The Dojura Project consists of seven concession contracts totaling 44,104 hectares. The property is located in the western cordillera in Choco Department 30 km southeast of the Departmental capital city of Quibdó. Access is via paved road two hours south from Quibdó and from that point via river to the property. The area is sparsely populated and once on site, access is by boat and mule.
The area is underlain by marine sediments which are intruded by a diorite - quartz monzonite complex. A large portion of the intrusive complex is strongly pyritic and part is characterized by porphyry-style alteration. A significant portion of the concession block has evidence of alluvial gold workings of significant size and there is significant potential for Au-Cu porphyry mineralization.
Dojura is subject to an option agreement dated October 4, 2006 between AngloGold Ashanti Limited (“AngloGold”) and Robert Allen, the Chairman of the Company. The option agreement was assigned to the Company by Mr. Allen by way of an assignment agreement dated June 4, 2008. Work was halted on the Dojura project on a partial force majeure basis until such time as security conditions in the area improve. However, the Company has initiated discussions with the third party option holder to determine the suitability for work thereon to resume. Until that time, the third party option holder has paid and is expected to continue to pay any payments required to keep the Doruja project in good standing.
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