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PROJECTS - TOMI

At the end of September 2008, the Company ceased mining at the Tomi mine due to the handover of the Revemin mill to Minerven, a Venezuelan State-owned company, which was effective October 1, 2008. Subsequent to October 1, 2008, the entire mill operating employees at Revemin and some of the mining employees accepted offers of employment with Minerven. The Company paid Minerven compensation for all severance costs relating to those employees who were assumed by Minerven and is in the process of terminating most of the remaining mining employees.  In 2009, the Company returned the Tomi property to the State.  The Company is in discussions with MinAmb regarding the extent of its reclamation activities at the Revemin mill.  Reclamation studies have been undertaken for the Tomi concession.  The extent of the Company’s reclamation obligations on the mining concession will not be determined until MIBAM and Minerven determine whether they will continue mining activities on the concession.  Gold was produced from three deposits on the Tomi concession. Ore from the Tomi mine was processed at the Revemin mill, which is located twenty one kilometres from Tomi.

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