Goldplat

Goldplat is a profitable African gold producer and exploration company with five primary assets:

• Nyieme Gold Project - Burkina Faso
• Banka Gold Project - Ghana
• Kilimapesa Gold Ltd - gold mining project in Kenya
• Goldplat Recovery (Pty) Limited SA - South African gold recovery plant
• Gold Recovery Ghana Limited - Ghanaian gold recovery plant

The Company is developing three gold mining projects with a view to establishing a mining operations; its prospective 246 sq km Nyieme Gold Project in Burkina Faso, its wholly owned Kilimapesa Gold mine located in the historically producing Migori Archaean Greenstone Belt in western Kenya, and the Banka Gold Project located in a premier gold district in Ghana where historic data highlights gold prospectivity.

At the Nyieme Gold Project in Burkina Faso a maiden resource was announced in December 2010 of 685,000 tonnes at 2.61 g/t Au for 57,501oz Au at a cut-off grade of 1.0 g/t Au for all categories which Goldplat hopes to increase through further exploration in 2011.

At Kilimapesa Gold, the Company has now commenced commercial mining, with an initial target of producing at a rate of approximately 5,000 ounces of gold per annum within 12 months.  The project currently has a JORC-compliant resource of 1.65Mt at 2.44 g/t Au for 129,000 oz of gold at a cut-off grade of 1 g/t of gold for all categories, and the Company is actively looking to increase this through further exploration of other targets within the licence area. 

Goldplat has also entered into a Memorandum of Agreement with Gulf Coast Resources Inc a Canadian mining company for the acquisition of Gulf's wholly-owned subsidiary company, Gulf Coast Resources Limited. Gulf Coast Resources Limited owns the Banka Mining Lease, a ten year renewable mining lease for gold and associated minerals covering an area of 29 sq km located in the Amansie East and Asante Akim South Districts of the Ashanti Region of the Republic of Ghana .

Additionally, Goldplat has two gold recovery businesses based in South Africa and Ghana which fulfil an important aspect of a mine's environmental management programme, by safely disposing mining by-products. The Company produces circa 20,000 to 25,000 oz of gold per annum from these operations and is the market leader in the recovery of precious metals in Africa . The two recovery operations between them have secured a strong blue-chip client base consisting of many majors including Anglogold Ashanti, Goldfields and Harmony.

Nyieme Gold Project - Burkina Faso

The Company entered into an agreement in December 2009 with Sanu Exploration (BVI) Limited, a wholly owned subsidiary of NGEX Resources Inc, to acquire Sanu's option over the 246 sq km Nyieme Gold Project located in Burkina Faso . The Nyieme exploration licence includes known high-grade quartz vein structures, with drill core results showing up to 17.83 g/t gold over one metre and 11.67 g/t over five metres.

In December 2010 the Company announced a maiden JORC-compliant resource at the first target of the project totalling 685,000 tonnes at 2.61 g/t gold for 57,501 ounces of gold at a cut-off grade of 1.0 g/t Au for all categories. The total estimated resource includes an Indicated mineral resource of 225,000 tonnes at 2.98 g/t Au for 21,557 oz Au and an additional 460,000 tonnes at 2.43 g/t Au for 35,937 oz Au within the Inferred category. The resource has been calculated over an initial 2 km of a potential 8 km strike. A third exploration campaign is planned for January 2011 to drill the entire strike as well as explore 11 additional target areas previously defined. The Board believes results from such exploration will significantly raise the resource.

Banka Gold Project - Ghana

The 29 sq km Banka Mining Lease is located approximately 40 km north east of AngloGold's Obuasi gold mine in the Amansie East and Asante Akim North Districts of the Ashanti Region in Ghana .

The Banka Mining Lease is underlain by Tarkwaian sediments dipping approximately 60° to the east. Several bands of conglomerate, separated by greywackes and arenites, are present on the property and exhibit impressive strike continuity. The detailed geology shows that the conglomerates outcrop on surface and can be traced continually over 4 kms.

4,400 metres of Reverse Circulation and 5,325 metres of Diamond Drilling plus 325 metres of underground chip sampling have been completed by previous owners. Previous drill results through C-Zone include intersections of 12 metres at 29.42 g/t Au and 9 metres at 57.7 g/t Au. A non-JORC compliant mineral resource statement calculated from previous exploration programmes is stated below and comprises resources from Zones B and C and is calculated to 100 metres below surface

The resource is limited in its aerial extent however collation of all the current data available will result in a clearer understanding of the orebody.

Kilimapesa Gold Limited - Kenya

Goldplat wholly owns the Kilimapesa Gold mine located in the historically producing Migori Archaean Greenstone Belt in western Kenya . The Migori Achaean Greenstone Belt is in the northern continuation of the Lake Victoria Goldfields, which hosts many major gold deposits. The licence area has been the site of historical gold mining and is still the focus of artisanal mining.

The Company has now commenced mining, with an initial target of producing at a rate of approximately 5,000 ounces of gold per annum within 12 months.  Kilimapesa currently has a JORC-compliant resource of 1.65Mt at 2.44 g/t Au for 129,000 oz of gold at a cut-off grade of 1 g/t of gold for all categories; however Goldplat is looking to increase this through further exploration of other targets within the licence area. 

Kilimapesa Gold commenced trial production in January 2009, but this was discontinued pending formal approvals from the Kenyan authorities. Permission has now been received to carry on normal mining and processing operations. This permission allows the operations to continue for a period of one year renewable, pending the grant of the formal mining lease. 

The Company is now focussed on implementing plans to increase Kilimpaesa Gold's production capability and, to this end, it intends to set up an elution plant and carbon regeneration kiln, which will allow Kilimapesa Gold to export gold bullion rather than concentrate. Kilimapesa Gold upholds its stated commitment to contribute to establishing an environmentally-conscious mining culture within the country and will rigorously work together with the Kenyan authorities to achieve this.

Goldplat Recovery (Pty) Limited SA

Goldplat's largest gold recovery operation is in South Africa , where it has built a reputation over more than 25 years as a market leader with the ability to extract precious metals from numerous mining waste products. Its technology provides an economic method for mines to dispose of waste materials while at the same time adhering to the mine's environmental obligations.

Goldplat Recovery has built up a substantial blue-chip supplier base that includes all the major names of the African mining industry, including Anglogold Ashanti , Goldfields, Harmony, and Lonmin.

In 2010 the Company produced 17,263 oz of gold for average cash production costs of £330 per oz Au generating significant cash flow and profit. The Company's stocks of materials for processing total circa 34,000 oz of contained gold. Goldplat has continued to implement initiatives to optimise its South African gold recovery plant production capabilities.

Additionally, Goldplat Recovery is compliant with South Africa 's Black Economic Empowerment rules.

Gold Recovery Ghana Limited

Gold Recovery Ghana Limited operates a processing plant in Tema, which is in a Free Zone Status with accompanying tax benefits. The plant replicates the South African plant and provides an economic method for mines to dispose of waste materials while at the same time adhere to various environmental obligations.

The plant's location provides access to raw materials from mines in Mali , Guinea , Burkina Faso , Benin , Cote D'Ivoire Senegal, the DRC and Mauritania as well as Ghana . There is a steady flow of materials for processing and the Company has contracts with many of the major mine operators including AngloGold Ashanti , Golden Star Mining and Goldfields.

In 2010 gold production at Gold Recovery Ghana totalled 4,198 oz of gold with average cash production costs of £441 per oz of gold. The Company has also signed a toll treatment agreement with Golden Star (Wassa) Ltd which is expected to increase gold production by 3,000 to 4,000 oz Au per year in the future.

The Company's stocks of materials for processing currently stand at circa 8,300 oz of contained gold.

Directors and Management

Brian Moritz - Non-executive Chairman

Brian is a chartered accountant and former senior partner of the London office of Grant Thornton, one of the leading international accounting firms. He is on the board of directors of a number of junior mining and exploration companies, the majority of which operate in Africa. He also specializes in advising companies, mainly in the area of flotation.

In his former role at Grant Thornton, he was registered by the London Stock Exchange as a nominated adviser and a qualified executive for companies seeking admission to the AIM Market and as a Listed Company sponsor. Brian is a member of the audit and remuneration committees of the company and is responsible for corporate governance iussues and compliance with AIM.

Demetri Manolis - Chief Executive

Demetri is an experienced and qualified mine manager who took over management control of Goldplat Recovery in November 2000 with Ian Visagie, and its rapid increase in profitability since then has been under his leadership.

Demetri was born in Cyprus and gained his mining and metallurgy degree in 1981 at the Technical University of Athens. He worked in chrome and bauxites Mines in Cyprus and Greece until 1983 when he immigrated to South Africa becoming a South African citizen. In 1986, he obtained his Certificate of Competency for Mine Managers. Between 1989 and 1992, he was variously General Manager and Managing Director of Consolidated Modderfontein Mines Limited, a gold mining company listed on the Johannesburg Stock Exchange. Between 1992 and 2000, he was managing director of Gravelotte Mines Limited, a privately owned underground gold mining company.

Demetri as a mining engineer will be responsible for the development of new properties by evaluating and assessing their potential, reserves, mining methods etc., and directing local management during the production process.

Ian Visagie - Finance Director

Ian is a chartered accountant who has worked in senior positions in the mining industry since 1990. A South African citizen he trained as a Chartered Accountant with KPMG in its Pretoria office. Having gained post-qualifying experience with KPMG he moved into a mining environment in 1990 when he joined Consolidated Modderfontein Mines Limited as financial manager where he first worked with Demetri Manolis.

In 1992, he joined Gravelotte Mines Limited as financial manager. He joined Goldplat Recovery in March 1997 as financial director. With Demetri Manolis, he took over management control of Goldplat Recovery in November 2000.

Ian will be responsible for the financial and administration affairs of the company and its subsidiaries.

Dr. Robert Pitts Smith - Technical/Marketing Manager

With a PhD in Chemical Engineering and a Masters in business administration Robert has been active in the precious metals recovery industry since 1979 when he originally joined Golden Dumps Research Limited. In 1992 he joined Gravelotte in charge of metallurgical processes and began working with Demetri Manolis on Goldplat Recovery matters in 2000 before formally joining Goldplat Recovery in September 2003. He is currently responsible for marketing and technical matters.

Pedro De Souza - Plant Manager

Pedro joined Goldplat Recovery in September 2003 having worked previously at Consolidated Modderfontein Mines Limited and Gravelotte Mines Limited. He is responsible for the operation of the plant together with his team of assistants. Pedro has more than 40 years' experience in the operation of gold plants.

Sam Du Plessis - Consultant

Prior to 1992, Sam was employed by the Department of Minerals and Energy in South Africa as assistant government mining engineer (Director - Mining Economics). Since then, he has acted as a consultant to various mining groups and has many years' experience in mining legislation, valuation, mining taxation and mining rights. 

Sam is responsible for and prepares Goldplat Recovery's environmental management programme and reports on it annually to the Department of Minerals and Energy.

Mark Austin - Geologist

Mark Austin graduated with a BSc (Hons) degree from Liverpool University in the UK in 1979. He has been working in the mining industry since 1981 in various positions both in Mine Management and Geology. Prior to joining Goldplat Mark was Gold Division Consulting Geologist for JCI, Senior Generative Geologist for Placer Dome Exploration Africa, and Vice President Operations for Mano River Resources.

Shareholdings

As of 1st February 2011 the following are registered as being interested in 3% or more of the Company's ordinary share capital:  

"Demetri Manolis, CEO of the Company, is deemed to be interested in the shares of the Perseus Settlement by virtue of his infant children being amongst the class of potential beneficiaries of the Settlement."

Brian Moritz, a director has an interest in 0.9% of the issued share capital.