PERSEUS MINING LIMITED — Interim / Quarterly Report 2011

Jan 18, 2012

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QUARTERLY REPORT

19 January 2012

DECEMBER 2011 QUARTER ACTIVITY REPORT

Highlights

Operations - Edikan Gold Mine, Ghana

Commissioning of the Edikan Gold Mine (“EGM”) continued throughout the December quarter and was completed effective 31 December 2011. Results for the December quarter were:

Mill throughput - 1,086,899 dry tonnes Throughput rate - 637dtph Calculated grade - 1.26g/t Au Calculated recovery - 81.0% Gold recovered - 35,801 ounces Volume mined - 3,679,706 Bcm Ore mined - 1,795,516t at 1.02g/t Au

The Company will continue to ramp up monthly production by increasing hourly throughput rates in the milling and crushing circuits, increasing operating availability and debottlenecking within the plant to take it beyond its 5.5mtpa ‘name plate’ processing rate.

The Company is aiming to provide guidance on targets in its December quarter and half-year financial reports to be released in mid February 2012.

Development - Sissingué Gold Project - Côte d’Ivoire

The Sissingué environmental approval process has progressed well and the exploitation permit application was lodged. The SAG mill order was placed in December, plant design is progressing well and tenders for early works are being reviewed. The Sissingué development is part of the larger Tengrela Gold Project (“TGP”) in northern Côte d’Ivoire. Gold production is forecast to commence in 2013, subject to completion of the approvals and licensing process within the expected timeframe.

Exploration

The Company completed 68,932m of drilling for the quarter, spread equally between EGM and TGP. A resource upgrade for several of the EGM deposits was released on 22 December 2011. Highlights of the upgrade were:

• 954,000oz increase in Measured and Indicated mineral resources at EGM

• Perseus’s total Inferred mineral resources increased 76,000oz to 76.9Mt containing 2.3Moz of gold

• A maiden resource estimate has been declared for the Bokitsi deposit

Numerous significant drill intercepts received subsequent to the resource upgrade referred to above will facilitate further resource upgrades over the next 12 months.

Corporate

In November 2011 the Company completed the issue of 28.75 million shares at Cdn$3.25 each to raise Cdn$93,437,500. As at December the Company’s cash position was A$131.5M and bullion holdings 1 totalled 7,859ounces of gold.

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Program for the March 2012 Quarter

Plans and targets for the March 2012 quarter are:

At Edikan Gold Mine

• Continued ramp-up and consolidation of production in both mining and processing

• Reserve upgrade

• Continued exploration

Sissingué Gold Project Development

• Obtain environmental approval

• Commence early ‘site’ works

• Select all major equipment

• Advance detailed plant design

Company Overview

Perseus is a successful West African gold producer and explorer with a mine in Ghana and a second project in Côte d’Ivoire at the permitting and construction tender stage:

• EGM – The EGM comprises a group of large gold deposits located in the Ashanti gold belt in Ghana. Commissioning was completed in December after gold production commenced in August 2011. Current Mineral Reserves stand at 3.3Moz, additional Indicated Mineral Resources total 2.0Moz and Inferred Mineral Resources total 1.8Moz, inclusive of Mineral Resources on the nearby Grumesa licence.

• TGP – The TGP in Côte d’Ivoire is an under-explored project with a current open-ended gold resource containing Reserves of 0.66Moz, an additional 0.28Moz of Measured and Indicated Mineral Resources and 0.26Moz of Inferred Mineral Resources at Sissingué, one of a number of prospects identified on the project. The Sissingué definitive feasibility study was completed in November 2010. Production at TGP is targeted for 2013.

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Ghana

Operations

Edikan Gold Mine

The commissioning period for the Edikan gold mine was completed in 19 weeks, which is a relatively short period of time in the industry for a large plant. During this period the Company treated 1.51Mt of ore at a grade of 1.20g/t and produced 46,234 ounces of gold. Downtime during commissioning was mostly attributable to normal ‘teething’ and minor design issues and the performance of the key mechanical components has been excellent.

Cell 2 of the float tailings storage facility (“FTSF”) was completed during the Quarter and is expected to be in use in January 2012. Work is advancing on Stage 3 of the FTSF with the aim of completing the downstream portion in March.

The process of identifying potential bottlenecks which limit the ramp-up of process facility throughput from 5.5Mtpa to 8Mtpa will be undertaken during the March and June quarters of 2012.

An oxide feed circuit is being designed to allow separation of fresh and oxide ore for improved crusher and mill throughput during the wet season. This separate circuit is expected to be commissioned mid-year and will also be capable of feeding fresh crushed ore when the primary crusher is down. Currently the coarse ore stockpile feeders are 75% utilised at 700tph.

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Table 1: Production Statistics for the December Quarter:

		Unit	October	November	December	December
						Quarter
	Ore mined	tonne	523,177	555,443	716,896	1,795,516
	Grade mined	g/t Au	1.12	0.90	1.04	1.02
	Tl il Mid	BCM	871225	1234916	1573565	3679706
	ota matera ne		,	,,	,,	,,
	Milled	dmt(1)	296,691	394,712	395,496	1,086,899
	Mill Runtime	%	70.9	82.4	78.9	77.3
	Milling Rate	dtph(2)	562	666	674	637
	Calc. Head Grade	g/t	1.17	1.30	1.29	1.26
	Overall Recovery	%	79.5	80.3	82.6	81.0
	Gold Recovered	Oz	9,035	13,256	13,510	35,801
	Notes

1. dmt is dry metric tonne

2. dtph is dry tonne per hour

Exploration

EGM Resource Estimate

Drilling on the Fetish deposit during the past two years has grown the deposit, with significant potential remaining to further expand the resource. Measured and Indicated resources at Fetish have increased 62% to 29.4Mt at 1.0g/t Au for 972,000 ounces, while Inferred resources reduced by 31% to 7.5Mt at 1.0g/t Au for 248,000 ounces. Results for 15 drill holes are still pending and drilling at Fetish will continue into 2012.

Infill drilling at Chirawewa enabled an initial Indicated resource estimate and an increase in total resources. A more comprehensive drill-out of Chirawewa will be undertaken after the deposit is dewatered to allow better access to the pit floor. This drilling, proposed for 2012, is in addition to results recently received and currently pending. Initial Indicated resources at Chirawewa are 4.5Mt at 1.1g/t Au for 167,000 ounces and Inferred resources increased 22% to 8.7Mt at 0.9g/t Au for 249,000 ounces.

Limited additional exploration drilling and grade control drilling on the Abnabna-Fobinso deposit during 2011 significantly improved the understanding of mineralisation controls of the resource model and resulted in an increase in resources notwithstanding the 2.6Mt of ore mined to 30 November 2011. Measured and Indicated resources at Abnabna-Fobinso increased 8% to 72.6Mt at 1.1g/t Au for 2,515,000 ounces, while Inferred resources increased 109% to 11.1Mt at 1.0g/t Au for 362,000 ounces. Subsequent to the resource estimate cut-off date, a 42-hole drill program targeting conversion of Inferred resources within or near the base of the current pit design commenced at Abnabna-Fobinso. To date, 15 holes have been completed.

The Bokitsi deposit is a new addition to the resource inventory. Indicated resources at Bokitsi total 2.6Mt at 2.5g/t Au containing 212,000 ounces of gold and Inferred resources are 1.6Mt at 1.7g/t Au containing 89,000 ounces of gold. Results are pending for an additional six drill holes.

Perseus is continuing to infill and extend resources at the Edikan Gold Mine with a view to undertaking further reserve upgrades. 4

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See Tables 7 to 12 for a full outline of resources and reserves.

While there has been an improvement on assay turnaround times, there are still assays pending for 5,620 samples from 145 drill holes. A large number of significant drill hole intercepts have been reported since the cut off date for the resource estimate announced on 22 December 2011. These are contained in Table 3 below. Holes which were not included in the recent resource estimate will be included in future estimate upgrades starting with Esuajah North in March 2012.

Apart from ongoing drilling of identified targets, the Company has completed half of a 400 line km gradient induced polarization survey plus 300 line km of infill soil sampling, which are expected to identify further drill targets. Early results from the gradient induced polarization program have highlighted several strong resistivity anomalies with coincident Au in soil anomalism.

Reserve Estimate EGM

The Company will undertake new pit designs for Abnabna-Fobinso, Fetish and Bokitsi which will be incorporated in the planned March quarter 2012 reserve upgrade. A resource and reserve upgrade will also be completed for Esuajah North if drill results are received in time. A total of 153 drill holes for 35,725m have been completed since the last resource upgrade at Esuajah North. Pit designs and a reserve estimate for Chirawewa will be delayed until later in the year to enable the completion of further drilling.

Infill and deeper drilling at Fetish (included in recent resource upgrade) returned significant results, including:

EFDD083	-	70. 8m at 1.7g/tAu from 93.8m,ended in mineralisation.
EFDD084	-	29m at 1.1g/tfrom 234m,12m at 1.5g/tfrom 284m and23m at 2.3g/tAu
		from 274m.
EFDD107	-	30m at 1.0g/tfrom 297m and18m at 4.5g/tAu from 383m.
EFDD086	-	25m at 2.2g/tfrom 237m and23m at 2.3g/tAu from 274m.
EFRDD027	-	6m at 3.4g/tfrom 333m,52m at 1.4g/tfrom 407m and8m at 2.8g/tAu from
		535m.

Exploration drilling at Chirawewa and Bokitsi (included in recent resource upgrade) returned significant results, including:

CHRDD006	-	7.8m at 21.2g/tfrom 106m including4m at 39.7g/tAu from 108m,with assays
		still pending below 113.8m.
CHRC138	-	10m at 15.6g/tfrom 50m, including2m at 65.7g/tAu from 54m.
CHRC131	-	40m at 3.1g/tfrom 46m, including2m at 35.4g/tAu from 76m.
CHRC140	-	16m at 4.3g/tfrom 26m,and 16m at 1.0g/tAu from 74m,ended in
		mineralisation.
BKDD002	-	22.7m at 4.9g/tAu from 60.8m.
BKDD005	-	17.4m at 4.8g/tAu from 98.6m.
BKRDD039	-	9m at 5.3g/tAu from 112m.

Infill and deeper drilling at Fetish ( not included in recent resource upgrade ) returned significant results, including:

EFDD110	-	24m at 9.0g/tfrom 141m and 18m at 1.2g/t Au from 216m.
EFDD111	-	20.8m at 1.4g/t from 27.7m, 24m at 1.5g/t from 72m, 12m at 1.2g/tfrom 178m and
		34m at 4.0g/t Aufrom 211m.

EFDD124 - 5m at 26.2g/t from 118m, 14m at 1.4g/t from 427m and 29m at 2.2g/t Au from 448m.

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EFDD119 - 1m at 27.9g/t from 158m , 9m at 4.0g/t from 178m, 11m at 2.4g/t from 294m, 13m at 1.8g/t from 331m, 1m at 10.1g/t, 1m at 62.0g/t Au from 372m . EFRDD104 - 1.5m at 14.3g/t from 49.5m, 16m at 2.3g/t from 70m, 13m at 2.7g/t from 99m and 8m at 6.9g/t Au from 320m.

Infill drilling at Chirawewa and Bokitsi ( not included in recent resource upgrade ) returned significant results, including:

CHDD032 - 16m at 4.8g/t from 76.3m, 10.5m at 1.9g/t from 56.5m, 7m at 5.7g/t from 176m, 14m at 1.9g/t from 189m and 8.5m at 5.5g/t Au from 211.5m. BKDD041 - 5m at 27.1g/t Au from 74m including 2m at 64g/t from 75m. BKDD042 - 11m at 7.6g/t Au from 82m.

Infill drilling at Esuajah North ( not included in recent resource upgrade ) returned significant results, including:

• ENDD037 - 31m at 1.4g/t from 33m, 12m at 2.9g/t from 74m, 53.8m at 1.5g/t Au from 108m, ended in mineralisation.

• ENDD057 - 51m at 1.9g/t from 28m and 15m at 1.4g/t Au from 96m ENDD058 - 12m at 1.2g/t from 34m, 23m at 1.1g/t from 66m and 40m at 2.9g/t Au from 136m.

• ENDD034 - 57m at 1.0g/t from 73m, 15m at 1.5g/t from 138m, 29m at 1.6g/t from 169m and 21m at 2.3g/t Au from 219m.

• ENDD072 - 12m at 1.5g/t from 79m , 39m at 4.1g/t from 105m, 43m at 1.0g/t Au from 181m. ENDD082 - 1m at 11.7g/t from 73m, 6m at 1.8g/t from 107m, 3m at 66.7g/t Au from 128m, 7m at 2.1g/t 143m and 19m at 3.7g/t Au from 158m.

• ENDD071 - 38m at 1.3g/t from 28m, 6m at 1.7g/t from 86m, 16m at 5.7g/t from 119m , 18m at 1.0g/t from 145m and 16.8m at 1.1g/t Au from 206m, ended in mineralisation.

• ENDD095 - 20m at 4.2g/t from 35m, 12m at 1.8g/t from 59m and 13m at 6.2g/t Au from 82m. ENDD096 - 13.5m at 1.4g/t from 50.5m, 14m at 1.2g/t from 73m and 68m at 2.1g/t Au from 137m.

• ENDD076 - 9m at 1.8g/t from 40m, 20m at 4.5g/t from 62m, 16m at 1.1g/t from 96m and 8m at 1.8g/t Au from 143m.

• ENRDD033 - 13m at 1.7g/t from 238m, 4m at 18.4g/t from 264m, 6m at 7.0g/t from 281m , 42m at 1.5g/t from 295m, 25m at 1.8g/t from 343m and 10m at 2.7g/t Au from 374m.

Côte d’Ivoire Activities

Tengrela Gold Project

Exploration

The Company completed 34,540m of drilling on various prospects on the Tengrela Gold Project during the Quarter. However, assay turnaround was poor, and currently assays are pending for 15,673 samples from 487 drill holes. , Strong infill and extension drill results were obtained from the limited number of holes at Sissingu é for which results were received . Several anomalous exploration intercepts were also recorded, including 16m at 2.1g/t and 4m at 5.5g/t Au in the proposed waste dump and ROM pad area at Sissingué East, and 2m at 60.0g/t and 8m at 4.0g/t Au at Kanakono. Details are included in Table 5 below.

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Infill and deeper drilling at Sissingué returned significant results, including:

SGC046	-	37m at 5.5g/tAu from 23m,ended in mineralisation.
SD182	-	36.4m at 4.0g/tfrom 95.6m,6m at 1.9g/tfrom 177m and7m at 2.5g/tAu from
		187m.
SGC039	-	37m at 3.5g/t Aufrom 33m,ended in mineralisation.
SGC038	-	34m at 3.5g/t Aufrom 16m,ended in mineralisation.
SGC033	-	16m at 1.5g/tfrom 26m and5m at 21.2g/tAu from 45m,ended in
		mineralisation.
SD176	-	41.3m at 1.9g/tfrom 63.7m,8.9m at 5.2g/tand17.4m at 1.1g/tAu from 149m.
SD177	-	14m at 1.6g/tfrom 121m and11m at 7.4g/tAu from 179m.
SGC035	-	6m at 10.4g/tAu from 53m.
SGC034	-	12m at 4.9g/tAu from 36m.
SD170	-	3m at 14.7g/tfrom 45m and5m at 3.2g/tAu from 123m.
SD180	-	60.5m at 1.0g/tfrom 156m and1m at 13.4g/tAu from 230m.
SD184	-	3m at 4.0g/tfrom 146m and6.6m at 6.6g/t Aufrom 155m.
Exploration	drilling atEast Sissinguéreturned anomalous results, including:
SAC130	-	16m at 2.1g/tAu from 44m.
SRB1402	-	4m at 5.5g/tAu from 4m.
Exploration	drilling atKanakonoreturned anomalous results, including:
KRC069	-	2m at 60.6g/tAu from 4m.
KRC090	-	8m at 4.0g/tAu from 40m.

Details of the anomalous exploration intercepts are set out in Table 6.

Project Implementation – Sissingué Deposit Permitting

The environmental permitting process is progressing well. Following a public hearing in September 2011, a technical validation process was completed with ANDE, the Ivorian environmental authority, in December. The Company is targeting formal Environmental approval during the March Quarter 2012.

The exploitation permit approval process is also progressing well.

Early Works

Tender enquiries for early works have been issued and responses are currently under review. Subject to obtaining the necessary approvals, it is planned that some site earthworks will commence in March 2012.

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SAG Mill Procurement

An order was placed with Outotec in December for a 4,500kW, 5.5m diameter, 9.2m long, SAG mill. The mill is scheduled to be completed within 45 weeks ex-works, so the complete mill package is expected to be on site in late 2012. The order was for about A$5.5M, which was marginally less than budget.

Plant Design

The designer, GRES, in conjunction with the Perseus Projects Team has completed the process portion of the plant design. Enquiries for equipment selection have commenced and prices are being received from suppliers.

GRES is on track to complete sufficient design work by April 2012 to allow the installation tender enquiry to be issued on schedule. The overall completion schedule remains unchanged.

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Mark Calderwood Managing Director

19 January 2012

To discuss any aspect of this announcement, please contact:

Mark Calderwood at telephone +61 8 9240 6344 or email calderwoodm@perseusmining.com Nathan Ryan at telephone +0420 582 887 or email nathan.ryan@nwrcommunications.com.au Rebecca Greco at telephone +1 416 822 6483 or email fighouse@yahoo.com (Toronto)

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The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Kevin Thomson, who is a Member of Association of Professional Geoscientists of Ontario (a Recognised Overseas Professional Organisation (‘ROPO’) included in a list promulgated by the ASX from time to time) . Mr Thomson is a full-time employee of the Company. Mr Thomson has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’”) and to qualify as a “Qualified Person” under National Instrument 43101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr Thomson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Mr Thomson verified the data disclosed, including sampling, analytical and test data underlying the information contained herein. For a description of Perseus’s data verification process, quality assurance program and quality control measure applied, the type of analytical or testing procedures utilized, sample size, name and location of testing laboratories, the effective date of the mineral resource and mineral reserve estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and reserves set out in this report any known environmental, political, legal, title, or other risks that could materially affect the potential development of the mineral resources or reserves, readers are directed to the technical report entitled “Technical Report - Central Ashanti Gold Project, Ghana” dated May 30, 2011 and the technical report entitled ‘‘Technical Report - Tengrela Gold Project, Côte d’Ivoire’’ dated December 22, 2010 in relation to the Edikan Gold Mine (formerly Central Ashanti Gold Project) and the Tengrela Gold Project respectively.

Caution Regarding Forward Looking Information : This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine without any major disruption, development of a mine at Tengrela, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate.

Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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Figure 1: Perseus Deposits EGM

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Figure 2: Perseus Resource – Reserve Growth

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Table 2: EGM, Ghana, December Quarter Infill and Extensional Drilling (included in December 2011 Resource Estimate)

	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	() () () (°) (°)	() () () /t
	m m m	m m m **g **
	ABRDD439 AF Gap 26200 13901 420.4 180 -64	338 378 40 1.3
	AFRDD094 Fobinso 27540 14181 376.7 180 -68	246 267 21 1.1
		332 349 17 1.3
	EFDD083 Fetish 3144 5220 164.58 90 -47	93.8 164.6 70.8 1.7
	incl.	156 160 4 9.0
	incl.	159 160 1 21.5
	EFDD084 Fetish 3514 5263 365.5 270 -52	198 204 6 2.7
		234 263 29 1.1
		284 296 12 1.5
		303 326 23 2.3
	incl.	323 324 1 16.9
	EFDD086 Fetish 3510 5340 345 270 -56	237 262 25 2.2
	incl.	237 239 2 11.6
		258 259 1 19.1
		274 297 23 2.3
	incl.	278 279 1 19.7
	EFDD087 Fetish 3480 5400 290 270 -55	259 270 11 3.0
	incl.	264 265 1 14.4
	EFDD089 Fetish 3610 5140 455 270 -55	304 336 32 1.0
		435 451 16 1.2
	EFDD105 Fetish 3510 5300 335.63 270 -56	274 330 56 1.5
	incl.	317 318 1 18.6
	EFDD106 Fetish 3650 5300 505.3 270 -57	375 387 12 1.0
		463 489 26 1.2
	EFDD107 Fetish 3553 5260 431.48 270 -58	297 327 30 1.0
		383 401 18 4.5
	incl.	386 387 1 25.6
	and	392 393 1 35.6
	EFDD118 Fetish 3640 5140 501.48 270 -58	337 353 16 2.9
	incl.	341 342 1 22.2
		420 475 55 1.5
	incl.	420 421 1 10.2
	EFDD122 Fetish 3575 5160 488.64 270 -72	336 404 68 1.0
		419 453 34 1.3
	EFRDD027 Fetish 3599 5200 636.6 270 -60	333 339 6 3.4
	incl.	338 339 1 14.6
		407 459 52 1.4
	incl.	434 435 1 10.7
	and	437 438 1 10.8
		535 543 8 2.8
	incl	535 536 1 112
	.	.
	EFRDD031 Fetish 3528 5340 366 270 -56	282 286 4 2.7
		304 323 19 2.3
		336 343 7 3.1
	incl.	339 340 1 14.2
	EFRDD040 Fetish 3081 5060 81 270 -54	44 56.1 12.1 3.9
	incl.	53.7 55.1 1.4 11.1
	EFRDD042 Fetish 3082 5060 139.2 270 -85	128 132 4 11.1

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Table 2: EGM, Ghana, December Quarter Infill and Extensional Drilling (included in December 2011 Resource Estimate) - continued

	Hole	Deposit East North Depth Azm. Incl.	From To Width Au
		(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	BKRDD039	Bokitsi S. 2830 4680 150 270 -55	112 121 9 5.3
	BKDD002	Bokitsi 2800 4220 120.53 270 -55	60.8 83.53 22.73 4.9
		incl.	69.53 71.53 2 10.4
	BKDD005	Bokitsi 2820 4300 144.58 270 -55	98.6 116 17.4 4.8
	CHDD028	Chirawewa 3840 4000 131.58 270 -55	120 121 1 60.0
	CHRC131	Chirawewa 4120 4400 100 270 -55	46 86 40 3.1
		incl.	76 78 2 35.4
		and	82 84 2 11.3
	CHRC138	Chirawewa 4230 4700 85 90 -48	50 60 10 15.6
		incl.	54 56 2 65.7
	CHRC140	Chirawewa 4109 4360 90 270 -55	26 42 16 4.3
		incl.	26 28 2 22.6
			74 90 16 10*
			.
	CHRDD006	Chirawewa 3819 4040 130 270 -55	106 113.8 7.8 21.2
		incl.	108 112 4 39.7

Notes

• 1) All CHRC holes are RC holes, the remainder are core holes.

• 2) Most holes were core drilled through the mineralised zone.

• 3) RC holes were sampled at 1m intervals and composited to 2m or 4m intervals. 4) Core holes sampled at 1m intervals.

• 5) Oxide samples or low sulphur fresh rock samples analysed using 50grm fire assays by independent laboratory, Intertek Minerals Limited in Ghana.

• 6) High sulphide content samples analysed using 25gram fire assays by Intertek Minerals Limited in Ghana. 7) RC precollar through hanging wall was sampled at 1m intervals and composited to 4m and analysed by 50gm fire assay by ALS Ghana Limited in Ghana.

• 6) Only holes with combined intercepts of greater than 40 gram metres included.

• 7) The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled “Technical Report – Central Ashanti Gold Project, Ghana” dated May 30, 2011.

• 9) The true width of intercepts from recent drilling at Fetish ranges from 55-85% of the intercept width. 10) The true width of intercepts from recent drilling at AF-Gap and Fobinso ranges from 70-95% of the intercept width.

• 11) The true width of intercepts along the Bokitsi zone is about 90-99% of the intercept width. The true width of intercepts from the Chirawewa zones range from 79 to 95% of the intercept width.

Table 3: EGM, Ghana, December Quarter Infill and Extensional Drilling (Not included in December 2011 Resource Estimate)

	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	ENDD034 Esuajah N. 2310 7140 257 90 -55	73 130 57 1.0
		138 153 15 1.5
		169 198 29 1.6
		219 240 21 2.3
	incl.	229 231 2 18.8
	ENDD036 Esuajah N. 2150 7300 359 90 -55	211 248 37 1.0
		254 261 7 1.9
		273 282 9 1.6
		296 332 36 14
		.
	incl.	300 301 1 12.7

12

==> picture [595 x 77] intentionally omitted <==

Table 3: EGM, Ghana, December Quarter Infill and Extensional Drilling (Not included in December 2011 Resource Estimate) - continued

	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	ENDD037 Esuajah N. 2390 7140 161.58 90 -55	33 64 31 1.4
		74 86 12 2.9
	incl.	74 75 1 26.9
		108 161.8 53.8 1.5*
	incl.	133 134 1 18.8
	ENDD039 Esuajah N. 2350 7101 185 90 -55	112 133 21 1.4
		143 174 31 1.0
	ENDD042 Esuajah N. 2309 7380 173.68 90 -55	32 34 2 8.0
		77 92 15 1.1
		142 167 25 1.1
		289 291 2 8.0
	ENDD043 Esuajah N. 2130 7200 412 90 -55	305 316 11 1.2
		338 373 35 10
		.
		378 390 12 1.0
		398 408 10 1.1
	ENDD045 Esuajah N. 2370 7220 119.53 90 -55	50 69 19 1.0
		84 106 22 1.1
	ENDD049 Esuajah N. 2160 7120 399 90 -55	302 329 27 1.9
	incl.	310 311 1 31.6
		374 392 18 1.1
	ENDD051 Esuajah N. 2260 7340 248.53 90 -55	72 84 12 1.0
		109 120 11 2.4
	incl.	118 119 1 10.2
		164 180 16 1.7
	incl.	172 173 1 12.8
	ENDD054 Esuajah N. 2270 7180 275 88 -56	179 180 1 83.0
		186 207 21 1.7
	incl.	202 203 1 12.1
		220 224 4 2.6
	ENDD055 Esuajah N. 2264 7260 242 90 -55	211 233 22 2.5
	incl.	230 231 1 15.4
	ENDD057 Esuajah N. 2390 7100 134 90 -55	28 79 51 1.9
	incl.	31 32 1 21.5
	and	70 71 1 23.9
		96 111 15 1.4
	ENDD058 Esuajah N. 2350 7140 212 90 -56	34 46 12 1.2
		66 89 23 1.1
		136 176 40 2.9
	incl.	148 150 2 15.4
	ENDD060 Esuajah N. 2430 7139 99 90 -55	10 40 30 1.6
		53 64 11 1.9
	ENDD062 Esuajah N. 2250 7220 287.48 90 -57	140 146 6 1.9
		153 164 11 1.4
		171 172 1 10.1
		189 201 12 3.9
	incl.	190 191 1 29.2
		255 279 24 1.0

13

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Table 3: EGM, Ghana, December Quarter Infill and Extensional Drilling (Not included in December 2011 Resource Estimate) - continued

	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	ENDD064 Esuajah N. 2330 7220 186 90 -55	30 55 25 1.4
	incl.	40 41 1 13.1
		85 97 12 1.0
	ENDD065 Esuajah N. 2355 7300 110 90 -55	65 75 10 3.7
	incl.	68 72 4 8.1
	ENDD067 Esuajah N. 2190 7380 273.2 90 -56	165 178 13 1.5
		183 190 7 2.1
		244 246 2 64.5
	ENDD072 Esuajah N. 2310 7199 234 90 -55	79 91 12 1.5
		105 144 39 4.1
	incl.	105 106 1 126.0
		181 224 43 1.0
	ENDD080 Esuajah N 2395 7170 130 90 -54	115 21 95 12
	.	. . .
		47 63 16 1.1
		114 130 16 1.3*
	ENRC001 Esuajah N. 2343 7340 125 90 -55	20 27 7 1.9
		31 69 38 1.1
	ENRC011 Esuajah N. 2395 7260 85 90 -55	16 36 20 1.3
		51 75 24 26
		.
	incl.	63 64 1 28.5
	ENRC005 Esuajah N. 2356 7260 135 90 -55	33 43 10 1.3
		63 77 14 1.0
		84 118 34 1.1
	ENRDD011 Esuajah N. 2149 7140 414 90 -55	277 299 22 1.1
	incl.	290 291 1 10.7
		312 329 17 1.0
		342 351 9 2.0
	incl.	345 346 1 11.0
		373 408 35 1.5
	incl.	401 402 1 25.6
	ENRDD014 Esuajah N. 2192 7300 311 90 -55	207 234 27 1.7
	incl.	227 229 2 13.9
	ENRDD024 Esuajah N. 2428 7160 132 270 -61	33 66 33 2.5
	incl.	53 58 5 9.4
	ENRDD025 Esuajah N. 2415 7170 125 90 -55	38 56 18 1.0
		60 80 20 1.8
	incl.	60 61 1 16.6
	ENRDD035 Esuajah N. 2335 7240 180 90 -60	20 36 16 1.5
		59 70 11 1.6
		79 93 14 1.6
	ENDD059 Esuajah N 2170 7220 375.58 90 -57	239 263 24 1.8
	incl.	261 262 1 13.7
		275 276 1 19.1
		336 348 12 1.8
		354 371 17 1.0
	ENDD068 Esuajah N 2270 7379 212 90 -56	131 142 11 1.8
	incl.	133 134 1 10.3
		181 206 25 1.2

14

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Table 3: EGM, Ghana, December Quarter Infill and Extensional Drilling (Not included in December 2011 Resource Estimate) – continued

	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	ENDD071 Esuajah N 2490 7161 222.8 270 -60	28 66 38 1.3
		86 92 6 1.7
		119 135 16 5.7
	incl.	126 127 1 35.0
	and	133 134 1 24.2
		145 163 18 1.0
		206 222.8* 16.8 1.1
	ENDD073 Esuajah N 2409 7160 118 270 -61	59 85 26 1.2
		97 118* 21 2.2
	incl.	117 _118 _1 13.2*
	ENDD074 Esuajah N 2390 7199 126 90 -55	7.5 22 14.5 1.7
		76 95 19 1.0
		104 112 8 14
		.
	ENDD075 Esuajah N 2470 7160 165 270 -60	35 54 19 1.9
	incl.	40 41 1 22.8
		139 159 20 1.2
	ENDD076 Esuajah N 2335 7170 170 90 -55	40 49 9 1.8
	incl.	40 41 1 11.3
		62 82 20 45
		.
	incl.	78 79 1 74.0
		96 112 16 1.1
		143 151 8 1.8
	ENDD077 Esuajah N 2385 7170 166 90 -55	40 74 34 1.4
		83 97 14 1.1
		112 162 50 18
		.
	ENDD078 Esuajah N 2450 7160 146 270 -60	42 59 17 2.1
		80 98 18 1.7
		103 108 5 5.9
	incl.	105 106 1 26.3
	ENDD079 Esuajah N 2355 7169 206 90 -55	10.5 46 35.5 1.2
		129 153 24 10
		.
		186 202 16 1.0
	ENDD059 Esuajah N 2170 7220 375.58 90 -57	239 263 24 1.8
	incl.	261 262 1 13.7
		275 276 1 19.1
		336 348 12 1.8
		354 371 17 10
		.
	ENDD068 Esuajah N 2270 7379 212 90 -56	131 142 11 1.8
	incl.	133 134 1 10.3
		181 206 25 1.2
	ENDD071 Esuajah N 2490 7161 222.8 270 -60	28 66 38 1.3
		86 92 6 1.7
		119 135 16 5.7
	incl.	126 127 1 35.0
	and	133 134 1 24.2
		145 163 18 1.0
		206 222.8* 16.8 1.1
	ENDD073 Esuajah N 2409 7160 118 270 -61	59 85 26 1.2
		*
		97 118 21 2.2
	incl.	117 _118 _1 13.2*

15

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Table 3: EGM, Ghana, December Quarter Infill and Extensional Drilling (Not included in December 2011 Resource Estimate) – continued

	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	ENDD074 Esuajah N 2390 7199 126 90 -55	7.5 22 14.5 1.7
		76 95 19 1.0
		104 112 8 1.4
	ENDD075 Esuajah N 2470 7160 165 270 -60	35 54 19 1.9
	incl.	40 41 1 22.8
		139 159 20 1.2
	ENDD076 Esuajah N 2335 7170 170 90 -55	40 49 9 18
		.
	incl.	40 41 1 11.3
		62 82 20 4.5
	incl.	78 79 1 74.0
		96 112 16 1.1
		143 151 8 1.8
	ENDD077 Esuajah N 2385 7170 166 90 -55	40 74 34 14
		.
		83 97 14 1.1
		112 162 50 1.8
	ENDD078 Esuajah N 2450 7160 146 270 -60	42 59 17 2.1
		80 98 18 1.7
		103 108 5 5.9
	incl	105 106 1 263
	.	.
	ENDD079 Esuajah N 2355 7169 206 90 -55	10.5 46 35.5 1.2
		129 153 24 1.0
		186 202 16 1.0
	ENDD082 Esuajah N 2296 7400 194.7 90 -55	73 74 1 11.7
		107 113 6 1.8
		12 11
		8 3 3 66.7
	incl.	129 130 1 102.0
		143 150 7 2.1
		158 177 19 3.7
	incl.	166 168 2 17.1
	ENDD083 Esuajah N 2345 7170 126 90 -55	62 91 29 1.1
		97 108 11 1.6
	ENDD084 Esuajah N 2331 7180 170 90 -55	56 91 35 1.0
		108 123 15 1.3
		152 161 9 5.6
	incl.	158 159 1 38.4
	ENDD086 Esuajah N 2405 7170 126 90 -55	11 18.5 7.5 4.0
		51 76 25 1.1
		107 126* 19 2.5
	ENDD087 Esuajah N 2340 7180 125 90 -55	59 92 33 1.4
		105 118 13 1.0
	ENDD091 Esuajah N 2364 7170 126 90 -54	22 34 12 2.6
	incl.	30 31 1 10.2
		66 84 18 1.0
		89 104 15 2.0
	incl.	103 104 1 15.5

16

==> picture [595 x 77] intentionally omitted <==

Table 3: EGM, Ghana, December Quarter Infill and Extensional Drilling (Not included in December 2011 Resource Estimate) – continued

	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	ENDD095 Esuajah N 2425 7170 110 90 -54	35 55 20 4.2
	incl.	36 37 1 21.4
	and	48 50 2 20.7
		59 71 12 1.8
		82 95 13 6.2
	incl.	89 91 2 34.2
	incl.	89 90 1 58.0
	ENDD096 Esuajah N 2337 7080 209.5 90 -55	50.5 64 13.5 1.4
		73 87 14 1.2
		137 205 68 2.1
	incl.	138 139 1 17.4
	and	178 179 1 13.4
	ENDD098 Esuajah N 2296 7360 204 90 -58	64 75 11 2.0
	incl.	64 65 1 10.4
		144 161 17 1.0
		171 176 5 2.3
	ENDD102 Esuajah N 2130 7400 325.18 90 -55	247 277 30 1.5
	ENRC012 Esuajah N 2390 7300 85 90 -55	6 39 33 2.0
	incl	7 8 1 159
	.	.
	and	29 30 1 19.9
	ENRDD016 Esuajah N 2281 7420 153 90 -55	74 83 9 1.8
		122 144 22 1.4
	ENRDD022 Esuajah N 2075 7160 495 90 -60	428 442 14 2.7
	incl.	432 433 1 28.9
		458 487 29 10
		.
	ENRDD023 Esuajah N 2124 7180 429.5 90 -60	313 341 28 1.6
	incl.	313 314 1 15.0
	and	340 341 1 11.9
		396 414 18 1.0
	ENRDD024 Esuajah N 2428 7160 132 270 -61	72 100 28 2.4
	il	77 78 1 110
	nc.	.
	and	87 88 1 15.7
	ENRDD026 Esuajah N 2120 7160 459.2 90 -60	336 337 1 36.0
		371 380 9 1.5
		400 415 15 1.0
		435 448 13 1.0
	ENRDD027 Esuajah N 2185 7100 372.4 90 -57	140 149 9 1.6
		159 182 23 1.0
		251 258 7 3.2
	incl.	255 256 1 14.1
	ENRDD032 Esuajah N 2185 7100 372.4 90 -55	223 239 16 1.1
		263 281 18 3.0
	incl.	274 275 1 38.8
		356 357 1 20.1

17

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Table 3: EGM, Ghana, December Quarter Infill and Extensional Drilling (Not included in December 2011 Resource Estimate) – continued

	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	ENRDD033 Esuajah N 2152 7240 402 88 -61	238 251 13 1.7
		264 268 4 18.4
	incl.	265 267 2 34.6
		281 287 6 7.0
	incl.	284 286 2 13.6
		295 337 42 1.5
	incl.	323 324 1 30.3
		343 368 25 1.8
	incl.	347 348 1 23.0
		374 384 10 2.7
	ENRDD038 Esuajah N 2136 7339 384.5 90 -57	350 375 25 2.0
	incl.	366 367 1 16.2
	BKRDD041 Bokitsi S 2780 4300 135 270 -55	74 79 5 271
		.
	incl.	75 77 2 64.0
	BKRDD042 Bokitsi S 2789 4340 116.5 270 -55	82 93 11 7.6
	incl.	82 84 2 11.3
	and	91 92 1 16.1
	BKRDD044 Bokitsi S 2820 4380 125.12 270 -55	84 92 8 3.4
		110 113 3 49
		.
	CHDD032 Chirawewa 4001 4460 226.5 90 -55	0 16 16 4.8
	incl.	7 8.5 1.5 16.9
		56.5 67 10.5 1.9
		176 183 7 5.7
	incl.	178 179 1 22.3
		189 203 14 19
		.
		211.5 220 8.5 5.5
	incl.	217 218 1 12.3
	CHDD035 Chirawewa 3994 4480 196 90 -55	91 113 22 1.0
		119 122 3 7.4
	incl.	120 121 1 16.7
	ABRDD443 AF G 26320 13950 445 180 61	413 414 1 159
	ap -	.
		421 437 16 3.1
	incl.	427 428 1 31.6
	FBDD130 Fobinso 27140 14102 264.7 180 -50	197 224 27 1.6
	incl.	217 218 1 22.3
	FBDD131 Fobinso 27140 14103 270 180 -55	213 250 37 1.8
	incl.	224 225 1 18.6
	FBDD132 Fobinso 27140 14104 276 180 -61	216 245 29 2.8
	incl.	222 223 1 28.4
	FBDD135 Fobinso 27442 14054 228.7 180 -61	84 146 62 1.4
	incl.	103 104 1 12.6
		155 168 13 1.1
		173 201 28 2.1
	incl.	197 198 1 30.7
	EFDD104 Fetish 3383 5340 410 270 -48	49.5 51 1.5 14.3
		70 86 16 2.3
	incl.	77 78 1 15.4
		99 112 13 2.7
		320 328 8 6.9
	incl.	325 326 1 31.1

18

==> picture [595 x 77] intentionally omitted <==

Table 3: EGM, Ghana, December Quarter Infill and Extensional Drilling (Not included in December 2011 Resource Estimate) – continued

	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	EFDD110 Fetish 3136 5200 331.5 90 -60	141 165 24 9.0
	incl.	142 148 6 16.2
	incl.	147 148 1 50.0
	and	157.5 159 1.5 13.3
	and	161 163 2 15.3
		216 234 18 1.2
	EFDD111 Fetish 3399 5240 2735 270 -48	2768 485 208 14
	.	. . . .
		72 96 24 1.5
		178 190 12 1.2
		211 245 34 4.0
	incl.	218 223 5 11.3
	and	238 239 1 13.3
	EFDD114 Fetish 3400 5400 2185 270 -50	110 119 9 16
	.	.
		127 138 11 1.0
		159 163 4 4.7
	incl.	160 161 1 12.9
	EFDD117 Fetish 3364 5140 211 270 -44	8.5 32.5 24 1.0
		50.5 67 16.5 1.3
		77 85 8 21
		.
		108 109 1 14.9
		153 167 14 1.0
	EFDD119 Fetish 3517 5238 401.6 270 -50	158 159 1 27.9
		178 187 9 4.0
	incl.	182 183 1 18.6
		294 305 11 24
		.
		331 344 13 1.8
		360 361 1 10.1
		372 373 1 62.0
	EFDD124 Fetish 3115 5080 160 270 -83	118 123 5 26.2
	incl.	119 121 2 60.1
		427 441 14 14
		.
		448 477 29 2.2
	incl.	464 466 2 11.3
	EFRDD033 Fetish 3125 5100 145.1 270 -70	103 108 5 2.3
		121 122 1 211.0
	EFRDD034 Fetish 3123 5100 125.1 270 -50	77 93 16 4.0
	il	82 83 1 113
	nc.	.
	EFRDD035 Fetish 3127 5140 115 270 -55	82 89 7 7.2
	incl.	83 84 1 18.6
	EFRDD041 Fetish 3128 5180 246 90 -56	181 205 24 1.3
		211 226 15 1.3

Notes

• 1) Most holes were core drilled through the mineralised zone.

• 2) Core holes sampled at 1m intervals.

• 3) Oxide samples or low sulphur fresh rock samples analysed using 50grm fire assays by independent laboratory, Intertek Minerals Limited in Ghana.

• 4) High sulphide content samples analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.

• 5) RC precollar through hanging wall was sampled at 1m intervals and composited to 4m and analysed by 50gm fire assay by ALS Ghana Limited in Ghana.

• 6) Only holes with combined intercepts of greater than 40 gram metres included.

19

==> picture [595 x 77] intentionally omitted <==

Table 3 Notes – continued

• 7) The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled “Technical Report – Central Ashanti Gold Project, Ghana” dated May 30, 2011.

• 8) The true width of intercepts from recent drilling at Fetish ranges from 55-85% of the intercept width.

• 9) The true width of intercepts from recent drilling at Esuajah North ranges from 70-95% of the intercept width.

• 10) The true width of intercepts from recent drilling at Fetish ranges from 65-85% of the intercept width.

• 11) The true width of intercepts from recent drilling at Bokitsi South extension ranges from 80-97% of the intercept width.

• 12) The true width of intercepts from recent drilling at Chirawewa ranges from 55-60% of the intercept width.

• 13) The true width of intercepts from recent drilling at AF Gap and Fobinso ranges from 70-98% of the intercept width.

Table 4: EGM, Ghana Exploration Drilling

	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	ENS102 Besem 3099 7160 75 270 -55	40 48 8 2.4
	ENS104 Besem 3080 7240 60 270 -55	24 28 4 2.7
	ENS111 Besem 3040 7520 90 270 -60	40 48 8 2.8
	ENS113 Besem 3060 7480 100 270 -60	0 4 4 3.5
	ENS114 Besem 3021 7480 105 270 -60	96 105* 9 3.1

Notes

• 1) All holes are RC holes.

• 2) RC holes were sampled at 1m intervals and composited to 2m or 4m intervals.

• 3) Oxide samples or low sulphur fresh rock samples were analysed using 50grm fire assays by Intertek Minerals Limited in Ghana.

• 4) High sulphide content samples were analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.

• 5) RC samples were analysed by 50gm fire assay by ALS Ghana limited in Ghana.

• 6) Only holes with combined intercepts of greater than 10 gram metres are included.

• 7) True widths of intercepts from the exploration holes are currently unknown.

• 8) The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measure s are consistent with those described in the technical report entitled “Technical Report – Central Ashanti Gold Project, Ghana” dated May 30, 2011.

Table 5: Extensional Drilling Sissingué Deposit, Côte d’Ivoire

	Table 5: Extensional Drilling Sissingué Deposit, Côte d’Ivoire
	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	SD167 Sissingué 806,470 1,154,420 267.1 90 -50	95 97 2 6.0
		101.2 107 5.8 4.1
	incl.	103 104 1 20.2
		119 125.8 6.8 2.0
	SD170 Sissingué 806,400 1,154,340 153 270 -50	45 48 3 14.7
	incl.	45.0 46.5 1.5 25.0
		123 128 5 3.2
	SD172 Sissingué 806,490 1,154,300 243 90 -50	141 146.2 5.2 2.6
		150 155.8 5.8 3.1
	incl.	155 155.8 0.8 15.3
		184 190 6 2.6
	SD174 Sissingué 806,480 1,154,340 224.7 90 -50	182 190 8 1.3
		209 223 14 2.9
	incl.	214 216.1 2.1 11.2
	SD175 Sissingué 806,560 1,154,260 204 90 -50	45 73.5 28.5 2.0
	incl.	64.5 67.5 3 9.2

20

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Table 5: Extensional Drilling Sissingué Deposit, Côte d’Ivoire - continued

	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	SD176 Sissingué 806,560 1,154,280 209.7 90 -50	63.7 105 41.3 1.9
		112.8 121.7 8.9 5.2
	incl.	119.2 120.4 1.2 26.8
		149 166.4 17.4 1.1
	SD177 Sissingué 806,520 1,154,260 264 90 -50	121 135 14 1.6
	incl.	143 150 7 1.8
		179 190 11 7.4
		182 183 1 **73.4 **
	SD180 Sissingué 806,760 1,154,200 324 270 -50	156 216.5 60.5 1.0
		230 231 1 **13.4 **
	SD181 Sissingué 806,480 1,154,220 263.7 90 -50	113.7 123.7 10 1.6
	incl.	114.7 115.2 0.5 10.4
		156.7 162.3 5.6 2.3
		218.7 236.7 18 1.9
	incl.	229.7 230.7 1 14.7
	SD182 Sissingué 806,520 1,154,140 246 90 -50	95.6 132 36.4 4.0
	incl.	123 124 1 78.0
	and	130 131 1 21.5
		177 183 6 1.9
		187 194 7 2.5
		216 220 4 2.5
	SD184 Sissingué 806,540 1,154,260 219 90 -50 incl.	146 155 158.6 149 161.6 160 3 6.6 1.4 4.0 6.6 23.3
	SGC032 Sissingué 806,660 1,154,530 40 270 -55	11 40* 29 1.5
	SGC033 Sissingué 806,673 1,154,530 50 270 -55	26 42.0 16.0 1.5
		45 50 5 21.2*
	incl.	45 46 1 72.8
	and	48 49 1 26.9
	SGC034 Sissingué 806,685 1,154,530 60 270 -55	36 48 12 4.9
	incl.	47 48 1 47.1
	SGC035 Sissingué 806,698 1,154,530 70 270 -55	53 59 6 10.4
	incl.	55 56 1 52.8
	SGC038 Sissingué 806,650 1,154,540 50 270 -55	16 50* 34 3.5
	incl.	16 18 2 14.7
	and	25 27 2 27.6
	SGC039 Sissingué 806,690 1,154,540 70 270 -55	33 70* 37 3.5
	incl.	56 61 5 12.3
	SGC044 Sissingué 806,640 1,154,550 40 270 -55	11 40* 29 1.6
	SGC045 Sissingué 806,653 1,154,550 50 270 -55	11 50* 39 1.4
	SGC046 Sissingué 806,665 1,154,550 60 270 -55	23 60* 37 5.5
	incl.	30 31 1 81.5
	and	47 50 3 24.0
	SGC048 Sissingué 806690 1154550 80 270 -55	19 28 9 1.3
		30 36 6 3.6
	incl.	30 31 1 18.2
		38 56 18 1.4
		60 80* 20 0.8
	SGC050 Sissingué 806630 1154560 40 270 -55	10 17 7 3.0
	incl.	13 14 1 13.7
		24 40* 16 1.7
	SGC053 Sissingué 806633 1154570 50 270 -55	11 29 18 2.0
	incl.	26 27 1 10.5
	SGC054 Sissingué 806645 1154570 60 270 -55	19 26 7 3.0
	incl.	23 24 1 10.4
		33 55 22 1.2
	SGC055 Sissingué 806657 1154570 68 270 -55	17 24 7 2.3
		28 68* 40 1.3
	SGC056 Sissingué 806670 1154570 80 270 -55	36 53 17 1.3
		61 * 1 1
		80 9 .3

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Table 5: Extensional Drilling Sissingué Deposit, Côte d’Ivoire - continued

Hole Deposit East North Dept h Azm. Incl.	From To Width Au
(m) (m) (m) (°) (°)	(m) (m) (m) g/t
SRC1062 Sissingué 806,400 1,154,260 80 270 -55	53 74 21 1.5
incl.	61 62 1 6.7
and	70 71 1 9.6
SRC1066 Sissingué 806,800 1,154,100 108 270 -55	90 103 13 2.4
incl.	90 92 2 9.1

Notes

• 1) SD prefix are for core drill holes.

• 2) SGC and SRC prefix are for RC holes.

• 3) The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled “Technical Report – Tengrela Gold Project, Côte d’Ivoire” dated December 22, 2010.

• 4) Drill samples were assayed by 50g fire assays by ALS Mali SARL, (a division of ALS Minerals), in Bamako, Mali.

• 5) True width of intercepts from the current program at the Sissingué deposit is about 60-80% of the intercept width.

• 6) * denotes open ended intercept.

• 7) Only holes from Sissingué with combined intercepts of greater than 40 gram metres are included.

Table 6: Exploration Drilling, Tengrela Gold Project, Côte d’Ivoire

	Table 6: Exploration Drilling, Tengrela Gold Project, Côte d’Ivoire
	Hole Deposit East North Depth Azm. Incl.	From To Width Au
	(m) (m) (m) (°) (°)	(m) (m) (m) g/t
	SAC144 Sissingué 806,785 1,154,320 55 270 -60	24 44 20 0.7
	SAC163 Sissingué 806,800 1,154,500 54 270 -60	4 12 8 3.4
	SAC130 Sissingué E 807,060 1,154,200 75 270 -60	44 60 16 2.1
	SRB1402 Sissingué E 807,310 1,155,200 61 270 -55	0 4 4 5.5
	SRB1419 Sissingué E 807,623 1,154,100 52 270 -55	28 36 8 0.8
	KRC057 Kanakono 805,820 1,143,720 90 90 -55	52 54 2 5.7
	KRC065 Kanakono 805,840 1,143,920 87 90 -55	20 38 18 0.9
	KRC069 Kanakono 805,840 1,143,960 90 90 -55	4 6 2 60.6
	KRC084 Kanakono 805,820 1,153,990 110 90 -55	34 36 2 5.8
	KRB425 Kanakono 806,330 1,144,400 22 90 -55	0 4 4 1.7
	KRB428 Kanakono 806,353 1,144,400 7 90 -55	4 7* 3 1.7
	KRC090 Kanakono 805,680 1,144,040 90 90 -55	40 48 8 4.0
	incl.	40 42 2 13.2

Notes

• 1) SAC holes are Aircore holes, SRB and KRB holes are RAB holes and KRC holes are RC holes.

• 2) The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled “Technical Report – Tengrela Gold Project, Côte d’Ivoire” dated December 22, 2010.

• 3) Drill samples were assayed by 50g fire assays by ALS Mali SARL, (a division of ALS Minerals), in Bamako, Mali.

• 4) Only exploration holes with combined intercepts of greater than 10 gram metres are included.

• 5) True widths of intercepts from the exploration holes are currently unknown.

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Table 7: EGM, High Grade Measured and Indicated Mineral Resource Summary

	Deposit	Measured Resources	Measured Resources	Indicated Resources	Indicated Resources	Indicated Resources	Measured + Indicated Resources
		Tonnes Au	Au	Tonnes	Au	Au	Tonnes Au Au
		Mt g/t	Ounces	Mt	g/t	Ounces	Mt g/t Ounces
	Abnabna/Fobinso Esuajah South Esuajah North	29.6 1.5 7.0 2.0	1,423,000 453,000	9.1 4.9 10.1	1.3 1.9 1.2	382,000 293,000 373,000	37.8 1.5 1,805,000 11.9 1.8 746,000 10.1 1.2 373,000
	Fetish Chirawewa Bokitisi Mampong Dadieso	4.4 1.2	181,000	12.0 3.0 2.6	1.4 1.4 2.6	549,000 137,000 0000	16.4 1.4 718,000 3.0 1.4 137,000 2.6 2.6 210,000
	Total	41.0 1.5	2,057,000	41.7	1.5	1,944,000	81.8 1.5 3,989,000

Table 8: EGM, High Grade Inferred Mineral Resource Summary

	Deposit	Inferred Resources	Inferred Resources
		Tonnes Au Mt g/t	Au Ounces
	Abnabna/Fobinso	3.1 1.3	127,000
	Esuajah South Esuajah North Fetish Chirawewa Bokitsi	2.7 1.7 2.6 1.0 5.3 1.2 3.8 1.3 1.3 2.0	146,000 80,000 204,000 157,000 83,000
	Mampong Dadieso	3.1 1.4 2.9 1.7	142,000 156,000
	Total	24.8 1.4	1,095,000

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Table 9: EGM, Summary of Total Measured and Indicated Mineral Resources

	Deposit	Measured Resources	Measured Resources	Indicated Resources	Indicated Resources	Measured + Indicated Resources
		Tonnes Au Mt g/t	Au Ounces	Tonnes Au Mt g/t	Au Ounces	Tonnes Au Au Mt g/t Ounces
	Abnabna/AFGap/Fobinso Esuajah South Esuajah North	49.4 1.2 8.3 1.8	1,850,000 482,000	23.2 0.9 6.2 1.7 20.2 0.9	666,000 336,000 579,000	72.6 1.1 2,515,000 14.5 1.8 818,000 20.2 0.9 579,000
	Fetish Chirawewa Bokitsi Mampong Dadieso	8.8 0.9	255,000	20.6 1.1 4.5 1.1 2.6 2.5	717,000 167,000 212,000	29.4 1.0 972,000 4.5 1.1 167,000 2.6 2.5 212,000
	Total	66.5 1.2	2,587,000	77.3 1.1	2,677,000	143.8 1.1 5,263,000

Table 10: EGM, Summary of Total Inferred Mineral Resources

	Deposit	Inferred Resources
		Tonnes Au Mt g/t	Au Ounces
	Abnabna/AFGap/Fobinso Esuajah South	11.1 1.0 53 13	362,000 224000
	Esuajah North Fetish Chirawewa Bokitsi Mampong	. . 9.3 0.7 7.5 1.0 8.7 0.9 1.6 1.7 6.9 0.9	, 213,000 248,000 249,000 89,000 210000
	Dadieso	3.2 1.6	, 161,000
	Total	53.6 1.0	1,756,000

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Table 11: Total Mineral Resources (Including Reserves)

Deposit (cut-off g/t Au)	Measured Indicated Inferred Tonnes (million) g/t Au Ounces Au (,000) Tonnes (million) g/t Au Ounces Au (,000) Tonnes (million) g/t Au Ounces Au (,000)
EGM-(previously CAGP) (1) >0.8g/t EGM (1) 0.4g/t - 0.8g/t (2)	41.0 1.5 2,057 41.7 1.5 1,944 24.8 1.4 1,095 25.5 0.7 541 35.7 0.6 731 28.8 0.7 663
Grumesa >0.4 (3) Tengrela (4) >1.0g/t Tengrela (4) 0.5-1.0g/t	25.1 0.6 471 16.4 0.5 247 0.9 3.2 90 9.1 2.5 706 3.3 1.7 171 0.04 0.8 1 5.5 0.8 134 3.6 0.7 86
Totals >0.8g/t (1.0g/t Tengrela) Totals >0.4g/t (0.5g/t Tengrela) Notes	41.9 1.6 2,147 50.8 1.6 2,650 28.1 1.4 1,266 67.4 1.2 2,689 117.1 1.1 3,986 76.9 0.9 2,262

• 1 Last updated in December 2011.

• 2 Last updated in December 2010.

• 3 Primary reported above a 0.4g/t Au cut-off, oxide/transition report above a 0.2g/t Au cut-off.

4 Last updated in November 2010.

5 The Company holds 90% of EGM (formally CAGP), 90% of Grumesa and 85% of Tengrela after allowing for Government equity at mining stage.

Table 12: Total Mineral Reserves

Deposit	Proven Probable Total	Proven Probable Total
EGM >04/t(1,2)	Tonnes (million) g/t Au Ounces Au (,000) Tonnes (million)	g/t Au Ounces Au (,000) Tonnes (million) g/t Au Ounces Au (,000) 10 1300 869 12 3273
	477 13 1974 392
.g Tengrela >0.55g/t(3) Total Notes	. . , .	. , . . , 2.1 657 9.7 2.1 657 1.3 1,957 96.6 1.3 3,930
	9.7
	47.7 1.3 1,974 48.9

• 1 >0.4g/t Au cut-off for Abnabna-Fobinso, >0.5g/t Au cut-off for all other deposits.

• 2 Last updated in December 2010.

3 Last updated in November 2010.

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