Proactive investors

Relief Canyon Mine

Background Information

• The Relief Canyon Mine is a past producing gold heap leach mine located near Lovelock, NV with a fully permitted new milling facility and existing resources located in the nearby mine pit
• Total Secured debt on the project is approx. $20.0 million
• Senetek Plc purchased $7.0 million of face value debt for $5.0 million in early April, 2010 from Platinum Partners and other secured creditors – 35% ownership of the asset.
• This purchase gave Senetek an inside position for an eventual takeover of the assets
• The past operator Firstgold had filed bankruptcy in early 2010
• No plan was proposed by the debtor and the Secured Creditors have obtained ownership of the Mine through a credit bid
• Current operations are being undertaken by Relief Canyon Partners LLC jointly managed by the Secured Creditors
  

Production Estimate

• Goal is consistent output averaging 3,000 oz per month beginning January, 2012
• Production target for first full year production is 38,500 oz
• Production target for second and third year of production is 38,500 oz
• Production target for fourth year of production is 19,250 oz
• This assumes there is no acquisition of additional resources or expansion of resources on existing ground

Gray Eagle Mine - Siskiyou County, California

• —Found in 1890’s and had small historic production of copper and gold.
• Major exploration during WWI resulted in large tonnage of copper being outlined.
• Idle until WWII when mined by Newmont Mining. This was an underground operation and produced 462,000 tons of ore at 3.17% Cu and 0.027 opt Au. Shut down at the end of the war.
• Siskon Corp. acquired in mid-1950’s and leased to several explorers who outlined an open-pit resource.
• Noranda explored in late 70’s and put into production in early 80’s and produced gold from a leached breccia amounting to 120,000 ounces. Noranda ceased operations in 1987.
• Siskon re-evaluated the remaining copper resource and did a drilling program in 1989 to outline the current resource blocks.
• Senetek has acquired the project from a mining entrepreneur who acquired from Siskon in 2000.

Geology

• This is a Volcanogenic Massive Sulfide deposit or “VMS” deposit and is stratiform in the Galice formation.
• These types of deposits are common regionally and were formed originally on the seabed.
• Mineralization includes chalcopyrite and gold-bearing pyrite as well as minor amounts of sphalerite, covellite, and chalcocite.
• The most important ore host for our purposes are two massive pyrite-chalcopyrite zones which contain the known ore resource and known as the North and South Block.
• The structural geology of the ore body is well understood aiding continued definition drilling and resource expansion potential.
  
  

Iron Creek Project- Lemhi County- Idaho

Major Copper Cobalt Oppurtunity

• The Iron Creek is located in Lemhi County, Idaho near the Town of Salmon
• The area is host to the largest known cobalt resource in CONUS owned by Formation Metals.
• The Iron Creek has been identified as the second largest cobalt resource in CONUS.
• Formation’s project is fully permitted and has recently received industrial development bonding support from Lemhi County to support construction of the project.
• Formation’s project is about 12 miles south of Iron Creek.
  
  

History of Iron Creek

• Discovered in the 1940’s as a possible iron deposit
• Explored in the 1970’s by Hanna Mining and later in the 1980’s by Norando and Inspiration Mines.
• Additional exploration and drilling was done by Cominco in the mid-1990’s.
• Geological surveys, geophysical studies, geochemical work, and drilling have been done over the years
• Approximately 30,000 feet of diamond drilling and 1,500 feet of underground drifting has been completed exploring the project
• Although the resource numbers are based on this historic work, past resource estimates were classified as “possible” reserves under the U.S. classification scheme.
  
  

Highlights

• Copper-cobalt reserves on the order of 10 million tons of 2% copper equivalent with intercepts up to 25 ft grading 5.54% Cu and 0.19% Co in the No-Name zone
• Three additional copper-cobalt zones that have had only minor examination
• Gold target with a 1000 foot by 400 foot soil anomaly and rock chip samples up to 3.85 opt gold
• High Grade underground cobalt deposit of around 1 million tons of 0.61% Co and 0.3% Cu (4.1% Cu equivalent)
• Similar mines within the same belt of rocks with past copper-cobalt production or known well-defined reserves
• 100% land ownership with no royalties, part of which is patented mining claims