The Government and people of Sierra Leone and African Minerals are currently working hand in glove to advance the Tonkolili Iron Ore Project from concept to reality. The Iron Ore Mountains of Tonkolili District are giving a breadbasket of iron ore which records the world's third largest deposit of 10.5 billion tons. AML's Executive Chairman, Frank Timis, who holds the largest share is deemed to have confidence and trust in the Sierra Leone investment market. With the assurance of Sierra Leonean Investor and Entrepreneur, Moseray Fadika, Mr. Timis saw the need to invest over $150, 000, 000 (one hundred and fifty million dollars) in exploration so as to revamp the Iron Ore and other precious minerals export. It can be recalled in 2003 when the Business Guru reported in a London about plans to make Sierra Leone a paradise on earth. This pronouncement came after the Executive Chairman discovered that Sierra Leone has a very rich mineral resource base that should be used to remove the country from the ash of poverty.

AML CEO, Frank Timis ...determined for development

The company will further fund in excess of USD3 billion to bring the project into production. AML has successfully conducted a comprehensive country wide exploration program including airborne geophysics and multi-element stream sediment survey, and has already presented a comprehensives map to government. The Iron Ore project has identified numerous high priority exploration targets including two significant Iron Ore targets, Tonkolili and Marampa extension, Multi-rig intensive core drilling program at Flagship Tonkolili iron ore project targeting 100,000m drilling.

AML management strongly believes potential exists at Tonkolili to increase resource estimation to beyond 10 billion tonnes. This has led to management becoming highly skilled, with a proven track record in exploration, construction and iron ore operations. During the exploration program AML employed in excess of 1,000 Sierra Leoneans to achieve these accelerated results. AML has started the construction of in excess of 186km of state of the art heavy haul railroad, specialized rail workshops to service and maintain a large rolling stock fleet and track maintenance fleet, and creation of third party access opportunities. This will be followed by the construction of new Capsized vessel deep water port, re-commissioning of the existing Pepel Port, 200Mt multiple product stockpiling, processing and ship loading facility, multiple berthing facilities, national and regional marine and infrastructure growth opportunity. AML will construct a new dam with existing 50 MW capacity and an additional latent capacity to 160 MW and a Hydro-power cost 3-5c /kW.

There is an ongoing significant training opportunities empowering Sierra Leoneans whom will be well prepared to take up duties from foreign experts. The two years training will give national staff the opportunity to learn and compete in the market with other professionals. The construction of the World's third largest Port in Sierra Leone by African Minerals will serve as a significant infrastructure development underpinning additional broad spectrum business opportunities. This will be a catalyst project for the country and West Africa as export opportunities will be of a major boost. The current transition into the construction phase will create further substantial training and employment opportunities.

The production phase will create long term professional and skilled training opportunities empowering the Sierra Leone people, developing the skills of Sierra Leoneans, preferential selection of Sierra Leoneans for integration into the Company's workforce, and acknowledging high achievers with Fast Track promotional opportunities. AML has a demonstrated track record of conducting ongoing "on the job" training for employees in many professional and trade disciplines. To date, AML has delivered training to many Sierra Leoneans creating employment opportunities in the following disciplines: AML is already one of the largest employers in Sierra Leone and has demonstrated it is committed to its policy of employing Sierra Leoneans wherever possible. AML values its employees and recognizes that the training and retention of skilled staff is imperative for the growth of the Company. The Company will continue to provide Sierra Leone employees with ongoing technical skills training and personal development. AML hopes to provide direct revenue from royalties to Government, direct revenue from company tax payments, direct revenue from employee income tax, direct employment for about ten thousand of Sierra Leoneans.

There will also be indirect revenue via the stimulation of local businesses by sourcing goods and services located in-country, royalties' payments amounting to $100 million per annum from the sale of iron concentrate product to international steel markets and company tax payments amounting to about $600 million per annum payable from profits generated at the project. African Minerals will continue to implement social development programs with specific focus on: Clean Drinking Water, New Roads and Bridges, New Schools, Education Support- as over eight hundred scholarships have been provided in eleven chiefdoms, Pro-Active Medical Programs. There will be more substantial community development projects in health, education and infrastructure. The Company's policy is to conform to internationally recognize environmental laws and regulations and to promote the respect of the environment in all of its business activities in compliance to the Equator Principles. Consultants and Contractors are been employed to support the Company's efforts to protect and preserve the environment.