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MINTAILS CONTROLS THE LARGEST TAILINGS TREATMENT FACILITY IN THE WORLD. PRELIMINARY ESTIMATES INDICATE THAT THEORETICAL PRODUCTION OF APPROXIMATELY 144,000 OUNCES AU AND 2.4 MILLION POUNDS OF URANIUM (U3O8) PER ANNUM COULD BE POSSIBLE ONCE THE EXPANDED PLANT IS FULLY OPERATIONAL.

THE WERGO PROJECT

Through the acquisition of the ERGO facility, Mintails now controls the largest tailings treatment facility in the world. Mintails' strategic plan implemented under the banner WERGO (West Rand Gold and Uranium Operation) involves the disassembling, refurbishment and redeployment of certain critical components of one of the ERGO plants, the East Dagga CIL Plant. These components are being transported to the West Rand and reassembled to establish a large scale CIL plant. The plant currently being constructed on the West Rand represents Phase 1of WERGO and will have an initial throughput capacity of approximately 9.6 million tonnes of slimes per annum. Based on the initial throughput preliminary estimates indicate that theoretical production of approximately 60,000 ounces Au and 1.1 million pounds of Uranium (U3O8) per annum. Phase 1 is expected to be completed by October 2008 and construction is currently on time and on budget.

Phase 2 of WERGO is expected to be completed by second quarter 2009. As the WERGO plant has been constructed in a modular fashion Phase 2 is not expected to impact production whilst being constructed. Throughput capacity at completion is expected to be 30 million tonnes per annum producing an estimated 1.3-1.5 million lbs of uranium and 150,000 ounces of gold per annum.

The Company is continuing discussions in regards to a proposed super dump deposition complex. Currently Mintails has access to deposition sites for 300 million tonnes, however at the conclusion of current discussions Mintails hopes to have access to a superdump site, which will have capacity for in excess of 1 billion tonnes,

All existing dumps surrounding Johannesburg provide serious environmental concerns such as acid mine drainage water. These dumps were built over the previous 100 years of mining, were established without environmental studies, feasibilities and consequent approvals. These existing dumps have to be moved and the sites rehabilitated by the mining houses that created these environmental concerns. The problem that many mining houses face, is they have no or limited access to infrastructure to treat the tailings and limited optionswhere to re-deposit the tailings. Mintails provides that avenue through being able to process these dumps via the WERGO processing plant extracting any gold and uranium mineralisation in the process and re-depositing these tailings at Mintails' proposed new super dump deposition site.