• Ownership: 100%
• Size: 457km²
• Location: North West Liberia
• Resource:1.4M oz (NI 43-101) 13.533Mt M&I at 3.18g/t Au
• Geology: Near vertical sheared ultramafics
• Status: BFS planned for H2 2010

Introduction

The New Liberty deposit is located in north-west Liberia on an east-south-east trending, highly sheared and mylonitised schist-belt. Situated in an area of intensive alluvial gold mining, known as Gold Camp, artisanal miners have been working the eastern end of the deposit for many years. The subsequent discovery of primary deposits up-stream led to the development of two major hard rock artisanal mining camps known as Larjor and Kinjor. The host structure was traced on satellite imagery and airborne geophysical maps for several kilometres beyond the current workings. The first 114 diamond drill holes lead to the initial NI 43-101 resource estimate.

Resource Estimate

The gold mineral resource estimate for New Liberty was previously disclosed in the technical report entitled "Form 43-101F Technical Report on the New Liberty Gold Project, Liberia" dated October 24, 2006 (the "New Liberty Technical Report") prepared by Dexter Ferreira and Pierre Fourie of Lower Quartile Solutions (Pty) Ltd who are each a "Qualified Person" as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The New Liberty Technical Report was filed on the Company SEDAR profile on January 31, 2007 and is available at www.sedar.com. Table 1 details the resource estimate.

Tabel 1: NI 43-101 Resource Estimate

Category	Cut Off (g/t Au)	Grade g/t Au	Metric Tonnes	Contained Gold oz
Measured	1	3.49	6,658,000	746,409
	2	4.4	4,592,000	650,027
Indicated	1	2.88	6,875,000	636,570
	2	3.73	4,370,000	523,486
Total	1	3.18	13,533,000	1,382,979
	2	4.07	8,962,000	1,173,513

Notes: - The 1 g/t Au cut off is the original, prepared Resource Estimate cut-off grade. - The 2 g/t Au numbers are shown for information only. Tonnes are metric. - Contained metal estimate which remains subject to mining dilution and process recovery losses.

Exploration Summary

Since the initial resource estimate, a further 52 diamond drill holes have been completed. The drilling so far has delineated four zones of mineralization known as: Larjor, Latiff, Kinjor and Marvoe, forming a combined strike of over 2km. Figure 1 shows the drill hole plan. The Kinjor and Larjor zones average about 8m in true thickness at a grade of 6.4 g/t gold, over a combined strike length of approximately 650m. Table 2 shows the top 20 drill intersections.

Figure 1: Drill Hole Plan

Table 2: Top 20 Drill Intersections

Rank	Hole ID	From (m)	To (m)	Length (m)	Au g/t	Au m.g
1	K63	55	92	37	8.45	312.65
2	K10	32	82	50	4.35	217.47
3	K13	4	50	46	3.55	163.37
4	K2	24	56	32	4.58	146.45
5	K126	144	170	26	5.04	131.04
6	K153	334	390	56	2.29	128.37
7	K116	210	245	35	3.59	125.65
8	K96	54	62	8	15.27	122.16
9	K24	56	92	36	3.26	117.36
10	K165	164	193	29	4.04	117.05
11	K70	48	100	52	2.23	115.96
12	K115	205	228	23	4.95	113.85
13	K3	28	66	38	2.86	108.85
14	K142	133	165	32	3.39	108.48
15	K47	37	87	50	2.16	108
16	K14	0	42	42	2.50	105.17
17	K158	171	230	59	1.75	103.2
18	K164	70	88	18	5.68	102.29
19	K49	47	57	10	10.08	100.8
20	K52	47	61	14	6.97	97.58

For A full table of the latest drilling results click here

The latest phase of drilling has delineated the Latiff zone, Figure 2, a new near surface zone, with further high grade intercepts at depth. The Latiff zone represents the potential of further near surface ounces in this new zone between the Larjor and Kinjor bodies.

Figure 2: Latiff zone

Geochemistry and artisanal activity suggest a possible fifth zone to the west of Larjor. Follow-up drilling is under way, aimed at tracing extensions both east and west along strike and at depth.

Selected cross sections from the zone are show in Figures 3,4 & 5 below.

Figure 3: Larjor Section

Figure 4: Latiff Section

Figure 5: Marvoe Section

Geology

The mineralisation is concentrated within sheared ultramafic komatiitic talc schists, typical of Archaean greenstone belts elsewhere in the world. The shear zones are almost vertical and the sheared ultramafic rocks appear to be continuous throughout the known strike length of the mineralisation. Granite gneiss and amphibolite make up the hanging wall and foot wall respectively. Metallurgical tests of the mineralised sections carried out by Lakefield Research Limited indicate that the gold is free in form.

The outstanding feature of the New Liberty gold prospect is the scale of the artisanal workings - rarely seen in Archaean gold deposits. These workings are on a larger scale than those previously witnessed at what is now known as the 3 million ounce resource of the Resolute ex-Samax Gold "Golden Pride" mine in Tanzania. The dimensions and nature of the host lithology, strength of shearing, intensity of the hydrothermal alteration system and associated gold mineralisation, suggest that this prospect has all the hallmarks of a major gold deposit.