MINING IN AFRICA SPECIAL — Mutual’s land holdings in West

Ghana

(1) Tarkwa: 220-sq.-km concession, operating underground mine with exploration in the south for surface mines. An extensive 50,000-metre drilling program is under way consisting of 24 surface holes and 30 underground holes; will continue through to May.

(2) Sewum Tokosea: 34-sq.-km concession; trenching carried out in l994, results issued Oct. 24, l994; drilling in progress. Prefeasibility scheduled for mid-l995. Target: saprolite gold and shear zone gold. Previous soil geochemical survey work carried out in l988 and l989 outlined 14 linear anomalies in excess of 500 metres, and hand-dug trenches included l7 grams gold per tonne across 8.3 metres.

(3) Oda River: 73-sq.-km concession; trenching done in fall and results indicate the potential for a significant oxide reserve consistent with the adjacent property held by Kiwi Gold and Australian Gold Fields. Scheduled for drilling in l995. Target: saprolite and shear zone gold. The concession includes a number of old prospects located in the Manso Nkwanta greenbelt, which runs parallel to and near (40 km west) the Ashanti shear zone. (4) Kent: 145-sq.-km concession, also located in the Manso Nkwanta greenbelt; covers a number of old prospects (gold showings and alluvial occurrences). Evaluation of known occurrence is being carried out, as well as geophysical and geochemical surveys.

(5) Cons’d Minerals: 225-sq.-km concession.

(6) Sefwi: l,500-sq.-km reconnaissance licence.

(7) Sefi/Enchi–Wiaso Overlap: 350 sq. km, under reconnaissance licence; reconnaissance carried out in fall; follow-up of selected targets proposed. Sefwi is a joint venture among Mutual, EQ Resources and Opawica Explorations. (8) South Tano: under reconnaissance licence.

(9) Manso Nkwanta (Bilpraw): 62-sq.-km concession; exploration planned over three years.

Burkina Faso

(1) Comidok (Kiere Nord): 285-sq.-km concession; trenching in progress; pre-feasibility by mid-l995. A 60% option with Comidok, a Burkina Faso company that has outlined a number of gold occurrences through trenching and drilling. Follow-up work is in progress. A Nesbitt Research report on Mutual’s holding at this site says “grab samples have returned gold values of 8.6 grams and wallrock grab samples have returned grades ranging from 14 to 16 grams.”