MIYABI GOLD PROJECT (BrightStar Earning 75%)
SUMMARY

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• 520,000oz gold resource with little drilling below 100m
• Good potential for depth and strike extensions
• Exciting regional exploration opportunities defined by geophysics and sparse drilling
• 252km² of contiguous tenements
• Earning 75% from UK based African Eagle Resources plc
• Better intersections from previous exploration drilling include:
  • MBDH-05 11.3m at 6.5g/t Au
  • MBDH-16 25.1m at 6.4g/t Au
  • MBRC-099 51m at 2.4g/t Au
  • MBRC-235 57m at 6.5g/t Au
  • MBRC-249 21m at 6.0g/t Au

The Miyabi Project is located approximately 200km southwest of Mwanza in the Lake Victoria Goldfields of Tanzania. It is approximately 60km west of African Barrick Gold's operating Buzwagi mine, and approximately 30km south of Resolute Mining Limited's Nyakafuru project. The Project is some 150km southwest of BrightStar's Kitongo Gold Project. The tenement holding is 252km².

The project encompasses a discrete segment of greenstone lithologies surrounded by granitoid rocks. It forms a hinge between the Nzega greenstone belt to the east (hosting Resolute's Golden Pride deposit) and the Siga Hills greenstone belt to the north (hosting Barrick's Bulyanhulu and Golden Ridge projects and Resolute's Nyakafuru project). back to top

Exploration at the project has been carried out by African Eagle subsidiary Twigg Gold since 1999. Geochemical exploration quickly led to the discovery of a zone of elevated gold in soil at the north-western margin of the Miyabi greenstone. This was termed the Miyabi Structural Corridor and subsequent drilling led to the discovery of bedrock gold mineralisation. This led to the delineation of the substantial gold resource of 520,000 ounces at four main deposit areas over 3.5km of strike. Excellent potential remains to define extensions to the existing resources.

A number of key targets for follow-up exploration have been identified at the project. The highest priority target is the 7km long granite/greenstone contact zone at the northwest margin of the greenstone belt. This area has shallow alluvial cover which has rendered soil sampling ineffective. However coincident chargeability and magnetic anomalies occur along the contact and suggest that sulphide bodies may be present. The very sparse drilling in the zone (including the Schule prospect) has generally intersected significant gold mineralisation.

Preliminary metallurgical test work conducted on RC chips and drill core shows that the fresh mineralisation is free-milling and good recoveries can be achieved from conventional CIL treatment.

Initial work programs are anticipated to include RAB or Air Core drilling of the granite/greenstone contact zone including follow-up drilling at the Schule and IP70 prospects.

Facilities at the Project include a well-established camp (currently on care and maintenance) with sample processing and administration facilities. This will allow exploration work at the project to be initiated very quickly.

Initial work programs are anticipated to include RAB or Air Core drilling of the granite/greenstone contact zone including follow-up drilling at the Schule and IP70 prospects.

Facilities at the Project include a well-established camp (currently on care and maintenance) with sample processing and administration facilities. This will allow exploration work at the project to be initiated very quickly.

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