Milestones

8 years from Discovery to Production

January 2003 Discovery
October 2006 Feasibility Study
December 2006 Social and Environmental 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
March 2010 Ball and Sag Mill assembled and set in place
Pre-Strip mining commenced
April 2010 Installation of the liner in the tailings management facility commenced
May 2010 Installation of Ball and SAG mills
June 2010 Completion of structural steel and plate-work

Future Milestones

Completion of plant electrical and piping
Installation of the electrical power plant
Commencement of ore extraction and stockpiling
Completion of the tailings management facility
Plant commissioning
First gold pour