MINISTRY OF NATURAL 
RESOURCES & ENVIRONMENT
    
    SOCIALIST REPUBLIC OF VIETNAM
Independence  Freedom  HappinessNo: 2125/GP-BTNMT
    
    Ha Noi, October 24th2008
 MINISTER OF NATURAL RESOURCES & ENVIRONMENT
           DECIDES




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Article 1:
 1.
    
    Exploration area: 26.259 km2 (twenty six and two hundred fifty nine thousandths
sq.km) specified on the 1/50000 scale topographic map No D-49-13-B (VN2000
system) or 6639 I sheet (UTM system) as specified by controlling points numbered
from 1 to 6 shown on the exploration area map and Appendix 1 annexed hereto,
excluding the two sub-areas of 3.2 km2 specified by points numbered from 7 to 10
and from 11 to 14 which are of the Mining Licence No 582/CNNg-KMT dated 22
July 1992 granted by the Ministry of Heavy Industry approving the mining
activities;2.
    
    Volume of key exploration work: indicated in Appendix 2 attached hereto;3.
    
    Exploration term: 24 (twenty four) months from the signing date of this licence;4.
    
    Exploration expenditure: self-funded by the Company (applying currently relevant
unit prices);5.
    
    Escrow registered at the State Treasury or banks (either the Vietnamese State Bank
or a foreign bank permitted to operate in Vietnam): US$227,439.5 (Two hundred twenty seven, four hundred thirty nine US dollars and five cents).
 Article 2:
 1.
    
    Carrying out exploration for primary gold as stipulated in Article 1 of this licence
and exploration methods and programs approved by this license; executing the
exploration work in accordance with technical procedures; inspecting and
undertaking responsibility for quantity, quality and accuracy of reports on project
implementation; filing original documents and relevant field documents and
protecting samples and drill cores as required by relevant regulations; sufficiently
carry out data reports, ensuring labor safety and environment protection.2.
    
    Registering the escrow in accordance with the Law and as stipulated in Article 1 of
this licence; submitting to the Department of Geology and Minerals of Viet Nam
(DGMV) the confirmation letter of the State Treasury or the bank where the
escrow is registered so that DGMV can control, inspect and decide whether to
return or transfer the escrow to the State Budget as stipulated by the law;3.
    
    Analyzing samples, determining quality, reserves of gold ore and useful affiliated
minerals. Prior to conducting metallurgical sampling, the sample weight, location,
sampling schedule and methods should be registered with the Quang Nam
Department of Natural Resources and Environment for site inspection and
supervision.4.
    
    Timely reporting in writing to the Ministry of Natural Resources and Environment
for appropriate consideration if any other kind of mineral is discovered during exploration;5.
    
    Protecting mineral resource; all mining activities are strictly prohibited.6.
    
    Submitting the exploration reports for evaluation and approval by the Committee
of Mineral Reserve Assessment; submitting reports to the Geological Archive and mineral samples to the Geological Museum as stipulated by current regulations.
 Article 3:




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Distribution:
    
    For the Minister      Ministry of Trade
    
    Vice Minister      QNPC      Office of the Committee of Mineral ReserveAssessment
    
    (signed and sealed)      The Higher Command of the Fifth Military Zone      Central Vietnam Mineral Branch      BOGOMIN (02)      File (14)
    
    Nguyen Xuan Cuong
 
 Director General Deputy Director General




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MINISTRY OF NATURAL RESOURCES AND ENVIRONMENT
 APPENDIX 1
 TABLE OF COORDINATES OF GOLD EXPLORATION AREA AT BONG MIEU, TAM LANH
COMMUNE, PHU NINH DISTRICT AND TRA KOT COMMUNE, NORTHERN TRA MY DISTRICT,
QUANG NAM PROVINCE.,  (Attached to Exploration Licence no. 2125/GP-BTNMT dated 24 October 2008 by Ministry of Natural Resources
and Environment)
 1. Coordinates of exploration area:
 VN-2000 system(Central meridian 111o, 6 degreeprojection zone)
    
    UTM systemPoints
    
    X(m)
    
    Y(m)
    
    X(m)
    
    Y(m)1.
    
    1707 101
    
    220 304
    
    1706 650
    
    221 0002.
    
    1707 046
    
    223 901
    
    1706 595
    
    224 5973.
    
    1705 801
    
    225 085
    
    1705 350
    
    225 7814.
    
    1705 801
    
    226 661
    
    1705 350
    
    227 3575.
    
    1702 001
    
    226 604
    
    1701 550
    
    227 3006.
    
    1702 026
    
    220 254
    
    1701 575
    
    220 950
 2. Coordinates of the areas of Mining Licence no. 582/CNNg-KTM granted by Ministry of Heavy
Industry on 22 July 1992:
 VN-2000 system(Central meridian 105o, 6 degreeprojection zone)
    
    UTM systemPoints
    
    X(m)
    
    Y(m)
    
    X(m)
    
    Y(m)7.
    
    1705 081
    
    220 754
    
    1704 630
    
    221 4508.
    
    1705 081
    
    222 624
    
    1704 630
    
    223 3209.
    
    1703 716
    
    222 624
    
    1703 265
    
    223 32010.
    
    1703 716
    
    221 304
    
    1703 265
    
    222 00011.
    
    1704 046
    
    223 304
    
    1703 595
    
    224 00012.
    
    1704 051
    
    225 304
    
    1703 600
    
    226 00013.
    
    1703 551
    
    225 304
    
    1703 100
    
    226 00014.
    
    1703 571
    
    223 304
    
    1703 120
    
    224 000




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MINISTRY OF NATURAL RESOURCES AND ENVIRONMENT
 APPENDIX 2
 TABLE OF WORK VOLUME OF PRIMARY GOLD EXPLORATION AT BONG MIEU, TAM LANH
COMMUNE, PHU NINH DISTRICT AND TRA KOT COMMUNE, NORTHERN TRA MY DISTRICT,
QUANG NAM PROVINCE,  (Attached to Exploration Licence no. 2125/GP-BTNMT dated 24 October 2008 by Ministry of Natural Resources
and Environment)
 Work VolumeNo.
    
    Items
    
    Unit
    
    The 1st year
    
    The 2nd year
    
    Total1.
    
    1/2000 scale geological maping
    
    km2
    
    
    6,2
    
    
    
    0
    
    
    
    6,22.
    
    Geophysical survey
    
    Km2- Equipment mobilization
    
    estimated
    
    
    1
    
    
    
    0
    
    
    
    1- Line cutting and
gridding for IP
surveying
    
    km
    
    
    90
    
    
    
    0
    
    
    
    90- Electrode pitting
    
    m
    
    
    840
    
    
    
    0
    
    
    
    840- IP surveying
    
    point
    
    
    720
    
    
    
    0
    
    
    
    7203.
    
    Topographic survey- 1:1000 scale mapping
    
    sample
    
    
    0
    
    
    
    4
    
    
    
    4- Collar surveying
    
    lot
    
    
    110
    
    
    
    120
    
    
    
    230- Baseline survey
    
    km
    
    
    8
    
    
    
    0
    
    
    
    8- Profiling
    
    km
    
    
    82
    
    
    
    0
    
    
    
    824.
    
    Trenching
    
    m2
    
    
    900
    
    
    
    500
    
    
    
    14005.
    
    Geochemical prospecting,
sampling- Drill sample
    
    sample
    
    
    2500
    
    
    
    3700
    
    
    
    6200- Soil sample
    
    sample
    
    
    500
    
    
    
    500
    
    
    
    1000- Rock and ore sample
    
    sample
    
    
    1200
    
    
    
    600
    
    
    
    18006.
    
    Sample preparation- soil sample
    
    sample
    
    
    500
    
    
    
    500
    
    
    
    1000- drill sample
    
    sample
    
    
    2500
    
    
    
    3700
    
    
    
    6200- rock and ore sample
    
    sample
    
    
    1200
    
    
    
    600
    
    
    
    18007.
    
    Sample analysis- Thin section
    
    sample
    
    
    130
    
    
    
    90
    
    
    
    220- Soil sample
    
    sample
    
    
    500
    
    
    
    500
    
    
    
    1000- Drill, rock, ore sample
    
    sample
    
    
    3700
    
    
    
    4300
    
    
    
    8000- Metallurgical sample
    
    sample
    
    
    0
    
    
    
    6
    
    
    
    68.
    
    - Engineering 
hydro-geological mapping- 1:5000 scale mapping
    
    km2
    
    
    0
    
    
    
    10
    
    
    
    10- Pumping test
    
    
    
    
    0
    
    
    
    6
    
    
    
    69
    
    Exploration drilling
    
    m
    
    
    6000
    
    
    
    9350
    
    
    
    15350- Contingency
    
    m
    
    
    
    
    
    
    
    
    
    
    5000Reporting
    
    estimated
    
    
    1
    
    
    
    1
    
    
    
    2




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