PAGE Management Limited

Page has been invited by a number of private concerns and corporate entities to explore and investigate mining possibilities in Africa.
Page decided to concentrate its affords in West Africa and in particular Mali being one of the Gold producing African Country.

Due diligence and general exploration was undertaken by the Chairman since 1996 in Mali, and once Page Mali was established in Mali, then a company undertook extensive exploration work.

INTRODUCTION & HISTORICAL EVENTS:
When Page Mali commenced exploration programs in the Abaladougou – Kenieba concession, classified the work in a number of sections and sectors, so as to assist the exploration program.

Due to the vast area, limited funds and taking in consideration the Malian Mining code, which stipulates that after 3 years of exploration the company (Page Mali) must relinquish 50% of its original 148 sq, klm concession the following strategy was implemented.

PHASE – 1: (1996 – 1999)
1.     A general recognises of the whole area.
2.     The general survey of landmarks, villages, roads etc.
3.     Access roads, water supply (rivers) etc.
4.     Local heritage sites, cemeteries, farms etc.
5.     Local village’s population count.
6.     Local village’s economy, religion, beliefs, socioeconomic structure.
7.     Fauna and Flora.
8.     Artisan sites (logged and investigated).
9.     Outside the concession within a range of 5 klm (all the above 1 – 8).
10.   Interviews with the nearest town (Kangaba) officials, lifestyle, and all the above 1 – 8).
11.   Capital (Bamako) general economy, and more particular gold.
12.   Establish a base (office) accommodation in Bamako.
13.   Regular discussions with the Malian Ministry of Mines officials and technicians.
14.   Accounting, and legal representation for Page Mali.
15.   The establishment of a Malian Company procedures and legalities.
16.   The establishment of financial bases (Local and International Banks)

PHASE -2: (1999 – 2000)
1.     Preliminary exploration on Abaladougou – Kenieba (Geological, Geophysical & Geochemical by PDRM).
2.     Commencement of logging Artisanal pits and on site tests.
3.     Geological etc. studies by South African Consultants.
4.     Geological etc. studies by Malian Consultants (excluding PDRM).
5.     Signing the convention with the Malian Ministry of Mines for the Abaladougou-Kenieba Concession consisting of 148 Square Kilometres.

PHASE – 3: (2000 – 2004)
1.     Verification of Exploration by PDRM (2000) and Trenching and analysis thereof.
2.     Continuation of Artisanal Pits logging and on site tests.
3.     Due diligence and negotiations (Ministry) for a Small Scale Gold Mine.
4.     Commencement procedures for Environment Impact study on Dabale (Small Scale Gold Mine).
5.     Commencement procedures for Feasibility Studies on Dabale (Small Scale Gold Mine).
6.     Commencement procedures for Local community investigations, interviews, meetings etc.

PHASE – 4: (2004 – 2005)
1.     Verification of Exploration by PDRM (2000 & 2004).
2.     Continuation of Artisanal Pits logging and on site tests.
3.     Proceed with detailed proven reserves for a Small Scale Gold Mine (by PDRM).
3.     Finalised procedures for Environment Impact study on Dabale (Small Scale Gold Mine).
4.     Finalise procedures for Feasibility Studies on Dabale (Small Scale Gold Mine).
5.     Finalise procedures for Local community investigations, interviews, meetings etc.
6.     Application for a Small Scale Gold Mine to the ministry.
7.     Preliminary Site Establishment in Dabale-1.
8.     Commencement of construction of infrastructure (roads, site, bridges etc).

PHASE – 5: (2005 – 2007)
1.     Verification of Exploration by PDRM (2000, 2004 & 2005).
2.     Continuation of Artisanal Pits logging and on site tests.
3.     The reduction of the Abaladougou-Kenieba Concession (148 sq.kl) by 50% now consisting of 74 Square Kilometres.
3.     Site Establishment on Dabale-1.
4.     Page Mali signing a protocol Agreement with the ministry of Mine to undertake all Small Scale Mines in Mali.
5.     Drilling for water and test analysis program.
6.     Progress (80%) of construction of infrastructure.
7.     The importation of Gold recovery, Laboratory etc equipment.
8.     The importation of furniture and fittings for site office and accommodation.
9.     The manufacture of some Gold recovery, Laboratory etc equipment.
10.   The commissioning of test for Phase-A of Gold production using Artisanal Tailings.
11.   The establishing of larger offices and accommodation in Bamako.
12.   Submit application for authorization of exploration for new concession (Banzan) consisting of 98 square kilometres.
13.   Meetings with ECOWAS officials in implementing Small Scale Gold Mines in their respected countries.
14.   Negotiations with the Artisanal in to integration in 25% of the Small Scale Gold Mine process and operations.
15.   A report and CD presentation about Small Scale Gold Mines presentation delivered to The Malian Ministry of Mines.
16.   Commencement of negotiations for funding the expansion of the Small Scale Gold Mine and further exploration for Page Mali’s Concessions.

PHASE – 6: (2007 – 2008)
1.     Verification of Exploration by PDRM (2000, 2004 & 2005).
2.     Continuation of Artisanal Pits logging and on site tests.
3.     Progress (95%) of construction of the Small Scale infrastructure.
4.     The manufacture of some Gold recovery.
5.     Submit application for authorization of exploration for new concession (Dangatene) consisting of 106 square kilometres.
5.     Interpretation and verification of PDRM studies, ALS laboratories and Independent Geo. Consultants undertaken.
6.     New exploration, drilling and other programs prepared and tendered for.
7.     Awaiting the finalization for the signing of the convention with the Malian Government for the Banzan Gold Concession.
8.     General inquiries for the Bamako manufacturing and warehouse site for gold recovery equipment for the Small Scale Gold mines.
9.     General inquiries for the Bamako building site for the establishment of a Gold Refinery in Mali.
10.   Obtained the authorization for Exploration for the Dangatene Gold concession.
11.   Commenced exploration program for the Dangatene Gold Concession.
12.   Independent exploration studies and due diligence undertaken, by a number of consultants and potential investors (S.A., and UK).
13.   Finalising (40%) of negotiations for funding the expansion of the Small Scale Gold Mine and further exploration for Page Mali’s Concessions.

PHASE – 7: (2008 – 2009)
1.     Further interpretation of exploration studies and due diligence undertaken, by a number of consultants and potential investors.
2.     Exploration, drilling and other programs commence.
3.     Finalize of Construction for the Small Scale Gold Mine (Dabale-1).
4.     The importation of fist wave of earth moving equipment.
5.     The finalization of the local gold recovery equipment.
6.     The importation of additional Gold recovery equipment and laboratory.
7.     Finalizing the site for the Gold recovery manufacturing and importation equipment.
8.     Finalise the Bamako building site for the establishment of a Gold Refinery in Mali.
9.     Continue the exploration for the Dangatene Gold Concession.
10.   Sign the convention with the Malian Ministry of Mines for the Banzan Gold Concession consisting of 98 Square Kilometres.
11.   Additional Independent exploration studies and due diligence undertaken, by a number of consultants.
12.   Finalising (100%) of negotiations for funding the expansion of the Small Scale Gold Mine and further exploration for Page Mali’s Concessions.

NOTE:
Someone can easily see that the Page Mali concessions, together with other well known gold mine entities (Randgold, Etruscan, Delta Exploration and others), are within the Yanfolila gold belt. The majority are public companies and their results are published world wide, where Page Mali it is a private concern and its results are classified as private and confidential.

Interpretations:
Taking in consideration studies undertaken by PDRM to date for the Abaladougou – Kenieba Gold Concession, the total results and hypothesis for the potentially gold serves can be described as follows:

Taking in consideration the gold values calculated (geological, geophysical and geochemical) for the 2000 studies and drawing a parallel relation between the results of the ppb’s and compare them to the actual laboratory analysis on some of the specific targets in the Dabale-1 area, the gold values interpreted in g/t, then the study by PDRM can be looked as a good indication of the gold potential in the Abaladougou – Kenieba Concession.

In addition, in the PDRM study undertaken during 2005, for the application for a Small Scale Gold mine License proven reserves all indications point to a minimum of between 2.5g/t to say 5.0g/t.

PDRM took the lower result of 2.75g/t and taking in consideration the 2000 PDRM study, the Zones Z1, Z2 and Z3 where demarcated.

In the PDRM study for Dabale-1 Small Scale Gold mine, and for the strip of 900m (the Dabale-1 strip) the gold reserves have been calculated at: 481.95kg or 15,498oz (ounces), further more, in the same study, PDRM drew some hypothesis for different scenarios (PDRM – Report on 2005):
Ref.: 5-4-1 = 481.95 kg, Ref.: 5-4-2 = 877.625 kg, Ref.: 5-4-3 = 3,630 kg, Ref.: 5-4-4 = 11,495 kg and Ref.: 5-4-5 = 19,320 kg, finally the average wad calculated at: 7,000 kg = 225,190oz (ounces).

The preliminary report calculates the Dabale-1 minimum estimates at: 481.95 kg = 15,498oz (ounces), which are classified as sufficient for an application for a small scale gold mine. From then until now, the Dabale-1 strip has increased three fold by the artisnal diggings.

Further more, someone can see that the latest satellite interpretation studies indicate some anomalies in the same areas as the PDRM studies.

Therefore it is easily said, that the gold potential is there, but it makes it somehow difficult to determine the exact volumes, with a minimum of 15,498oz and say a hypothetical maximum potential of 19,320kg = 1,932,032oz, described in the official PDRM report of 2005.

Finally for all intents and purposes, the actual proven reserves can be obtained by a detailed drilling program so as to verify such findings.

Taking in consideration studies undertaken by independent consultants and potential investors to date for the Abaladougou – Kenieba Gold Concession, the total results and hypothesis for the potentially gold serves can be described as follows:

Taking in consideration the gold values calculated (geological, geophysical and geochemical) for all the PDRM studies, including additional maps and information obtained by the groups during their visits to Mali, and the ministry of mines and on site inspection (mine) and their own short exploration programs.

Also taking their own samples including the satellite interpretations, and termite testing the general feeling is that there are large quantities of gold, but again more drilling will be required to verify these findings.

Undertaking a short rough calculation in establishing the viability of the Small/Medium Scale Gold Mine, the potential reserves where calculated at 162,801oz (ounces), representing a present monetary value (162,800oz x US$ 600.00/oz = US$ 97,680,000) however, Page Mali administration finds such estimates extremely low, for obvious reasons.

Someone must keep in mind that such independent consultants are appointed by the potential investor and it is understandable to be extremely conservative and sometime even negative, so as increase their negotiating with Page Mali management.

Page Mali is aware, of its concessions potential a point emphasised by a large number of legislative bodies, professional, financial institutions in addition, also by the potential investors and their consultants.

Taking all the above in consideration, and after examining their results and specifically the satellite interpretation, someone can draw parallel finding between the PDRM studies and of these independent consultants (TIG) for the Dabale-1, Dabale-2 and Nagady findings, also including the new concession Banzan, so much so, that another interesting scenario emerges.

Above is the new drilling planed schedule for 2009. Estimated @ US$ 2.5 – US$ 3.0 million.

RESOURCE MODELLING
Resource modelling has been confined to the main quartz – vein targeted by artisanal miners on the southern Dabale concession.

The nearby Manalo deposit (Delta exploration) also provides a useful analogue with insights into weathering levels, and mineralisation depths / continuity through drilling. Although the setting is more reflective of the Nagady structural setting it is nonetheless an important guide

Additional considerations by TIG – group:

It should be noted that the valuation regarding the Page Mali’s concessions, and in particular to the small-scale mining operation on the pitted extent of the main vein to a depth of 100 metres only.

Regarding all the other areas and concessions can be described as additional bonus , however, regarding ONLY the Small Scale mine potential, they are additional bonuses that must be considered as follows:

The following upsides should be considered when viewing the project (Small Scale Mine and its extensions) as a whole.

Depth extensions (for underground mining) beyond 100 metres or so on the main Dabale vein.
Strike extensions both north and south of the main Dabale vein.
Low grade, subsidiary ore within the Dabale open pit.
Additional resource potential at Nagady.
Exploration potential on remainder of license areas.

The Independent Group (TIG) – HYPOTHESIS:

Studying the PDRM Maps below, the similarities can be seen (Zone-Z2 and the Eastern Sector of Zone – Z1) of the TIG group:

Studying the TIG Maps below, the similarities can be seen with the PDRM Zone –Z2 and Easter sector of Z1 with A1, A2, A3 & A4.

Demarcation of Abaladougou – Kenieba and Banzan Concessions:

SUMMARY - CONCLUSIONS:

Taking IN Consideration calculations for exercise A and B, the difference is substantial. Exercise A (upside calculations) indicating the presence of:18,339,000oz and Exercise B (downside calculations) indicating the presence of: 1,714,600oz, anyone can conclude the minimum gold reserve potential of 2,000,000oz plus is very conservative and possible.

In Calculus A, the figures have been discounted by a large percentage, so as to be very conservative.
In Calculus B, again the figures have been discounted by a large percentage, despite the actual findings.

By examining Delta Exploration Public results, also the satellite interpretations, anyone can see that the Page Mali concessions are in a more advantageous geological situation. This can be verified by the satellite and all the other maps available.

In addition, the Delta exploration indicating that the gold Oxide is in excess of 100 meters in depth, while in Calculus B above it has been calculated only at 50 meters, by a simple arithmetic calculation the calculus B results can be doubled easily.

Another interesting point is that the satellite interpretation shows the Dabale fault to be approximately 2,000 meters wide, where by comparison to Delta Satellite interpretation shows only to be half of the Page concessions.

Further to top-up all the observations, it is very important to consider the gold grade, in all the above calculations the grade for conservative reasons its been taken as 2,75g/t, where in reality and according to laboratory sample results exceeds the 12g/t+.

Another point to consider is that according to on the field studies and pit holes, there is an indication of several gold veins running from NE to NW, similar to the Dabale-1 direction, and a number of small crossing over the main stream.

Again, this is only a very simple exercise, so as to draw parallels and potential gold reserves in the Page Mali Concessions.

The operations of the Small Scale Gold mine operations of Page Mali are not the company’s main target, but interim cash-flow assistance, in to developing the large scale mine, which could commence, once substantial proven gold reserves become available.

Page Mali, has applied for a Small Scale gold mine licenses in the three sites (Dabale-1, Dabale-2 and Nagady) in the Abaladougou – Kenieba Concession, and it is planning to finally conclude three Small Scale Mine operations, while concluding its general Exploration program, in the years to come. Now that Page Mali acquire the license to exploit (December 2008), will commence mining operations shortly.

Note:
The above Au potential exercise is based on general estimates (despite the latest tests undertaken by ALS Laboratories and their findings of 5g/t - 60g/t+) from various professional sources, and nominal laboratory test, however, the systematic detailed drilling and full exploration program together with additional laboratory analysis will verify the Actual Au reserves in the Page Mali Concessions in the near future.

The potential is there subject to drilling verifications!!