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STRATEGIC INVESTMENT OPPORTUNITY

STRATEGIC INVESTMENT OPPORTUNITY. the world-class tungsten-molybdenum-cooper deposit Tungsten (WO3) - 203 050 tons Lithium (Li2O) - 18 447 tons Molybdenum (Mo) - 135 360 tons Rubidium (Rb2O) - 9 040 tons Copper (Cu) - 575 310 tons Cesium (Cs2O) - 4 282 tons

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STRATEGIC INVESTMENT OPPORTUNITY

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  1. STRATEGIC INVESTMENT OPPORTUNITY the world-class tungsten-molybdenum-cooper deposit Tungsten (WO3) - 203 050 tons Lithium (Li2O) - 18 447 tons Molybdenum (Mo) - 135 360 tons Rubidium (Rb2O) - 9 040 tons Copper (Cu) - 575 310 tons Cesium (Cs2O) - 4 282 tons Bismuth (Bi) - 13 385 tons

  2. Description of the Kalgutinskoye deposit Kalgutinskoye deposit - is the world-class tungsten-molybdenum-cooper deposit located in the the south-eastern part of Altai mountains in Kosh-Agach district of Altay Republic near the state boundaries of Mongolia, China and Kazakhstan. Currently about 600 quartz veins (including 72 balance veins) and veinlets with the total tracked horizontal length of above 7000 m were identified at the deposit. About 100 quartz veins were tracked along the strike; from among them max 15 of the main ones were explored in depth by workings and drillholes. The biggest ore body at the deposit containing up to 40 % tungsten and molybdenum balance reserves is blind vein №87 characterized by thickness up to 3.2 m, vertical and horizontal length above 400 m. The main gangue minerals include quartz, muscovite, orthoclase, albite, fluorite, sericite and the main ore minerals include tungstenite (1-40%), molybdenite (1%), chalcopyrite (1%), beryl (0,1%), sheelite, (0.1%), bismuthinite (0.1%) and subordinate development of other sulphides (fahlore, chalcocite, covellite, bornite, arsenite, pyrrhotine, galenite and other) and products of their hypergenesis (limonite, goethite, malachite, azurite). Distribution of tungstenite is extremely nonuniform; its grade in veins varies from 0% to 30-60 %. All the above ore minerals are contained as finer dissemination in host rocks as well, forming a wide halo of vein-disseminated mineralization – greisen fringes up to 1-4 m thick. Pegmatite type mineralization is represented by quartz, orthoclase, muscovite, molybdenite (0.8%), beryl (0.1%), chalcopyrite (0.1%), covellite and chalcocite (0.2%), tungstenite (0.1%), pyrite. Veinlet-disseminated copper-molybdenum (porphyry) ores contain quartz, feldspar, biotite, fluorite (2%), chalcopyrite (0.7%), molybdenite (0.3%), and tunstenite (0.2%).

  3. History of the Kalgutinskoye deposit 1937 – The Kalgutinskoye deposit was discovered by the geologist V.A. Zhurkin who tracked down talus quartz with molybdenite and wolframite mineralization; samples were collected from a micrograniticstorkwork body as well and analyzed for molybdenum. Later it was named MolybdenovyShtock (Molibdenum Stock). 1938-40 – Geological exploration and mining of the deposit. These were supervised by M.S. Baklakov. During these years M.S. Baklakov prepared 10 geological and industrial reports that were substantiating a large scale of the Kalgutinskoye deposit based on consistent discovery of 60 wolframite-quartz veins and consistent extension of tungsten ore reserves. 1941-1944 – The Oirotskaya exploration and operation crew of Zapsibtsvetgeologia carried out exploration and actual mining of the Kalgutinskoye deposit under the supervision of the geologists M.G. Rusanov, P.M. Bolshakov, L.M Zaretsky. The geological exploration carried out made it possible to make estimates of the Kalgutinskoye deposit reserves at: 2843.0 kt ore reserves, 38.97 kt reserves of tungsten trioxide, 9.913 kt molybdenum reserves. 1948-1954 – In this period the Kalgutinskoye deposit was mined by a cooperative association of prospectors of the Aktashsky ore mining department of Glavvolfram at the USSR Ministry of Non-Ferrous Metallurgy. During development of one of the latest adits № 15 massive bonanza wolframite-quartz vein № 87 was discovered at the Kalgutinskoye deposit. 1982-83 – The YuzhnyKalguty (South Kalguty) deposit was discovered. That was completed owing to geological survey by V.A. Omelchenko who made a detailed pattern of ore mineralization at the YuzhnyKalguty deposit. 1979-1992 – the Aktashsky ore mining department resumed geological exploration of the Kalgutinskoye deposit aimed at prospecting of tungsten ores and start of developing adit №18– an underground working more than 2,500 m long that was to become the main haulage level. 1992-1998 – B.G. Sementsov made “General Revised Estimation of the Kalgutinskoye Molybdenum-Tungsten Reserves as of 01 January 1997”, with reserves and resources estimated. The main result of the work done was ranking of the Kalgutinskoye deposit as a large-scale porphyry-copper deposit with copper reserves of 585.0 kt, molybdenum reserves of 147.0 kt and tungsten of 162.0 kt. B.G. Sementsov described “rare alkaline metals” mineralization with estimation of lithium, rubidium and caesium resources. 2005-2008 – OOO “Kalgutinskoye” was mining high-grade ores of wolframite-quartz vein № 87, producing 19-21 kt wolframite ore per summer. 2012-2013 – IMC Montan completed “Report on Mineral Resources of the Kalgutinskoye Tungsten-Molybdenum Deposit” and confirmed the dominating stockwork porphyry copper-molybdenum mineralization as prospective for commercial mining.

  4. Exploration of the Kalgutinskoye deposit The total scope of work undertaken at the Kalgutinskoye deposit is shown in table below:

  5. Exploration of the Kalgutinskoye deposit Including total scope of work undertaken at Yuzhno-Kalgutinsky site is shown in table below:

  6. Ores of the Kalgutinskoye deposit The Kalgutinskoye ores contain a wide spectrum of metals - copper, tungsten, molybdenum, beryllium, bismuth, lithium, rubidium, caesium and a number of others. At the deposit there are high reserves of fluorite as well. Reserve tonnage scale and other factors predetermine feasibility of setting up efficient operations for extraction of a whole range of minerals. The following elements – tungsten, molybdenum, bismuth and copper – are of industrial importance. Chemical Composition of Ores 70-80 % of tungsten is represented by wolframite that can be observed as tabular and lamellar crystals from dust to cross-section of 25 mm. Infrequently the wolframite crystals are grouped in crystal clusters and intergrowths. Content of WO3 in saleable ore is from 0.4 to 2.4% 70-80 % of molybdenum is represented by molybdenite that is observed as scales from hundredth fractions to 2-3 cm in diameter. Molybdenite content varies from 0.19 to 0.55 %. 80-90 % of copper is represented by primary (chalcopyrite) and secondary (chalcosite, covellite, bornite) sulphides. The average copper content of saleable ore is 0.36%. Mineral Composition of Ore

  7. Content of major and minor economic components of the Kalgutinskoye deposit Notes: Total Rare Earth Elements (ΣTR) include - La, Се, Sm, Eu, Тb, Yb, Lu.

  8. Content of major and minor economic components of the Kalgutinskoye deposit The mineralization is polymetallic both geochemically and economically. Of commercial importance alongside with “greisen” metals (Ве, W, Мо) are Сu and Вi. High content of elements in various geochemical groups - Nb, Та, Вa, U, Li, Rb, Сs, La, Lu, Аu, Аg, Рt, Рd, Оs, Rh, Сd, Sb, Аs, Pb, Zn, Сr, Мn can be observed. The ores are characterized by a significant list of ore and vein minerals (over 50). In addition to widespread oxides, sulphides and sulphosalts native elements – Au, Bi, Cu – can be observed, which characterizes major and giant fields.High concentrations of precious metals were found in geological formations of the Kalgutinskoye REM greisens deposit. Gold can be observed in nuggets, high concentrations of the element are found in graphite grains (to 100 g/t) and in pyrite (54 mg/t). Silver is mainly found in sulphides and sulphosalts (to 7.3 %) and is the major gold impurity. High concentrations of PGMs are typical for pyrite, wolframite, molybdenite. It is expected that PGM mineral free forms are present as well. Precious metals are characterized by nested distribution, which indicates prospects of by-product extraction of precious metals. The data of the Kalgutinskoye ore forming conditions available are consistent with parameters of forming productive stages of tungsten-molybdenum ore formation at major deposits of the world, which once again underlines high prospects of the deposit’s ore field. Cosmic structures of the Kalgutinskoye REM deposit (the Altai Mountains) were studied using materials of multispectral satellite survey Landsat; ЕТМ+ and satellite radar mapping SRTM. – The Kaltuginsky granite massif and the deposit proper are in the inner belt of the structure in a ring 15.2 km in diameter. Ore-bearing prospects of the south-eastern part of the district were highly assessed.

  9. Reserves and Resources of the Kalgutinskoye deposit The Kalgutinskoye deposit JORC Equivalent Resources

  10. Reserves and Resources of the Kalgutinskoye deposit Reserves and Resources of the Kalgutinskoye deposit estimated as of 1997 Reserves and Resources of tungsten-fluorite ore in Yuzhno-Kalgutinskoye site

  11. Strategy of the Kalgutinskoye deposit mining Porphyry Copper Ores Porphyry copper mineralization was explored only on some sites of the mine claim. C1+C2 ore reserves are 350.0 Mt, P1 resourcesare2.1 bnt at the average content of 0.06% WO3, 0.04% Mo and 0.17 %Cu. Given tungsten/copper and molybdenum/copper conversion ratios of 6/1 and of 5/1 respectively, the average content of copper equivalent in porphyry copper ores will be 0.73%. Since at present ores involved into surface mining are at the average content of 0.38% Cu (the Tominskoye porphyry copper deposit, Chelyabinsk Oblast, Russia) and 0.47% Cu (Oyu-Tolgoi, the largest copper deposit in the world, Mongolia), the Kalgutinskoye ores at the average content of 0.73 (copper equivalent) have good prospects of surface mining at annual production of 10.0 and more million tonnes. Presence of mineralization areas at higher Cu and Mo content enables planning porphyry copper ores at the average content of 1.0-1.5 % for surface mining within first 10-15 years. For example, Las Bambas operating project, Peru, with resources of 500.0 Mt at the average content of 1.14% Cu has similar ore parameters. By-product extraction of such economic components as bismuth, beryllium, lithium, rubidium, caesium, osmium, niobium, tantalum that are contained in the Kalgutinskoye ores, and infrequently in commercial content, considerably improves technical and economic indicators of porphyry copper ore surface mining.

  12. Strategy of the Kalgutinskoye deposit mining Quartz-Vein and Pegmatitic Ores Quartz-vein ores are distinct for higher content of economic components and hence higher commodity value. These ores have been explored well; and presence of all the required infrastructure and underground workings ensures prompt organization of annual production of 360.0 kt – 1.0 Mtpa. The Kalgutinskoye high-grade ore reserves and resources of 18.2 Mt enable highly profitable mining of the ore for 20-30 years. Tonnages and Average Content of Metals in Quartz-Vein and Pegmatitic Ores High content of tungsten, molybdenum and copper in quartz veins ensures output of 2.0 kttungsten and 1.0 ktmolybdenum per year at annual production of 360.0 ktore. Tonnages and Average Content of Tungsten and Fluorite in YuzhnyKalguty Ores

  13. Production Production and processing of tungsten-molybdenum ores were carried out at the same time as geological exploration took place in 2006-2010. Processing was carried out at a pilot roughing plant using gravity process for tungsten ore and gravity flotation process for tungsten-molybdenum ore. The average recovery was 82% tungsten and 78% molybdenum. Quality of concentrates produced by means of processing the Kalgutinskoye ores is confirmed by the following certificates:

  14. Cooperation Kalgutinskoye Ltd. is looking for strategic partners who have experience of working or investing in the open-pit and underground mines to exploit a rich ores of the Kalgutinskoye deposit. We will be glad to cooperate with domestic and foreign companies that are interested in getting the raw materials of tungsten, molybdenum, and copper for further production of these metals. Mining and processing of the Kalgutinskoye deposit ores - is profitable project with a good financial result. High profit is achieved due to the high metal content of the rich ores and, as a result, lower unit costs. The planned annual production capacity of 360 thousand tons of ore allows to get more than 2,000 tons of tungsten and 1000 tons of molybdenum per year. Reserves and resources of rich ore of the Kalgutinskoye deposit allow to increase production capacity to 1 million tons per year for a period of 20 years. We guarantee to partners and investors favorable conditions of work, as a priority policy of the Altai Republic government is to support investment projects in the mining sector.

  15. Kalgutinskoye Ltd. contacts Address: 649780, Altay Republic, Kosh-Agach town, Meliorativnaya street 23, office 3 Phone: phone/fax +7 (383) 210-37-87, +7 (495) 645-79-79 E-mail: sibinvest2005@yandex.ru, kalgutinskoe@mail.ru Web-Site: http://kalgutinskoe.com

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