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Obuasi

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Exploration Work

In early 2016, A technical review of prior exploration activity along a gold and arsenic in soil anomaly (the "NGA trend") was conducted using all geologic data available from trenches and drill holes, coupled with EM geophysical data. This technical review improved our understanding in the area in preparation for further drilling.

Additional studies continued, including inspection of satellite imagery and ground follow-up which showed recent galamsey and unregulated alluvial mining on six areas of the Obuasi property. Follow-up included notification of the appropriate authorities. These galamsay and unregulated mining areas are permissive for future further ground exploration.




Alluvial Pitting Program

On March 2, 2015, Pelangio announced that it had entered into two option agreements with with an experienced alluvial operator, Minatura Alluvials Co. LLC ("Minatura"). It was proposed that Minatura would mine alluvial gold at Pelangio's Obuasi Property with Pelangio retaining all mining rights to any bedrock mineralization. Minatura moved a bulk sample processing plant to the site and was set to commence bulk sampling on the Obuasi property. A total of 36 pits were completed on Kyereboso 2 and Kyereboso 3 concessions, as part of the in-fill for bulk sample control. By December 31, 2015, a total of 350 pits had been completed which will be sampled when the bulk sample permit is successfully renewed.