Gold

Kakamega

The company currently has a 11.45% interest on the Kakamega advanced gold project in Kenya. The remaining 88.55% of the Kakamega project is held by by Shanta Gold who bought the interest in the joint venture from Barrick Gold. With Shanta Gold spending more money on the Joint Venture, Advance Gold is nearing the stage where it will be diluted to a 10% interest. At that point, Advance Gold converts to a 3% uncapped royalty where Shanta has no right of first refusal. This will give Advance some flexibility if it chooses to sell a portion of the royalty. The Joint Venture includes the Rosterman Mine operated in the late 1950s to the mid 1960s and mined seven gold bearing reefs from 23 underground levels. The other two claim blocks under the Joint Venture bracket the Liranda Gold Corridor.

Rosterman PL 2018 0212 (previously SL267): The most northerly of the three licences hosts the historic Rosterman mine, which is reported to have produced in excess of 250,000oz Au at average grade in excess of 13g/t.

Bukura PL 2018 0210 (previously SL265) and Sigalagala PL 2018 0211 (previously SL266): The southern licences host numerous significant historical colonial mines and areas of active artisanal mining.

Kenya is endowed with a wide range of minerals, and most of these minerals still remain unexploited due to inadequate knowledge on their status, economic viability and appropriate mining technologies. The Kenyan government has appropriate mineral prospecting and mining policy conducive to investment and Private Public Partnerships (PPP) in the mining sector. Therefore, opportunities exist in of in mineral exploitation, mining and value addition through direct or joint venture partnerships.

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