Scott Wilson

Axmin Inc.

DRAFT Nimini Hills Sierra Leone

NI 43-101 Report on Axmin’s Nimini Hills Gold Exploration Project, Sierra Leone

AXMIN Inc Nimini Hills 43-101, January 2008 - DRAFT

Report Control Form
Document Title Client Name & Address
NI 43-101 Report on Axmin’s Nimini Hills Gold Exploration Project, Sierra Leone AXMIN Inc Suite 107, Kent House, Station Road Ashford, Kent TN23 1PP

Document Reference Issue Date Lead Author Author

D117535

Status & Issue No.

Status

1

Helen Oliver
(signature & date)

Ian Blakley
(signature & date)

Reviewer
(name) (signature & date)

Project Manager Approval Director Approval

James Hendry
(signature & date)

James Hendry
(signature & date)

Report Distribution
Client

Name

No. of Copies 1

Scott Wilson Library

1 (master)

This document has been prepared by Scott Wilson for the titled project or named part thereof. The report expresses Scott Wilson’s opinions based on the information available at the time of preparation. No part of this document should be taken in isolation and the entire document must be read, construed and acted upon in its entirety. Scott Wilson accepts no liability for use of or reliance on this document for any purposes other than that for which it was commissioned or by any third party.

Scott Wilson
Greencoat House, 15 Francis Street London SW1P 1DH United Kingdom Tel: +44 (0)20 7798 5200 Fax: +44 (0)20 7798 5201 mining@scottwilson.com

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CONTENTS
Page LIST OF TABLES III LIST OF FIGURES................................................................................IV 1. INTRODUCTION AND TERMS OF REFERENCE.....................................1 0.1 SOURCES OF INFORMATION....................................................1 0.2 LIST OF ABBREVIATIONS.........................................................3 1. RELIANCE ON OTHER EXPERTS..........................................................4 2. PROPERTY DESCRIPTION AND LOCATION............................................5 2.1 LOCATION AND ACCESS..........................................................5 2.2 MINERAL RIGHTS....................................................................5 2.3 SURFACE RIGHTS...................................................................6 2.4 MINERALISED ZONES..............................................................6 2.5 ENVIRONMENTAL LIABILITIES..................................................6 2.6 ROYALTIES............................................................................6 3. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY...........................................................................7 3.1 ACCESSIBILITY.......................................................................7 3.2 CLIMATE................................................................................7 3.3 INFRASTRUCTURE AND LOCAL RESOURCES..............................7 3.4 TOPOGRAPHY, ELEVATION AND VEGETATION...........................7 4. HISTORY 9 5. GEOLOGICAL SETTING.....................................................................11 5.1 REGIONAL GEOLOGY.............................................................11 5.2 LOCAL GEOLOGY..................................................................11 5.2.1 Titambia and Yiduna.................................................15 5.2.2 Komahun..................................................................15 5.2.3 Sendekor.................................................................16 5.2.4 Sendekor North........................................................16 6. MINERALISATION............................................................................17 7. EXPLORATION 19 7.1 STREAM SEDIMENT SAMPLING..............................................19 7.2 SOIL SAMPLING....................................................................19 7.2.1 Titambia and Yiduna.................................................20 7.2.2 Komahun..................................................................20 7.2.3 Sendekor.................................................................20 7.2.4 Sendekor North........................................................20 7.3 PITTING...............................................................................21 7.3.1 Komahun..................................................................21 7.3.2 Titambia and Yiduna.................................................21 7.3.3 Sendekor.................................................................22 7.3.4 Sendekor North........................................................22 -iScott Wilson

........1................................33 10...........................................................35 10..................................3 Trenching............................... MINERAL PROCESSING AND METALLURGICAL TESTING.......2 Diamond Drilling.............3 Block Model Validation.........................................................2 ANALYSIS........1 SAMPLE PREPARTION....................23 7..........................57 14..........................1...................................................................................... SAMPLE PREPARATION.....23 7......1 Komahun..............53 14..............................................................2 Eastern Structure..................1 SUMMARY.4....................................2 Grade Interpolation and Search Strategy..........4 SURVEYS..24 8........37 13..........................29 9...32 10.............................................................24 8.................52 14...................23 8..........4 Sendekor North.............. DATA VERIFICATION....................3.....................................................................................2 SENDEKOR..............5 DIGITAL DATABASE............................1 Main Zone Structure....25 8...........3......................................2 RESOURCE DATABASE.. DRILLING 24 8.............. ADJACENT PROPERTIES.........1 Blanks.................6 ASSAY CAPPING (CUTTING)........................5 DENSITY MEASUREMENTS..........................................4 OXIDATION...............................25 8...............................10......40 14..25 8.........................10 BLOCK MODELLING.................22 7...........................2 Titambia and Yiduna....8 RESOURCE ASSAY STATISTICS..................................................................................7.4...................3 WIREFRAME MODELS......................57 14.................32 10................................22 7...................9 MINERALISATION CONTINUITY AND VARIOGRAPHY.........1 KOMAHUN...................4 TRENCHING.....4..........................................24 8......................................................11 CUT-OFF GRADE...............................1 Survey Grids.............................36 12............4...................................34 10............................3 Western Structure..............................................................................32 10..57 14....7 COMPOSITE CONTROL INTERVALS.......6 ASSAY DATABASE..............10.............................32 10..38 14.......4 Southern One Structure.................4..26 8..................................................................................40 14...............52 14........................41 14................... SAMPLING METHOD AND APPROACH........................................55 14......................................1...10.................25 8................................................58 14..........3 DRILLING SUMMARY...........................................................1...................................3 QUALITY CONTROL...........54 14..................................................................................26 8............ ANALYSES AND SECURITY............3 Standards.....4 SECURITY........................... MINERAL RESOURCE ESTIMATE...............................58 -iiScott Wilson ..........3 Sendekor....................26 8.35 11.....................................................4..............24 8.........55 14.....................32 10...........................42 14.........25 8........3.....5 BULK DENSITY...........4.....................................................2 Duplicates................31 10...............1 Block Model Geometry and Block Size..............

............. Nimini Hills – January 2008 Mineral Resource Estimate Scott Wilson January 2008 Mineral Resource Estimate AXMIN Inc – Nimini Hills Project -iiiScott Wilson ..... CERTIFICATE OF QUALIFICATIONS..69 17............................ Nimini Hills – January 2008 Mineral Resource Estimate Resource Area Diamond Drillhole Statistics Nimini Hills Drillhole Statistics by Lense Nimini Hills Density Data Resource Assay Statistics AXMIN Inc Nimini Hills Resource Evaluation Criteria AXMIN Inc............................68 16................. RECOMMENDATIONS..... REFERENCES 70 18.............................................13 MINERAL RESOURCES.......71 LIST OF TABLES Table 3–1 Table 6–1 Table 7–1 Table 8–1 Table 9–1 Table 9–2 Table 9–3 Table 9–4 Table 9–5 Table 11–1 Table 11–2 Table 14-1 Table 15–1 Table 15–2 Table 15–3 Table 15–4 Table 15–5 Table 15–6 Table 15–7 Table 15-8 Nimini Hills Exploration Licence Boundary Co-ordinates Nimini West Nomenclature Rock and Mineralisation Types Nimini Hills Sampling Summary Nimini Hills Drilling Summary Project to Date Summary of Nimini Hills Digital Drillhole Database Summary of Nimini Hills Drillholes Used For Resource Modelling Summary Statistics for Nimini Hills Digital Drillhole Database and Assay Digital Database Summary of Database Assay Statistics Used For Resource Modelling CRM’s Density Measurements Metallurgical Test Work Axmin Inc..14.......64 15...................... INTERPRETATION AND CONCLUSIONS..........62 14.................................................12 MINERAL RESOURCE CLASSIFICATION....................

$1.000 Au Pit Shell and Lense 2 Au Grades Vertical Longitudinal Sections – Lense 2 Drill Hole intercepts and Class Codes -iv- Scott Wilson .$1.Table 15–9 Scott Wilson January 2008 Mineral Resource Estimate by Potential Mining Method LIST OF FIGURES Figure 6–1 Figure 6–2 Figure 9–1 Figure 9–2 Figure 11–1 Figure 11–2 Figure 13–1 Figure 15–1 Figure 15–2 Figure 15–3 Figure 15–4 Figure 15–5 Figure 15–6 Figure 15–7 Figure 15–8 Figure 15–9 Figure 15–10 Figure 15–11 Figure 15–12 Figure 15–13 Figure 15–14 Figure 15–15 Figure 15–16 Nimini West Prospects Nimini West Zones Plan View Drill Hole Locations and Lenses Vertical Longitudinal Section Drill Hole Locations and Lenses Nimini Hills Duplicate Samples Nimini Hills CRM Mano River’s Nimini North Exploration Prospecting Licence Oblique Side View Drill Hole Locations and Lenses Vertical Section 1300 M – Drill Hole Grades and Lenses Vertical Section 1620 M – Drill Hole Grades and Lenses Vertical Section 980 M – Drill Hole Grades and Lenses Vertical Section South Extension – Drill Hole Grades and Lenses Plan View 450 Elevation – Drill Holes Grades and Lenses Plan View 575 Elevation – Drill Holes Grades and Lenses Plan View 525 Elevation – Drill Holes Grades and Lenses Gold Grade versus Sample Length Histogram of Assay Grades Assay Interval Lengths Main Zone Relative Downhole Semi-Variogram of Topcut 2 m Composites Main Zone Relative Major Directional Semi-Variogram of Topcut 2 m Composites (Azimuth 230 / Dip -60) Oblique View .000 Au Pit Shell and Lenses Oblique View .

Figure 15–17 Vertical Longitudinal Section – Lense 2 Drill Hole Intercepts and Target Areas -v- Scott Wilson .

• Mr.. P. Dan Cocis. AXMIN. Exploration Manager. INTRODUCTION AND TERMS OF REFERENCE Scott Wilson (incorporating Scott Wilson RPA) (SW) has been retained by Dr. including: • Dr. P. Various maps and technical reports were provided by AXMIN in addition to public documents as listed in Section 18 References.Geol. Projects Geologist. The report has been prepared to meet the requirements of NI 43-101 and Form 43-101F1. who reviewed and audited results. Member of the Romanian Geological Society. Boyce. performed checks on the drilling. Eng. AXMIN • Mr.1) by Mr.. Drillhole. Chief Executive Officer. topographic data and other exploration data is based on a cut-off date of 31st October 2007.. Blakley. assay data as well as the resource wireframes. The resource estimate was carried out using Gemcom Software (Version 6. Scott Wilson (SW) has had no prior involvement in the Nimini Hills Project. SW Consulting Geologist. SW Senior Systems Engineer. SW Senior Geologist. drillhole collar locations.Geol. Throughout the course of the resource estimate. A digital database of exploration drilling and trench sampling data was obtained from AXMIN in Microsoft Excel format.Nimini East and Nimini West. John C. Anthony Greenish. P.. Chief Executive Officer of AXMIN Incorporated (AXMIN) to prepare an Independent Technical Report compliant with National Instrument 43-101 on the Nimini Hills Project. Blakley. in consultation with Mr. Ian T.1 SOURCES OF INFORMATION A site visit conducted by Helen Oliver C. SW Consulting Geologist. Geo. composed of two exploration licences . AXMIN. The Nimini Hills Project is an Archean Greenstone gold exploration project in eastern Sierra Leone. Geo. several meetings and progress reviews were held to ensure that the estimate was completed to the standards of Scott Wilson and CIM / NI 43-101 guidelines. Overall project review and preparation of the Report was carried out under the supervision of Helen Oliver C.1. Mr. Jon Forster. Reports and data were reviewed and discussed with AXMIN staff. -1Scott Wilson . 0. Ian T. On-site discussions were held with personnel from AXMIN and independent consultants. Discussions were held with personnel from AXMIN and independent consultants. SW Senior Geologist between 15th and 19th October 2007. sampling.. Jonathan Forster .

-2- Scott Wilson .• Ms. Fiona Best.Geo from LiaMin Consulting. AXMIN and • Dr. Geologist. P. William A (Bill) Sheppard.

0.2 LIST OF ABBREVIATIONS Units of measurement used in this report conform to the SI (metric) system. All currency in this report is US dollars (US $) unless otherwise noted. Dmt Dwt Ft Ft/s Ft2 Ft3 G G Gal G/L G/t Gpm gr/ft3 gr/m3 Hr Ha Hp In in2 J K Kcal Kg Km Km/h Km2 Micron Degree Celsius Degree Fahrenheit Microgram Ampere Annum Barrels British thermal units Canadian dollars Calorie cubic feet per minute Centimetre Square centimetre Day Diameter dry metric tonne dead-weight ton Foot foot per second square foot cubic foot Gram giga (billion) Imperial gallon gram per litre gram per tonne Imperial gallons per minute grain per cubic foot grain per cubic metre Hour Hectare Horsepower Inch square inch Joule kilo (thousand) Kilocalorie Kilogram Kilometre kilometre per hour square kilometre kPa kVA kW kWh L L/s M M m2 m3 Min MASL Mm Mph MVA MW MWh m3/h opt. oz/st Oz oz/dmt Ppm Psia Psig RL S St Stpa Stpd T Tpa Tpd US$ USg USgpm V W Wmt yd3 Yr kilopascal kilovolt-amperes kilowatt kilowatt-hour litre litres per second metre mega (million) square metre cubic metre minute metres above sea level millimetre miles per hour megavolt-amperes megawatt megawatt-hour cubic metres per hour ounce per short ton Troy ounce (31. µ °C °F µ g A A Bbl Btu C$ Cal Cfm Cm Cm2 D dia.1035g) ounce per dry metric tonne part per million pound per square inch absolute pound per square inch gauge relative elevation second short ton short ton per year short ton per day metric tonne metric tonne per year metric tonne per day United States dollar United States gallon US gallon per minute volt watt wet metric tonne cubic yard year -3- Scott Wilson .

RELIANCE ON OTHER EXPERTS This report has been prepared by Scott Wilson for AXMIN. reports and opinions supplied by AXMIN and other third party sources listed as references. conclusions. SW is not an associate or affiliate of AXMIN. For the purpose of this report. • Assumptions. -4- Scott Wilson . SW has not researched property title or mineral rights for the Nimini Hills Project and expresses no legal opinion as to the ownership status of the property. conditions and qualifications as set forth in this report.1. SW has not independently investigated the legal title of the licences or the permitting and reclamation status of the property. opinions and estimates contained herein are based upon: • Information available to SW at the time of preparation of this report. and • Data. nor are there any disclosed understanding concerning any future business dealings. and neither SW nor any affiliate has acted as an advisor to AXMIN or its affiliates in connection with the Nimini Hills. The results of the technical review by SW are not dependant on any prior agreements concerning the conclusions to be reached. SW has relied on ownership information provided by AXMIN. The information.

The topography is moderately to extremely steep with heavy vegetation. The licences give the holder(s) the right to explore for gold. associated minerals and base metals. The road is tarred approximately 75 % of the 330 km drive. AXMIN applied to the Sierra Leone Ministry of Mineral Resources (MMR) in early 2007 for the upgrading of the Nimini East Prospecting Licence (Number EPL 9/02) -5Scott Wilson . a joint venture company between AXMIN (60%) and Eldorado Gold Corporation (previously known as AFCAN).1 PROPERTY DESCRIPTION AND LOCATION LOCATION AND ACCESS The AXMIN licences are located within the Nimini Hills some seven hours drive due east from Freetown. The Nimini East licence encompasses 44 km2 and the Nimini West licence covers 56 km2. outside and to east of the Nimini West exploration licence area. Table 3-1 Nimini Hills Exploration Licence Boundary Co-ordinates (WGS 84 UTM 29N) Points Longitude East Nimini Hills East A B C D 259903 259903 269000 269000 Nimini Hills West A B C D E F 259903 263018 263018 259903 259903 258934 943087 955758 943087 943087 939084 939084 943087 939084 939084 943087 Longitude North The licence boundaries have been located using a hand-held GPS but have not been demarked in the field. diamonds. The licence area is accessed by a network of often steep dirt tracks from the main camp. The Nimini licences are held by ‘Nimini Mining Company’. 2. The total area of the AXMIN Nimini Hills licences is approximately 100 km2 and geographical co-ordinates for the permits are presented in Table 3-1.2 MINERAL RIGHTS The Nimini Hills Property is held under two exploration licences.2. An exploration camp has been established next to the village of Komahun. 2. access to some areas is limited during the height of the wet season. Air transport is currently only available by helicopter.

5 ENVIRONMENTAL LIABILITIES There are no known environmental liabilities currently in place over the Nimini Hills prospect although no detailed studies have taken place. 2. No additional permits are required for the current exploration programme. stating that the licence had been approved.3 SURFACE RIGHTS The issue of surface rights is not applicable to exploration projects in Sierra Leone.6 g/t Au over 13.4 MINERALISED ZONES Small alluvial gold workings are common in the Nimini Hills. following which application may then be made for a renewal of a further two years (August 2011). The drilling is reported to have interested grades of 2. 4. particularly in the tributaries of the Wongo River in the Nimini West licence.7 m and 8. however. Historical drilling (see Section 5 for further details) established a zone of mineralisation with a strike length of 300 m open in all directions.5 m.6 g/t over 5. -6- Scott Wilson . 2.5 g/t Au over 40 m. The exploration licence has been paid for and has been approved.6 ROYALTIES There is no royalty applied to the property other than of the royalty payable to Government as prescribed by the Mining Code (currently set at 4 % of revenue from precious metals). (A letter dated 31st July 2007 from the MMR was seen by one of the authors. 2.) The Nimini West Exploration Licence (Number EXPL 4/06). Baseline studies will be required if a mining lease application is made. sensitivity and consideration should be shown to local communities and land use. however the official paperwork is outstanding along with the allocation of the exploration licence number. was issued on 11th August 2006 which is valid for three years (expiring August 2009). 2.to an Exploration Licence.

ELEVATION AND VEGETATION The Nimini Hills form a rugged range of north – south trending hills in eastern Sierra Leone. including a dam and pump on a local river and diesel generators). Exploration continues throughout the year. from 380 m to a maximum of 772 m at Mount Nimini (in the Nimini East licence). The hills are covered by thick tropical forest.4 TOPOGRAPHY. The Wongo River runs along the eastern boundary of the Nimini West licence. 3. which have been in part been cleared by subsistence farmers (which may have been neglected and re-claimed by the forest). INFRASTRUCTURE AND PHYSIOGRAPHY ACCESSIBILITY The Nimini Hills are located approximately 330 km east of Freetown. Koidu. No power or water services are available (bar that which is generated within the confines of the camp. basic engineering services and medical resources). Mobile telephone coverage is adequate. a regional and diamond mining town.3 INFRASTRUCTURE AND LOCAL RESOURCES The Nimini Hills are very rural with no infrastructure. Access across the site significantly deteriorates during the wet season. Annual rainfall is approximately 20oC and temperatures generally range between 20oC and 36oC. The hills rise rapidly from the surrounding plains. A dirt access road (as constructed by AXMIN) joins the Freetown . Many westward flowing rivers emanate and bisect the western flank of the Nimini Hills. A gabion and steel bridge (which was also constructed by AXMIN) crosses a large river south of Jagbwema. accessed via the paved road linking Freetown and Koidu. lies approximately 22 km from the exploration camp where basic supplies can be sourced (e. however. to the east of the Nimini West licence. The Nimini Hills exploration camp is positioned next to Komahun. -7- Scott Wilson .1 ACCESSIBILITY. with the Komahun River flowing northwards on the eastern side of the divide. 3. CLIMATE. 3. food. The access road has recently been extended from the exploration camp into the concession to facilitate drill rig access in the ‘Main Zone’.3. However.2 CLIMATE The climate is tropical – hot and humid with a summer wet season (May to November). LOCAL RESOURCES.g. access throughout the majority of the property is via foot.Koidu road at the village of Jagbwema and leads to the village of Komahun and is approximately 5 km long. contract drillers Boart Longyear do not work in the peak wet season. 3. The Nimini West licence incorporates a north – south striking watershed. fuel. slowing down work activities.

-8- Scott Wilson . The northern part of the Nimini West licence incorporates flat alluvium covered valley plains formed at the base of the Hills.The southern extent of the Nimini East licence is extremely rugged and isolated with no villages in the area.

Follow-up trenching was undertaken by the EEC at Komahun before the project was abandoned due to political instability. by an expenditure of US $ 2. Ashanti did not locate any significant gold anomalies at Nimikoro. a subsidiary of Eldorado Gold Corporation.9 million tonnes at a grade of 2. Regional stream sediment sampling.600 m along strike by 1. Leo Temp Mining Development Company of Canada drilled the Komahun Prospect between 1981 and 1982. The majority of samples assayed greater than 400 ppb Au with several values being greater than 1. AFCAN Mining Corporation (under its 75 % owned subsidiary Nimini Hills Mining) was granted a prospecting licence for the Nimini West licence (No. The Nimini Hills were further investigated by the European Development Fund of the European Economic Community (EEC) between 1989 and 1992. The main Nimikoro anomaly lies within the Nimini East Licence and covers an area of 1. ground magnetic surveying. SRK Consulting produced a report entitled ‘Independent Mineral Resource Estimation of the Nimini Hills Prospect. AFCAN entered into a Head of Agreement with Ashanti Goldfields in May 2003. Ashanti withdrew from the agreement in December 2003. trenching and reconnaissance drilling.000 in the first year. Ashanti carried out regional stream sediment sampling in Nimini West and East. -9- Scott Wilson . Ashanti identified a 400 to 600 m long anomaly at Komahun with a similar trend to that identified by EEC (although somewhat weaker). followed up by detailed stream sampling of the Wongo River. HISTORY Mineralisation was first discovered in the Nimini Hills at Komahun by the Geological Survey of Sierra Leone in 1967 following a regional geochemical sampling programme. The Nimikoro anomaly extends for 5.25 million over a three year period. The Komahun anomaly lies within the Nimini West licence area. with a minimum expenditure of US $ 500.000 m. The Nimini West prospecting licence was extended by the Ministry of Mineral Resources without any work being undertaken due to civil unrest. delineated two anomalies at Komahun and Nimikoro. immediately east of the Nimini West licence and extends south into the Nimini East licence.5 g/t Au. EPL 9/02) on 1st October 1996 and a prospecting licence for Nimini East licence (No EPL 9/02) on 15th November 2002.000 ppb Au. They estimated an inferred mineral resource statement of 4. In 2004 AXMIN elected to exercise an option whereby they can earn a 60 % interest in the Nimini Hills Project as owned by AFCAN Barbados Limited (“AFCAN”). Sierra Leone’ in September 2006. The current AXMIN exploration programme commenced in late 2004 / early 2005 with an airborne geophysical survey.6 km from the Golden Leo anomaly (currently held by Mano River Resources).4. Ashanti placed soil sampling grids over the Komahun and Nomikoro anomalies. followed by soil sampling. The Survey conducted further work in May 1975 which involved further soil sampling.

-10- Scott Wilson .

2 LOCAL GEOLOGY A full understanding of the local geology of the Nimini Hills is still being formulated. which are divided into the Liberian granite – greenstone terrain and the metamorphic Kaila Group and is composed of the Archean greenstone lithologies of the Kambui Group. actinolite. These amphibolites host the gold mineralisation. ultramafic bodies. At Komahun. garnet. In turn this sequence is overlain by massive and banded amphibolites of near vertical dip. The Nimini West Exploration Licence can be divided into 5 Prospects or areas that have gold prospectivity (see Figure 6. felsic schist and banded iron formations (BIF). amphibolite that shows a wide range of mineralogies. The summits of the hills are typically capped by ferricrete. probably tremolitic. but close to the mineralised system they become strongly altered and sheared. As significantly more work has been undertaken in Nimini West.500 m thick within which pillow structures are well preserved. The Hills consist of a 2 to 8 km wide.1 GEOLOGICAL SETTING REGIONAL GEOLOGY The Nimini Hills form one of a number of sub-parallel greenstone belts in the eastern region of Sierra Leone. Banded iron formation (BIF) units are also present. while the remainder is underlain by the ultramafic and mafic metavolcanics. The Komahun wall rocks are dominated by schistose. Reportedly. it is better understood than Nimini East. an ultramafic sequence of talc and minor tremolite schists occurs low in the host rock sequence. AXMIN’s airborne magnetic and radiometric survey indicates that the northern third of the Nimini West licence is underlain by metasediments. diopside chlorite and carbonates. Typical soil depth is 2 to 3 m with the weathering zone extending to 20 to 30 m. all of which trend north to north-northeast It is comprised of typical classic greenstone lithologies including basic schists. tremolite. namely: -11- Scott Wilson . tremolite schists. They include a lower ultramafic-mafic sequence overlain by pelitic schists and psammites. 5. the amphibolites include a lava flow sequence of up to 2. Exploration has concentrated on the Nimini West licence as work in Nimini East is complicated by problematic access. Overlying this is a transitional sequence of phyllites. The belt has been thickened where it has been subjected to folding about north – south axes. 5. The altered amphibolite schists contain a diversity of strain and alteration patterns defined by the distribution of minerals such as phlogopite.98 Ga) supracrustal lithologies of the Nimini Greenstone Belt have been metamorphosed to the low greenschist facies and are thought to belong to the lower part of the late Archean Kambui Supergroup. The Archean (2. anthophyllite schists and serpentinites.1). presumably in unconformable relationship with the underlying metavolcanics. sandstones.5. The ultramafic-mafic sequence includes amphibolite. The Hills rise sharply from the surrounding Precambrain basement granites of the Man Domain. coarse volcaniclastics and talcose amphibolite. The overlying sediments are greywacke turbidites. northeast trending greenstone belt with granitoid rocks to the east and west.

The Structures can further be sub-divided into Lenses. as detailed in Table 6-1. -12- Scott Wilson . Northern (northern extension of Main Zone). Southern Two. Southern One. Titambia Prospect. and Yiduna Prospect. Sendekor North Prospect. and Southern Three. Sendekor Prospect.• • • • • Komahun Prospect. Eastern. Western. Seven Structures (or Zones) have been identified to be of interest in regard to potential gold mineralisation within the Komahun and Sendekor Prospects (Figure 6-2) namely: • • • • • • • Main Zone.

Metasediments Gb – Gabbro UM – Ultramafic I – Intrusive ts –Talc Schist (Source: AXMIN 2006 Annual Report) -13- Scott Wilson .Figure 6-1 Nimini West Prospects Legend: BIF – Banded Iron Formation V – Volcanics ms .

Table 6-1 below summarises the changes. -14- Scott Wilson . the nomenclature has changed.Figure 6-2 Nimini West Zones (Source: AXMIN June – September 2007 Quarterly Report) As the Nimini West exploration project has progressed.

5. as interpreted from airborne geophysics. The predominant greenstone lithologies of the Komahun Prospect are amphibolite. The geology of the Titambaia and Yiduna Prospects.2 Komahun The Komahun Prospect is located in the central western Nimini West Licence. amphibolite and quartz have been observed in both Prospects. It is postulated that the geology of these areas has been affected by ductile deformation. covering 1. Due to the scarcity of float.65 km2. banded iron formation (BIF) and talc schist. however the source of the gold has yet to be identified (which may be complicated due to potential long transportation on to the flat plains). The more westerly Titambaia Prospect covers 6 km 2 and the easterly Yiduna Prospect 3 km2. a number of other structures have been identified in the Komahun Prospect.2. Southern One Zone and Eastern Zone. Future follow up work (pitting and trenching) may be further complicated by relatively thick overburden and waterlogged ground (hence possibly requiring wild-cat drilling).2. field mapping has provided little information on the geology of these Prospects. 3 & 4 Komahun Komahun 5 Komahun 6 Senekor - Nimini West Nomenclature PROSPECT HISTORICAL ZONE Western Main Zone Eastern Southern - CURRENT NAME Western Main Zone Northern Eastern Southern One Southern Two Southern Three LENSE NO. located in the far north of the Nimini West Licence. These reflect a regional northeast – southwest trend and (using airborne geophysics) they have been interpreted as being folded into a generally northeast – southwest trending structure. 2006). This structure is therefore referred to as the Main Zone Structure. is dominated by metasediments and volcanic units (including banded iron formation as identified by float mapping). A soil gold anomaly(ies) has been identified in Titambia and Yiduna. the hinge of which runs through the centre of the Komahun Prospect (Last. 2. scarce pieces of BIF. north-northeast plunging syncline. 3 & 4 5 8&9 - 5. with folding into a northnortheast – south-southeast trending. -15Scott Wilson . 6&7 1. However.1 Titambia and Yiduna Titambaia and Yiduna are adjacent Prospects.Table 6-1 SRK DOMAIN Komahun 1 Komahun 2. Based on field evidence and geophysical data it appears that a later period of brittle faulting has offset units associated with the Main Zone Structure. In addition. including the Western Zone.

with no assays over 0. There is little evidence for the presence of BIF in the area. Exposed rocks predominantly strike 020° to 050°. covering 18 km2. 5.west. Laterite boulders are also prevalent.Several parallel mineralised units have been identified in the Main Zone. the Sendekor Prospect is poorly understood at the time of writing. the synclinal structure appears to be orientated more east . Lithologically and structurally. Anomalous gold zones have been identified within the area. -16Scott Wilson . Towards the south.3 Sendekor The Sendekor Prospect is located in central to southern Nimini West Licence. These packages have been interpreted as being folded into a generally north-northwest plunging syncline . These two anomalies are referred to as Southern Two Zone and Southern Three Zone.4 Sendekor North The Sendekor North Prospect is located in the northwest of the Nimini West Licence. continuous over approximately 3.the hinge of which runs through Sendekor South.500 m thick). The Northern Zone is a continuation of the Main Zone.000 m with abundant volcanic packages. hence the airborne magnetic signature is likely due to the relative abundance of magnetic sheared amphibolite. The geology of Sendekor. The mineralised units trend approximately 050o and can be traced over a strike length of over 400 m.5 km2. The north-northwest – south-southeast trending contact between the greenstone belt and granite appears towards the west of the Sendekor Prospect. Sendekor. covering 1. is dominated by greenstones.2. possibly suggesting a second phase of folding in southern Sendekor. recrystalised quartz and schist.62 g/t. The anomalous gold values are low. Airborne geophysical data suggests that the northerly limb of the Main Komahun Structure (composed of possible BIF) extends into Sendekor North. the dominant lithologies of the Sendekor North Prospect are sheared amphibolite. Sendekor also appears to have a complex history regarding brittle deformation two sets of faults have been provisionally delimited using airborne geophysics. The hinge of this syncline has been interpreted as running through the centre of Sendekor North. predominately associated with magnetic sheared amphibolite. but has been broken out for resource evaluation. 5. parallel magnetic zones. as interpreted from the airborne geophysical survey. Based on field mapping.2. The units comprising the northern limb have been interpreted as being folded into a generally north-northwest plunging syncline displaying an east – west trend. The Eastern Zone is structurally complex and the mineralisation appears to be rather discontinuous. Sendekor North and Titambaia. have been identified in Sendekor using airborne geophysics. Two broad (100 .

the Middle and Bottom BIF Markers have not been located in the southern area of Main Zone. The uppermost mineralised zone is associated with a persistent trend of massive syn-deformational vein quartz. June 2007). The mineralisation in the marginal target areas is not well understood at present. Host rock inclusions. Barren With AsPy 1. Clean. Two other zones lower in the sequence have a different -17Scott Wilson . often visible gold. Can develop into major shears. Rock and Mineralisation Types Description / Comments Typical Grade (Au g/t) Barren Barren With pull apart structures. as summarised in Table 7-1 below: Table 7-1 Type Talc Schist Carbonate Veining Carbonate Veining with foliation Amphibolite Banded Iron Formation (BIF) Pyrrohitite Breccia Quartz Veining Type 1 Quartz Veining Type 2 Quartz Veining Type 3 Quartz Veining Type 4 Up to 5 m thick with narrow banding with folding and shearing. Garnetiferous in places. Cloudy quartz with sulphides (carbonate replacement). High strain unit. foliation. However. Only found in southern Main Zone to date.6. MINERALISATION The gold mineralisation found in Nimini West is shear-hosted occurring in the vicinity of a near-vertical sequence of BIF units within basic volcanics close to their contact with talcose ultramafic schists. Most significant gold intersections appear to be arsenopyrite-related and much of it is in association with the intervals of highest strain within the mineralised host rock package (LiaMin. A number of rock types and mineralisation styles have been characterised in Nimini West. within which visible gold is common. Positive assays for gold from talcose schists are rare.5 Without AsPy 1 With AsPy 5 Without AsPy 3 12 (possibly reduced by smearing) 2 1 6 Barren Three sets of BIF horizons have been correlated through much of the area as a basis to subdivide the mineralised system: • • • Top Garnetiferous BIF Marker Middle Non-garnetiferous BIF Marker Bottom Garnetiferous BIF Marker However. This zone is low in sulphide and lies entirely above the top garnetiferous BIF marker. massive quartz. recent detailed geological studies of drill core at Komahun have established tight geological controlled on the mineralisation. Brown tint. referred to as Type 3 veining.

3. This contact alteration assemblage is commonly seen in Archaean greenstone terrains associated with chemical sediments. Discrete / disseminated euhedral to anhedral arsenopyrite – This mineralisation style is common in the lower zones. although narrow. -18- Scott Wilson . Persistent shear-hosted vein quartz – Two principal types of veining are recognised that carry modest but sustained gold values. 2. Massive chlorite garnet altered schist – Often at or close to BIF units.character and each. can be subdivided into a number of sub-zones Features of these lower zones include: 1. they carry very high grades of gold. The distribution of gold is closely tied into discrete shears carrying persistent modest grades within which highly auriferous Type 3 veining. The current structural interpretation involves first order tight folding of the ultramafic to mafic schist and intercalated magnetic BIF. through reference to two other BIF markers. carries modest to high grades and is interpreted as syn-deformational. Massive pyrrhotite breccia mineralisation – These breccias. pyrrhotite breccias and strong arsenopyrite developments enhance gold grades to be of high potential economic interest. Like the Type 3 veins. The mineralisation probably relates to a second phase of shearing and buckle folding associated with a broad zone of northeast trending dextral shearing with mineralising fluids percolating through curvilinear riedel shears cross cutting lithologies. show good persistence between drill sections and are probably related to zones of major detachment within the auriferous shears. 4.

1 kg samples were taken and panned to produce a 1.1 STREAM SEDIMENT SAMPLING In 2005. The -180 micron fraction stream sediment samples were analysed by Transworld Laboratories in Ghana. there was little visible gold in the streams draining the eastern area. Table 8-1 Nimini Hills Sampling Summary Number 20 349 177 2. 7. However. float mapping by the geologist occurs during the soil sampling procedure.2 SOIL SAMPLING Soil samples are taken on a 400 m line.86 g/t Au) were recovered in the streams draining off the southeast flanks of Mt Nimini in the central and southern area of the licence. The samples are sieved on-site to produce approximately 100 g -100 mesh which are dispatched to OMAC for wet geochemical analysis. The highest recovered value in the 38 pits (which mainly exposed 2 m thick fragmental laterite) was 84 ppb Au. Sample lines are cut by local labour with the sample positions located by hand held GPS and compass / clinometer. Hence. EXPLORATION AXMIN established the Komahun exploration field camp in April 2004. An airborne geophysical magnetic and radiometric survey was flown in late 2004 / early 2005. 50 m sample spacing grid with possible sample infill on a 200 m lines with 50 m sample spacing. Regional work included stream sediment sampling. The EEC’s Nimikoro gold-in-soil anomaly in the east of the Nimini East licence was investigated by AXMIN pits (at an average depth of 2 m) at 50 m intervals along two 500 m spaced lines across the centre of the anomaly. -19- Scott Wilson . Visible gold-in-pan anomalies (with corresponding gold values ranging up to 1.874 Sample Type Stream Soil Pit Trench 7. mapping and sampling of the historical EEC pits and trenches. and possibly by pitting.5 litre minus100 mesh sample which was subjected to wet geochemical analysis. The majority of the comparative EEC values recovered over 400 ppb Au. Stream sediment and geophysical anomalies have been followed up by soil sampling. trenching and drilling. Initial work involved the reconditioning. Reconnaissance stream sediment sampling (22 samples) has been carried out in the eastern and central portions of the Nimini East licence by AXMIN. Soil sampling is limited to the dry season and is under direct geological supervision. it is believed that the Nimikoro anomaly in Nimini East is an EEC laboratory error.7. stream sediment sampling was undertaken within the licence areas on a 1 km interval.

2. Nine samples were anomalous for gold with over 20 ppb Au and four samples contained over 100 ppb Au.500 m long. east – west cross lines. 147 soil samples were collected (37 samples from the Titambaia Prospect and 10 from the Yiduna Prospect). relatively low – grade soil anomaly can be observed across both Prospects.west crosslines (950200N and 950300N). -20- Scott Wilson . the source of the gold in the sampled material is currently unknown. In total. east – west cross lines. Of the 54 soil samples collected. In total. 12 samples contained over 50 ppb Au and 3 samples contained between 100 – 200 ppb Au. 75 samples contained over 20 ppb Au.south crosslines was completed in 2006.2.1 Titambia and Yiduna A geochemical survey was completed in the Yiduna Prospect in the first quarter of 2006. In southern Komahun in 2006. 7. hence.2 Komahun 44 soil samples were collected in southern Komahun during 2006.3 Sendekor During the third quarter of 2006.200 m long. 7. Of the 251 soil samples collected in the Titambaia and Yiduna Prospects during 2006. involving the sampling of seven 450 m north .A total of 349 soil samples have been taken within the Nimini West Licence projectto-date from the 5 Prospects. the geology of this area is masked by a duricrust (laterite). 7. covering 8 km2 of southern Sendekor was cut.4 Sendekor North An infill soil sampling program.2. Three samples contained over 20 ppb Au and 1 sample contained over 50 ppb Au. Soil samples were collected at 50 m intervals along each crossline. 26 soil samples were collected along two east . 7. It involved the collection of soil samples at 50 m intervals along seven 600 to 1. the assays received from soil sampling may reflect gold contained in the duricrust rather than that in the underlying rocks. a new grid comprising approximately 25 km of lines. It entailed the collection of soil samples at 50 m intervals along seven 500 to 1.2. 54 soil samples were collected and analysed in 2006. 15 samples contained over 100 Au ppb and 3 samples contained over 500 ppb Au. No soil sampling has occurred to date in 2007. this grid has not been sampled to date. A broad. 104 soil samples were collected. However. Due to logistical constraints. Due to the flat lying nature of the Prospects (which are rich in alluvial deposits) and the lack of float. 36 samples contained over 20 ppb Au. A second geochemical survey was undertaken in the third quarter of 2006. In total. 31 samples contained over 50 ppb Au.

No pitting has occurred to date in 2007.3. Laterite grab samples were taken from pit AX024 (located at 950106N / 262062E) in 2006. Pit positions are located by hand-held GPS and are mapped.3.1. it was not previously logged or sampled. 5 pits were excavated and sampled in the area to the southeast of the Main Zone (i. 2 cm deep. 1 m long) are taken at the base of the pit.2 Titambia and Yiduna No pitting has been undertaken in the Titambia and Yiduna Prospects to date. 15 samples contained over 20 ppb Au and 8 samples contained over 100 ppb Au. Of these.1. a thick blanket of transported material and duricrust.1 Komahun Main Zone 22 pits were excavated in the Main Zone anomaly in 2006.1 7.3 PITTING Pits are dug 3 m deep on an initial 200 m x 50 m grid overlaying an anomaly with possible infill on a 100 m x 500 m grid.3.3.25km2 of the western Sendekor North Prospect has been identified. 7.3. 8 contained over 100 ppb Au and 1 contained over 500 ppb Au.4 Southern One Structure 13 of the 33 pits excavated and sampled in Southern One Structure during 2006 contained over 20 ppb Au and 2 contained over 100 ppb Au. 7. Of the 5 grab samples taken from pit AX024 all contained over 50 ppb Au.A relatively low-grade soil anomaly covering approximately 0. 4 contained over100 ppb Au and one contained over 400 ppb Au 7. 20 contained over 20 ppb Au.1. -21- Scott Wilson . 7. 7.3 Western Zone 34 pits were excavated across the Western Structure in 2006.2 Eastern Zone In 2006. Of these. A total of 177 pits have been excavated within the Nimini West Licence project-todate from the 5 Prospects. the eastern Zone).3. Pitting is difficult in this area due to a combination of a high water table.1.e. Pitting occurs all year around. Channel samples (5 cm wide. Of these. 7. 4 pits contained samples with over 100 ppb Au and 2 samples contained over 500 ppb Au. and sent for wet geochemical analysis. As laterite overburden / duricrust extends to a depth over 3 m for the entirety of this trench.

4. The latter identified anomalous values on line 260250E between 949300N and 949100N and on line 260550E between 949350N and 949150N. The aim of this new pitting program was to: • • provide more information on the source of the anomalous soils in the area. A total of 2. In 2006. and attempt to trace the anomalous values seen in previously excavated pits. 7. however. The trenches are also mapped.3.3. the 2005 trenches were deepened to 3 m in an attempt to intersect saprolite. The aim of this new pitting program was therefore to provide more information on the source of the anomalous soils in the area. -22Scott Wilson .3 Sendekor 22 pits were excavated and sampled in the Sendekor Prospect during 2006.4.874 m have been trenched within the Nimini West Licence project-todate from the 5 Prospects. no trenches were being excavated during the site visit.e. 7. These anomalous pits were located on lines 949100 (between 261700E and 261800E).1.4. This program was a follow-up to the 2006 soil sampling survey and the 2005 pitting program. the Eastern Structure. 6 contained over 50 ppb Au and 4 contained over 100 ppb Au. This program was a follow-up to the soil sampling survey completed in the final quarter of 2005 which identified anomalous values in northern Sendekor on line 948500N between 261700E and 261800E (41 – 122 ppb). 226 m of trench were excavated (to 3 m depth) in the area to the southeast of the Main Komahun Anomaly.1 Main Zone In 2005. Trenching occurs all year round. 948500N (261750E). Of the sampled pits. and 948100N between 261600E – 261700E (89 – 621 ppb). 2 contained over 100 ppb Au and 1 contained over 500 ppb. and 948300N (at 261550E and 261750E).4 Sendekor North 61 pits were excavated and sampled in the Sendekor North Prospect during 2006.7. 50 m long (with possible extensions) with channel samples taken every 2 m on a 100 m line spacing. Anomalous pits predominantly contained magnetic amphibolite or magnetic ironrich saprolite. 6 contained over 50 ppb Au.2 Eastern Structure During 2006.4 TRENCHING Trenches are excavated 3 m deep. 246 m of trench were excavated to a depth of 2 m in the Main Zone. An additional 655 m was trenched in 2006. 7. Of the sampled pits. 948300N between 261550 – 261750E (60 – 235 ppb).1.1 Komahun 7. i. 7.

3 Western Structure During 2006. To date in 2007.2 Titambia and Yiduna One trench. No trenching has been undertaken in the Titambia Prospect to date. 579 m of trench were excavated (to 3 m depth) to the west of the delimited Komahun Main Anomaly (the Western Structure). 2005). -23- Scott Wilson .4. However. 7.4. 50 m in length (located at 261780E / 951025N) was excavated in the Yiduna Prospect in 2006. bedrock was not intersected due to deep (> 3 m) overburden. These trenches were mapped and sampled in order to aid in the understanding of the extent and style of the mineralisation observed in the associated anomalous soil samples identified in a number of pits. totalling 80 m.1. 7.4. These trenches were mapped and sampled in order to aid in the understanding of the extent.1. 4 trenches (245.3 Sendekor During 2006.4 Sendekor North Two trenches.7. The aim of this trenching exercise was to intersect BIF as predicted from the interpretation of the geophysical survey (Last.4 Southern One Structure During 2006. and style of the mineralisation observed in the associated anomalous pits. 7.5 m) have been excavated in Sendekor targeting the South Two and South Three Zones. 7.4. 212 m of trenches were excavated in the Sendekor Prospect. 570 m of trenches were excavated (to 3 m depth) in the South One Structure. were excavated in the Sendekor North Prospect during the first quarter of 2006.4.

Drilling has only been conducted within the Komahun and Sekendor Prospects to date. were drilled in the Western Structure in 2006. NWKD035 and NWKD036 were drilled between October and December 2006. containing visible gold. The drill fences are initially 320 m apart. NWKD024 – NWKD026 (277. 2007 year-to-date has seen the drilling of 2 holes.1 KOMAHUN Main Zone Structure In 2006.3 Western Structure Three holes. These aimed to extend the known zones of mineralisation to the southwest. has been observed in the Eastern Structure. DRILLING No drilling has been undertaken in the Nimini East licence to date by AXMIN. two drilling programs focusing on the Komahun Main Zone Structure were undertaken.1. -24- Scott Wilson . totalling 1. with possible infill drilling at 160 m and 80 m. 8. This rig may also be used for infill drilling on a 20 m spacing if required. in-situ mineralisation has not intersected by trenching.8. were drilled along the southern limb of the main structure in the final quarter of 2006. 2007 year-to-date has seen the drilling of 21 holes. A further 3 holes (NWKD031 – 33). 2007 year-to-date has seen the drilling of 23 holes. totalling 3. NWKD030.1. Drilling attempted to intersect gold-bearing quartz veins at depth. Exploratory drill holes NWKD029. All drill core is electronically geotechnically and geologically logged with all interesting zones in regard to potential mineralisation sampled. however abundant quartz float. totalling 243 m.4 m).2 Eastern Structure Due to a thick transported layer. Phase 1 drilling is typically undertaken by the AXMIN man-portable drill rig on a 40 m spacing with typically 3 – 4 holes per fence. totalling 2. along the southern limb of the main structure. The first program occurred in April 2006 and involved the drilling of 17 holes (NWKD011 – NWKD028).1 8. The drillholes are generally 100 m deep and inclined at 55o. totalling 197 m in the Eastern Structure. The first hole drilled in this area was NWKD027. 8. all drilling reported below occurred in Nimini West. NWKD034.1. with a total of 567 m drilled. 8.000 m. completed in the first quarter of 2006. 2nd Phase drilling is tended to be undertaken by the Boart Longyear skid-mounted rig.814 m in Main Zone. typically to a 200 m depth and is utilised on infill drill lines on a 40 m interval.540 m in the Western Structure.

023. 8.4 8. A total of 78 drill holes have been drilled in 2007 year-to-date. totalling 1.3 72.43 945.1 SURVEYS Survey Grids Coordinate systems used for the project are based on WGS 84 UTM 29 N.256 m.167.3 DRILLING SUMMARY A limited core drilling programme of 600 m was initiated in November 2004.85 2. Holes were drilled at –60o declination.4. -25- Scott Wilson .8 1.6687.567 m in northern Sendekor targeting the South Two and South Three structures.8. Table 9-1 Nimini Hills Drilling Summary Project to Date Number of Holes 57 10 22 12 12 4 117 Metres 6.086. A drilling programme in the first half of 2006 included 17 diamond drill holes (totalling 2.4 m) by a Boart Longyear 38 rig at dips between -45 o and -60 o with HQ and NQ diameter core.1. Diamond core drilling resumed in June 2005.363 Structure / Zone Main Zone Eastern Western Southern One Southern Two Southern Three Total 8. Drilling utilised two man-portable drill rigs producing NTW / BTW (57 mm / 44 mm diameter) core.2 400. a total of 8.4 Southern One Structure 2007 year-to-date has seen the drilling of 12 holes.138 m in the Southern One Structure.138. but suspended in December 2004 due to staffing and equipment difficulties.2 SENDEKOR 2007 year-to-date has seen the drilling of 16 holes. totalling 1. completing 14 holes totalling 1. undertaken by a contracting company (Envirodrill Ltd) and by an AXMIN crew. 8. Drilling in 2007 has utilised a Boart Longyear skid mounted 38 drill rig and a manportable rig (owned and operated by AXMIN).25 1.106 m. no core was produced.

The Nimini Hills digital drillhole database contains 242 records consisting of 117 diamond drillholes and 125 surface trenches (represented as drillholes) totalling 17.096 % of Total m 65 % 35 % 100 % Figures 9–1 and 9–2 illustrate drillhole locations in plan and composite vertical longitudinal sections.e. the man-portable drill holes do not have down the hole surveys taken). of Holes 117 125 242 Metres 12. Down the hole deviation of the diamond drillholes is surveyed in on 50 m intervals only in the contractor-drilled holes (i. of Holes 41 22 63 Series Surface DDH Trenches Total Metres 5. Table 9–3 Summary of Nimini Hills Drillholes Used For Resource Modelling No.205 % of Total m 72 % 28 % 100 % For the resource estimation a total of 94 represented diamond drillholes and surface trenches were utilised (Table 9–3). These figures serve to show drilling density relative to the mineralised lens’ wireframes and the geometry of the lenses.2 Diamond Drilling Surface drill holes have been set out by a total station GPS.842 17.171 925 6. 8.4. respectively. Within the Nimini Hills resource area there are some 242 represented diamond drillholes and surface trenches totalling 17.3 Trenching Surface trenches and pits are laid out by total station GPS.205 m as outlined in Table 9–2. topographic data and other exploration data was based on a cut-off date of 31st October 2007. 8.5 DIGITAL DATABASE A digital database of exploration drilling and trench sampling data was obtained from AXMIN in Microsoft Excel format. All drillhole.205 m as outlined in Table 9–2.8. -26- Scott Wilson .363 4. Table 9–2 Series Surface DDH Trenches Total Summary of Nimini Hills Digital Drillhole Database No.4.

Figure 9-1 -27- Scott Wilson .

Figure 9-2 -28- Scott Wilson .

Intervals below detection limit or not sampled at all were flagged in the database.490 records totalling 11. For the resource estimation a total of 443 samples were utilised (Table 9-5).6 ASSAY DATABASE The assay database contains 6.8.704 m. -29- Scott Wilson . Records are flagged by hole type (Table 9-4). These intervals were treated as zero-grade intervals during the compositing and grade interpolation.

28 1.82 1.98 Au (g/t) Minimum 0. Variation 2.5 Maximum Length (m) 37.78 3.01 Au (g/t) Maximum 110.52 Au (g/t) Average 0. 3.490 Percent of Total 64 % 36 % 100 % Minimum Length (m) 0.90 2.00 0.4 1.347 2.16 Au (g/t) Coeff.52 Au (g/t) Average 4.0 Average Length (m) 1.49 0. Dev.98 Au (g/t) Minimum 0.5 2.4 0.08 19.56 Au (g/t) Std.704 Hole Series Surface Diamond Drilling Trenching Total Count 4.7 1.16 3.460 4.57 Table 9–5 Summary Of Database Assay Statistics Used For Resource Modelling Total Length (m) 491 214 705 Hole Series Surface Diamond Drilling Trenching Total Count 335 108 443 Percent of Total 70 % 30 % 100 % Minimum Length (m) 0.23 -30- Scott Wilson .03 Au (g/t) Coeff. 11.08 19.0 Maximum Length (m) 6.Table 9–4 Summary Statistics For Nimini Hills Digital Drillhole Database and Assay Digital Database Total Length (m) 7.244 11. Dev.00 0.46 1.143 6.10 Au (g/t) Maximum 110. Variation 7.0 Average Length (m) 1.0 3.29 Au (g/t) Std.

e. bagged by drillhole and visible gold counts are made (the cutter is flushed and cleaned between holes). potential for gold mineralisation) are identified by the geologist. Pitting is typically undertaken on 400 m grid lines. and Lengths of core of interest are then sampled – the left hand half of the core is sampled with the right side stored on site. Fines recovered from the cutter are collected. The trenches are typically 3 m deep and 50 m long (with possible extensions).9. Core is marked at the drill rig in regard to depth and depth markers inserted. Sample lengths are restricted to 1.5 m core runs which honour main geological contacts. 50 m spacing). Trenches and pits are sampled using 1 m channel samples (5 x 2 cm) by pick and chisel. the sampling procedure can be summarised as: • • • • • Core is electronically geotechnically logged and provisionally geologically logged. The core is split (parallel to the maximum dip of foliation) into two identical halves by a diamond core cutter. with HQ core produced in the upper 20 to 25 m which is then decreased to NQ core for the remaining hole. with 50 m sample spacing (with infill pitting on 200 m lines. -31- Scott Wilson . Density measurements are taken (using water immersion) on average. excavated on 100 m line spacing. In summary. The core is then fully electronically logged. every 10 m down each drillhole. It is then transported to the AXMIN exploration camp in specially built wooden core boxes. Trench channel samples are taken over 2 m lengths. SAMPLING METHOD AND APPROACH Drillholes are typically cased to a depth of 20 to 25 m at the base of weathering. • • The core shed at the AXMIN Nimini Hills exploration camp was inspected and found to be adequate with the core protected from the elements. The core centre line is determined and the core is photographed. Zones of interest (i.

Australia. The samples are then dispatched to Freetown and the Ministry of Mineral Resources where their details are recorded and inspected by the Geological Survey Department prior to commercial couriering to the laboratory. The sample pulps are then returned to the Nimini Exploration Camp.01) and 50 samples returned values above the detection limits (i. Guinea. The majority of the second (2006) drilling samples were assayed at OMAC and all samples from the third (2007) samples have been tested by OMAC. However. Alex Stewart (Assayers) Ltd. The remaining coarse and fine rejects are also returned to the AXMIN exploration camp and stored. 10.3. positive for gold). The laboratory has a normal one week turn around for the samples.3 10. 52 % of the samples were assayed at SGS Siguri. Ireland undertake fire assaying with an AA finish. 10. The project to date has inserted 235 blank samples. OMAC is accredited to ISO 17025 by the Irish National Accreditation Board (INAB). In the first phase of drilling. ANALYSES AND SECURITY SAMPLE PREPARTION The AXMIN Nimini Hills trench and core samples are prepared for assay by an independent laboratory in Sierra Leone. South Africa. milling and splitting to produce a ‘dry pulp’ suitable for assaying. UK. INAB is a member of the International Laboratory Accreditation Cooperation (ILAC) and is a signatory to the ILAC Mutual Recognition Agreement (whose signatories include Canada. The sample preparation laboratory is approximately 4 hours drive west of Nimini Hills. This is in comparison to a total of 168 blank samples tested at OMAC between -32Scott Wilson . please note that a total of 50 blank samples were tested at SGS laboratories between June and July 2006 of which 15 returned positive results. of which 185 have returned values below the detection limit (DL < -0. Alex Stewart (Assayers) Ltd is accredited by ISOQAR Ltd to ISO 9001:2000 Quality Management System standards.1 QUALITY CONTROL Blanks A blank sample (locally sourced river sand) is inserted into the sample series every 20 samples (even 8’s) at the exploration camp prior to dispatch to the sample preparation laboratory.10.1 SAMPLE PREPARATION.2 ANALYSIS OMAC in Shannon. Samples are dispatched to the preparation laboratory typically on a weekly basis. 10. with results sent electronically to the Exploration Camp and the original certificates sent to AXMIN’s office in Ashford.e. near to Cluff Gold’s Boamahun exploration property Alex Stewart (Assayers) prepare the samples by crushing. Japan and the EU). USA.

Only 38 duplicate sample pairs can be used to determine the precision of the sampling procedure due to missing data. Figure 11-1 6.00 1.2 and 31.2 Duplicates Duplicate samples are generated every 20 samples (odd 7 samples are re-sampled to produce a duplicate sample as an odd 8) at the exploration camp after the samples have returned from the sample preparation laboratory. It is recommended that AXMIN reviews and implement any required procedures to ensure that viable duplicate samples are available for this project.00 4.01).00 2. However. Figure 11-1 shows the precision of the sampling procedure to be adequate (Note: one sample of 35.3. In total. only 38 pairs of data are available for compression.00 -1 -1. as detailed below: • • • 11 duplicate samples cannot be used as unknown original sample. Of the 50 blank samples with positive assays. AXMIN now solely use OMAC.25 g/t Au. Scott Wilson does not consider this to be significant in regard to accuracy. the positive blanks have a mean grade of 0. and 133 samples cannot be used due to no check assay.05 g/t Au (standard deviation of 0.September 2005 and September 2007 of which 15 have given positive results. Hence it can be concluded that there was more of a contamination or accuracy problem at SGS. 48 assays are below 0.04 have been removed from the data set displayed for graphical reasons). 16 duplicate samples cannot be used due to no assay results.00 Original Assay Ag g/t 3. -33- Scott Wilson . 10.00 Nimini Hills Duplicate Samples 5.00 Duplicate Assay Ag g/t 0 1 2 3 4 5 Approximately 198 duplicate samples have been taken at the Nimini Hills project to date.00 0.

10.09 (drops to 0.18 g/t Au – it is thought that the standard insertion procedure has failed to correctly allocate the correct CRM and thus these four samples should be ignored. Four CRMs are used .53 g/t Au). B142260 and B142020 (assay results 0. Australia.52 (drops to 0.2 Figure 11-2 graphically shows the CRM assay results for the Nimini Project to date.11 after removing 1 mis-classed sample) CRM G302-10 G901-10 G900-8C G901-4 No.01 0. CRM’s Inserted 35 29 36 37 CRM Fire Assay Au g/t 0.18 0.47 g/t Au) and one high grade (5. Table 11-1 CRM’s CRM Assay Results Standard Deviation 0.5 2.12 0. -34- Scott Wilson .3.53 g/t Au and Samples B142100. are inserted into the sample series at the exploration camp.5 g/t Au) is attributable to a CRM of 5.03 0.02 after removing 3 mis-classed samples) 0.18 and 0.47 and 0.53 CRM Accuracy (Standard Deviation) 0. 0. post sample preparation.05 0. one medium grade (2. sourced from Geostats.two low grade (0.5 g/t Au). Sample B143980 (assay result 2.03 0.47 5.3 Standards Gold fire assay standards or Certified Reference Materials (CRMs).5 g/t Au respectively) are attributable to a CRM of 0.47.

00 4.00 1.00 0.664 1 1.00 3.5 DENSITY MEASUREMENTS A total of 1. 10.74 2.87 2.Figure 11-2 Nimini Hills CRM Results CRM Resuilts 7.00 5.55 2. Samples 103 1.00 2.00 Ag g/t G302-10 G900-8C G901-10 G901-4 10. The samples are accompanied by a letter to the Alex Stewart Laboratory which records the sample numbers and sets out the required preparation.768 Average Density 2.00 6.798 density measurements have been taken at the Exploration Camp since March 2007 using the Dry Method (core radius x length / weight).86 -35- Scott Wilson . Table 11-2 Sample Type Oxide Sulphide Transition Zone Total Density Measurements No.4 SECURITY No security measures are in place in regard to the potential theft of any gold mineralisation.

in which case the lower grade sample was selected. Minor issues included seven cases of survey depths being greater than hole lengths as well as five instances of duplicate assay intervals within a hole. Scott Wilson have used Gemcom software routines to validate the digital data after loading the Microsoft Excel files into the Gemcom Access database. This consisted of cross referencing between data tables in the database.11. Original assay certificates (kept in Ashford) have not been checked or verified. The major issue resolved was in the use of the correct elevation field. including downhole surveys versus hole lengths and assay data intervals versus survey lengths. -36- Scott Wilson . The drillhole database has been reviewed by SW and verified with AXMIN’s Database Manager. DATA VERIFICATION Drill hole logs have not been checked as logging is undertaken electronically LiaMin has checked a significant amount of AXMIN’s logging to ensure consistency and accuracy. No independent samples have been taken as it is deemed that the sampling method and QA / QC is adequate to preserve the integrity of the data. This exercise confirmed the good integrity of database structure.

12.manoriver. ADJACENT PROPERTIES Mano River Resources hold the Nimini Hills North and South Prospecting Licenses and has undertaken soil sampling in these licenses for gold. The licence (54 km 2) contains seven known hard rock gold targets and an additional 4 km x 0. Mano believes that their Nimini Hills North licence contains an extension to the Komahun Deposit.5 km EEC Survey gold and base metal anomaly. Mano River have identified multiple gold targets across the prospective Nimini North Exploration Prospecting licence (EPL). Figure 13-1 Mano River’s Nimini North Exploration Prospecting Licence (Source: www.com) -37- Scott Wilson . Artisinal gold mining has taken place along all the main drainages in Nimini North. base metals and kimberlitic indicate minerals.

The testwork involved 10 samples which were crushed and milled to 80% .13.75 um and subjected to cyanide in-situ leaching (CIL) batch dissolution tests. MINERAL PROCESSING AND METALLURGICAL TESTING No mineral processing testwork has been undertaken for the Nimini Hills West project. it can be postulated that the Nimini Hills gold mineralisation would have approximately 95 % gold recovery after dissolution. Initial limited metallurgical testwork has been undertaken by SGS in Johannesburg in 2007. From the limited testwork. The results of the testwork are summarised below in Table 14-1. -38- Scott Wilson .

05 0.66 2.95 30.31 93.47 98.53 101.71 2.25 84.34 61.40 97.27 1088.75 98.47 101. Au (g/t) 2.04 93.30 0.62 0.42 100.00 20.56 0.82 93.57 99.51 HOLE ID FROM TO NWKD001A NWKD001A NWKD001A NWKD001A NWKD002 NWKD005 NWKD010 NWKD031 NWKD031 NWKD033 51.19 Calc.62 Reagent Consumption NaCN CaO kg/t kg/t 3.19 97.08 2.91 116.24 18.40 99.56 40.80 63.60 1.50 24.25 0.65 93.32 2.82 1.80 4.04 0.00 63.26 2.93 4.35 0.62 97.59 94.50 99.00 55.51 Dissolution (Assay) Sol+Carbon Solid Au % Au % 91.20 Metallurgical Test Work Residue Au g/t 0.46 8.38 84.38 96.98 390.68 0.40 97.62 2.67 0.00 18.45 2.38 84.40 64.75 99.75 84.54 297.02 0.20 59.04 97.14 8.47 94.84 78.06 0.28 3.53 8.15 0.35 99.68 0.75 0.66 82.85 30.83 99.53 84.34 76.06 3.10 52.03 0.27 0.45 11.44 89.42 2.55 11.19 93.11 2.25 99.12 8.00 5.24 S S S S O O S S S S -39- Scott Wilson .13 11.83 Account Au % 97.53 93.76 9.17 99.79 95.40 311.43 11.Table 14-1 AU (PPM) Head REDOX Assayed Au (g/t) 2.5 5 111.50 22.00 54.21 3.15 95.48 93.79 95.95 62.32 0.03 Carbon Au g/t 82.87 11.97 13.80 96.79 95.60 2.24 0.65 97.16 0.99 Dissolution (Calc) Sol+Carbon Solid Au % Au % 93.18 0.40 98.27 404.82 3.64 2.80 94.84 60.20 58.35 94.41 98.30 0.27 2.79 2.32 83.27 99.11 105.32 96.

1 184.39 4.3 1.6 Main Zone Northern Zone (Komahun 5) Sulphide Total Oxide Western Zone (Komahun 1) Sulphide Total Oxide Southern One Zone Sulphide Total Oxide 60.79 3. Resources have been estimated from surface to a depth of approximately 300 m for lenses which correspond to four main mineralised zones.70 5.3 195.1 MINERAL RESOURCE ESTIMATE SUMMARY Scott Wilson has reviewed data for the Nimini Hills gold deposit and has independently estimated Mineral Resources in accordance with the requirements of NI 43-101 and the definitions set out by the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM definitions) adopted by the CIM Council in December 2005.6 18.2 69.1 1.14.3 12.1 18.5 2.7 31.6 30.0 Grand Total Sulphide Total -40- Scott Wilson . Block and grade continuity were visually assessed to determine the reasonable prospects for economic extraction of material by underground mining methods.3 22.6 29.27 15.90 3.5 g/t Au for open pit and 1. Wireframes were constructed at a cut-off 0.5 162.5 2.0 15.6 3. The resource estimate is based on diamond drilling core sampling data as well as surface trenching and employs 3-dimensional computer block modelling and inverse distance squared (ID2) grade interpolation.0 1.2 177.3 1.39 6.53 3.8 3.3 160.54 5.3 117.15 1.9 12.7 29. Table 15–1 lists the 2008 AXMIN Nimini Hills Project mineral resource estimate.42 3.6 2. Whittle software was used to assess the reasonable prospects for economic extraction of material by open pit methods.3 Location (Komahun 2) (Komahun 3) (Komahun 4) Type Oxide Sulphide Total Oxide Inferred Resources Tonnes oz Au g/t Au (000’s) (000’s) 127.6 24.5 g/t Au for underground mining scenarios. Table 15–1 AXMIN Nimini Hills – January 2008 Mineral Resource Estimate Indicated Resources Tonnes oz Au g/t Au (000’s) (000’s) 60.35 5.64 2.3 60.59 4.6 29.0 1.54 5.6 24.1 1. 14.8 3.149.13 4.3 145.037.164.74 4.39 6.13 4.3 6.60 5.7 87.29 2.3 117.5 2.36 4.344.2 177.

Resource estimation conforms to CIM (2005) resource definitions. Table 15–2 Resource Area Diamond Drillhole Statistics Series Surface DDH Trenches Total No. -41- Scott Wilson .363 4.50 g/t Au cut-off grade.2 m minimum mining width and a nominal 1.Notes: 1. 14.205 % of Total m 72 % 28 % 100 % Statistics for drillholes on which the resource estimate is based are shown in Table 15–3. 3.2 RESOURCE DATABASE Within the Nimini Hills resource area there are some 242 represented diamond drillholes and surface trenches totalling 17. of Holes 117 125 242 Metres 12.50 g/t Au cut-off grade.205 m as outlined in Table 15–2. 2. Mineral Resources are estimated using an average long-term gold price of US $700. 4. Open Pit Option Mineral Resources were estimated with wireframes constructed based a 2 m minimum mining width and a nominal 0. Resources were not estimated for the Western Zone Lense 6 as it did not illustrate sufficient spatial distribution and continuity nor meet the economic test for resources.842 17. Underground Mining Option Mineral Resources were estimated with wireframes constructed based a 1.00 per ounce.

of Holes Total Length of Sampled Interval (m) No.Table 15–3 Nimini Hills Drillhole Statistics by Lense Surface DDH LENSE 1 No. of Holes Total Length of Sampled Interval (m) No.3 8 43. of Holes Total Length of Sampled Interval (m) No.4 11 41.0 1 17.0 2 14. of Holes Total Length of Sampled Interval (m) No.5 15 140.50 g/t Au cut-off grade (COG) with a Minimum Mining Width (MMW) of 2.3 8 43. of Holes Total Length of Sampled Interval (m) No.2 2 14.0 All 6 31.5 5 18.5 20 180.0 m for both drillhole intersections and to constrain the resource wireframes.0 LENSE 2 LENSE 3 LENSE 4 LENSE 6 LENSE 7 LENSE 8 LENSE 9 14. Two sets of wireframes were constructed for most lenses in order to later assess the reasonable prospects for economic extraction: • For the Open Pit scenario wireframe modelling.0 5 40. of Holes Total Length of Sampled Interval (m) 6 31.5 29 301. mineral envelope wireframes were constructed from the drillhole assays by SW using Gemcom GEMS 6.0 0 0.0 Trenches 0 0.8 3 18.0 4 114.7 3 24. of Holes Total Length of Sampled Interval (m) No.0 2 38.1 software (Figures 15–1 to 15–8). -42- Scott Wilson .3 WIREFRAME MODELS In the preparation of models of the lenses to constraint grade interpolation.5 7 56. of Holes LENS 5 Total Length of Sampled Interval (m) No. SW has used a 0.5 1 10. of Holes Total Length of Sampled Interval (m) No.00 2 8.5 25 187.0 4 10.0 6 18.4 9 27.8 4 35.

3 & 4) were interpreted for the Main Zone with validation of the geological interpretation taken from preliminary LiaMin (Sheppard. An early interpretation by SRK indicates that the Main Zone is broken up by oblique fault sets.5 g/t Au cut-off grade with a Minimum Mining Width of 1. The Northern Zone consists of one lense (Lense 5) that is similar in orientation to the Main Zone Lense 2. In all cases the lense structures are generally vertical to sub-vertical in orientation. SW. 2. Four lenses (Lense 1.2 m for both drillhole intersections and to constrain the resource wireframes. Significant geological interpretation was required between sections due to low diamond drillhole density.• For the Underground Mining scenario wireframe modelling SW has used a 1. In situations of narrower intersections. SW notes that there are likely cross-lense ladder features in areas of strong quartz veining between Lense 2 and Lense 3. 2007) geological reports. created contiguous wireframes for each lense. on the basis of lack of detailed structural analysis and in order to preserve indicated grade continuity along strike. The Geological interpretation first focused on the hangingwall (HW) and footwall (FW) lithological boundaries followed by the continuity of Iron Formation marker horizons. -43- Scott Wilson . a lower metal accumulation was used in order to preserve lens continuity. The geological interpretation was initiated on the Main Zone of Nimini Hills where the greatest drill density and continuity between sections is present.

Figure 15-1 -44- Scott Wilson .

Figure 15-2 -45- Scott Wilson .

Figure 15-3 -46- Scott Wilson .

Figure 15-4 -47- Scott Wilson .

Figure 15-5 -48- Scott Wilson .

Figure 15-6 -49- Scott Wilson .

Figure 15-7 -50- Scott Wilson .

Figure 15-8 -51- Scott Wilson .

the area has been interpreted to be two distinct lenses (Lense 8 & 9) that have a shallow dip to the northwest. the mineralisation is localized within an amphibolite unit and associated quartz veining.The Western Zone consists of two distinct lenses (Lense 6 & 7) dipping to the southeast that are based on drillhole intersections on 980 N and 1060 N sections. This weathered zone is more easily expressed in the country rock geologically logged as saprolite. SW reviewed the data (Table 15–4) and used the following mineralisation tonnage factors in the resource modelling: -52- Scott Wilson . Quartz veining and shearing appear to be more pronounced than the other three zones. Grades of assays near surface within the oxidised / weathered zone were compared to assays for sulphide mineralisation and no distinction could be made to warrant creating an independent grade model of the upper portion of the mineralised lenses. The average specific gravity of the six saprolite samples was 2. confirming through both visual and Gemcom applications. The testing shows no apparent correlation between gold grade and specific gravity. A wireframe of the topographical surface was created based on DTM information supplied by AXMIN. SW has validated the new resource wireframes.4 OXIDATION Weathering within the deposit is variable though oxidation penetrates the mineralised zone to between 20 and 30 m.5 BULK DENSITY Some 1. 14.06.762 specific gravity measurements have been taken during the AXMIN drilling campaigns with 136 specific gravity measurements spatially located within Lenses 1 through 9. that each of new resource wireframes respected the composited intervals. Lithologically. 14. The Southern Extension Zone is based on anomalous diamond drillhole and trench intercepts between 540 N and 660 N sections. A wireframe base of oxidation surface (“redox”) was created from diamond drillhole intercepts respecting the geological logging and the respective blocks were tagged within the block model. For resource calculations the defined oxide zone bulk density was utilised for blocks between the redox and topographic surfaces. SW notes that there are sparse bulk density measurements currently available above the redox surface. Although initially appearing to be one lense.

75 2.78 2.82 2. anomalously high grade assays on the resource average grade.584 27 11 53 31 6 15 2 8 6 Mean SG 2. The assay grades appear reasonably independent of sample length allowing for capping based on grades.85 2.75 2.75 14.5 m sample length.82 2.6 ASSAY CAPPING (CUTTING) In order to avoid any disproportionate influence of random.75 2.87 2.75 2.75 • Oxide Mineralisation = 2.85 • Sulphide Mineralisation = 2.64 2.60 2.75 2.75 2.94 2. although Figure 15–9 shows a few anomalous high grades centred around the 1.75 2.78 2.• Waste = 2. SW prepared a histogram to examine the assay grade distribution within the mineralised lenses and assess the need for grade capping.75 2.64 2.77 2. Gold Grade versus Sample Length Figure 15–9 Gold Grade versus Sample Length 120 100 80 Au g/t 60 40 20 0 0 1 2 3 4 5 6 7 Assay Sample Length (m) -53- Scott Wilson .75 SG used for Resource Model 2.60 Table 15–4 Nimini Hills Density Data Selection Criteria Waste Oxide Above Redox Surface Lense 1 Sulphide Lense 2 Sulphide Lense 3 Sulphide Lense 4 Sulphide Lense 5 Sulphide Lense 6 Sulphide Lense 7 Sulphide Lense 8 Sulphide Lense 9 Sulphide No. of Samples 1.

The distribution of sample lengths for raw assays within the wireframes was reviewed in the selection of a suitable composite length that exceeds or equals the sample lengths and that is shorter than the block dimensions in order to provide reasonable block grade resolution (Figure 15–13).00% 0. variography and grade interpolation.0 to 3.A histogram (Figure 15–10) of the assay grades demonstrates a positive skewness with a tailing out at between 28 g/t Au to 32 g/t Au. A total of 9 assays out of 443 were cut to 30 g/t Au reducing the average weighted sample from 4.00% 14.00% 20. -54- Scott Wilson . An assay cut of 30 g/t Au was selected for the compositing.00% 60.7 COMPOSITE CONTROL INTERVALS Capped assay intervals were composited by length weighting at 2 m down hole within the wireframes. The 30 g/t Au cap grade represents approximately 2 % of the assays in the Main Zone and approximately 3 % of the assays in the Southern Extension 1 Zone.5 g/t Au. Figure 15–10 Histogram of Assays Histogram of Assay Grades 250 200 Frequency 150 100 50 0 Au (g/t) Frequency Cumulative % More 12 16 40 44 48 0 4 8 20 24 28 32 36 120.00% 80.00% 100.00% 40.

04 0.16 Standard Deviation Au (g/t) 6.43 1.00% 80.73 3.10 Maximum Au (g/t) 26. -55- Scott Wilson .15 2.74 Coefficient of Variation 1.84 3.10 2. 2.80 7.0 3.00 2.02 3.70 2.5 More Sample Length Frequency Cumulative % 120.0 2.Figure 15–11 Assay Interval Lengths 250 200 Frequency 150 100 50 0 0.82 2.04 7.76 7.06 14.00 0. The resource assays are the assays that have been used for the interpolation.09 0.44 2.86 1.00% 14. Table 15–5 Resource Assay Statistics Lense 1 2 3 4 5 6 7 8 9 Total Number 22 179 121 31 27 11 19 12 21 443 Minimum Au (g/t) 0.59 5.15 9.94 5.42 1.12 1.79 2.84 4. prior to capping.78 0. 3 & 4) using 2 m top cut composites with lengths greater than 0.5 2.49 Length Weighted Mean Cut Au (g/t) 3.99 1.01 0.70 2.00% 100.49 0.5 4. The other lenses do not have enough samples to support their own variography.9 MINERALISATION CONTINUITY AND VARIOGRAPHY A number of semi-variograms were produced for the Main Zone (Lenses 1.94 5.77 Length Weighted Mean Au (g/t) 3.00% 0.81 4.04 0.8 RESOURCE ASSAY STATISTICS All of the assays situated within each mineralisation wireframe were assigned a lense code.16 0.42 1.0 0.64 1.00% 20.0 4.5 1.00 0.4 6.04 0.28 40.5 m (Figure 15–12).03 0.00% 60.00% 40.64 2.72 110.5 3.43 1.96 3.08 97.28 30.83 2.88 7.0 1.

Generally the along strike. Figure 15–12 Main Zone Relative Downhole Semi-Variogram of Topcut 2 m Composites -56- Scott Wilson . This suggests that the gold mineralisation may have a preferential rake to the southwest. SW has assumed that the along strike continuity is the same as the down-dip continuity. All of the semi-variograms demonstrate a high relative nugget effect of approximately 55 %. down dip omni-directional and other variograms were not very well defined because of the limited data available. The longest range of continuity was approximately 120 m at 120 / -60 degrees (Figure 15–13). More drilling information is required for confirmation.

down dip and cross strike.10 BLOCK MODELLING 14.1 Block Model Geometry and Block Size The block model origin is at 261811 East. The radii were doubled for the second pass search ellipsoid to defined inferred blocks. -57- Scott Wilson . was utilised. To allow for more accurate blocks filling of the wireframes. The first pass search ellipsoid was a vertical pancake using 40 m along strike (050 degrees) and down dip radii and a 20 m across strike radii.2 Grade Interpolation and Search Strategy Interpolation of block model gold values was by inverse distance squared (ID2). The parent cell size is 10 x 10 x 10 m along strike. equalling 16 needles per cell block. the block model prototype was rotated 40 degrees counter clockwise around the Z-axis to match the 50 degree azimuth of the mineralised structures.10. 700 m elevation and the block model extends down to the 200 m Elevation. 14. A variable density depending on rock type was used for all blocks. Block dimensions were selected on the basis of drillhole spacing and lens wireframe widths.Figure 15–13 Main Zone Relative Major Directional SemiVariogram of Topcut 2 m Composites (Azimuth 230 / Dip -60) 14. 948957 North. A Gemcom needling pattern of 4 x 4.10.

14.10.3 Block Model Validation To validate its block model Mineral Resource estimate, SW visually compared the block grades with the composite grades on sections and plans and found good overall visual correlation. Volumetric comparisons were also conducted of final mineralisation wireframes and block model resource reports for each lense. The information for each block in the model includes: • Ore body code • Interpolated Inverse Power of Distance for Cut Au and Au values • Oxide Flag • Block percentage by volume • Resource class identifier • Distance to closest hole SW considers the block model to be valid, reasonable and appropriate for supporting the Mineral Resource estimates. 14.11 CUT-OFF GRADE The resource cut-off grade was based on a gold price of US $ 700.00 per ounce. Any potential by-product credits were not included in the resource-cut-off grade calculation. SW reviewed current economic factors, including both mechanised undercut and fill mining costs, metallurgical recovery and a gold price of $ 700 / ounce in order to determine a breakeven cut-off grade of 2.9 g/t Au over 1.2 m true width for underground mineralisation (Table 15–6). Table 15–6 AXMIN Nimini Hills Resource Evaluation Criteria
Underground 700 0.95 Open Pit 700 0.95

Description Gold Price (US$/oz) Recovery Operating Costs Mining (US$/t) Processing (US$/t) G&A (US$/t) Total operating cost (US$/t)

45 15 1.5 61.5 15 1.5 16.5

Economic Cut-off (g/t) Discard Cut-off (g/t)

2.9 0.8

-58-

Scott Wilson

For the mineralisation wireframes SW applied an incremental cut-off grade of approximately 1.5 g/t Au for lower grade underground mineralisation located in the wall rock immediately adjacent to economic mineralisation. The underground resources at a 2.9 g/t Au block cut-off grade. SW visually confirmed that the resource blocks have good continuity at a 2.9 g/t Au cut-off. Whittle software was used to assess the reasonable prospects for economic extraction of material by open pit methods. The following parameters were used in the Whittle analysis: • 45 degree slope for pit walls • Mining cost of US $2.50 per tonnne • Processing cost of US $15.00 per tonne • G & A cost of US $1.50 per tonne • 95 % gold recovery • US $ 1,000 pit shell used to constrain the open pit resources • AXMIN Topographic surface For the open pit mineralisation wireframes SW applied an incremental cut-off grade of approximately 0.5 g/t Au. SW reviewed current economic factors, including open pit mining costs, metallurgical recovery and a gold price of US $700 per ounce in order to determine an discard cut-off grade of 0.8 g/t Au over 2.0 m true width for open pit mineralisation. Figures 15–14 and 15–15 illustrate oblique views of the Whittle pit shells and underlying lenses.

-59-

Scott Wilson

Figure 15-14

-60-

Scott Wilson

Figure 15-15 -61- Scott Wilson .

A Mineral Reserve is defined as the “economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study”. Resources are classified into Measured. solid.14. and Inferred categories.12 MINERAL RESOURCE CLASSIFICATION The definitions for resource categories used in this report are consistent with those defined in CIM (2005) and adopted by NI 43-101. Mineral Reserves are classified into Proven and Probable categories. In the CIM classification. All other lenses are classified as Inferred Resources. a Mineral Resource is defined as “a concentration or occurrence of natural. inorganic or fossilised organic material in or on the Earth’s crust in such form and quantity and of such grade or quality that it has reasonable prospects for economic extraction”. Effectively only Main Zone Lens 2 (Figure 15–16) has indicated resources. Indicated. There is good potential to upgrade some of the other lenses to Indicated Resources with additional diamond drilling. -62- Scott Wilson . The Indicated resource category was based on a 25 m search ellipsoid with local reclassification to Inferred after a visual review taking in account drill spacing and factoring in grade and thickness conditions.

Figure 15–16: Nimini Hills Resource Classification 3D Isometric View Looking West -63- Scott Wilson .

3 22. Table 15–7 Location AXMIN Nimini Hills January 2008 Mineral Resource Estimate Type Oxide Sulphide Total Oxide Indicated Resources Tonnes oz Au g/t Au (000’s) (000’s) 60.5 2.15 1.2 177. Lense.2 m minimum mining width and a nominal 1. Table 15–9 presents a detailed summary of the resource estimate by Zone and Method.54 5.6 29.54 5.35 5.90 3. Method and Type.64 2. 4. Resource estimation conforms to CIM (2005) resource definitions.39 4.037.3 145.27 15.42 3.70 5.13 MINERAL RESOURCES Table 15–7 lists the Nimini Hills resource estimate which incorporates CIM (2005) resource definition standards and best practices.39 6.6 Main Zone (Komahun 2) (Komahun 3) (Komahun 4) Northern Zone (Komahun 5) Sulphide Total Oxide Western Zone (Komahun 1) Sulphide Total Southern Extension Zone Oxide Sulphide Total Oxide 60.00 per ounce.3 117.3 1.74 4.3 60.6 29.2 177.59 4.5 2.14.0 1.0 15. 3.5 2.6 3.3 Inferred Resources Tonnes oz Au g/t Au (000’s) (000’s) 127.3 195.39 6. Underground Mining Option Mineral Resources were estimated with wireframes constructed based a 1.3 1.36 4.3 117.0 1.7 87.29 2.2 1.50 g/t Au cut-off grade. Open Pit Option Mineral Resources were estimated with wireframes constructed based a 2 m minimum mining width and a nominal 0.6 2.344. -64- Scott Wilson .2 69.13 4. Mineral Resources are estimated using an average long-term gold price of US $700.1 1.9 12.1 184. 2.8 3.53 3.8 3.0 Grand Total Sulphide Total Notes: 1.3 160.7 31.13 4.7 29.3 6.6 24. Table 15–8 presents a detailed listing of resource estimate by Zone.3 12.79 3.6 24.6 30.164.6 18.1 18.5 162.60 5.149.50 g/t Au cut-off grade.

Table 15-8 -65- Scott Wilson .

02 6.13 29.5 5.13 29.0 1.2 2.6 4.7 160.90 2.2 36. -66- Scott Wilson .8 Grand Total Underground Total 177.9 9.3 1.13 29.77 4.9 15.6 Main Zone 177.1 21.76 4.6 47. 3.4 1.6 6.Table 15–9 Scott Wilson January 2008 Mineral Resource Estimate by Potential Mining Method Location (Komahun 2) (Komahun 3) (Komahun 4) Type Open Pit Underground Total Open Pit Indicated Resources Tonnes oz Au g/t Au (000’s) (000’s) 177.2 m minimum mining width and a nominal 1.021.6 56.42 4.9 4.50 g/t Au cut-off grade.2 196.4 1.03 3. Underground Mining Option Mineral Resources were estimated with wireframes constructed based a 1.6 10.25 4.27 131.3 Inferred Resources Tonnes oz Au g/t Au (000’s) (000’s) 1.83 5.7 142.164.3 1.4 12.0 Notes for Tables 15 –8 and 15–9: 1.9 28.15 2.13 29.29 2.4 4.00 per ounce.4 184.3 1.5 5. 2.92 4. 4.6 60.6 31.8 Northern Zone (Komahun 5) Underground Total Open Pit Western Zone (Komahun 1) Underground Total Southern Extension Zone Open Pit Underground Total Open Pit 177.3 148. Resource estimation conforms to CIM (2005) resource definitions.147.03 3.60 5.5 5. Open Pit Option Mineral Resources were estimated with wireframes constructed based a 2 m minimum mining width and a nominal 0.5 5. .1 31.02 5.50 g/t Au cut-off grade. Mineral Resources are estimated using an average long-term gold price of US $700.344.7 87.

Figure 15–17: -67- Scott Wilson .

500 t @ 5.2 m for the underground resource. a cut of grade of 0. The definitions for resource categories used in this report are consistent with those defined in CIM (2005) and adopted by NI 43-101. -68- Scott Wilson . A gold price of US $ 700 has been used in the resource estimation.15. The resource estimate is based on open-pit and underground mining.334.5 g/t Au and a 2 m minimum mining width has been used for the open-pit resource and a 1.5 g/t Au cut off grade and minimum mining width of 1. Seven structures or zones hosting gold mineralisation have been indentified to date in the Komahun and Senekor Prospects of the Nimini Hill West licence area. Scott Wilson has compiled a mineral resource estimate on AXMIN’s Nimini Hills Project in eastern Sierra Leone. The gold mineralisation is found in a number of different lithologies and concentrations.27 g/t Au has been estimated for the Nimini Hills in January 2008.13 g/t Au and an Inferred Mineral Resource of 1.000 t @ 4. with a data cut of date of 31st October 2007. INTERPRETATION AND CONCLUSIONS The gold mineralisation found in the Nimini Hills is shear-hosted occurring in the vicinity of a near-vertical sequence of BIF units within basic volcanics close to their contact with talcose ultramafic schists as part of an Archean Greenstone Belt in eastern Sierra Leone. An Indicated Mineral Resource of 177.

• • • -69- Scott Wilson .g. preventative measures against the toppling over of stacks of core trays). A systematic fill-in diamond drill program should be able to target all four lenses within the Main Zone boundary. RECOMMENDATIONS SW recommends the following sampling and resource evaluation and classification strategies: • • Additional fill-in drilling and / or trench samples should address the issue of sparse oxide specific gravity measurements above the redox interface.16. Further diamond drilling and trenching should focus on upgrading Inferred resources as well as deeper drilling to target those lenses which are currently open at depth. Database identification and management of duplicate samples data to be improved. the following small recommendations are proposed to facilitate and expedite the exploration programme: • Core shed management should be improved with regard to health and safety (e. End-of-hole (EoH) markers to be used in the core trays. Figure 15–17 illustrates target areas for Lense 2. and The Main Zone has the highest potential to increase to an Indicated resource category. All the currently defined resource zones show a reasonable prospect for economic extraction. and Improve the QA / QC procedure in regard to the taking and control of duplicate results. • In addition.

AXMIN’s Komahun Prospect in Sierra Leone LiaMin Rpt 168. REFERENCES CIM (2005): CIM Standards on Mineral Resources and Reserves – Definitions and Guidelines Prepared by the CIM Committee on Reserve Definitions. and General Comments on.07 SRK Consulting Sept 2006 Independent Mineral Resource Estimation of the Nimini Hills Prospect. Sierra Leone -70- Scott Wilson .17. December 2005 Last B J Interpretation of Helicopter Borne Ultra-High Resolution Magnetic and Radiometric Data AXMIN Ltd Sierra Leone Project April 2005 LiaMin (Dr W A Sheppard) June 2007 Geological Review of.

10. Helen Oliver. and dated XXXXXX. 6. prepared for AXMIN Inc. C. information. I am responsible for overall preparation of is Report.. I am registered as a Chartered Geologist with the British Geological Society. I have worked as a geologist for a total of over ten years since graduation. I visited the Nimini Hills Project on 15th to 19th October 2007. and belief. Dated xxxxxxxxxxxxx -71- Scott Wilson . I am independent of the Issuer applying the test set out in Section 1. Helen Oliver C. do hereby certify that: 1. My relevant experience for the purpose of the Technical Report is working in the international mining and exploration industry. CERTIFICATE OF QUALIFICATIONS Helen Oliver I.Geol. Francis Street. To the best of my knowledge. I fulfil the requirements to be a "qualified person" for the purposes of NI43-101. Sierra Leone”. 2. 7. 9. I have had no prior involvement with the property that is the subject of the Technical Report. I have read National Instrument 43-101. London. predominately in Africa. I am a graduate of Camborne School of Mines in 1995 with a Master of Science in Mining Geology. I am a Senior Geologist with Scott Wilson of Greencoat House. the Technical Report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI43-101) and certify that by reason of my education. 8. 4. and the Technical Report has been prepared in compliance with National Instrument 43-101 and Form 43-101F1.18. 5.4 of National Instrument 43-101. affiliation with a professional association (as defined in NI43-101) and past relevant work experience. as an author of this report entitled Technical Report on the AXMIN’s Nimini Hills Gold Exploration Project. 2008.Geol. 3.

7. I have had no prior involvement with the property that is the subject of the Technical Report. M5J 2H7. of Suite 501. I have not visited the Nimini Hills property. I am registered as a Professional Geoscientist in the Province of Ontario (Reg. 2. and belief. Geo. ON. Blakley. My relevant experience for the purpose of the Technical Report is: • Geological consultant for due diligence and resource estimation on numerous worldwide precious metal deposits. Blakley I. affiliation with a professional association (as defined in NI43-101) and past relevant work experience. Ontario. 8. Ian T. I fulfill the requirements to be a "qualified person" for the purposes of NI43-101. I have read National Instrument 43-101. 2008. To the best of my knowledge. Dated Xth day of X. information. and the Technical Report has been prepared in compliance with National Instrument 43-101 and Form 43-101F1. 55 University Ave Toronto. 3. I am independent of the Issuer applying the test set out in Section 1. • Exploration Geologist responsible for sampling and mapping programs at gold and base metal properties in Canada. 9. Ian T. resource definition and production. I have read the definition of "qualified person" set out in National Instrument 43-101 ("NI43-101") and certify that by reason of my education. Sierra Leone”. # 1446) and in the Province of Manitoba (Reg. resource definition. do hereby certify that: 1. 5. I have worked as a Geologist for a total of 24 years since my graduation. Canada. P. in 1984 with a Bachelor of Science degree in Honours Co-operative Applied Earth Sciences \ Geology Option. 10. I am responsible for the resource estimate section of the Technical Report. P. Blakley. I am a graduate of the University of Waterloo.Geo. Waterloo..Ian T. # 20126G). I am a Consulting Geologist with Scott Wilson Roscoe Postle Associates Inc. production and reconciliation.4 of National Instrument 43-101. as an author of this report entitled “Technical Report on the AXMIN’s Nimini Hills Gold Exploration Project. 4. 2008 -72- Scott Wilson . infrastructure positioning. the Technical Report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading. 6. • Chief Geologist with a major Canadian mining company responsible for the management of geological exploration. prepared for AXMIN and dated XXXXXX. • Senior Mines Exploration Geologist for new capital underground mining projects including exploration and definition drilling.

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