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Siribaya: A Special West African Opportunity

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Objective Capital's Africa Resources Investment Congress 2011
Ironmongers' Hall, City of London
14-15 June 2011
Day 1: Africa Resources
Speaker: John Cumming, Merrex Gold

Published in: Business, Technology
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Siribaya: A Special West African Opportunity

  1. 1. AFRICA RESOURCESINVESTMENT CONGRESS Siribaya: A Special West African Gold Opportunity John Cumming– Merrex GoldIRONMONGERS’ HALL, CITY OF LONDON ● TUESDAY-WEDNESDAY, 14-15 JUN 2011www.ObjectiveCapitalConferences.com 1
  2. 2. MXI:TSX-VAccomplished Experienced Proven Track Record SiribayaA Special West African Gold Opportunity Objective Capital African Resources Investment Conference June 14, 2011
  3. 3. MXI:TSX-V Accomplished Experienced Proven Track RecordDisclaimerCAUTIONARY STATEMENT REGARDING FORWARD LOOKING FORWARD-LOOKINGINFORMATIONThis presentation includes certain forward-looking statements. While forward lookingthese statements represent our best current judgment, they aresubject to risks and uncertainties that could cause actual results tovary. These risks and uncertainties include the inherent risksinvolved in the exploration and development of mineral properties properties,interpretation of drilling results and other geological data, fluctuatingmetal prices, project cost overruns, costs of future financings, andother factors. The reader is cautioned not to place undue reliance onforward-looking statements.fo a d looking statements All references to currency made in this efe ences c encpresentation are in Canadian dollars, unless otherwise stated. 3
  4. 4. MXI:TSX-V Accomplished Experienced Proven Track RecordOverview Siribaya is an advanced gold exploration project in West Mali, Africa 848 k 2 contiguous gold exploration permits km ti ld l ti it Over $16 million total exploration expenditures IAMGOLD spending $10.5 million on exploration to earn 50% of Siribaya ($8.0 million spent to date) IAMGOLD earn in 12 months ahead of schedule earn-in Project Operator: IAMGOLD Corporation 4
  5. 5. MXI:TSX-V Accomplished Experienced Proven Track RecordDirectors and Officers 40 years of resource exploration experience Past experience.Greg Isenor, P. Geo. President & CEO of Jilbey Gold – discovered the Bissa GoldPresident & CEO, Director Deposit in Burkina Faso and negotiated Jilbey’s takeover by High River Gold in 2005.John Cumming, LLB, LLM 35 years experience as a corporate securities and mining corporate, lawyer. Founding shareholder of St. Philips ResourcesExecutive VP & General Counsel, which in a JV with Hunter Dickinson found the KemessCFO, Director Gold/Copper Mine in British Columbia.Walter Henry, CFA, ICD.D Extensive financial experience in the exploration industry. industry Past CFO of Royal Nickel and Tiburon Minerals. PresidentDirector & CEO of Frontline Gold Corp. Over 40 years exploration and mining experience. Past VPJames Patterson, Ph.D. Patterson Ph D Exploration for FNX Mining Past director of Jilbey Gold Mining. Gold.Director Has also held senior positions in numerous other exploration companies. 5
  6. 6. MXI:TSX-V Accomplished Experienced Proven Track RecordCapital StructureShares Outstanding 118.9 M Directors/Insiders 15.8%Options 8.8 M IAMGOLD Corporation 14%Warrants 13.5 MFully Diluted 141 M Representative Institutional & Corporate Investors C t I t12 Month High/Low $0.74/$0.35 Chilton Global GAMCO Gold Fund (Mario Gabelli)Average Daily Volume ~76,000 Genus Dynamic Gold Fund (Baker Steel) TD Asset ManagementMarket Capitalization $60 M High River GoldCash on Hand $14.25 M 6
  7. 7. MXI:TSX-V Accomplished Experienced Proven Track Record IAMGOLD Earn-in Joint Venture Can earn a 50% interest, and no more $10,500,000 expenditures, one year ahead of schedule Vesting projected Q4 2011 After vesting then 50/50 joint venture, with shared management Major camp expansions underway $1,400,000 access bridge construction approved Accumulated 16,616,883 shares (14%) of MXI equity via three private placements at a cost of $7,750,000 7
  8. 8. MXI:TSX-V Accomplished Experienced Proven Track RecordWith this brief introduction in mind,we invite these questions… qWhy… …does IAMGOLD want 50% of Siribaya? …did IAMGOLD accumulate 14% of Merrex? …did major, sophisticated institutions in New York, London and Toronto just invest $10,000,000 in Merrex equity?What value attributes do they see in Merrex and Siribaya? Why are they in our story? 8
  9. 9. MXI:TSX-VAccomplished Experienced Proven Track Record BEST ADDRESS IN AFRICA Stable democracy with low geopolitical risk Fixed i i Fi d mining law and l d taxation. Government royalties 10% f free carried, i d 10% (optional) participating Gold Production from West Mali exceeds ONE MILLION OUNCES annually y 9
  10. 10. MXI:TSX-V Accomplished Experienced Proven Track RecordSiribaya Gold Project  Strategic Partner (Mali): Touba Mining Sarl.  Largest contiguous block of gold exploration permits in Mali  Massively anomalous for gold  Detailed exploration along 10 km long g g Siribaya Mega-Structure 10
  11. 11. MXI:TSX-V Accomplished Experienced Proven Track RecordSiribaya - The Big Picture 11
  12. 12. MXI:TSX-V Accomplished Experienced Proven Track RecordSiribaya Gold Project> $16 million of exploration to May 30, 2011 $ o o po o o y ,  Trenching & Pitting  Auger, RAB and RC Drilling A d D illi  Diamond Drilling  Gradient Array IP  NI-43-101 Resource Estimate Completed  Airborne Magnetic Spectrometer Survey over all permits  Soil & Termite Geochemistry over a large portion of the permit area 12
  13. 13. MXI:TSX-V Accomplished Experienced Proven Track Record Zone 1B Diamond Drill Results The diamond drilled mineralization over 800 m along strike 300 m in depth Intersections to 25 m @ 5.52 g/t 33 m @ 5.07 g/t 13
  14. 14. MXI:TSX-V Accomplished Experienced Proven Track Record Siribaya Zone 1B Block ModelNI 43-101 resource Open to the north north,south, and at depth.Resource expansion diamond drilling underway. 14
  15. 15. MXI:TSX-VAccomplished Experienced Proven Track RecordNI43-101 Resource Estimate((January 2010) y )Block Cut-off: 0.5 g/t Indicated Resource Material Tonnes Indicated 377,700 ounces Rock (block cut-off Au (g/t) Grams Ounces of Domaine Density at 0.5 g/t) Gold Zone 1B Zone 1A 2.20 1.82 3,921,000 94,000 2.40 1.85 9,410,400 173,900 302,600 5,600 @ 2 37 g/t Au 2.37 TOTAL 4,015,000 2.39 9,584,300 308,200 Inferred Resource Material Tonnes Inferred Rock (block cut-off Au (g/t) Grams Ounces of Domaine Density at 0.5 g/t) Gold Zone 1B 2.34 941,000 2.29 2,151,060 69,200 Zone 1A 1.82 5,000 2.13 10,645 300 TOTAL 946,000 2.29 2,161,705 69,500 15
  16. 16. MXI:TSX-VAccomplished Experienced Proven Track RecordNI43-101 Resource Estimate((January 2010) y )Block Cut-off: 1.5 g/t Indicated Resource 316,300 ounces Material Tonnes Indicated Rock (block cut-off Au (g/t) Grams Ounces of Domaine Density at 1.5 g/t) Gold Zone 1B 2.20 2,327,000 3.39 7,895,558 253,800 @ 3.31 g/t Au 33 u Zone 1A 1.82 74,000 3.03 224,236 7,200 TOTAL 2,401,000 3.38 8,119,793 261,000 Inferred Resource Material Tonnes Inferred Rock (block cut-off Au (g/t) Grams Ounces of Domaine Density at 1.5 g/t) Gold Zone 1B 2.34 565,000 3.01 1,702,837 54,700 Zone 1A 1.82 1 82 7,000 7 000 2.51 2 51 17,598 17 598 600 TOTAL 572,000 3.01 1,720,018 55,300 16
  17. 17. MXI:TSX-V Accomplished Experienced Proven Track Record SiribayaMega StructureMega-Structure RC drill programoutlines footprint of 1A and 1Bsubstructures over 7 km by Q4 2011 17
  18. 18. MXI:TSX-V Accomplished Experienced Proven Track Record Siribaya yMega-Structure Two parallel substructures within10.5 km mega-structureSignificant potential forexpansion of NI43-101 g gold resource IAMGOLD-sized resource opportunity 18
  19. 19. MXI:TSX-V Accomplished Experienced Proven Track RecordBambadinka Trend Mechanized auger drilling hasestablished an 8 km long x 1 km wide priority satellite exploration target.RC drilling planned for 2011 19
  20. 20. MXI:TSX-V Accomplished Experienced Proven Track Record2011 Exploration Programs $7 million budgeted ($4.5 IAMGOLD, $2.5 Merrex) ($4 5 IAMGOLD $2 5 Exploration Objectives: – 30 000 metres of RC Drilling: 30,000 • Confirm the potential for 2 – 4 million ounces at Siribaya • Begin RC drilling at Bambadinka – 10 000 metres of Diamond Drilling: 10,000 • Increase the NI 43-101 Resource Estimate • Infill drilling Zone 1B • Extension drilling north and south of Zone 1B • Initial drilling on 1A Substructure – 9,000 metres of mechanized Auger Drilling: • Bambadinka (completed) • Begin target identification at Babara 20
  21. 21. MXI:TSX-V Accomplished Experienced Proven Track RecordSiribaya Gold Camp … Extensive blue-sky potential 21
  22. 22. MXI:TSX-V Accomplished Experienced Proven Track RecordA strong investment caseunderpinned by solid fundamentals Expanding resource within the Siribaya Mega-Structure with potential to become an IAMGOLD-sized gold deposit with enviable grade i h i bl d Extensive blue-sky potential for discovery of numerous additional deposits within the 848 km2 land package Well-financed with strong institutional and investment banking support A capable, committed partner, IAMGOLD An experienced management team 22
  23. 23. MXI:TSX-V Accomplished Experienced Proven Track Record SiribayaA Very Special West African Gold Opportunity TSX-V symbol MXI

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