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February, 2013

A Serbian Copper-Gold & Molybdenum Company

TSX.V: DNV

Qualified Person: The technical information in this presentation has been approved by Dr. Julian Barnes, a qualified person as defined in NI 43-101. Dr. Barnes is a
special consultant to Dunav Resources Ltd.
Disclaimer: The business of Dunav Resources is subject to considerable risks and uncertainties, including financial, operational, environmental and political risks which
even a combination of careful evaluation, experience and knowledge may not eliminate. Few properties that are explored are ultimately developed into producing
mines.
Certain statements made in this presentation, including, without limitation, those concerning the outlook for Dunavs operations, the planned exploration and
development program for 2013, Dunavs ability to raise the capital resources necessary to execute its plans, and the timing of expected events, constitute forward
looking statements or forward looking information under applicable U.S. and Canadian securities legislation. By its very nature, forward-looking information requires
Dunav to make assumptions that may not materialize or that may not prove to be accurate. Forward looking information is subject to a variety of risks, both known and
unknown including risks related to the fluctuation of metal prices, risks and dangers inherent to mining exploration and development, imprecision of resource
estimates, environmental and permitting risks, the state of global capital markets and the availability of financing, and conducting its business in an emerging market.
Although Dunav believes that the expectations reflected in the forward-looking information contained in this presentation are reasonable, no assurance can be given
that these expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking information.
The objectives and targets expressed throughout this presentation are based on Dunavs assessment of the geological data currently available and are conceptual in
nature.
This presentation includes mineral resource estimates compliant with NI 43-101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and
Petroleum Standards on Mineral Resources and Mineral Reserves. There can be no assurance that mineral resources will ultimately be converted into mineral reserves.
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Cautionary Note to US Investors: This presentation uses the terms "inferred" resources. U.S. persons are advised that while such terms are recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. "Inferred Resources" have a great amount of uncertainty as to their
existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to measured or indicated
resources or that it will ever be converted into reserves. U.S. persons are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is
economically or legally mineable. In addition, U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on Dunavs
properties.
The forward-looking information contained in this presentation is made as of the date of this presentation and, except as required by applicable law, Dunav does not
undertake any obligation to update publicly or to revise any of the included forward-looking information to reflect subsequent events or circumstances or to reflect the
occurrence of unanticipated events.

Dunav Resources Ltd. is a Canadian-based company listed on the TSX Venture


Exchange (TSX.V: DNV).
Dunav had approximately $0.7 million in its treasury at January 31, 2013.
On February 12, 2013 Dunav announced that it had entered into a $15 million
private placement of 50,000,000 units at $0.30 which is expected to close, on or
about March 6, 2013.
Dunav is exploring the Tulare & Degrmen Copper-Gold Porphyry Projects located
in southern Serbia.
Located in a mining friendly jurisdiction with excellent infrastructure and skilled
workforce.
An experienced, successful, exploration and development team.

February 15, 2013


12 Month High:
$0.50
12 Month Low:
$0.11
Avg. Daily Vol. (3m): 34,000

February 15, 2013


Closing:
Shares o/s:
Diluted shares o/s:
Market Cap.:

$0.28
119,242,942
166,562,083
$33,387,783

Dundee Precious Metals Inc. (TSX: DPM) holds approximately 47.3% of the issued and outstanding common shares of Dunav.
4

Government committed to stimulating and


encouraging foreign investments within the
Mining Industry. Their stated aim:
to increase the mining industrys contribution to
GDP from its current 2% to 5% by 2020 and that
Serbia becomes the leader in the mining industry in
southeast Europe.

No restrictions on foreign ownership.


15% corporate tax rate and 5% NSR.
Up to 10 year tax holidays for projects with
an investment greater than 10M and
employing greater than 200 staff.
The European Union has granted Serbia EU
candidate status (March, 2012).

Southern Serbia: exploration license


holdings total 605 sq. km.
Located in economically
disadvantaged regions strong local
& national support for development
projects.
Well developed infrastructure
(European Transport Corridor 10) and
access to reticulated power
(~7c/kWh).
Clearly defined legislation covering
exploration through development
and mine closure; new Mining Law
adopted in 2011.

Degrmen
Copper-Gold
Project
Tulare
Copper-Gold
Project
Surdulica
Molybdenum
Project

Rosia Montana 14.6Moz Au


Certej 2.73Moz Au
Rosia Poieni Porphyry Cu Deposit

Late Cretaceous
magmatic belt
Majdanpek 2Mt Cu (4.3bn lbs) & 4.3Moz Au
Bor 2.2Mt Cu (5bn lbs) & 1.4Moz Au
Veliki Krivelij 0.5Mt Cu (1.1bn lbs) & 0.4Moz Au
RTB Bor Copper Smelter
Degrmen

Elatsite Porphyry Cu Deposit (Operating)

Tulare
Surdulica

Bucim Porphyry Cu-Au Deposit

Ilovitsa Porphyry Cu-Au Project

Chelopech 0.5Mt Cu (1.2bn lbs) & 5Moz Au


Assarel Porphyry Cu Deposit (Operating)
Aurubis Copper Smelter

Ada Tepe - 0.8Moz Au

Perama Hill 1.36Moz Au


Olympias 4.2Moz Au
Skouries 1.0Mt Cu (2.2bn lbs) & 5Moz Au

Publicly disclosed NI 43-101 Measured & Indicated Resources.

Historic Production Statistics Based on Publicly Available Data.

Copper-Gold Porphyry Deposits:


Kiseljak
300Mt @ 0.43% CuEq (0.25% CuEq cut off)

Copper-Gold Porphyry Targets


Kiseljak Extension
190m @ 0.43% CuEq (KIDD073)1

Yellow Creek

408m @ 0.64% CuEq (YCDD008)1


241m @ 0.60% CuEq (YCDD008)1

Calovica vis South (CV South)


161m @ 0.27% CuEq (CSDD002)1
121m @ 0.37% CuEq (CSDD002)1

1km

Au-Ag-Base Metal Epithermal Target


Bakrenjaca
11m @ 14.5g/t AuEq (BKDD001)2

0.20% CuEq cut-off ($1,500/oz. Au,


$3.50/lb. Cu, 5 m minimum composite
length, 5 m maximum internal dilution.

0.4 g/t AuEq cut-off ($1,500/oz. Au, $25/oz Ag,


$3.50/lb. Cu, $0.90/lb. Pb, $0.90/lb. Zn), 3 m minimum
composite length, 3 m maximum internal dilution.

Bakrenjaca Epithermal System

Tulare Cu-Au Porphyry System

500m

NE

SW
Decreasing paleo-depth (porphyry to epithermal environment)
Increasing Pb-Zn (epithermal) component
10

Cut Off
(CuEq %)

Million
Tonnes

Cu
(%)

Cu
(Bn lbs)

Au
(g/t)

Au
(Moz)

S
(%)

CuEq
(%)

AuEq
(g/t)

0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50

443.9
370.0
300.5
240.5
188.1
141.6
100.2
73.4

0.23
0.25
0.27
0.30
0.32
0.35
0.38
0.41

2.25
2.04
1.79
1.59
1.33
1.09
0.85
0.66

0.21
0.23
0.26
0.28
0.31
0.34
0.37
0.40

3.01
2.74
2.52
2.17
1.88
1.55
1.21
0.95

1.85
1.74
1.67
1.62
1.59
1.58
1.59
1.59

0.35
0.39
0.43
0.47
0.51
0.55
0.60
0.65

0.58
0.64
0.71
0.77
0.84
0.91
0.99
1.07

Using a gold price of US$48.23/gram ($1,500/oz) and a copper price of


US$79.356/per cent ($3.60/lb)
o CuEq = ((Au*48.23)+(Cu*79.356))/79.356
o AuEq = ((Au*48.23)+(Cu*79.356))/48.23
o 29,734.7m diamond drilling.
o 3,929 bulk density measurements.
See Notes at the end of this presentation in Appendix A Additional Slides (slide 27).

11

The Kiseljak, Yellow Creek and Calovica vis


South porphyries are typical calc-alkaline,
copper-gold porphyry deposits, forming
subvertical pipes intruded into amphibolite,
biotite-schist and andesitic volcanics and
volcaniclastics.
Outcropping porphyry stockwork veining
Kiseljak South
Outcropping porphyry stockwork veining
Kiseljak North

The porphyry-style mineralization occurs as


stockwork and disseminated zones; typical
potassic alteration is associated with
quartz-chalcopyrite-magnetite veining.
The Kiseljak porphyry measures some 800
meters by 300 meters where it is exposed at
surface, and has been traced to a vertical
depth of 800 meters to date.

Note: Further detail can be found in the Tulare Project technical report s

12 filed on SEDAR under the profile for Dunav Resources Ltd. (March 29,
2011 & January 11, 2013).

NE

SW

200m

Looking
Southeast
13

Kiseljak Deposit
300Mt @ 0.43% CuEq (0.25% CuEq cut off)

500m

Yellow Creek 2

Indications (geology and magnetics) suggest


potential for multiple smaller mineralized
porphyry stocks.
Drilling will continue in this area to support
the geological model leading to a resource
estimate.

Yellow Creek 1

Volcanics

Metamorphic
Basement

14

Calovica vis South

Property acquired by Dunav during 2012


through standard application process (100%
ownership).
Copper-gold porphyry target.
Located 20km northwest from Tulare within
the Lece Volcanic Complex.
Well developed infrastructure; rail and
power less than 3km distant.
Large 3km x 2km hydrothermal alteration
zone.
Minor historic* Serbian State exploration.
During 2012, Dunav completed detailed soil
sampling (100m x 100m), ground magnetics
(200m line spacing), trenching, mapping
and prospecting.
15

* 12 vertical diamond drill holes; average depth 195m; 1984 - 1987.

1,000m

Geology & Alteration

Extent of
hydrothermal
alteration
Zone of potassic
alteration

Extent of
pyrite halo

16

Au Soil Geochemistry

Initial Trench Results


12m @ 0.37g/t Au, 0.04% Cu
60m @ 0.39g/t Au, 0.08% Cu

42m @ 0.46g/t Au, 0.14% Cu

1,200m

62m @ 0.23g/t Au, 0.13% Cu


10m @ 0.40g/t Au, 0.03% Cu
38m @ 0.46g/t Au, 0.01% Cu
300m
17

0.20% CuEq cut-off ($1,500/oz & $3.50/lb)


5m min. comp; 5m max. internal dilution;
N.B. copper commonly leached at
surface resulting in low grades.

Kiseljak Copper-Gold Porphyry Deposit:


Copper minerals: chalcopyrite; minor bornite, covellite and minor chalcocite.
No deleterious elements in head assays.

During 2012, Dunav completed a scoping level assessment on seven composite


samples from the Kiseljak deposit. Additional test work is required to further
refine the process flow sheet; however projected overall recoveries are
currently 85.5% Cu and ~67% Au.
Encouraging initial grinding results:
SAG Power Index (SPI): 55 minutes (moderate)
Bond Ball Mill Work Index : 11.0 kWh/t (soft)

Preliminary test work results have indicated that conventional processing


routes should be suitable for recovering the copper and gold in concentrates.
Additional test work is scheduled for 2013; including SFR (Staged Flotation
Reactor) technology.

18

The metallurgical testwork has been managed and reviewed by independent qualified person Dr. Deepak Malhotra, SME of Resource
Development Inc. Dr. Malhotra of RDI has reviewed and approved the contents of this portion of the presentation.
Note: Further detail can be found in the Tulare Project technical reports filed on SEDAR under the profile for Dunav Resources Ltd. (March 29,
2011 & January 11, 2013).

3,000m

19

23m @ 3g/t AuEq (trench)

Gubavce Ridge

21m @ 1.12g/t AuEq (drill hole)


30m @ 0.58g/t AuEq (drill hole)

11m @ 14.5g/t AuEq (drill hole)

Bakrenjaca Hill

46m @ 1.5g/t AuEq (trench)

500m

0.4g/t AuEq cut-off ($1,500/oz. Au, $25/oz Ag,


$3.50/lb. Cu, $0.90/lb. Pb, $0.90/lb. Zn), 3 m minimum
composite length, 3 m maximum internal dilution.

20

Dunav drill hole

Kiseljak & Yellow Creek


Diamond drilling to continue on the Yellow Creek and Kiseljak copper-gold
porphyry system approximately 65% complete*.
Additional metallurgical testwork:

Q2/Q3 2013

Updated Resource Estimate:

Q4 2013

Re-commence PEA:

Q4 2013

Degrmen
Wide-spaced diamond drilling to commence on the Degrmen copper-gold
porphyry target to determine the economic potential of the system.

21

Phase I drilling completion date:

Q2 2013

Preliminary metallurgical testwork:

Q2/Q3 2013

* As at Q1 2013

Bakrenjaca
Re-commence scout exploration diamond drilling on the Bakrenjaca
carbonate-base metal system to test the larger potential of the epithermal
field.
Initiate a first phase, wide-spaced (nominal 200m by 100m) reverse
circulation drill program over the Bakrenjaca Hill and Gubavce Ridge
prospects.
footprint drilling program:

Q2/Q3 2013

Preliminary metallurgical testwork:

Q1 2013 (underway)

Assess results from the first phase program and determine the likely mining
selectivity response of the mineralization.

22

23

1.

Complete drilling on the Kiseljak-Yellow Creek Porphyry system and


provide an updated resource estimate; including targeted drilling to
confirm Cu-Au mineralization included in the 2012 resource modelling
study but not classified to date.

2.

Re-commence the PEA based on the combined Kiseljak and Yellow


Creek project; improve the metallurgical response and explore
opportunities for increased operating efficiencies.

3.

Leverage the logistical advantages of the project (road access, high


tension power, local smelting operation, rail links to the Black Sea and
the Mediterranean).

4.

Define the economic potential of the nearby Degrmen copper-gold


porphyry project.

5.

Effectively assess the Bakrenjaca epithermal field to understand the


potential economic impacts of the project.

6.

Continue to develop a robust project pipeline.

A seasoned team of successful explorers, developers, operators and investment


professionals.

24

Executive Chairman:

David Fennell

President & CEO:

James Crombie

Director:

Jonathan Goodman

Director:

Anthony Walsh

Director:

Robert Minto

Director:

Louis-Pierre Gignac

Director:

John Wakeford

Director:

Sean Hasson

Director:

Adrian Goldstone

QP & Special Consultant:

Julian Barnes

Director
John
Wakeford

+ High quality exploration assets.


+ Significant exploration upside within historic mining districts.
+ Sufficient finance* to deliver resource definition program and
re-commence mining studies.
+ Experienced exploration team; operating for 9 years in Serbia.
+ Excellent development environment.

25

* Subject to current financing activity.

Appendix A Additional Slides

(1) The effective date of the mineral resource estimate is November 22, 2012.
(2) The copper price used in this estimate is the mean of monthly average London Metal Exchange copper spot prices for 2010,
2011 and 2012 and is $3.60/lb. The gold price used in this estimate is the mean of the monthly average spot gold prices for
2010, 2011 and 2012 and is US$1,500/oz.
(3) The copper and gold equivalent cut offs, used by Dunav, are based on the in situ grades, using the following formulas:
o

Using a gold price of US$48.23/gram and a copper price of US$79.356/per cent

Cu_eq = ((Au*48.23)+(Cu*79.356))/79.356

Au_eq = ((Au*48.23)+(Cu*79.356))/48.23

(4) Second phase, extensive metallurgical test work has been completed and based on information to date, along with possible
projected throughput rates for the Copper-Gold Tulare Porphyry Project, typical mining costs and a range of processing costs
and indicative ranges of processing recoveries it is, at this stage, believed by Dunav that possible cut off grades lie in the range
of 0.15% CuEq to 0.25% CuEq.
(5) Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other
relevant issues.
(6) The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient
exploration to define these inferred resources as indicated or measured mineral resources.
(7) Totals and average grades are subject to rounding to the appropriate precision.
(8) Note: Further detail can be found in the Tulare Project technical reports filed on SEDAR under the profile for Dunav Resources
Ltd. (March 29, 2011 & January 11, 2013).
27

Serbian state exploration agencies had previously identified the Kiseljak coppergold porphyry occurrence, which was drilled predominantly during the 1980s,
culminating in an historical, non-National Instrument 43-101 resource estimate.
From 2003 to 2006, the Tulare exploration licence became the subject of a JV
managed by Ivanhoe Mines Ltd. with Hereward Ventures plc.
Dundee Precious Metals Inc. (DPM) acquired Ivanhoes interest in 2006 and
gained 100% control of the property during 2007.
Dunav optioned the property from DPM during 2010 and exercised that option
in October, 2011 to assume 100% ownership of the exploration licence area.
There are no underlying royalty schemes on the property.
Located within the second largest volcanic complex in Serbia; the Lece Volcanic
Complex.

28

Hole ID

From
(m)

To
(m)

Interval
(m)

Au
(g/t)

Cu
(%)

AuEq
(g/t)

CuEq
(%)

KIDD001
KIDD002
KIDD003
KIDD004
KIDD006
KIDD007
KIDD007
KIDD007
KIDD008
KIDD009
KIDD010
KIDD011
KIDD011
KIDD013
KIDD014
KIDD014
KIDD019
KIDD019
KIDD019

0.9
0
7
0
7.8
115.0
268.0
345.0
1.0
0.4
209.0
157
283
434
74
188
57
216
397

193
91
126
140
135.6
257.0
331.0
612.7
74.4
60.0
613.4
265
373
569
161
501
164
385
570.8

192.1
91
119
140
127.8
142
63
267.7
73.4
59.6
404.4
108
90
135
87
313
107
169
173.8

0.66
0.33
0.27
0.52
0.40
0.42
0.56
0.40
0.38
0.62
0.29
0.21
0.22
0.29
0.37
0.28
0.37
0.42
0.27

0.56
0.39
0.23
0.46
0.25
0.40
0.37
0.42
0.37
0.26
0.33
0.22
0.21
0.29
0.23
0.28
0.34
0.45
0.37

1.78
1.12
0.74
1.45
1.16
1.22
1.31
1.24
1.14
1.15
0.95
0.64
0.64
0.88
0.83
0.84
1.05
1.32
1.00

0.89
0.56
0.37
0.73
0.58
0.61
0.65
0.62
0.57
0.57
0.47
0.32
0.31
0.44
0.41
0.42
0.53
0.66
0.50

0.19 % CuEq cut-off ($1,200/oz. Au, $3.50/lb. Cu), 5m min. composite length, 5m max. internal dilution.
AuEq = ((Au g/t*38.58) + (Cu%*77.16))/38.58
CuEq = ((Cu%*77.16) + (Au g/t *38.58))/77.16

29

Outcropping porphyry stockwork veining


Kiseljak South

Outcropping porphyry stockwork veining


Kiseljak North

Hole ID

KIDD017
KIDD021
KIDD022
KIDD022
KIDD023
KIDD024
KIDD024
KIDD024
KIDD028
KIDD028
KIDD029
KIDD029
KIDD029
KIDD040
KIDD040
KIDD040

From
(m)

To
(m)

Interval
(m)

Au
(g/t)

Cu
(%)

AuEq
(g/t)

CuEq
(%)

240
319
106
363
406
0.6
100
393.9
4
308.3
0
28
231
11
318
693

424.7
644.3
313
528
518.7
56
247
536.5
207
437
22
126
481.2
312
620
829

184.7
325.3
207
165
112.7
55.4
147
142.6
203
128.7
22
98
250.2
301
302
136

0.30
0.33
0.33
0.36
0.42
1.03
0.51
0.43
0.38
0.38
0.34
0.47
0.24
0.73
0.38
0.22

0.36
0.35
0.33
0.39
0.35
0.56
0.47
0.53
0.38
0.41
0.28
0.38
0.32
0.56
0.39
0.31

1.02
1.02
0.99
1.14
1.12
2.15
1.44
1.48
1.13
1.19
0.89
1.24
0.88
1.85
1.17
0.85

0.51
0.51
0.49
0.57
0.56
1.07
0.72
0.74
0.57
0.59
0.44
0.62
0.44
0.93
0.58
0.42

0.19% CuEq cut-off ($1,200/oz. Au, $3.50/lb. Cu), 5m min. composite length, 5m max. internal dilution.
AuEq = ((Au g/t*38.58) + (Cu%*77.16))/38.58
CuEq = ((Cu%*77.16) + (Au g/t *38.58))/77.16

30

Outcropping porphyry stockwork veining


Kiseljak South

Outcropping porphyry stockwork veining


Kiseljak North

Kiseljak North

31

Kiseljak South

32

Extent of
hydrothermal
alteration
Zone of potassic
alteration

2.5km

Extent of
pyrite halo

33

SFR: Staged Flotation Reactor1


Enhanced technology developed by a group of leading flotation experts.
Designed to overcome issues related to low specific power and low froth
recovery with existing mechanical cell equipment.
Reduced: size/footprint (up to 50%), power consumption (up to 60%), air
consumption (up to 80%); significantly increased operating efficiency.
Potential to use the SFR in series for significantly enhanced removal of fine
grained gangue.
Commercial scale unit tested in the Chelopech2 mine cleaner circuit, with the
2nd and 3rd cleaners now being replaced with SFRs.
A full scale test circuit (900tph) is currently being constructed at the Sossego
operation in Brazil (VALE).
Freeport-McMoRan, Barrick, Antofagasta Minerals, Teck, BHP and Rio Tinto are
sponsors in the Sossego project trials.

34

Woodgrove Technologies Inc.

Dundee Precious Metals Inc. Cu-Au high-sulfidation underground operation in Bulgaria.

Each unit comprises three stages:


Particle Collection Unit: Patented
compressed air/fluid shearing
mechanism produces a much
more efficient froth/particle mixture.
Bubble Disengagement Unit: Very
efficient phase separation.
Froth Recovery Unit: Controllable
froth depth; diameter can be set to
maximize froth recovery with
optional water washing.

35

8 years of operating in Serbia.


Intensive use of early stage
financial (payback scenario)
modeling, resource modeling,
pit/underground optimization
studies and QEMSCAN
metallurgical test work to assist in
go/no-go decision making.
Continuous target ranking process
for robust project pipelines.

Dataset examples
Topography, Geology,
Drilling & Trenching

Quickbird

Soil Geochem

Aeromagnetics

Trained, experienced and


motivated exploration staff.
Access to a fully integrated office,
core shed and a dedicated SGSmanaged assay laboratory.
36

3D Modeling & Inversions

Mo bearing quartz stockwork veining on the Surdulica Project

Appendix B Surdulica Project Resource Classification

Total Surdulica Mo Project - Grade Tonnage


Report NI 43-101 (April 20, 2009):

Based on 37,175m drilling across the Mo


soil anomaly; >600m vertical extent
defined to date.

40% of the footprint has been tested to a


vertical depth of 200m.

~85% Mo recovery to 52-55% Mo conc.

BWI: 12.7kWh/t (soft).

17M USD invested in resource


development by DPM.
Category
Indicated

Inferred

38

Cut-off
(% Mo)
0.02
0.03
0.04
0.02
0.03
0.04

Uniform Conditioning Estimate Mo


Parent Block Size (40mx40mx10m)
SMU (10mx10mx10m)

Tonnage Mo grade
(Mt)
(%)
32
0.041
22
0.049
14
0.056
205
0.039
125
0.049
77
0.058

Plan map

Mo 200ppm resource grade


shell projected to surface

3km

Mo soil anomaly has a strong


correlation with defined resources.

Drill core with visible MoS


Note: Further detail can be found in the Surdulica Project technical report filed on
SEDAR under the profile for Dunav Resources Ltd. (March 29, 2011).

Base Case

Base Case

The independent Qualified Persons responsible for the mineral resource estimate are Doug Corley BApp Sc,
BSc (Hons IIA) MAIG, Associate Resource Geologist and Paul Mazzoni BSc (Hons), MSc, MSEG, FAusIMM,
Chief Geologist of Coffey Mining Pty. Ltd. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may be materially affected by
environmental, permitting, legal, marketing, or other relevant issues. A technical report in support of the above
disclosure has been filed on SEDAR by Dunav Resources Ltd.

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