Mineral Resource Statement*, Red Mountain (Kizildag) Property, Artvin Province,
Turkey, SRK Consulting (Canada) Inc, May 8, 2009

Classification Quantity Grade Contained Metal
  Deposit Tonnes
(millions)		 Au
(g/t)		 Cu
(%)		 Ag
(g/t)		 Pb
(%)		 Zn
(%)		 AuEq
(g/t)		 Au
(MOz)		 Cu
(Mlbs)		 Ag
(MOz)		 Pb
(Mlbs)		 Zn
(Mlbs)
Indicated Mineral Resource    
  Taç 23.80 1.24 0.12 - - - 1.39 0.95 64.00 - - -
  Çorak 25.70 0.76 - 1.57 0.25 0.60 1.26 0.63 - 1.30 141.00 340.34
Total Indicated 49.50 0.99 0.12 1.57 0.25 0.60 1.32 1.58 64.00 1.30 141.00 340.34
Inferred Mineral Resource    
  Taç 3.20 1.56 0.14 - - - 1.72 0.16 9.81 - - -
  Çorak 7.80 0.53 - 1.42 0.20 0.48 0.93 0.13 - 0.35 34.76 82.00
Total Inferred 11.00 0.83 0.14 1.42 0.20 0.48 1.16 0.29 9.81 0.35 34.76 82.00

* Mineral resources that are not mineral reserves do not have demonstrated economic viability. All figures rounded to reflect the relative accuracy of the estimates. Reported at an NSR cut-off grade of US$11 per tonne, within Whittle shells with slope angles of 55 degrees, using 15 by 15 by 15 metres block models. NSR and gold equivalent (AuEq) calculated using metal prices of US $900 per ounce of gold, $2 per pound of copper, $1 per pound each of zinc and lead and considering metal recoveries of 90% and 85% for gold at Taç and Çorak, respectively, and 80% copper, 80% silver, 81% zinc, and 81% lead. NSR and gold equivalent values include transportation refining/smelting and royalty costs. Mining and processing (to a concentrate) costs are not included.