History
In March 2002, the Corporation experienced a change of control as a direct consequence of a dissident shareholder action, which resulted in a change in the Board of Directors and senior management. The new senior management placed a strategic focus on developing and operating gold and other assets directly owned by the Corporation. The first priority was given to the completion of the development of Nalunaq Gold Mine. Nalunaq commenced commercial production in July 2004.
In line with the stated corporate strategy, since March 2002, the Corporation has:
| i. |
formed and is operating the Nalunaq Gold Mine (“Nalunaq”), in which the Corporation initially held an 82.5% interest and has held a 100% interest since Q4 2007 – ore resources currently under review; |
| ii. |
acquired the Lefa Corridor Gold Project (“Lefa”) in Guinea by acquiring 100% of the shares of Guinor Gold Corporation (“Guinor”) and completed the Lefa CIP plant expansion; |
| iii. |
with its associated Philippine partner, acquired approximately 72.87% of Apex Mining Company Limited and commenced development of the Maco Gold Mine (known up to Q3 2007 as “Masara”), including new processing facilities with the first phase of 500 t/d being commissioned in Q1 2007 and the second phase under review and continuing a re-evaluation of ore resources and mine plan; |
| iv. |
acquired and refurbished a processing plant (Nugget Pond) in Newfoundland Canada for Nalunaq ore; |
| v. |
entered a joint venture agreement for the exploration of a gold property in Newfoundland Canada; |
| vi. |
consolidated its non-gold holdings in a separate subsidiary, Intex (formerly known as Crew Minerals) ; separately listed this subsidiary and subsequently wholly disposed of its ownership; |
| vii. |
disposed of the majority of its investment in Metorex Limited, a South African based public gold mining company; |
| viii. |
invested in and disposed of Barberton Mines Limited (20% interest), a South African-based gold mining operation; |
| ix. |
acquired the mineral rights to the Seqi Olivine Project in western Greenland, and subsequently divested its interest to an industrial partner; |
| x. |
renewed its three prospecting licenses for the Wa property (Ghana) and confirmed earlier promising results; |
| xi. |
restructured, consolidated and centralized its corporate offices to Weybridge, England. |
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