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Corporate presentation

  1. 1. InvestorsPresentationApril,A il 2011
  2. 2. Caution Regarding Forward Looking Statements TSX:GSL AIM:GSL This presentation contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities regulations in Canada and the United States (collectively, “forward-looking information”). The forward-looking information contained in this presentation is made as of the date of this presentation. Except as required under applicable securities legislation, Greystar does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to planned exploration p g , p p p programs and estimates of the costs thereof, anticipated rates of recovery, , p y, timing and amount of future production, anticipated capital cost , currency exchange rates, future price of gold and the effects thereof, estimation of measured and indicated resources, realization of mineral resource estimates and the economic viability thereof, timing and amount of estimated capital expenditures, project infrastructure and layout, estimated project time-line, requirements for additional capital and alternatives for project development. The forward-looking information contained in this presentation is based on certain assumptions that Greystar believes are reasonable, including, that the current price of and demand for gold will be sustained or will improve, the supply of gold will remain stable, Greystar’s development plans can be achieved, the general business and economic conditions will not change in a material adverse manner, financing will be available if and when needed on reasonable terms and Greystar will not experience any material accident, labour dispute, or failure of plant or equipment. However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, results performance or achievements of Greystar to be materially different from any future results performance or achievements results, expressed or implied by the forward-looking information. Such factors include, among others, risks relating to Greystar’s ability to obtain adequate financing for the development of the Angostura Project, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, mineral resources are not as estimated, unexpected variations in grade or recovery rates, risks related to fluctuations in the currency market, risks relating to title disputes, risks relating to all Greystar’s properties being located in Colombia, accidents, labour disputes and other risks of the mining industry, delays in the completion of development or construction activities, delays or f il t ti ti iti d l failure t obtain required environmental and other governmental approvals, as well as th to bt i i d i t l d th t l l ll those f t factors and d other risks more fully described in Greystar’s Annual Information Form for the year ended December 31, 2010 filed on SEDAR at www.sedar.com. Although Greystar has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. YOUR LOGO Page 2
  3. 3. 43-101 Disclosure Statement TSX:GSL AIM:GSLInformation Concerning Estimates of Mineral Reserves and Resources and Exploration ResultsThe mineral reserve and resource estimates reported in this presentation were prepared in accordance with Canadian National Instrument 43-101Standards of Disclosure for Mineral Projects (“NI 43-101”), as required by Canadian securities regulatory authorities. For United States reportingpurposes, the United States Securities and Exchange Commission (“SEC”) applies different standards in order to classify mineralization as a reserve.In particular, while the terms “measured”, “indicated” and “inferred” mineral resources are required pursuant to NI 43-101, the SEC does not recognizesuch terms Canadian standards differ significantly from the requirements of the SEC Investors are cautioned not to assume that any part or all of the terms. SEC.mineral deposits in these categories constitute or will ever be converted into reserves. In addition, “inferred” mineral resources have a great amount ofuncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferredmineral resource will ever be upgraded to a higher category. Under Canadian securities laws, issuers must not make any disclosure of results of aneconomic analysis that includes inferred mineral resources, except in rare cases.The reconfigured mineral resources and the underground mineral resources presented in this presentation, the mine plan presented in this presentation,the proposed process flow chart in this presentation and the overall preliminary economic evaluation presented in this presentation has been reviewedand approved by Mr. Rodrigo Mello, Senior Geologist with NCL Ingeniería y Construcción S.A., Santiago, Chile a “qualified person” as that term isdefined in National Instrument 43-101 and Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIMcompanies, which outline standards of disclosure for mineral projects. The particulars of the resource update are included in a press release dated July15, 2010, and the particulars of the preliminary economic evaluation are included in a press release dated March 18, 2011, both of which are availableat www.sedar.com.The metallurgical information presented in this presentation has been compiled and approved by: on the underground option - John Wells, metallurgicalconsultant and a “qualified person” as that term is defined in National Instrument 43-101 and Guidance Note for Mining, Oil and Gas Companies issuedby the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects; on the open pit/heap leachoption - Jack McPartland, president of McClelland Laboratories, and a “qualified person” as that term is defined in National Instrument 43-101 andGuidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards ofdisclosure for mineral projects. The particulars of the metallurgical update are included in a p p j p g p press release dated July 15, 2010, which is available at y , ,www.sedar.com.The exploration results presented in this presentation were reviewed and approved by Frederick Felder. P.Geo. and a “qualified person” as that term isdefined in National Instrument 43-101 and Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIMcompanies.A 43-101 compliant Technical Report on the Preliminary Economic Evaluation, including the reconfigured mineral resources and metallurgical test work,will b available on www.sedar.com on or b f ill be il bl d beforeMay 2, 2011. YOUR LOGOPage 3
  4. 4. Summary TSX:GSL AIM:GSL Greystar is a Canadian exploration and development company focused on the Angostura gold/silver project in Colombia “First mover” status in Colombia - over 30,000 hectares of exploration concessions in emerging California district Strong balance sheet C$98 million cash; no debt (December 2010) (December, Permitting applications in respect to an open pit/heap leach project have been suspended owing to environmental concerns – awaiting definition of “Paramo” Preliminary Economic Evaluation on underground project Initial underground mineable resource estimate of 2.4 million oz gold and 13.4 million oz silver. Good potential to increase Re-examine all other alternatives to develop the Angostura Project YOUR LOGOPage 4
  5. 5. Share Structure TSX:GSL AIM:GSL Exchange TSX & AIM Symbol GSL Share price (4/4/11) C$2.90 Shares Issued 84 million Shares Fully Diluted 93 million Market Capitalization(issued) C$244 million Cash (December, 2010) C$98 million YOUR LOGOPage 5
  6. 6. Management TSX:GSL AIM:GSL Steve Kesler President & Chief Executive Officer (May, 2010) Previous positions with URS Corp., Washington Group International, Billiton Plc, Pacific Nickel Ltd Collahusai Escondida and Rossing Uranium Ltd., Collahusai, Uranium. David Heugh Chief Operating Officer (March, 2011) Previously held a number of senior and management positions with Anglo American, including Head of Operations (Free State) and Head of Mining (AngloGold SA). David Newbold D id N b ld Chief Financial Officer (July, 2010) UK chartered accountant. Previous positions with Placer Dome, Zaldivar Copper and Outokumpu. Victoria Vargas Vice President Investor Relations and Corporate Communications (October, 2010) Previous positions with Romarco Minerals Alamos Gold and Kinross Minerals, Kinross. YOUR LOGOPage 6
  7. 7. Where We Are TSX:GSL AIM:GSL Angostura Gold/Silver Project g / j 15 years in Colombia C$153 million invested at Angostura gold-silver project to date Land L d acquisition, exploration programs i iti l ti and technical studies YOUR LOGOPage 7
  8. 8. Where We AreColombia, one of the world’s most unexplored mineral regions TSX:GSL AIM:GSL Accesible Location Located 55 km by road from Bucaramanga (population of 1.2 million) Access to site on all weather roads Extensive Infrastructure Access to major power grid Abundant water and materials available Access to educated local work force Foundation for Growth Colombia is one of the world’s most under explored mineral regions GDP growth in 2009 of 3.35% YOUR LOGOPage 8
  9. 9. Where We AreColombia, one of the world’s most unexplored mineral regionsTSX:GSL AIM:GSL Community Involvement Ongoing commitment to building relationships with communities at local and national level Pro-active approach to communities: Colombian Nationals employed throughout Support for secondary & post-secondary education post secondary Investment in medical, agricultural and cultural infrastructure Village children in an art camp Environmental Stewardship E i t l St d hi Continued efforts to reassess and develop best practices in environmental processing Environmental stewardship through: Investment in regional reforestation Hydrological management Land terracing rehabilitation Assistants in the sample preparation lab YOUR LOGOPage 9
  10. 10. Chronology TSX:GSL AIM:GSL Measured and indicated Mining Code Mi i C d operational pit ti l it Preliminary reformed to resource of 8.9 Feasibility Study exclude mining Moz gold & 59.6 ( (PFS) completed ) p from Paramo Moz silver May Dec. Feb. June July. 2009 2009 2010 2010 2010 EIA submitted Ministry of Environment requires public hearing in California and Vetas YOUR LOGOPage 10
  11. 11. TSX:GSL AIM:GSL YOUR LOGOPage 11
  12. 12. Angostura Gold/Silver Project US $850 /oz gold, US $12/oz silver (Jul 15, 2010) TSX:GSL AIM:GSL Measured & Indicated Measured Indicated Inferred Gold Total Silver Total Gold Total Silver TotalOre Type Tonnes Tonnes Grade Gold Grade Silver Grade Gold Grade Silver (k) (g/t) (koz) (g/t) (koz) (k) (g/t) (koz) (g/t) (koz) Oxides 105,757 0.41 1,387 3 11,308 6,306 0.44 88 3 555Transitional 124,761 0.66 2,633 6 23,536 5,523 0.84 149 6 1,111 Sulphides 128,045 1.20 4,921 6 24,753 14,519 1.43 666 6 2,996 Total 358,563 358 563 0.78 0 78 8,942 8 942 5 59,597 59 597 26,358 26 358 1.07 1 07 903 6 4,662 4 662 • Resource estimate is based on previous Prefeasibility study of an open-pit mine at the Angostura Project. • Project is currently being reconfigured as an underground operation.Mineral resources that are not reserves do not have demonstrated economic viability. A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physicalcharacteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation ofthe economic viability of the deposit. An Inferred Mineral Resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling andreasonably assumed, but not verified, geological and grade continuity. An Indicated Mineral Resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics,can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit.The bTh above i f information h b ti has been reviewed and approved b M R d i i d d d by Mr. Rodrigo M ll S i G l i t with NCL I Mello, Senior Geologist ith Ingeniería y C i í Construcción S A S ti t ió S.A., Santiago, Chil a “ Chile “qualified person” as th t t lifi d ” that term i d fi d i N ti is defined in National lInstrument 43-101 and Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects. The completeNI 43-101 compliant Technical Report will be filed on SEDAR at www.sedar.com. The particulars of the resource update are included in a press release dated July 15, 2010, which is available at www.sedar.com. YOUR LOGO Page 12
  13. 13. Angostura Gold/Silver ProjectUS $1,200 /oz gold, US $17/oz silver (Jul 15, 2010) TSX:GSL AIM:GSL Measured & Indicated Measured Indicated Inferred Inferred Gold Total Silver Total Gold Total Silver TotalOre Type Tonnes Tonnes Grade Gold Grade Silver Grade Gold Grade Silver (k) (g/t) (koz) (g/t) (koz) (k) (g/t) (koz) (g/t) (koz) Oxides 124,459 0.37 1,486 3 12,375 11,984 0.34 132 2 847Transitional 144,998 0.60 2,790 5 25,346 11,910 0.55 212 4 1,601 Sulphides 334,338 0.86 9,280 5 48,572 84,915 0.90 2,460 4 11,346 Total T t l 603,795 603 795 0.70 0 70 13,556 13 556 4 86,293 86 293 108,809 108 809 0.80 0 80 2,804 2 804 4 13,794 13 794 • At higher prices resource base is significantly increasedMineral resources that are not reserves do not have demonstrated economic viability. A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality,densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economicparameters, to support production planning and evaluation of the economic viability of the deposit. An Inferred Mineral Resource is that part of a mineral resource for which quantity andgrade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. An Indicated Mineral Resourceis that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow theappropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit.The above information has been reviewed and approved by Mr. Rodrigo Mello, Senior Geologist with NCL Ingeniería y Construcción S.A., Santiago, Chile a “qualified person” as that term is pp y g g g g q pdefined in National Instrument 43-101 and Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standardsof disclosure for mineral projects. The complete NI 43-101 compliant Technical Report will be filed on SEDAR at www.sedar.com. The particulars of the resource update are included in apress release dated July 15, 2010, which is available at www.sedar.com. YOUR LOGOPage 13
  14. 14. Chronology TSX:GSL AIM:GSL Public Hearing held in California 21st Second hearing November 2010; held but local communities terminated early overwhelmingly after public supportive disorder March March Nov. 21st Dec. 4th 18th 2010 2010 2011 2011 Greystar desists NGO demand from ongoing f i for second applications for Public Hearing environmental in licensing to allow for Bucaramanga future re-filing f t fili Opposition to Angostura s open-pit project and the designated location of some project facilities in areas termed as Paramo drew criticism from residents of Bucaramanga as well as regional and national governments YOUR LOGOPage 14
  15. 15. TSX:GSL AIM:GSL Path Forward YOUR LOGOPage 15
  16. 16. Strategies to Reconfigure Project TSX:GSL AIM:GSL Engage Government on project reconfiguration and definition of Paramo Preliminary Economic Evaluation on y underground project Aggressive drilling program to increase underground resources and improve classification Pre-feasibility study for UG project Re-examine all other alternatives for location of leach pads and process plant Continue socialization of open pit/heap leach technology highlighting economic benefit of full utilization of the resource YOUR LOGOPage 16
  17. 17. Strategic Position Over 30,050 hectares of exploration concessions, less than 10% of which has been evaluated 3,538 hectares of surface rightswww.greystarresources.com 17
  18. 18. Strategic Positionwww.greystarresources.com 18
  19. 19. Angostura Gold & Silver Project TSX:GSL AIM:GSL Over 300,000 metres 300 000 Over 3,000 metres 3 000 of drilling of underground development YOUR LOGOPage 19
  20. 20. High Grade Veins3D View – Looking to NE TSX:GSL AIM:GSL YOUR LOGOPage 20
  21. 21. High Grade VeinsVertical Section 1,130,900 E TSX:GSL AIM:GSL YOUR LOGOPage 21
  22. 22. Metallurgy TSX:GSL AIM:GSL Test Results for High Gold Grade Sulphides Material Process Au Recovery Conditions Recovery on cleaner concentrate - MassFlotation Range from 85% to 90% Pull* between 10-14%. Pilot plant testedCyanidation of flotation Tails Range from 39% to 65% Extra 4-9% overall recoveryFlotation Concentrate Selling Clean concentrate (As < 1800 ppm, no Hg), Au grade between 40-50 gptOption Cu content in concentrate of around 1.0% Best conditions to be optimized. More testingRoasting Range from 89% to 93% planned. Batch and pilot plant conducted using BIOX®Bio-oxidation Range from 92% to 96% g technology. t h l Results for early testing. Optimal conditionsPressure oxidation (POX) Range from 95% to 97% still to be defined. Ore amenable to POX. * Mass Pull: The % of material in which gold recovered is concentrate. YOUR LOGOPage 22
  23. 23. Looking Ahead TSX:GSL AIM:GSL Underground development was originally considered to follow open pit project All i f t t infrastructure outside of P t id f Paramo should h ld allow rapid permitting Future open p p p pit potential to exploit oxide p and transitional ore remains an option when Paramo is clearly defined Potential synergies with neighboring projects YOUR LOGOPage 23
  24. 24. Investment Case TSX:GSL AIM:GSL In it f I spite of current permitting difficulties, a significant opportunity exists t d t itti diffi lti i ifi t t it i t to develop a l robust underground project at Angostura The advantages of an underground project compared to the open pit options are: Reduced environmental footprint Lower capital cost More easily fi M il financed d Shorter lead time to production Access to higher grade material Significant blue sky potential in terms of expansion of current resources and new target areas A healthy resource remains in place with potential to increase through further drilling and exploration program. To date only 10% of 30,050 hectares have been explored A good address: the company is operating in a highly prospective region Strong balance sheet C$98 million cash; no debt (December, 2010 YOUR LOGOPage 24
  25. 25. ThanksApril,A il 2011TSX:GSLAIM:GSL
  26. 26. TSX:GSL AIM:GSL Appendix Upside Exploration p p YOUR LOGOPage 26
  27. 27. Upside ExplorationLand Position TSX:GSL AIM:GSL YOUR LOGOPage 27
  28. 28. Upside ExplorationExploration Targets TSX:GSL AIM:GSL YOUR LOGOPage 28
  29. 29. Drilling Up to July 2010 TSX:GSL AIM:GSL 1 ,3 10 ,00 0 N a ur LEGEND LEGEND gost 1,132,000 E Potrerillos s e ro Q. An ad en Q .V Greystars mining titles Q .P ot Greystars mining titles re ri ll o Other mining titles s Other mining titles Drill Hole Traces El Pozo 3400 Drill Hole Traces Drill holes- before 2,009 El Mort ino an Q. El Ju Po Drill holes - 2 009 2,009 zo n El Alpargatal Sa Drill holes- before 2,009 Q. Q. Sa Drill holes - Up to July, 2010 LOS LACHES nAn dre s Drill holes - 2,009 Structures 00 32 ANGOSTURA Q. ra Ba s tu Mineralized Structures rr go ien An to Drill holes - Up to July, 2010 3000 s Q. LA BODEGA Faults Structures LA MASCOTA Q. Llanitos Pa e z La angostura 00 Mineralized Structures Las Mercedes 28 Q. Pae Q. As errad 00 ero 28 Faults LA BAJA Aserradero Buenavista Pena de Oro Pie de Gallo LT AU 1,130,000 E 1,131,000 E Cd a KF Ze Q .S Q. La p an EE pe s An Lu r is im CR as JASan Palestina BA ANIMAS LA ? ? La Aurora ? C da 1,130 050E 1,130 150E La Q. Pl La a ta C at a 0, 0, li n a LT 1,306,000 N U FA PARAM K EE LA PLATA R C Q. A La H R igu O e ra G ? 2800 N O M 3000 ? MONGORA 0 0.5 1 ? kilometres Buenos Aires VI OLETAL HILL 1,126, 000 E 0 1 5 2 2 0 5 met ers ra 1 ,3 05 ,00 0 N en go 1,305,000 N Vi rg Q . La n Ma Q. La Tr om adera YOUR LOGOPage 29
  30. 30. Drilling Program 2011Angostura (High Grade Veins) TSX:GSL AIM:GSL os ngo ros de Q. A LEGEND LEGEND Ve na Q. Greystars mining titles Greystars mining titles Q Po .Q . mining titles OthertPe ro Otherrtimining titles PFS PIT LIMIT re l lor llosi Drill Hole Traces s Drill Hole Traces Drill holes- before 2,009 Drill holes- before 2 009 holes 2,009 Drill holes - 2,009 Program Drill holes - 2,009 Drill holes - Up to July, 2010 El Pozo initially Drill holes - - Up 2010 - Feb. 2011 Drill holes Aug. to July, 2010 (Not Reported) Drill holes - Aug. 2010 - Feb. 2011 focused on (Not Drilling Program Reported) High Grade Drilling Program (2,011) Drilling Program Q. open pit open-pit Structures High Grade Drilling Program (2,011) El Po zo Mineralized Structures development Structures Faults Mineralized Structures Currently Faults be g being reworked to a r st u go An address Q. needs of an alternative Q. Pa Llanitos operation La angostura 00 ez 0 250 500 28 Q. Paez metres ade ro YOUR LOGOPage 30
  31. 31. High Grade Veins(Los Laches; vertical section, looking to East) TSX:GSL AIM:GSL Oxidation Limit Drilling Program Objective g Reduce the infill drilling PFS Pit Shell spacing to: Existing Drill Improve the category of Holes the resources Obtain a better definition of the high grade veins (continuity and extension) Programmed Drill Holes Estimate parameter definition for the high grade veins resources High Grade Vein model 200 m YOUR LOGO Page 31
  32. 32. Upside ExplorationQ. El Pozo – Los Laches Prospect TSX:GSL AIM:GSL YOUR LOGOPage 32
  33. 33. Upside ExplorationQ. El Pozo – Los Laches Cross Section TSX:GSL AIM:GSL YOUR LOGOPage 33
  34. 34. Upside ExplorationEl Silencio Prospect TSX:GSL AIM:GSL YOUR LOGOPage 34
  35. 35. Upside ExplorationEl Silencio Cross Section TSX:GSL AIM:GSL YOUR LOGOPage 35
  36. 36. Upside ExplorationEl Silencio Drill Program to Date TSX:GSL AIM:GSL Potential for developing significant higher grade underground resource Continuity of higher grade sulphide mineralization south of oxide/transitional mineral resource in SilencioDrilling Highlights: Hole SI10-03: intercepted 14 5 H l SI10 03 i t t d 14.5 metres (85.3-99.8m) grading 9.7 grams gold, 62.39 grams silver and 0.33 per cent copper Hole SI10-02, which intercepted 5.0 metres (488.0-493m) grading 20.21 grams gold, 124.86 grams silver and 1 per g cent copper YOUR LOGOPage 36
  37. 37. Upside ExplorationCristo Rey Prospect TSX:GSL AIM:GSL YOUR LOGOPage 37
  38. 38. Upside ExplorationCristo Rey Prospect TSX:GSL AIM:GSL YOUR LOGOPage 38
  39. 39. Upside ExplorationCristo Rey Drill Program to Date TSX:GSL AIM:GSL 3,778 metres of core drilled, testing higher grade mineralized structures at depth d l d th and along strike (2010) t ik Significant intercepts confirm the presence of mineralization along strike and down dip in the northern limit of originally envisioned Angostura p p g y g pit Similar mineralization to Veta de Barro area immediately to the south Veta de Barro has higher grade structures with considerable strike extent; structures are relatively narrow but with interesting high gold grade contents Highlights: CR10-05: 189.5 g/t gold and 701 g/t silver over 1.5 metres CR10-04: 6.89 g/t gold and 85.4 g/t silver over 1.6 metres CR10-02: 96 7 g/t silver over 1 meter in hole 96.7 YOUR LOGOPage 39
  40. 40. Upside ExplorationMongora Prospect 129500 E TSX:GSL AIM:GSL 129600 E 129700 E 129800 E 129900 E 130000 E 130100 E 130200 E 130300 E 130400 E 130500 E 130600 E 306300 N 306300 N MONGORA PROSPECT 306200 N Plan View 306200 N 306100 N 306100 N 3 kilometres to the south of Angostura with elevations of up to 3200 m.a.s.l. 306000 N 306000 N Hosts high grade gold 305900 N 305900 N 305800 N 305800 N mineralization within broad 305700 N 305700 N zones of low grade gold mineralization. 305600 N 305600 N Fracturing system controls the mineralization and alteration i li ti d lt ti 305500 N 305500 N 305400 N 305400 N intensity. 305300 N 305300 N 20,276 metres of core drilling 305200 N 305200 N completed to date. p Gold (g/t) Legend [0,0.3] Future exploration program will be focused on western 305100 N 305100 N [0.3,0.5] [0.5,1] 305000 N 0 50 100 150 200 250 [1,2] [2,4] 305000 N extension of deposit; strong gold anomaly identified identified. [4,10] [10,200] 304900 N 304900 N Meters 129500 E 129600 E 129700 E 129800 E 129900 E 130000 E 130100 E 130200 E 130300 E 130400 E 130500 E 130600 E YOUR LOGO 304800 N 304800 NPage 40
  41. 41. Upside ExplorationMongora Drill Program to Date TSX:GSL AIM:GSL Defined by a large, 500 metre by 300 metre gold-in-soil anomaly. The Company started 57 drill holes on the Mongora target, accumulating 19,459 19 459 metres to December 2010 2010. Similar to the Angostura deposit, the Mongora prospect hosts higher grade gold mineralization including 116 grams of gold per tonne over 2.0 metres, 22 2 grams of gold per tonne over 2 0 metres and 12 3 grams 22.2 f ld 2.0 d 12.35 of gold per tonne over 1.6 metres within broader zones of lower grade gold mineralization. The mineralization contained in the oxidized and transitional rock at the Mongora area could be very important for the Angostura Project YOUR LOGOPage 41

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