Our focus is the Tyrone Project in the counties of Tyrone and Londonderry, Northern Ireland. It comprises eight mineral prospecting licences that are held by Dalradian Gold Limited (“DGL”), our wholly-owned subsidiary registered in Northern Ireland. The project area totals approximately 84,000 hectares of prime geological terrain in the upper Pre-cambrian Dalradian sequence and the younger Ordovician volcanic terrain.

The eight mineral prospecting licences include four licences issued by the Department of Enterprise, Trade and Investment ("DETI"), namely DG1/08, DG2/08, DG3/09 and DG4/09 and four licences issued by the Crown Estate Commissioners (“CEC”), namely DG1, DG2, TG3 and TG4. The areas covered by the four DETI and the four CEC licences correspond to each other thereby granting base and precious metal mineral exploration rights to four contiguous pieces of land. When we use DG1, DG2, DG3 and DG4, we are referring to both licences for each area.

Our main focus, the Curraghinalt mesothermal gold deposit, lies within the Dalradian sequence in licence DG1. Curraghinalt has an NI 43-101 compliant indicated mineral resource of 400,000 ounces (0.95 million tonnes grading 13.24 g/t gold) and an inferred mineral resource of 1.16 million ounces of gold (2.46 million tonnes grading 14.64 g/t gold). The deposit remains open along strike and down dip.  For additional details, please see the independent technical report published by Micon International Limited, entitled "A Mineral Resource Estimate for the Curraghinalt Gold Deposit and a Review of a Proposed Exploration Program for the Tyrone Project, County Tyrone and County Londonderry, Northern Ireland," dated May 10, 2010.

We have commenced a program to develop and expand our mineral resources further at the Curraghinalt Deposit. We have initiated engineering, metallurgical and environmental studies that will contribute to development planning.

We are also targeting new discoveries and evaluating known showings at several other sites covered by our licences.  We have released 19 targets as part of our Regional Exploration Program.

A 2% net smelter return royalty on the Curraghinalt Deposit (as defined in the royalty agreement dated December 13, 2004 between Ulster Minerals (now DGL) and Minco Plc) is payable by DGL to Minco Plc, or its nominee, and a 4% royalty will be payable to the CEC based on the selling price of any silver and/or gold produced at the Tyrone Project.