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Manfo Resources

This first resource statement for Manfo constitutes an important milestone in the long-term exploration strategy for Pelangio's gold properties in Ghana.

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Mineral Resource Statement* Manfo Gold Project, Ghana
SRK Consulting, May 2013
		Indicated			Inferred
Category	Cut-off (Au gpt)	Quantity (000' tonnes)	Grade Au (gpt)	Contained Au (000' oz)	Quantity (000' tonnes)	Grade Au (gpt)	Contained Au (000' oz)
* Mineral resources are not mineral reserves and do not have a demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. The cut-off grades are based on a gold price of US$1,450 per ounce and metallurgical recovery of 94 percent for laterite and oxide and transitional material and 86 percent for fresh material. Reported within conceptual open pit shells optimized and outside the pit above the pit bottom elevation.
INSIDE PIT:
Laterite/Oxide	0.40	49	0.96	2	458	1.07	16
Transitional	0.50	382	1.96	24	876	1.13	32
Fresh	0.50	3,543	1.49	169	918	1.09	32
Total		3,973	1.52	195	2,253	1.10	80
OUTSIDE PIT:
Laterite/Oxide	0.40				50	0.68	1
Transitional	0.50				217	0.72	5
Fresh	0.50				7,146	0.93	213
Total					7,413	0.92	218
COMBINED INSIDE AND OUTSIDE PIT:
Laterite/Oxide	0.40	49	0.96	2	508	1.05	17
Transitional	0.50	382	1.96	24	1,093	1.05	37
Fresh	0.50	3,543	1.49	169	8,064	0.94	245
Total		3,973	1.52	195	9,666	0.96	298