Overview

Projects Overview

Toka Tindung Gold Project
The Toka Tindung Gold Project is the Company’s principal asset and comprises a system of epithermal veins containing a resource of 1.75m ounces of gold defined by 158 kms of drilling of which 1.1m ounces will initially be mineable by open pit.

The project, was acquired from Aurora Gold in February 2002 and Archipelago was floated on the London AIM market in September 2003. The project is located approximately 35kms east north east of Manado, the provincial capital of North Sulawesi. Title to the Toka Tindung Gold Project is via two Contracts of Work covering 400kms² of well mineralised and only partially explored ground in addition to the defined resource.

The Company holds an 95% interest in the project but is entitled to the benefit of 100% of proceeds until such time as debts owing by the free carried party are repaid in full.

The Company acquired little used and very good quality items of major processing plant from Barrick’s El Tambo project in Chile as core items for its processing plant at Toka Tindung.  First gold pour occurred in April 2011.   Production for 2011 is targeted to be 60,000 ozs gold equivalent with an average rate of approximately 150,000 oz of gold equivalent per annum for the first 6 years of an initial 8 year mine life.

Other Projects

The two applications at Cam Thuy – Ba Thuoc cover two large fold structures within clastic and calcareous sediments which are considered prospective for large gold deposits of the Carlin and possibly Telfer style. Outcropping gold mineralisation and substantial unsourced occurrences of alluvial gold occur within the Company’s application areas.

Archipelago also has the right to acquire not less than an 80% interest in the Corplex projects in the gold-copper rich Surigao peninsula of NE Mindanao, Philippines, host to the high-grade Boyongan copper-gold porphyry discovered by Philex Mining and Anglo American.