Hudson Bay Resources AS invites investors to join us in developing a regional gold concession situated in one of Ghana’s three major gold belts. 1 1
Investment case 2011 • The company has an attractive reconnaissance licenses (R/L) within the Asankranwa gold belt, the third most producing belt in Ghana. • The R/L constitutes a 134,7 sq km property with high potential. • Producing goldmine to the northeast and a number of prospects in between. • Company with low overhead costs, spending goes to exploration. • World renown expertise available. • Only 78 million shares are issued pre money. • Total number of shareholders are 112. • No single majority owner of shares. 2
Board and Management Chairman Johs. Jamne. More than 30 years international management experience within different industries. Holds the position as chairman, board member and manager in a number of companies. Board members: Tov Westby has outstanding experience in business development within the mineral and oil industry. He is a founder of a number of companies. Boye Flood is a well known Norwegian geologist with long experience from gold exploration in Norway and the rest of the world. President Jan Høvik has extensive experience in business development, international marketing and management. Former managing director and director in the software, media and telecom industry. 3 3
Senior Geologists M. Sc. Boye Flood Boye Flood is M. Sc. in Geology from the University of Oslo. He has worked in Spain, Australia, Africa and in the Nordic Area for many years. Flood has experience from BHP and LKAB Prospecting AB and other exploration companies. He has worked on gold exploration projects in Australia, Africa and other parts of the world. In 1985 he established his own consulting company; Geologiske Tjenester AS. 4
Senior Geologists M. Sc. Neil D. Macfarlane Neil Macfarlane has 30 years experience as a geologist and has spent one third of his time working in Ghana, Kenya, Zambia, Mali and Niger. He his Country Manager for Hudson Bay in Ghana. His on the ground experience with gold exploration and production in Ghana is of great value to us. 5 5
Senior Geologists Scott Wilson RPA Inc., Toronto, Canada M. Sc., P. Geo. Paul Chamois Senior Geologist Paul Chamois has over 25 years of senior exploration and management experience from Canada, Mexico, Sweden, and Africa. He has held senior positions with various mining companies and has a solid background with base metal and gold exploration projects bringing them all the way to production. 6 6
Hudson Bay Resources AS organization 2011 Hudson Bay Resources AS Oslo, Norway. 100 % 100 % Hudson Gold Ghana Ltd Echo Valley Inc Accra, Ghana Nevada, USA 7 7
Property summary • HBR owns a large scale reconnaissance license of 134,7 sq. km. in the interesting Western Region of Ghana along the river Tano. First three phases of exploration shows high numbers of gold in both river sediments and clusters of soil samples. • HBR also own claims in Riverside County, California USA. • HBR has a stake in CanWay Resources Inc with claims in New Brunswick, Canada. 8 8
Ghana, West Africa HBR 9 9
Ghana, West Africa Ghana is an independent country since 1957 and has open and fair elections and a stable political system. President John Atta Mills was elected in December 2008 after a close race with the sitting president Kufour. Ghana is the fastest growing economy in Africa The new government has not changed taxation or other important parameters for the mining industry. 10 10
Ghana, West Africa • Population is estimated to 23 mill. people. • Accra, the capitol is speculated to have more than 5 mill. residences. • Area is 238.537 sq km. Which is 5 times the area of Finnmark. • Population density is 91 people per sq km. • Economic figures: – GDP 17,72 billion USD, – GDP – per capita 1.500,- USD – Unemployment 11 % – Exports 5,4 billion USD – GDP per sector; Agriculture 37,3 %, Industry 25,3 % and Services 37,5 % – Main exports gold, cocoa, timber, bauxite and diamonds. 11 11
Gold Production in Ghana • Production in 2009 ended at 3,4 million ounces of gold (105,4 ton). • Totaling 2,3 billion USD in sales. • Ghana is the second largest gold producer in Africa and number 10 worldwide . • The Ashanti Gold Belt has produced 40 million ounces of gold. • Taxation on gold production is 3 % of sales. • Possible to increase to 6 % by the government. • International money transactions works well. • Transportation biggest problem because of neglected railway. • Also roads are not in best conditions but improvement is under way. 12 12
Mining Companies in Ghana • Red Back Mining Inc. large scale mining operation target 170.000 ounces of gold in 2009. The mine is 60 km north of our regional concession. • Perseus Mining Ltd of Australia has just decided to start production with a target of 140.000 ounces from 2010. • AngloGold Ashanti Ltd operates mines in Ghana, Obuassi, that produced 557.000 ounces of gold in 2008. • Newmont Inc. is another mining company in Ghana with 504.000 ounces last year. • Golden Star Resources Ltd operates mines near Prestea and produced 295.926 ounces in 2008, with a possible increase in 2009. 13
Mining Licence Regime Reconnaissance Licence covers the acquisition of properties and the first stages of exploration. Phase I and Phase II. Prospecting Licence gives the right to drill and excavate. Mining Lease gives the right to extract minerals. Small scale mining licence is mainly for the local population. 14 14
Regional Reconnaissance Licence • Reconnaissance Licence (R/L) granted February 2008. • First reconnaissance 2008 by consultants from Scott Wilson RPA. • Gold with more than 100 ppb in 36 % of samples from R/L. • Phase I headed by Country Manager - Neil Macfarlane. • Local consulting company finished Phase I and II spring 2009. • Phase III including sediments and soil samples finished June 2010. • Results gave recommendation from geologists to continue exploration. • January 2011 exploration continues with soil sampling and preparation for an auger drilling program. 15 15
First round exploration results Map shows place of river sediment sample collection and results in ppb. 16 16
Regional concession and exploration blocks Map shows selected Block A and Block B sample collection sites. 17
Exploration results Phase III • First three phases of exploration shows high numbers of gold in both stream sediments and soil samples. • Stream sediments results up to 2.840 ppb Au. • Soil samples results up to 5.850 ppb Au. • Results from exploration shows three separate anomalies in our Block A. • Recommendation for further exploration given by our geologists. 18 18
Ghana Phase IV • Apply for Prospecting licence. • Phase IV shall increase the density of exploration on the three anomalies found in previous phases of exploration in Block A. • More river sediments and soil samples collected in a fixed pattern to increase knowledge from top result areas. • Use auger drilling equipment to collect samples down to hard rock. • Analyze the samples to identify gold content in veins and soil. • Present the first early resource estimate. • Deliver report with recommendations for a diamond drilling program. 19 19
Expected results from Ghana Phase IV Phase IV: Increased knowledge of the best anomaly in Bloc A1 an in Block A2. After auger drilling program, present the first early resource estimate for the license. 20
Financial strategy Raise funding per phase of development subject to exploration results and geologist evaluation. Stepwise increase shareholder value. Hudson Bay Resources AS is currently looking for a joint venture partner. Preferably a partner from the mining industry with experience in developing new fields and with exploration work. Alternatively Hudson Bay can discuss: • To sell the company or projects for cash. • To sell as above but with a mixed shares and cash option, when the buyer is a listed company. 21
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