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Project Overview

Kodal has the exclusive access rights for exploration and development of the Djelibani Sud and Kambali licence areas by the concession owners, Gold Corporation Mali SARL and Tourekounda SARL respectively (together the "SLAM Project").

Kodal has completed the option payments for the Djelibani Sud licence and is the beneficial owner of 100% of this concession.  Kodal has an option to acquire the Kambali licence following a final payment however an extension of term of the concession is no further payment will be made until the licence has been extended.

The SLAM project is located in south-western Mali, approximately 100km from the capital Bamako in the "Siguiri Basin" sequence, which hosts extensive gold mineralisation including the Siguiri Mine (Anglogold Ashanti Limited), the Lefa Gold Mine (NordGold N.V) and the Tri-K Project (Avocet Mining plc).

Results of an aircore drilling programme at the Kambali prospect were announced in February 2015 with gold mineralisation returned from shallow depth, and the mineralised system remains open along strike. An extensive zone of artisanal workings is located within the Kambali exploration licence area, and reconnaissance drilling confirmed primary gold mineralisation beneath the shallow workings.

Results of the wide-spaced reconnaissance drilling included:

- 3m at 5.64g/t gold from 3m within a zone of 6m at 2.88g/t gold from 3m; and

- 6m at 1.12g/t gold from 30m to end of hole within a broad zone of 15m at 0.62g/t from 21m.

The next stage of work for the SLAM Project will require follow-up drilling at Kambali, subject to receiving an extension to the licence term, to attempt to define and extend the gold mineralised structure.  It is anticipated that a second stage of reconnaissance aircore drilling will be completed prior to RC drilling.

No drilling has been completed on the Djelibani Sud exploration licence area.  Review of the surface geochemistry has highlighted a strong surface anomaly that is associated with laterite material, and minor artisanal workings. This area requires infill geochemistry to define targets for drill testing.