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Hudson Bay Resources AS invites investors to join us in developing a large scale gold concession situated in Ghana’s gold belt. 1. Investment case 2009. Company has attractive mineral licenses with high potential. Ghana concession is 134,7 sq km within an existing gold belt.

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Hudson Bay Resources AS invites investors to join us in developing

a large scale gold concession situated in Ghana’s gold belt.



Investment case 2009

  • Company has attractive mineral licenses with high potential.
  • Ghana concession is 134,7 sq km within an existing gold belt.
  • Producing goldmines close to company concession.
  • California claims with interesting first round results from sampling.
  • Company with low overhead costs, spending goes to exploration.
  • World renown expertise available.
  • Only 66 million shares are issued pre money.
  • Total number of shareholders are 213.
  • No single majority owner of shares.

Board and Management

Chairman Johs. Jamne.

More than 30 years international management experience within different

industries. Holds the position as chairman, board member and manager in a

number of companies.

Board members:

Rune Sørum has outstanding experience in business development

world wide. He is currently a partner in Telenor Venture AS.

Boye Flood is a well known Norwegian geologist with long experience

from gold exploration in Norway and the rest of the world. He

currently manages and owns his own geological service company.

President Jan Høvik has extensive experience in business development,

international marketing and management. Former managing director and

director in the software, media and telecom industry.



Senior Geologists

Boye Flood is M.Sc. in Geology from the University of

Oslo. He has worked in Spain, Australia, Africa and in

the Nordic Area for many years.

Flood has experience from BHP and LKAB Prospecting AB and other exploration companies. He has worked on gold exploration projects in Africa and other parts of the world.

In 1985 he established his own consulting company;

Geologiske Tjenester AS.


Senior Geologists

Neil Macfarlane has 30 years experience as a geologist and has spent one third of his time working in Ghana, Kenya, Zambia, Mali and Niger. He his Country Manager for Hudson Bay in Ghana. His on the ground experience with gold exploration and production in Ghana is of great value to us.

Paul Chamois has over 25 years of

senior exploration and management

experience from Canada, Mexico, Sweden,

and Africa. He has held senior positions

with various mining companies and has a

solid background with base metal and gold

exploration projects bringing them all the way to production.



Hudson Bay Resources AS organization 2009

Hudson Bay Resources AS, holding company with head office in Oslo Norway.

Hudson Gold Ghana Ltd., a 100 % owned subsidiary in Ghana, Africa. Holds one large scale concession.

Echo Valley Inc., a Nevada registered and 70 % owned subsidiary that holds 30 claims in California.



Property summary

  • HBR owns a large scale reconnaissance license of 134,7 sq. km. in the interesting Western Region of Ghana along the river Tano. First two rounds of exploration shows high grades of gold in more than 100 different locations on the concession.
  • In Echo Valley, California, HBR owns 30 claims that will be increased to a targeted 100 claims during this autumn. Exploration in the general area shows impressive Au at 23,6 g/ton.
  • All together HBR has an interesting portfolio of properties that has been evaluated by renowned geological consultants, who recommend that we continue to develop the properties towards the identification of indicated and measured resources.



Ghana, West Africa

Ghana is an independent country since 1957 and has open and fair elections and a stable political system. President John Atta Mills was elected in December 2008 after a close race with the sitting president Kufour.

The transition of government has delayed the work of the Minister of mining and of the Mineral Commission, but it is now fully operating. Licences and permits are now back to normal schedules. The new government has not changed taxation or other important parameters for the mining industry.


Population is estimated to 23 mill. people.

Accra, the capitol is speculated to have more than 5 mill. residences.

Area is 238.537 sq km. Which is 5 times the area of Finnmark.

Population density is 91 people per sq km.

Economic figures:

GDP 17,72 billion USD,

GDP – per capita 1.500,- USD

Unemployment 11 %

Exports 5,4 billion USD

GDP per sector; Agriculture 37,3 %, Industry 25,3 % and

Services 37,5 %

Main exports gold, cocoa, timber, bauxite and diamonds.

Ghana, West Africa



Gold Production in Ghana

  • Production in 2008 ended at 2,6 million ounces of gold.
  • Totaling 2,3 billion USD in sales.
  • Ghana is the second largest gold producer in Africa.
  • The Ashanti Gold Belt has produced 40 million ounces of gold.
  • Taxation on gold production is 3 % of sales.
  • Possible to increase to 6 % by the government.
  • International money transactions works well.
  • Transportation biggest problem because of neglected railway.
  • Also roads are not in best conditions but improvement is under way.



Mining Companies in Ghana

  • Red Back Mining Inc. large scale mining operation target 170.000 ounces of gold in 2009. The mine is not far from our large scale concession.
  • Perseus Mining Ltd of Australia has just decided to start production with a target of 140.000 ounces from 2010.
  • AngloGold Ashanti Ltd operates mines in Ghana, Obuassi, that produced 557.000 ounces of gold in 2008.
  • Newmont Inc. is another mining company in Ghana with 504.000 ounces last year.
  • Golden Star Resources Ltd operates mines near Prestea and produced 295.926 ounces in 2008, with a possible increase in 2009.

Mining Licens Regime

  • Reconnaissance Licence covers the acquisition of properties

and the first stages of exploration. Phase I and Phase II.

  • Prospecting Licence gives the right to drill and excavate.
  • Mining Lease gives the right to extract minerals.
  • Small scale mining licence is mainly for the local population.



Large scale Reconnaissance Licence

  • The concession is 134,7 sq km and was acquired late 2007.
  • Reconnaissance Licence granted February 2008.
  • First exploration visit 2008 by consultants from Scott Wilson RPA, Toronto.
  • Gold were found in 80 % of samples collected from the large scale.
  • Exploration project Phase I headed by Country Manager Neil Macfarlane.
  • Local exploration company finished Phase I spring 2009.
  • Surface samples were taken from stream sediments in 144 locations.
  • Results ranging from 0,5 gr./ton to 2,4gr./ton from top soil and sediments.
  • Implies that grades can be substantially higher in deeper tests.
  • Pan testing with nugget counts were also used on each spot.
  • Recommendations from consultants, Scott Wilson RPA, to continue to Phase II.


Extensive perusal of former reports and maps

Explore the concession and collect around 8.000 new samples.

Both river sediments and hard rock chips will be collected.

Establish areas with possible alluvial production opportunities.

Analyze the samples to identify gold content in veins and soil.

Establish areas with possible hard rock gold deposits.

Deliver report with further recommendations.

Ghana Phase II



Investment Budget Ghana Phase II

(To cover next 8 months)Ghana (USD)

Geological database 25.000

Exploration and sample collection 250.000

Project management 100.000

Laboratory analyses 50.000

Reports and recommendations 25.000

Travel and accommodations 50.000

Management services:

Travel, accommodations, office,

telecommunications and work (13 %) 100.000

Total : 600.000

Contingency reserve ( 20 % ) 150.000

Total investments needed: 750.000


Expected results from Ghana Phase II

  • Duration of Phase II is estimated to be from 6 to 8 months.
  • Overview of gold finds from all over the large scale concession is expected.
  • Identification of inferred gold deposits.
  • Identification of inferred alluvial production sites.
  • Resulting in recommendations for a Phase III and Phase IV work program.
  • Phase III and Phase IV is expected to be finished within 24 months after start up.

Echo Valley Claims

Echo Valley Claims




Gold mining in California

The  discovery of gold on January 24, 1848 by James Marshall at

Sutter's Sawmill on the South Fork of the American River started a

bonanza that brought California global fame and gave it the title of the

"Golden State".

Since then California has been known for goldmines and gold

production from the northern parts of the state all the way to the

Mexican border, and still there are unexplored parts with prospective

goldmines hidden in the ground.

Echo Valley Inc. claims are located in Riverside County in the

Chuckwalla mountains and valleys. Exploration in the area have

revealed grades of gold up to 23,6 g/ton.


Selected Rock Chip Sampling Echo Valley February 2009

Sample Au g/ton Ag g/ton Pb g/ton Cu g/ton

1 1,49 207,00 26,10 4.680,00

2 5,10 77,70 7,49 1,49

3 1,69 12,00 1,65 214,00

4 4,45 29,60 1,61 5.010,00

5 3,51 966,00 54,60 6,23

Test results Phase I



Echo Valley Phase II A and B

Phase II A;

  • Increase the number of claims to more than 100.
  • Take samples from veins and systematically along lines.
  • Run ground magnetic and geological mapping along same lines
  • Analyze the samples to identify gold content in veins and soil.
  • Evaluate results and decide Phase II B.

Phase II B;

  • Diamond drilling of six initial holes to establish vein width/depth.
  • Collect all data to find a first resource estimate.
  • Plan next Phase and extensive drill program.


(To cover next 8 months)Echo (USD)

Exploration and sample collection 50.000

Project management 75.000

Laboratory analyses 50.000

Reports and recommendations 25.000

Travel and accommodations 25.000

Management services:

Travel, accommodations, office,

telecommunications and work (14 %) 50.000

Total : 275.000

Contingency reserve ( 14 % ) 50.000

Total investments needed: 350.000

Investment budget Echo Phase II A

We are targeting to claim more than 100 claims .

Sample collection along lines and veins.

Analyses will be the basis for further work.

Recommendations for further work and drill program.

Expected results from Echo Phase II A



Objectives and strategy next 3 years!


    • Build our properties value through step by step exploration.
    • Make the shareholder values accessible.
  • Strategy:
    • Raise funding per phase of development subject to identified resources of gold and minerals.
    • Either sell all or part of the properties or enter into joint ventures.
    • Establish a public market place for the shares by a listing either local or international.