The news from 2013 Annual Work Conference of Zijin Mining Group: in 2012, the Group invested 450 million Yuan (equivalent to USD 71.68 million), and made significant breakthroughs in geological exploration, which discovered 60.45 tonnes of gold, 408,000 tonnes of copper, 2,046,700 tonnes of lead and zinc, 17,200 tonnes of molybdenum , 161,400 tonnes of tungsten, 126.4 tonnes of silver and 1,185,700 tonnes of iron ore. Meanwhile, the total mining rights obtained are worth of almost 5 billion Yuan (equivalent to USD 796.44 million), and the potential value of newly-proven mineral resources reached 100.2 billion Yuan(equivalent to USD 15.96 billion).

Zijin regards mineral resources as the foundation for an enterprise to survive and develop, regards resource control as the major strategy, and insists on exploration together with acquisition. Meanwhile, it implements diverse resources strategies, including mineral prospecting at the depth and adjacent areas, risk exploration, merger and acquisition of domestic and oversea projects, and improvement of comprehensive utilization of mineral resources. Currently, over 60% of resources held by Zijin are from self-exploration, and the increase in resources and reserve are much more than its consumption, which firmly lays a solid foundation for company's sustainable development. So far, Zijin still keeps the title of "the enterprise with most maintenance of metal mineral resources in China". The potential value of holding resources exceeds over 1 trillion Yuan(equivalent to about USD 159 billion).

In 2012, Zijin increased its investment in geological exploration. Relevant statistics show that the exploration cost Zijin invested in 2012 accounts for over half of the total investment in the past three years. "the input-output ratio in our exploration is the highest, according to the current situation, the increase in copper resource and reserve in Zijinshan in the next several years are estimated to reach 4-5 million tonnes, which equals to half of the planned increase in copper in next three years in China." told by Zhang Shunjin, President of Zijin geological exploration institute.

Mr Zhang made a calculation and found out: 60.45 tonnes of gold with mining rights and potential value worth1.2 billion Yuan(equivalent to US 191.15 million) and 21.5 billion Yuan (equivalent to USD 3.42 billion) respectively; 408,000 tonnes of copper with mining right and potential value worth 1.224 billion Yuan(equivalent to USD 194.97 million) and 24.5 billion Yuan (equivalent to USD 3.90 billion)respectively, 2,046,700 tonnes of lead and zinc with mining rights and potential value worth 1.28 billion Yuan(equivalent to USD 203.89 million) and 30.7 billion Yuan(equivalent to USD 4.89 billion) respectively ; 17,200 tonnes of molybdenum with mining right and potential value worth100 million Yuan(equivalent to USD 15.93 million) and 2.8 billion Yuan (equivalent to US 446.01 million)respectively; 161,400 tonnes of tungsten with mining rights and potential value worth 1 billion Yuan (equivalent to USD 159.29 million)and 19.4 billion Yuan (equivalent to USD 3.09 billion)respectively; 126.4 tonnes of silver with mining rights and potential value worth 25 million Yuan (equivalent to USD 3.98 million)and 600 million Yuan (equivalent to USD 95.57 million)respectively and 1,185,700 tonnes of iron ore with mining rights and potential value worth 25 million Yuan (equivalent to USD 3.98 million)and 700 million Yuan(equivalent to USD 111.50 million) respectively. The total value of mining right above reaches 4.854 billion Yuan (equivalent to USD 773.19 million), the total potential value reaches 100.2 billion Yuan (equivalent to USD 15.96 billion). "It means that the nearly 500 million Yuan (equivalent to USD 79.64 million)invested by Zijin in geological exploration in 2012 creates mining rights worth almost 5 billion Yuan (equivalent to USD 796.44 million)and potential value of mineral resources exceeding 100 billion Yuan(equivalent to USD 15.93 billion)!!!"

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North American Tungsten Corporation Ltd.announces a net loss of $4.0 million or $0.02 per share for its first quarter ended December 31, 2012 ("Q1 2013") compared to net earnings of $6.6 million or $0.03 per share for the first quarter end of fiscal 2012 ("Q1 2012").

Highlights for Q1 2013:

    Record production of 80,693 mtus at the CanTung Mine since restart of operations in 2010
    Revenue dropped to $11.5 million vs. $26.4 million for Q1 2012 due to lower volume and prices
    Cash flow from operating activities of $0.1 million vs. $6.5 million for Q1 2012
    Net loss of $4.0 million vs. net income of $6.6 million for Q1 2012
    In Q2, tungsten prices are again trending upwards and customer demand is again strong

FINANCIAL REVIEW

The Company's Q1 2013 financial results were negatively affected by the significant drop in APT prices during the latter half of 2012, dropping from a high of USD$450/mtu in December 2011 to a low of USD$295/mtu in December 2012 (An mtu is a metric tonne unit of 1 percent of a metric tonne (22.046 pounds) of contained WO3; tungsten concentrate prices are based on APT quotations).

This significant price drop, most of which occurred in the last calendar quarter of 2012 with major impact in Q1 2013, was driven by worldwide economic uncertainty and a reduction in overall demand.

In addition there was a delay in the renewal of a Supply Agreement with one of our major customers. This is now complete and deliveries re-started as of January 1, 2013. During Q1 2013 the Company also successfully negotiated an additional Supply Agreement with a major North American customer.

OPERATIONAL HIGHLIGHTS

The Company is very pleased with Q1's record production of 80,693 mtus by our "Tungsten Team" at the CanTung Mine. The mill processed 90,625 tonnes of ore during the quarter, with an average feed grade of 1.12% WO3 and average mill recovery of 79.5% compared to Q1 2012 in which 76,628 mtus were produced from 88,460 tonnes of ore milled with an average feed grade of 1.12% and an average mill recovery of 77.4%.

"The increase in both throughput and mill recovery at CanTung were contributing factors in weathering the recent APT pricing downturn," said Stephen Leahy, CEO of NTC. He went on to say, "the APT market prices have risen steadily since the beginning of January and are now in the USD$345 to USD$355 range per mtu which is a very good sign for producing companies such as ourselves," Mr. Leahy further stated, "I wish to thank our "Tungsten Team" for all of their hard work and dedication in achieving this record quarterly production. We look forward to working closely with all our stakeholders, shareholders, vendors, customers and partners to building a better Company for all."

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Famous material scientist, academician Changxu Shi won 2010 National Science and Technology Awards on Feb. 14, 2013. His materials research is widely used for fighter engine in China.

Changxu Shi, male, is born in November, 1920 in Xushui County, Hebei Province, and is graduated from National Northwest Institute of Technology in 1945. He gained metallurgy doctorate in Oute Dan University, America in 1952. He was actively involved in the struggle to fight to return back China during the three-years working at Massachusetts Institute of Technology. He returned back China finally in 1955. He wa in office as director for Metal Research Institute of Chinese Academy of Sciences, director for Science Technological Division of Chinese Academy of Science, deputy director for National Natural Science Foundation Committee of Technological Sciences, deputy dean for Chinese Academy of Engineering, etc. Now he is special adviser to National Natural Science Foundation Committee, honorary director of the Metal Research Institute of Chinese Academy of Sciences. In 1980, Changxu Shi was elected as academician of Chinese Academy of Sciences. In 1994, he was elected as academician of Chinese Academy of Engineering.

For many years, Changxu Shi dedicated to materials science research and engineering applications, he is the first one who carries out the research and development of high temperature alloys such as tungsten alloy, molybdenum, titanium, manganese, rare earth materials and new type of alloy steel in China. Tungsten alloy, molybdenum, titanium, manganese, rare earth and other high-temperature alloys are the core material for aero engine. In the sixties of the last century, our fighter engine urgently needs high-performance and high-temperature alloy blades, he led his unit to develop the turbine blade for casting abalone high-temperature alloys, and these superalloy turbine blade casting abalone developed to solve a series of technical problems, so as to make turbine blades of our aero engine into a new level, which is from forging to casting, from solid to hollow, become the second country who developed the key materials technology by itself after the United States. So far, it has been widely used in fighter engine in China. In 1985, he gained the first prize of National Science and Technology Progress. He developed the low segregation alloy technology in metal solidification theory, reduced the alloy solidification segregation through controling trace elements effectively. On this basis, the researchers at the Institute of Metal Research, Chinese Academy of Sciences was researching and developing all types of aircraft engines and large gas turbine directional, single and high-temperature alloys and complex cavity casting technology under his guidance. According to our resources, he also developed several types of alloy steel to save nickel and chromium, solving the time required for Chinese industry.

Changxu Shi set up Metal Corrosion and Protection Institute of Chinese Academy of Sciences, led the establishment of website of National Natural Environmental Corrosion Station, providing a large number of basic data for our materials research and engineering applications. He strongly advocated it is both of importance of research between traditional materials and new materials, basic research and applied research, promoting the sustainable development of our material research. He promoted the development of our fatigue and fracture material and discipline development such as amorphous and nanocrystalline. He proposed that China should vigorously develop magnesium alloy, advocate and participate in Chinese high-strength carbon fiber research and development applications.

Changxu Shi made outstanding contributions to the formulation of national science and technology policy and the setting and development of science and technology institutions. He initiated, participated in and presided the establishment of the Chinese Academy of Engineering; presided the development plan of national materials field for many times. He attached great importance to the society and published work, creating Chinese Materials Research Society and Chinese Biological Material Committee. He was the founder and editor of the five high-level publications: Materials Science and Technology (English version), Progress in Natural Science (Chinese &English version), Metal Learned Journal (Chinese &English version).

Changxu Shi enjoy a high reputation in the international field of materials science, repeatedly served as conference chairman or consultant in international material field. He won 7 prizes of National Science and Technology Award, and gained Practical Material Innovation Award issued by International Union of Materials Research in 1998. Due to his achievements in materials field, the U.S. Minerals, Metals and Materials Society (TMS) awarded him the title of Honorary Member.

Changxu Shi trained more than 80 masters and doctoral students. Many of them has already become the academic leaders in materials field.

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Yesterday US Tungsten Corp. dropped over 36%, down to a close of $0.37 per share, obliterating what gains investors made over the last month. Promoters have gone silent, with only a few morning emails sent before the stock tanked.

The pumpers at Penny Pick Finders came forward to announce Monday's drop as a "pullback" and a "lucrative" opportunity for new investors. It turned out this was not the case, as the stock kept sliding, but it doesn't really matter what you tell your subscribers so long as you're getting paid $35 thousand to tout a certain stock it seems.

Every investor who bought USTU shares throughout February is now sitting on a loss ranging roughly from 10% to a whopping 50%. The promotional pumps that targeted the company this month, starting February 9, seem to have had their run. The news release around the market open yesterday concerning the appointment of a new CEO did very little to promote investor confidence.

Despite the horrid performance of the stock over the last two days, promoters Awesome Stocks extended their feelers to USTU as well. In a new pump running on a compensation of $50 thousand that arrived towards the end of yesterday's session, Awesome Stocks tout the investment of $80 million Warren Buffet made in a South Korean tungsten mining venture last year, without pausing to think why Buffet chose to take his money to Korea instead of supporting U.S. production of the metal.

3PMCM_fail.pngAwesome Stocks previously pumped other companies that started trading actively only recently and that crashed horribly when the emails stopped coming. One recent example is Primco Management, Inc. a one-day promotion by Awesome Stocks crashed before it had a chance to run, with the promoters pocketing $60 thousand for their efforts.

Traders are advised to be extra careful with penny stocks, especially with companies that are currently being targeted by paid pumps. Even USTU's run and crash in February should be enough of a red flag that no amount of promotions can be any guarantee for the price performance of a stock.

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The stock promotions for US Tungsten Corp. that started on Feb 9 seem to have finally coughed, spat and come to a halt. Yesterday USTU dropped over 16%, losing 11 cents on unprecedented volume of nearly 1.2 million shared traded.

The company was first promoted on February 9 for a compensation of $35 thousand. Since then other pumpers hopped on the bandwagon, touting USTU and the hot sector the company strives to operate in. The last promotion for the stock ticked in only yesterday, curiously after the trading session when USTU had already dropped. Promoters Penny Stock Prophet again disclosed $35 thousand received to advertise the stock.

USTU has not generated any revenues since inception in 2007 and is an exploration stage enterprise that is looking to stake out and develop its land claims, looking for tungsten deposits. The company also announced securing a loan of $1 million that it intends to use to develop its claims and finance operations. In 2012 USTU also obtained an option to acquire full interest in mineral claims in Montana, in a deal detailing total cash payments of $1 million, in deferred growing installments over each successive year.

To the company's credit, they have filed very comprehensive reports and have updated shareholders with the full details around their various acquisitions and contractual payments required. The recent cancellation of 123 million shares by USTU's President may come as a bit of a surprising move, but USTU will need to issue a fair amount of new shares to cover its loan and the loan comes with warrants for the purchase of 2 additional shares for each of the 1 million dollars.

Despite the positive PR and the secured line of credit, USTU remains an exploration stage company that has not proven that it can generate revenue and cannot as of yet guarantee that its land claims will yield significant tungsten deposits.

HKTU_fail.pngThe promoters at Penny Stock Prophet have a track record of promotions that turned quite sour once the promotions stopped, so this could also serve as a bit of a red light for traders. They touted Hokutou Holdings Int, Inc. only a couple of days ago, after other pumpers have had their way with the company and left it a smoldering ruin after pumping started in early February. Despite the promotion, HKTU closed another 16% down yesterday.

Traders are advised to be careful with promoted penny stocks as they are a hugely volatile market and the enticing future possibilities they offer often end up in disappointment.

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An initiative aiming to relaunch legal mining in eastern Congo after an export suspension of conflict minerals will produce its first refined tin by the end of March 2013.

Under the Conflict Free Tin Initiative (CFTI), over 200 tones of tin ore worth around $1.7 million have already been sold to the Malaysia Smelting Corporation from the Kalimbi Mine in South Kivu in the Democratic Republic of the Congo (DRC). The CFTI ensures that each mined ore receives a plastic tag with a bar core that corresponds to a certification document, so that the minerals extracted from it can be exported legally.
The initiative aims to permit legal mineral exports from Congo after the adoption of the United States Dodd Frank law, which almost entirely halted the African country’s mineral trade.

The Dodd Frank Act aimed to ensure that the purchase by international firms of "conflict minerals" coming from the DRC, such as columbo-tantalite, wolframite, cassiterite and gold, did not financially support the conflict. Section 1502 of the law requires "that companies publicly traded in the US disclose the use of conflict minerals from the DRC and adjoining countries in their products and describe the process used to ensure that the purchase of these minerals does not fund illegal armed groups operating in the DRC to the greatest extent possible." It is assumed that illegally extracted minerals are currently helping to finance the leaders of the M23 rebels in the North Kivu province, which has displaced early 250,000 people since April 2012 and determined 57,000 people to seek refuge in neighboring Rwanda and Uganda since the beginning of 2012.

The Enough project, a key supporter of the law, claimed that its implementation resulted in a 65 percent profit reduction for armed groups from tin, tungsten and tantalum in 2011. In turn, a U.N. report, published in December 2011, stressed that the export suspension had a devastating impact on the lives of ordinary people who depended directly or indirectly on mining and was ultimately directing mineral trade into the hands of smugglers, such as Bosco Ntaganda, one of the M23 rebel leaders.
Out of the around 900 mines located in South Kivu, Kalimbi remains currently the only one which has internationally recognized traceability. A multi-stakeholder team, which included representatives of the DRC Government, the United Nations, the German Geological Service (BGR), the local project manager of the ITRI Tin Supply Chain Initiative (iTSCi), representatives of local business and civil society, validated Kalimbi as a conflict-free mine. The Congolese government is seeking to similarly tag other mines in the upcoming months.

As a result of the crackdown brought by the Dodd Frank Act, local prices collapsed by a factor of 6 to less than $1 a kilogram, while the only remaining buyers were Chinese exporters and smugglers. A week after the introduction of the conflict-free certification system at the Kalimbi mine, the price has returned to $3.5 per kilogram and more than 3,300 kg have been tagged. Currently, around 1,294 miners work at Kalimbi and have more than doubled their earnings to $4-$6 per kg from $2/kg. It is expected that the conflict-free tin will easily find buyers, given that global supply is currently limited, as a result of low stocks and a lack of investment.

Eastern Congo has been affected by violence since the 1990s. One of the key reasons for the ungoing conflict is the fact that region is extremely valuable from an economic standpoint, due to its oil reserves, gold, tin, tungsten and coltan-a metal used to make mobile phones, for which both Rwanda and Uganda have fought in the past. Rwanda has twice invaded the DRC in the last two decades, even igniting in 1998 a conflict known as "Africa's Great War," in which several countries were involved. The Rwandan government justified this latter intervention by emphasizing that it had to react to hostile Rwandan Hutu fighters who had fled to Congo after the 1994 Rwandan genocide. Similarly, in the recent past, Uganda and Congo have fought over regulating border oil exploitation and resulted in the signing of the 2007 Ngurdoto Accords.

If legal production and sale of minerals would replace the current illegal and violent extraction process, Congo could enjoy a peaceful transition from its current state of conflict. Still, one potential problem for the conflict-free trade minerals is that there are currently thousands of tons of minerals extracted during the export suspension, which are stockpiled throughout eastern Congo, which could enter clandestinely on the trade market, thus threatening the credibility of the traceabililty project.

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The person in charge of the Division of the Ministry of Land and Resources geological exploration, said recently that China prospecting breakthrough results exceeded expectations since the implementation of the strategic action to find and identify a number of world-class reserves of scale deposits.

It is reported that the prospecting breakthrough strategy action is based on the domestic action of a national strategy to enhance energy resources and support capabilities. The actions to implement the two years since, China has successively proven Nanpu, Hua Qing, Tahe, Penglai 19-3, 15 more than 1 million tons of proven reserves of oil fields; proven the Sulige, Puguang, Xu, deep 14 proven reserves of more than 100 billion cubic meters of gas fields, the initial formation of the the Sulige Tabei one trillion cubic meters of world-class scale atmospheric District; resources to add more than one hundred billion tons of coal exploration in Xinjiang and Shanxi reserves ; identify a very large sandstone type uranium the (camp uranium) in the Ordos Basin; tungsten, molybdenum, nickel, and other multiple large deposits of the emerging material resources in Gansu, Xinjiang newly discovered more than three large mineral deposits.
 

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Recently, you’ve been writing about the beginning of a new inflationary cycle and an uptick in inflation. How does the new inflationary environment differ from where we’ve been since the financial crisis?

For several months, there has been a surprising rebound in the Chinese and Asian markets as evidenced by strong demand and associated price increases in iron ore, copper, industrial metals, uranium, the heavy rare earth elements (HREEs) and platinum. For a long time, investors predicted a hard landing in China—and they have been wrong. As a result, we’re seeing a very powerful “risk-on” rally. Investor expectations over the past couple of years have been for deflation and the associated “risk-off” trade. The situation is beginning to flip and inflation expectations are beginning to creep back into investors’ minds. The early investors and the smart money are making “risk-on” trades as equities hit new highs and as investors flee currencies.

The numbers show that the Chinese economy is rebounding strongly. Banks are lending, and investments for commodities are increasing. After almost two years of economic contraction in China, I believe the Chinese economy decisively turned upward as of year-end 2012. For approximately the last two years, metals prices consolidated while the bond and the equity markets rallied. Notably, the bond market rallied before the equity market. Times when bonds and equities outperform commodities are usually predictive of inflation. Eventually, profits should flow from equities to commodities in the traditional inflationary business cycle. It is only a matter of time before capital hits the commodity and junior mining markets.

I believe the strongest evidence that an inflationary rally has started is the outperformance of industrial metals, as well as precious metals that have an industrial component, such as platinum and silver. Copper is beginning to outperform gold. For the past two years, as markets were risk-off, gold outperformed. However, from 2000 to 2008 before the credit crisis, the industrial metals and the miners outperformed the risk-off assets. We’re beginning to see a rotation from a deflationary cycle to an inflationary cycle. All the money that’s been pumped into the system by central banks worldwide and this competitive currency devaluation in order to boost anemic economies may be unleashing the beginnings of a long-term inflationary rally.

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New Year, Dayu County Xinhua Industrial Park, Long matter of a faction within the project site of the tungsten industry bustling construction scene, is stepping up construction workers. Long matter of tungsten industry last year, settled more than tungsten and non-ferrous metals industry base deep processing enterprises, the project is put into the annual realized main business income of 5.0 billion. It is understood that, in Dayu County seize Gan South Sioux revitalization and development and Ganzhou historical opportunity for the implementation of the western development tax policy and efforts to resource advantages into industrial advantages county tungsten and non-ferrous metal industry cluster ten billion yuan is moving forward.

Dayu County is rich in mineral resources, but a long time is difficult, due to the integration of resources and technological backwardness factors, the county's mineral resource advantages into industrial advantages difficult. Around the integration of resources on the subject, the county actively promote the consolidation and reorganization of mines and deep processing, mineral resources to the advantage of enterprise gradually concentrated support breed Weiliang, Jingwei batch of innovative enterprises; tungsten mine of new proven, take several mines bundled the way of public auction of mining rights, expanding the the Loncin Thailand, Jincheng, a number of large-scale mining and deep processing of one-stop enterprise. Cartel county ore quickly add value, the tungsten recovery rate from less than 70% to more than 85%. Efficient use of local resources, the county also encourage enterprises to base foreign expansion, the introduction of foreign mineral over 100,000 t of ore per year. Achieve the Tungsten and non-ferrous metals middle-class processing to high-intensive processing, and the county to speed up elimination of outdated production capacity, optimize the industrial structure. Leading enterprises, the county tungsten and non-ferrous metal processing enterprises are rapidly update the production process, the development of mechanized and automated production lines, the introduction and R & D and development of high-performance carbide, heat-resistant the earthquake specialty tungsten and high-performance coated tool high value-added products.

Zhuchaoyinfeng, project-driven, Dayu County efforts to create industrial clusters development platform. Gan Surigao del Sur district revitalization development and resource-exhausted cities in transition as an opportunity to favorable policies of the county with the hilly slope development pilot and abandoned mining reclamation and utilization planning and construction of the Wuli Mountain tailings into the tungsten and non-ferrous metal processing industry base, integration of more than 2,000 acres of land resources, relying on Xinhua industrial district north to expand to 5,000 acres, the Xinhua New Century Industrial Area One "to form a contiguous development, efforts to promote infrastructure construction of the Metro Industrial Area, for tungsten and non-ferrous metals deep processing base construction provides plenty of space. Focus on tungsten and non-ferrous metal industry, county flexible investment approach, sent 16 investment teams were dispatched around the stagnation Focused on large projects and high-end enterprise led firefly Industry and Trade the dragon thing of tungsten industry and a large number large project successfully settled. Since last year, the county's newly introduced 21 projects, of which 6 million over the project. I tungsten and non-ferrous metal processing industry base has now gathered 43 of the tungsten and non-ferrous metal processing enterprises, with Loncin Thai tungsten industry, Dragon matter of tungsten industry, Donghong Tin Yuet An ultrafine enterprises above designated size 24 , the formation of tungsten and non-ferrous metal mining - primaries - intensive processing - waste recycling loop industrial system.


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Colt Resources Inc. is pleased to announce that  in an official signing ceremony held earlier today at the Company's 100% owned Tabuaço project the following concessions were formally awarded:

TABUAÇO EXPERIMENTAL MINING LICENCE

The Tabuaço Experimental Mining Licence (EML) in North-Eastern Portugal covers a total area of 45.13 km2, and has been granted to Colt following, and as a consequence of, the exploration project undertaken by the company at its Armamar-Meda exploration concession between 2007 and 2012.

The EML encloses the Tabuaço skarn-type tungsten (scheelite) deposits, which include the São Pedro das Águias (SPA) and Aveleira tungsten resource areas,and the adjacent exploration targets of the SPA-Aveleira Gap, the Quintã-Távora zone, as well as on the East bank of the Távora river.

Since acquiring the exploration rights over this area in late 2007, as part of its Armamar-Meda exploration concession, Colt carried out extensive outcrop sampling work, and then embarked on an exploration and evaluation diamond drilling program which to date involved in excess of 100 drill holes, totalling more than 11,400 metres.

The most recent NI 43-101 resource statement issued by Colt for the Tabuaço tungsten deposits reported Indicated Mineral Resources of 1,495,000 tonnes grading 0.55% WO3 containing 815,000 MTU's and Inferred Mineral Resources of 1,230,000 tonnes grading 0.59% WO3 containing 720,000 MTU's (1 MTU = 1 metric tonne unit = 10kg of contained WO3) from the São Pedro das Águias and Aveleira deposits.  Colt is continuing exploration work and is confident that the deposit has good potential for expansion.

As part of its experimental mining work program, Colt will proceed with the excavation of both an access adit and a vertical shaft into the São Pedro das Águias deposit, for the purpose of testing the proposed mining method, gathering further information on the rock mechanical conditions, and extracting a bulk sample for pilot ore concentration work. In addition the surface diamond drilling program will be continued to explore and evaluate the above referred deposits and exploration zones.

SANTO ANTÓNIO EXPERIMENTAL MINING LICENCE

The Santo António Experimental Mining Licence (EML) in North-Eastern Portugal covers a total area of 35.34 km2. This concession was granted to a joint venture between Colt and Brazilian company, Contecnica, in which the latter will be the operator. The granting of this concession follows on the exploration project undertaken by Colt in the Penedono concession between 2007 and 2012.

The area is mostly underlain by multi-phase granitic intrusions of the Variscan tectonic cycle (Upper Paleozoic), which host a number of known gold deposits of the "Reduced Intrusion Related" type. These can consist of either individual veins such as at Sendim; clusters of quartz veins such as at Santo António (13 veins), Ferronha and Dacotim (3 main veins each); or sheeted vein systems with or without associated greisen envelopes, such as respectively at Turgueira and Marofa. Some tungsten mineral (wolframite) can also be present in these mineralized structures (e.g. Santo António, Turgueira) which can perhaps originate by-product tungsten production.

Mining activity in the area dates back to Roman times, when gold was produced from Santo António, Ferronha and Dacotim. Small scale artisanal tungsten (wolframite) mining took place in the area during the 1940's and 1950's. Gold mining attempts were also undertaken in the mid 20th Century from Ferronha, Dacotim and particularly Santo António. The latter was exploited by the Companhia das Minas de Ouro de Penedono in the 1950's, having produced a total of around 11,000 ounces of gold from a total of 105,000 tons of ore (ROM) extracted from underground mining along veins # 2 and 3, and to a minor extent veins # 7 and 13.

The 1950's Santo António mining plant never achieved an acceptable level of gold recovery and as a result the ca. 100,000 m3 of tailings material still existing at the Santo António mine are believed to host gold that may be recoverable using more modern methods.

During the experimental mining period the Joint Venture's activity will focus on: trial open pit mining at Turgueira; recovery of gold from the Santo António tailings; excavation of a new adit to access and de-water the Santo António underground workings and recover for pilot metallurgical testwork blasted ore left in the old galleries; and continuing evaluation drilling of the vein deposits.

BORBA EXPLORATION LICENCE

The Borba exploration licence in central-eastern Portugal covers a total area of 636 km2. It is located in the Variscan terrain known as the "Ossa-Morena Zone", the same terrain that hosts Colt's Boa Fé and Montemor projects, relative to which Borba is located approximately 65km due East.

The region is mostly known for its production of high quality marble dimension stone for the international market, namely from the municipalities of Estremoz, Borba and Vila Viçosa.  Small scale underground mines produced copper until the early 20th Century from a number of disseminated deposits, namely Mostardeira, Miguel Vacas, Bugalho and Mociços. Modern opencast mining was carried out to exploit the oxide zone of the Miguel Vacas copper deposit in the period 1980-1990, during which an estimated total of around 1650 tonnes of copper metal were produced; upon the interruption of this exploitation the deposit was believed to be open both along strike and (particularly) down dip.

Modern exploration was carried out in the area between 1986 and 2006 by Rio Tinto, Carnon Holdings, Auvista Minerals, Prominas, Rio Narcea Gold Mines. Most of these exploration programs focussed on the gold potential of the area, having led to the discovery of several gold occurrences and anomalies which were poorly explored, such as at Almagreira, Torre and other locations, besides identifying gold contents also at the old copper mines of Bugalho, Mociços and Mostardeira.

The licence area geology encompasses several sedimentary and volcanic formations that extend from the Upper Proterozoic to the Devonian. The copper, copper-gold and gold mineralizations may occur in rocks of distinct ages as disseminations, veins and breccias which are associated with a zone of regional shearing extending for over 30 km in the NW-SE direction within the concession area.

CERCAL EXPLORATION LICENCE

The Cercal exploration license located in coastal Alentejo province (Southern Portugal) some 110km due South of Lisbon covers a total area of 455 km2.  It is located within the Iberian Pyrite Belt, a prolific World-Class province of volcanogenic massive sulphide deposits with several centers of historical production of copper, lead, zinc, and to a lesser extent tin, gold and silver.

Historically, there were a number  of  small artisanal mines at Cercal exploiting  Fe-Mn, Cu, Zn-Pb, Cu-Pb-Ag until the mid 20th Century; and a modern, small-size underground mine that produced Fe-Mn oxide concentrates (with by-product barite) to supply a Portuguese steel manufacturing plant until the early 1990's.

The license area also encloses the Salgadinho stockwork deposit, first discovered and explored by the Portuguese Government exploration department SFM between 1973 and 1979. The perception that the gold potential of this deposit was poorly investigated in the past (e.g. incomplete sampling not including gold assaying) led Colt to consider it as a gold exploration target for its exploration program.

Subsequent to the SFM discovery, the area was explored between the early 1980's and 2008 successively by Elf-Acquitaine, Empresa Mineira da Serra do Cercal Lda, and Northern Lion Gold Corporation.

The area also encloses favourable Carboniferous volcanic and sedimentary geology for the occurrence of both massive sulphide and disseminated gold deposits. In addition to Salgadinho, several geochemical and geophysical anomalies point at other potential occurrences of gold and/or base metals.

 

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