Avalon Investment Holdings Ltd.

Avalon Investment Holdings Ltd, through its wholly owned subsidiary, holds a 100-per-cent interest in a newly issued prospecting licence in Guyana, which covers 4,590 acres of licensed area, including the site of the past-producing Omai gold mine. The Omai gold mine produced 3.7 million ounces of gold by open pit mining at an average grade of 1.6 g/t prior to closure in 2005 by Iamgold Corp. Substantial exploration potential remains outside of the original pit boundaries due to a low gold price.