block 37 summary.docx

block 37 summary.docx

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block37summary

BLOCK37PROSPECTINGLICENCE

REPORTONEXPLORATIONACTIVITIESANDEXPENDITURESFORTHEPERIOD8DECEMBER2004–8DECEMBER2007

Duringtheabove-mentionedperiod,theManagementofOmaiBauxiteMiningInc.andBosaiMineralsGroup（Guyana）Inc.wereengagedintheexecutionofexplorationactivitiesintheArea（commonlyreferredtoasBlock37）,describedinProspectingLicencePL17/2004,grantedbytheGuyanaGeologyandMinesCommisssiontotheLicensee,OmaiBauxiteMiningInc.Theseactivitieswerefocusedonaccumulationoftopographicdetailsofthedepositaswellaspreliminarycomputermodelingforquantificationandqualificationofthebauxitereservesbasedontheavailableboreholedata.

Themajoraccomplishmentsoftheseactivitieshavebeen:

∙CompletionoftheBoundarySurveyofthedeposit.

∙CompletionofPhase1oftheTopographicSurvey（mainaccessroads,secondaryroadsandtrails）.

∙Conversionofexistingboreholeinformationdataintoelectronicformat.

∙ComputermodelingusingGemcomsoftwaretogenerateGeologicalandBlockModelsofthedepositforreserveestimation,gradedistributionandresourceclassification.

∙CommencementofPhase2oftheTopographicSurvey（cuttingsurveylinesat800ft.（244m）intervalsparalleltotheold1,600ft.（488m）drillholegrid）.

∙Commencementofin-filldrillingtoprovideadditionaldataforoptimisingandupgradingoftheGeologicalandBlockModels.

∙CollationofdatathroughaHydrologicalSurveytodeterminetheseasonalimpactonflowratesofthemajorriversandcreekstraversingthedeposit.

∙CompilationofadetailedplanofthedepositencompassingalldatagarneredfromtheBoundaryandTopographicSurveystodate.

Expenditureduringtheperiodissummarisedasfollows:

Geology/Modelling$65,274

Surveys$70,197

Drilling$35,520

Assays$1,440

PropertyandAdministration$28,813

Total$201,244

AttachedaresummaryreportswhichweresubmittedonallactivitiesconductedduringthetenureoftheProspectingLicence.

OmaiBauxiteMiningInc.

Block37ProspectingLicense

AnnualReport2006

During2006,asignificantamountofworkwasaccomplishedtoconvertthedatabasefrompreviousdrillresultsintoelectronicformat.Ablockmodelwasconstructedusingtheelectronicdatabase.Resourceswerecalculatedandcategorized.Inthefield,theland-boundaryofBlock37wassurveyed.Thissurveywasnotcompletelyfinishedatyear-end.

ElectronicDatabase

UnderthesupervisionoftheOGMLTechnicalSuperintendentandaCambiorgeologist,allknowndrillholedataforBlock37wastabulatedintoelectronicspreadsheets.Thisworkwassubsequentlycheckedforaccuracybycomparisonwiththeoriginalpapercopy.TheparametersincludedinthedatabaseweretotalAl2O3,totalSiO2,totalFe2O3,andtotalTiO2.

ComputerModeling

Gemcomsoftwarewasusedforblockmodelcreation.Aninitialtopographicsurfacewascreatedfromthedrillholecollarelevations.Athree-dimensionalgeologicmodelwascreated,whichfeaturedasinglebauxitelayerdefinedbytheupperandlowersurfacesofthebauxitepresentineachdrillhole.Theoverburden,presentabovethebauxitetothesurface,wasassignedasinglerock-codeinthemodel.

Aclippingpolygonwasusedtolimittheperimeterofthedepositbasedonexcludingholeswherelessthan½meterofbauxitewaspresent.Drillspacingis1,600feet（487meters）ontheBlock37deposit.SomedrillholesoutsideoftheactualboundariesofBlock37wereusedinthemodel.ThiswasdonetosupplymoredatasothattheeventualresourcecalculationcouldcalculatetotheedgeoftheProspectingLicense（PL）whenthebauxitewaspresentattheedgeofthePL.ThebauxiteoutsidethePLboundarywas,ofcourse,notincludedintheresourcetabulation.

The3-Dgeologicmodelwasincorporatedintoablockmodel.The2-foot（0.61meter）originalsampleassaydatainthegeologicsolidwerecompositedinto1.5-meterintervals.ThiswasconsistentwiththemodelingdoneontheMontgomeryDepositandrepresentsthe2-metermininginterval.Compositesoflessthan0.6meterswereexcludedfromthedatabase.VariographywasperformedbyFrancisCloustonoftheCambioradministrativeofficeinCanada.

InverseDistanceSquaredmethodwasusedtoestimatetheresource.ThisisthesameestimationmethodusedontheMontgomeryresourcesandreserves.Fortheresourcesestimation,aflat,omni-directionalsearchellipsewasemployedtoaccountforthetabularnatureofthebauxitelayer.Theestimatingparametersfortheresourcecalculationareintable1.

Table1InverseDistanceSquaredEstimationParameters

Resource

Category

SearchRadius

X,Y,Zaxis

MaxNumber

composites/hole

Minimumnumber

Compositesamples

Measured

80M,80M,50M

3

9

Indicated

200M,200M,50M

3

6

Inferred

300M,300M,50M

3

3

TheZ-axisparameterusedwaslargerthanthevariographyindicatedbutthe50-metervaluewasusedsothatcompositesfrommorethanonedrillhole,especiallyontheedgesofthebauxitelayer,couldbecaptured.AnyundesirableeffectsofanexaggeratedZ-axisaremitigatedbylimitingtheestimationtoonlythebauxitelayerandalsobythelimitofthreecompositesperhole.

Thecalculationsweremadeandtabulatedintotheinternationallyrecognizedresourcecategories.Theresourceswerealsotabulatedastodistributioninsilica-contentgradecategoriesusedinmineplanningattheMontgomeryMine.Adrydensityof1.72tonnesperbank-cubicmeterwasusedinthecalculations.ThisisconsistentwiththebauxiteintheMontgomerydeposit.TheminingresourcesforBlock37arelistedinTable2.Therewerenotonnesinthe“Measured”categorysincethedrillspacingissofarapart.

Table2.MineralInventory

Resource

Classification

Tonnes

Total%Al2O3

Total%SiO2

Total%Fe2O3

Total

%TiO2

Measured

0

-

-

-

-

Indicated

1,727,568

59.33

4.75

1.36

2.13

Inferred

69,802,400

60.03

4.80

1.60

2.23

TOTAL

71,529,968

60.01

4.79

1.59

2.22

Theresourcesweretabulatedaccordingtogradedistribution.TheMontgomeryconventionof0to4%SiO2asLowSilica,4%to7%SiO2asMediumSilica,and7%to10%SiO2asHighSilicawasused.

Table3.GradeDistributionoftheResources

GradeDistribution

Tonnes

Total

%Al2O3

Total

%SiO2

LowSilica

39,987,897

61.21

2.98

Mediumsilica

22,362,402

59.09

5.30

HighSilica

10,362,309

58.40

8.46

V.HighSilica

2,817,360

57.86

10.47

TOTAL

71,529,968

60.01

4.79

Thereisapproximately20%morelowsilicabauxitethanmediumandhighsilicamaterialcombined.

Land-BoundarySurvey

During2006,aprojectwasinitiatedtosurveytheboundaryofBlock37.Theprojectwasnotcompletedattheendoftheyear.TheworkstartedinlateSeptemberandanestimatedtwoweeksmoreworkwillbeneededforcompletionin2007.

Thesurveyworkinvolvedcuttingapproximately10kilometersofsurveyline.TheNortheasterncornerofBlock16wasusedasthestartingreference.InformationfromtheOfficialGazette128/20041591GS14:

0-17wasconsultedtolocatethispoint.However,theinformationintheOfficialGazettewasbasedonapproximations.AdrawingofBlock16andBlock37fromtheGGMCvaultwasfoundandthisinformationwasusedtoestablishamorepreciselocation.Thediscrepancywasreportedtothegovernment.

ThesurveywasaccomplishedwiththeuseofaTotalStationinstrument.ThefieldreadingswerecompiledandsubsequentlyreducedintotheOBMIdatabaseandgrid.TheworktraversedtheKara-KaraRiverandtheLemunaCreekaswellasswampyareas.Workingdrawingswereproducedtonoteprogress.Uponcompletion,finaldrawingsandmapsofthesurveywillbecreated.

Block37

2006Expenses

Expensesincurredforthe2006work-yeararetabulatedasfollows.Theseexpenseswerenotaccordingtotheoriginalbudgetsincetheworkplanhaschangedsubsequenttothepreparationofthebudget.Moreemphasiswasplacedonbackgroundunderstandingofthedepositin2006.Thiswillallowamorefocusedapproachtofieldactivitiesplannedfor2007.

Block37

2006Costs

Actual

Budget

Geology

3,076

16,000

Modeling

44,198

0

Survey

12,150

0

Drilling

0

52,200

PropertyandAdministration

11,441

2,000

TOTAL

70,865

70,000

Geologicalexpensewasincurredintheareasofdatareviewandtheresearchingofoldrecords.

Modelingcostswereduetotechniciantimespententeringdrilldatatocreatethedatabase.Technologisttimewasspenttocreateandrunthemodelsonthecomputersaswellasfordatabaseerrorchecking.

Surveyingcostswereincurredmainlyfortheactualsurveyincludingsurveyreductionandmappinganddraftingandalsoforlinecuttingandbrushremoval.Therewerealsocontractorexpensesforaboatininaccessibleareas.

TherewasnodrillingdoneonBlock37in2006.

PropertyandAdministrativeexpensesincludedannualfees,generalprojectplanningandover-site,andmanagementfollow-up.Thesecostsalsoincludedscheduling,contractadministration,generaltransportationcosts,andaccountingcosts.

BLOCK37PROSPECTINGLICENCE

REPORTFOR2007

Summary

ThefirstQuarterof2007wasmarkedbythetransitionofmanagementofOmaiBauxiteMiningInc.fromIamgoldtoBosaiMineralsGroupCo.Ltd.asaresultofthelatter’spurchaseofIamgold’s70%sharesinOBMI.Subsequently,thenameofthecompanywaschangedtoBosaiMineralsGroup（Guyana）Inc.TheGovernmentofGuyanaretainstheremaining30%sharesinBMGGI.

Despitethechangeinmanagement,workcontinuedinBlock37,withtheBoundarySurveybeingcompletedinApril2007andtheTopographicSurvey,beguninMay2007,expectedtobe50%completedbythe