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New Age Minerals

Botswana – Projects

Under the agreement between A-Cap and BML the tenement prospecting licences (PLs) are being transferred to African Metals (Pty) Ltd a wholly owned subsidiary of BML. The PLs being transferred are PL110/94, PL111/94, PL 14/2003, PL54/98, PL47/2004, PL46/2004, PL 44/2004, PL48/2004, and PL 130/2005.

An application for a new Prospecting Licence (Shashe South) has been submitted to the Department of Geological Survey (DGS). The Shashe South application has been applied for by African Metals (Pty) Ltd in its own right and is in the application stage only.

The prospecting licences in Botswana comprise tenements in geographically and geologically distinct areas including the Tati Schist Belt, and the Limpopo Mobile Belt. The Limpopo Mobile belt is a major Proterozoic deformation zone which forms the link between the Archaean aged Zimbabwe Craton and the Kapvaal Craton. Regionally the Tati Schist Belt occurs as an isolated “greenstone” belt in the southwest corner of the Zimbabwe Craton.

Two New Discoveries Announced and Maibele North Has Potential Extension

 Recent exploration in the Quarter ended 31st of December 2010 has confirmed:   At least two new discovery areas at Airstrip Copper and Dibete (6.7 km ESE of Airstrip Copper) containing significant copper-silver mineralisation. The Maibele North prospect consists of nickel-copper-PGE mineralisation and the Company has had an independent geostatistical assessment carried out on the prospect. The results of the assessment recommended further drilling in specific target areas to improve confidence in the resource and bring it up to a JORC compliant status.

Detailed magnetic surveying on Airstrip Copper resulted in identification of a potential extension to the Maibele North mineralised host sequence to the west of the known mineralisation. The extension is a down faulted block which was not adequately assessed by the previous GEOTEM survey or by the IP survey.

A recent review of the IP on Airstrip Copper grid for the Company resulted in further conductors being identified, with a total of 2000 metres of conductors now known within the Airstrip Copper grid. These anomalies are not closed off and require further assessment when the VTEM data becomes available.

Airstrip Discovery: Possible Three Zones of Mineralisation

 • More Cu and Ag results at Airstrip Copper confirming widespread supergene and primary mineralisation in three zones: Airstrip Copper North, Central and South.

• Airstrip Copper Central Zone consists of narrow vein style mineralisation in part associated with a thin dolerite dyke. The mineralisation varies from massive bornite rich mineralisation (pure bornite, Cu5FeS4, contains 63.3% copper) to bornite-chalcopyrite-pyrite to chalcopyrite-pyrite-pentlandite to arsenopyrite-pyrite.

• Airstrip Copper IP grid area is approximately 1.5 km by 1 km and approximately 2000 metres strike length of identified conductors have now been identified from the IP data. Some conductors have had no drilling to date while others remain under drilled.