(please see Feb 9, 2010 News Release for more information on Tarakuli) - The Tarakuli Property consists of two Prospecting Licenses (PLs) covering an area of approximately 10,000 hectares that cover an historical bauxite deposit in North Eastern Guyana
- Additional applications have been submitted to Guyana Geology & Mines Commission for three additional Prospecting Licenses, covering an area of 15000 hectares surrounding and contiguous to the two existing PLs.
- Located approximately 15 km inland from the Corentyne River, which is the border between Guyana and Surinam and approximately 90 km East of the Aroaima-Kwakwani bauxite Mines owned and operated by UC Rusal, the world largest aluminum and alumina producer.
- The Tarakuli deposit was discovered by Reynolds Metals Company (USA) (“Reynolds Metals”) in the 1960’s when Reynolds Metals drilled on a 500 x 500 m grid more than 700 holes until 1972. The deposit is located over an area of 6.5 km by 1.5 km.
- Reynolds Metals drill data indicated an historical, inferred bauxite resource of approximately 62.7 million MT at 58.6% Al2O3, 4.7% SiO2, 2.5% TiO2 and 3.3% Fe2O3.
- Half of the tonnage was classified as metallurgical grade bauxite and half as chemical grade bauxite, using specifications of the time (3.0-5.5% silica & 1.5-4.5% Fe-oxide for metallurgical grade and 4.5–6.0% silica & less than 1.5% FeO3 for the chemical grade definitions).
- The average ore thickness is 6.61 metres and it is located below an average overburden cover of 46 metres. - The source of the above listed drill data provided by Reynolds Metals is a report entitled “Geological Evaluation of the Tarakuli Bauxite Deposit in the Courentyne River Area of Guyana” dated as of July 2001, and prepared by Maurice C. Hamilton, and is based on the data collected by Reynolds Metals pursuant to an initial drilling campaign from 1962-1964 and a second drilling campaign in the early 1970’s.
- In terms of the relevance and reliability of the historical estimate, the resource was based on 40 contiguous mineralized holes that indicated greater than 6 feet or 1.82 metres bauxite intersections.
