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Baronskoye Licence

Kluevsky

Further encouraging palladium and gold results have been obtained from continued drilling at Kluevsky on the 350 square kilometres Baronskoye/ Baranchinsky licences in the Central Urals. Drilling has tested the central section of a 1.5-kilometre long surface geochemical anomaly and targeted the definition of an open-pit resource of platinum group metals and gold.

Results to date have shown ore grades similar to those that have formed the basis for large scale open pit mining in parts of Eastern Canada, where reserves grading 1.5g/t palladium are exploited. The best results included intersections of 5.4 metres (m) assaying 2.64g/t of platinum group metals and gold in Hole K13 and 6.2 metres assaying 2.76 g/t (including a 1.5-metre section of 8.89 g/t) in KL18.

The discovery of palladium-gold mineralization at Baronskoye represented the first of its type identified in the Urals and therefore progress is of necessity slow due to the requirement to carefully analyse and interpret outcomes of each completed programme to plan the next stage of work within the very large licence areas.

However additional drilling was completed for samples for preliminary metallurgical test work. The objective is the identification of low cots processing route for this style of mineralisation.