1. TGMA Turkish Gold Miners Association Reference point for gold mining expertise Information and publicity surrounding gold mining Development of the business climate in mining To follow mining law and regulations Presentation-publication-public opinion Exchange information and experience between members Share joint responsibility for solutions to problems Share in the defence & actions to opposing groups Relationships with the media-press

2. TURKEY’S GENERAL BUSSINESS CLIMATE Low Political Risk Effective Legal and Tax Codes Effective Rule of Law Bi-Lateral Tax and Other Agreements Full Repatriation of Profits, No Restrictions on Gold Very Broad, Growing & Upwardly Mobile Middle Class Infrastructure is Very Good

3. Low cost mineral tenure No import/export excise taxes on mining Suitable royalties Tax Holidays & Development Incentives Available in Much of Turkey Environmental, health & safety are reasonable Well-Educated, Technically Competent and Hard-Working Labor Force with Strong Work Ethic Pro-mining and Pro-Foreign Investment Position by Central Government Basic geology well-documented and readily available Mining Climate in Turkey

4. Premier Emerging Mineral Province Multiple Magmatic Arc Terraines New Favourable Mining Law 100% Foreign Equity Allowed in Mining Projects 20% Corporate Tax Rate with depletion allowances No VAT on Au, Ag, Pt exploration expenditures Quality Local Personnel Available

5. # * # * # * # * # * # * # * # * ! ( # * # * # * # * GF GF GF # * # * # * # 0 # * # * 30°E 35°E 40°E 45°E 35°N 40°N 0100200300400 Km ­ Black Sea Mediterranean Sea T E T H Y A N M E T A L L OG E N I C B E L T T E T H Y A N M E T A L L O G E N I C B E L T CACM CACM = Central Anatolian Crystalline Massif Gold Deposits and Resources/Reserves Sisorta Mastra Koza 0.7 Moz Cerratepe Inmet Oxide PP: 1.32 Mt @ 10% Cu, 1.3 g/t Au, 29 g/t Ag Ox+Sulf: 1.3Moz Au Copler (Cukurdere) Anatolia 6 Moz Agidagi Teck Cominco 2 Moz Kisladag Eldorado 10 Moz Ovacik Koza 2 Moz Efemcukuru Eldorado 1.5 Moz Kirazli Teck Cominco 1 Moz Explanation # * Au, epithermal GF Au, porphyry # 0 Au, mesothermal # * Ag, epithermal GF Cu-Au, porphyry ! ( Cu, VMS