Milestones

8 years from Discovery to Production

January 2003 Discovery
October 2006 Feasibility Study
December 2006 Social and Enviromental Impact Assessment
January 2007 Tendering process for EPCM contractor
June 2007 EPCM contractor selected (SENET), engineering commenced
October 2007 State participation agreed (10% free carried + 30% interest to be purchased at fair value by Eritrean National Mining Company
December 2007 Mining and stabilization agreements completed with Eritrean Government
January 2008 Mining license granted
February 2008 Orders placed for critical equipment
August 2008 SENET mobilized to site and site clearing and heavy earth moving started
September 2008 - present Active mine construction
July 2009 $235 Million Debt Financing
December 2009 Mills delivered
February 2010 Debt replaced by Equity
Construction 50% complete