS• KAYMAZ GOLD MINEKAYMAZ GOLD MINE (248.000 ons total resource)(248.000 ons total resource)• GICIK PROJECTGICIK PROJECT

D-SUBSIDARYD-SUBSIDARY• OZDEMIR ANTIMONY MINEOZDEMIR ANTIMONY MINE

3

KOZA GOLD EXPLORATIONS

TURKEY

• OVACIK REGION

• WESTERN TURKEY

• CENTRAL & EASTERN TURKEY

ABROAD

• GHANA (WESTERN REGION)

4

TOTAL LICENCES

KOZA GOLD TOTAL LICENCES

  Number of Licences Total Hectares

WESTERN TURKEY

EXPLORATION 39 48448,71

OPERATION 3 11021,63

EXPLORATION (OVACIK) 8 9527,53

OPERATION (OVACIK) 4 47720,77

TOTAL 54 116718,64

CENTRAL TURKEY

EXPLORATION 12 12022,88

OPERATION 4 16099,60

TOTAL 16 28122,48

EASTERN TURKEY

EXPLORATION 13 4457,28

OPERATION 1 3536,81

EXPLORATION (MASTRA) 10 7272,78

OPERATION (MASTRA) 3 6771,50

TOTAL 27 22038,37

TOTAL

TOTAL 97 166879,49

5

KAYMAZ

MASTRA

KÜÇÜKDERE

OVACIK

Kozagold Operations and Projects

GICIK

6

OVACIK FLOW SHEET

7

ENVIRONMENTAL MANAGEMENT

BG22

31

4

5

BG3

BG1

GK 7 S/D

GK 8 S/D

GK 9 S/D

GK 4

GK 5

GK 6

Decant Tower

Tailings Pond

Process Plant

Environmental Monitoring Locations

Particulate dust monitoring

Precipitated dust monitoring

HCN gas monitoring

Noise monitoring

Blast monitoring

Cyanide sampling locations

Tailings pond sampling locations

Underground water monitoring wells

Weather Station

N

8

ENVIRONMENTAL MANAGEMENT

Rehabilitation works

Plantations of olive and pine nut trees

Good quality - olive oil

Co-existence of Gold mining activities

and olive plantations.

9

LEGAL AND PERMITTING STATUS

OVACIK GOLD MINE

Mine operates since May 2005 after renewal of all necessary permits.

There are three main ongoing cases in Admin Courts of Izmir and in Supreme Court in Ankara.

These are related to the below permits:

Environmental Impact Assessment

Continuous Operation Permit

Land Zone Permit

MASTRA GOLD PROJECT

Environmental Impact Assessment is ongoing

Negotiations on land purchases

KÜÇÜKDERE OPEN PIT

Continuous Operation Permit

10

OVACIK GOLD MINE

11

Geology Map of Ovacik Mine

G VEIN

D VEIN

UC

0,2

S VEIN

BACAKLAR

SAKLI

0

kilometres

0,1

DEGISME

DONEK

M VEIN

BUYUK

EXTRA

5066

00 m

E

5065

00 m

E

5063

00 m

E

5064

00 m

E

5067

00 m

E

5068

00 m

E

4325400 mN

5062

00 m

E

5060

00 m

E

5061

00 m

E

4325200 mN

4325300 mN

4325500 mN

4325600 mN

4325700 mN

5059

00 m

E

4325100 mN

SCREE

ALLUVIUM

DOLERITE DYKE

LEGEND

HYDROTHERMAL BRECCIATED QUARTZ-ADULARIA VEINS

PORPHYRITIC BIOTITE ANDESITE WITH POLYMICTIC XENOLITHS

INTERBEDDED TUFFACEUS SILTSTONE AND SANDSTONE

ANDESITIC BRECCIA

ANDESITIC DEBRIS FLOW

FAULT ZONE

BACAKLAR

12

Ovacık Total Resource

Stockpiles include ore in Measured, Low Grade in Indicated Resource

13

Ovacık Reserve Summary-Dec 2005

14

OPEN PIT-STAGE 4 PIT

STAGE -4 PIT DIZAYN

15

Ovacık Mine Ore Production

16

Ore Milled vs Ore Mined

DECEMBER 31st 2004-DECEMBER 31st 2005

17

Mastra Resource and Block Model

MASTRA PROJECT

18

Mastra Resource

19

Mastra Project

Environmental baseline study completedEIA Reports study continue with SRKLayout and Earth work Conceptually designed.Ovacik flow sheet modification continue with SGS.Mine designs completed by AMC.

20

KUCUKDERE PROJECTKucukdere Block model and Resource

21

-Kucukdere blok model done by AMC and cut off 3 g/t Au

Kucukdere Resource

KUCUKDERE RESOURCE- DECEMBER 2005

  Tonnes Au (g/t) Au ozs

Kucukdere 1.406.000 4.92 223.000

22

Kucukdere Open pits

23

Kaymaz Block Model and Resource

KAYMAZ PROJECT

24

- Kaymaz blok model done by TUPRAG and cut off 3 g/t Au

Kaymaz Resource

KAYMAZ RESOURCE- DECEMBER 2005

  Tonnes Au (g/t) Au ozs

KAYMAZ 1.169.00 6,6 248.050

25

TOTAL RESOURCE AND RESERVE

26

EXPLORATIONS

1-Ovacık1-Ovacık Regional Explorations Regional Explorations

2-2-Western Turkey ExplorationsWestern Turkey Explorations

3-3-Central Turkey ExplorationsCentral Turkey Explorations

4-4-Eastern Turkey ExplorationsEastern Turkey Explorations

5-Ghana Explorations5-Ghana Explorations

27

OVACIK REGIONAL

Gelin T epeGelin T epeGelin T epeGelin T epeGelin T epeGelin T epeGelin T epeGelin T epeGelin T epe

File T epeFile T epeFile T epeFile T epeFile T epeFile T epeFile T epeFile T epeFile T epe

Uyuzkaya T epeUyuzkaya T epeUyuzkaya T epeUyuzkaya T epeUyuzkaya T epeUyuzkaya T epeUyuzkaya T epeUyuzkaya T epeUyuzkaya T epe

Dede T epeDede T epeDede T epeDede T epeDede T epeDede T epeDede T epeDede T epeDede T epe

Narlı caNarlı caNarlı caNarlı caNarlı caNarlı caNarlı caNarlı caNarlı ca

KüçükmağaraKüçükmağaraKüçükmağaraKüçükmağaraKüçükmağaraKüçükmağaraKüçükmağaraKüçükmağaraKüçükmağara

KaplanKaplanKaplanKaplanKaplanKaplanKaplanKaplanKaplan

Maden EtrafıMaden EtrafıMaden EtrafıMaden EtrafıMaden EtrafıMaden EtrafıMaden EtrafıMaden EtrafıMaden Etrafı

Kı zı lçukurKı zı lçukurKı zı lçukurKı zı lçukurKı zı lçukurKı zı lçukurKı zı lçukurKı zı lçukurKı zı lçukur

Çam T epeÇam T epeÇam T epeÇam T epeÇam T epeÇam T epeÇam T epeÇam T epeÇam T epe(Neogene)

Granodiorite + diorite(Neogene - Palaeogene)

Rhyolite + dac ite(Neogene)

Sandstone + s il ts tone

Andes ite + porphyrite

(Neogene)

Basalt + doleri te(Neogene)

Schis t + gneiss(Palaeozoic)

Çalı şma Alanı

Fay

(Quaternary)Alluvium + col luvium

AÇIKLAMA

(Mesozoic)

Limestone(Mesozoic)

Flysch

1.M Vein West

2.Narlica

3.Dedetepe

4.Kucukmagara

5.Fila Tepe

6.Uyuzkaya Tepe

7.Gelin Tepe

8.Kapikaya

9.Kaplan

28

WESTERN TURKEY

1-KARADAG ANOMALY

High Sulphidation, in addition to extensive silisification Au bearing stockworks and barite and sulphide-bearings veins are present

2-KIRCA ANOMALY

Low Sulphidation/Sedimant Hosted, carried out extensive sampling within the licence and collected 14 BLEGs, 32 stream sediment and 91 rock samples – the latter returning values up to 5.3ppm Au

3-KIZILCUKUR ANOMALY

Low Sulphidation, On the south , strong Au, Ag, Sb, Pb, Zn results indicating higher level of epithermal system, rockchip samples are highly anomalous in the range 0,5 to 8.0 g/t

4-KUCUKDERE

Low Sulphidation/High Sulphidation

29

KARADAĞ

KIRCAKÜÇÜKDERE

OVACIK ETRAFI

ÇOBANLAR

İZMİR-MERKEZ

KIZILÇUKUR

CANAKKALE

BURSA

BALIKESIR

MANISA

IZMIR

RUHSAT ALANLARI

WESTERN TURKEY

LICENCED AREAS

30

CENTRAL TURKEY

1-KAYMAZ PROSPECT

Epithermal system Several phases of silicification and brecciation. Signification gold grades of up to 6 g/t.

2-SOGUT ANOMALY

Carlin Style Mineralizations Extensive old Au workings where mineralisations appear to be associated with quartz-calcite veinlets penetrating limestone, or with quartz-clay-limonite schists stockworked by calcite veinlets,or earthy-limonitic clay,yielding gold values in the range 0.5 to 22 g/t

3-HIMMET DEDE ANOMALY

Carlin Style Mineralizations Widespread distribution of Au,Sb,As,Hg and W in these anomalies hosted by the limestone close to a major tectonic boundary may represent Carlin-Type Au mineralisation gold values up to 0.9 g/t.

31

YÜKSELEN

KAYMAZ

SÖĞÜT

HİMMETDEDE

GICIK

ANKARAKIRIKKALE

AFYON

AKSARAY

NEVSEHIR

NIGDE

KIRSEHIR

KONYA

YOZGATESKISEHIR

RUHSAT ALANLARI

Central Turkey

LICENCED AREAS

32

EASTERN TURKEY

1-MASTRA WEST

Low Sulphidation, Extension of 2 major quartz veins. from drill hole (MD61) 3.35m@10.74 g/t Au

2-TORUL PROSPECT

Low Sulphidation, Of the order of 24 grab rockchip samples are highly anomalous in the range 0,5 to 9,4 g/t with 7 samples >4 g/t

3-ERCIS ANOMALY

Porphyry Related, Results are pending.

33

KANGAL

TURHAL

TUNCELİ

ERZİNCAN

AĞRI-HAMUR

VAN-ERCİŞ

MUSBINGOL

ERZURUM

TUNCELI

ERZINCAN

GUMUSHANE

AGRI IGDIR

KARS

ARTVIN

RIZETRABZONGIRESUN

TOKAT

SIVAS

RUHSAT ALANLARI

Eastern Turkey

LICENCED AREAS

34

GHANA EXPLORATIONS

GEOLOGY MAP OF GHANA MAGNETIC MAP OF GHANA

35

GHANA LICENCE AREA

KOZA GOLD

36

Soil Geochem Results

152

Tandokrom

Akontobra

Bokaso

Akontobra

153

Asu

aba

5165

00 m

E51

6500

mE

668500 mN

668000 mN

667500 mN

667000 mN

666500 mN

666000 mN

665500 mN

665000 mN

5155

00 m

E

5160

00 m

E51

6000

mE

5155

00 m

E

5150

00 m

E51

5000

mE

5145

00 m

E

5140

00 m

E

5145

00 m

E

5140

00 m

E

5135

00 m

E51

3500

mE

5130

00 m

E

5125

00 m

E

5130

00 m

E

5115

00 m

E

5110

00 m

E

5115

00 m

E

669000 mN 669000 mN

664500 mN

668500 mN

5125

00 m

E

5120

00 m

E51

2000

mE

5110

00 m

E

5100

00 m

E51

0000

mE

5105

00 m

E51

0500

mE

668000 mN

667500 mN

667000 mN

666500 mN

666000 mN

665500 mN

665000 mN

Akontobra_soils_2005 by Au_ppb_

100 to 1,200 (43)90 to 100 (10)80 to 90 (10)70 to 80 (15)60 to 70 (20)50 to 60 (30)40 to 50 (51)30 to 40 (80)20 to 30 (141)10 to 20 (196)0 to 10 (67)

LEGEND - Geology of GhanaLEGEND - Geology of GhanaLEGEND - Geology of GhanaLEGEND - Geology of GhanaLEGEND - Geology of GhanaLEGEND - Geology of GhanaLEGEND - Geology of GhanaLEGEND - Geology of GhanaLEGEND - Geology of Ghana

Lower Birimian

Cape Coast Suite GranitoidsBiotite and muscovite bearing granite, granodiorite, pegmatite and aplite

Biotite and/or muscovite bearing granite, granodiorite, pegmatite and aplite

Tarkwa Phyllite

Phyllite and chloritoid phyllite with subsidiary arenaceous beds

Huni Sandstone

Kawere Series

CAPE COAST GRANITE COMPLEX

Granite, biotite and muscovite granite, granodiorite, pegmatitie, aplite; with biotite schist pendants

Sedimentary cover

Sandstones, quartzites , grits and immature polymictic conglomerate

Upper Birimian

Gabbro and diorite (possibly of Dixcove Suite affinity)

Intrusives

Banket Series

Quartzites , grits / mature quartzose oligomictic conglomerates

Basic to intermediate metavolcanics , volcaniclastics , greywackes and phyllites

Phyllites , schists , tuffs and greywackes

Dixcove Suite Granitoids

Hornblende bearing granite, granodirite, monzonite, porphyry, diorite and aplite

GRANITE

Undifferentiated granites

Scale: 1: 25 000Scale: 1: 25 000Scale: 1: 25 000Scale: 1: 25 000Scale: 1: 25 000Scale: 1: 25 000Scale: 1: 25 000Scale: 1: 25 000Scale: 1: 25 000

fault

fault

fault

fault

fault

fault

fault

fault

fault

37

CONCEPTUAL 10 YEARS LIFE OF MINE

38

FINANCIAL STATISTICS

Financial Statistics based on Conceptual LOM  

         

. Financial Data    

    Average Gold Price $ 600.00  

    Average Cash Cost $ 264.98  

    Total Cash Costs $ 632,296,080  

    Gold production oz 2,386,228

. Revenue $ 1,431,736,553  

. Free Cashflow $ 664,740,473  

. NPV of Free cashflow $ 420,548,622  

39

CONCEPTUAL 10 YEARS LOM BY YEAR

Operations LOM

40

OPERATIONS CONCEPTUAL 10 YEARS LOM

Operations LOM

41

TOTAL CONTAINED OUNCES

TOTAL CONTAINED OUNCES

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Ounce

s

OVACIK KUCUKDERE NARLICA ZAFER GELINTEPE KAPIKAYA KAYMAZ MASTRA MASTRA WEST TORUL

TORUL 8,038 16,075 24,113 24,113

MASTRA WEST 5,626 22,506 33,758 33,758 22,506

MASTRA 27,470 60,417 137,936 146,230 69,463 40,515 5,623

KAYMAZ 8,488 53,049 53,049 42,439 21,219

KAPIKAYA 48,226 72,339 96,452 120,565 120,565 120,565

GELINTEPE 11,092 11,092

ZAFER 22,506 45,011 90,022 90,022 90,022 78,769 78,769 67,517 45,011

NARLICA 21,528

KUCUKDERE 52,457 65,764 93,008

OVACIK 180,603 52,711 7,532

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

42

REVENUE&OPEX&CAPEX

Sales Revenue, Opex and Capex

$(20)

$30

$80

$130

$180

US$

Mill

ions

Sales Opex Capex Exploration

Sales $102 $100 $101 $181 $165 $170 $175 $168 $151 $120

Opex $39 $56 $50 $71 $56 $72 $78 $79 $72 $58

Capex $21 $36 $6 $16 $22 $2 $1 $1 $1 $1

Exploration $3 $3 $3 $3 $3 $3 $3 $3 $3 $3

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016