Location and Tenure

The Vohibory-Ianapera Project comprises three (3) permits of 24 Squares covering a total of 150sq km, located 140km east-southeast of Tulear. The permits are 100% beneficially owned by MML, held under title by MDA. They were granted in early to mid February 2005 for 10 years.

Polymetallic Cu-VMS

The project lies within amphibolites and quartz-feldspar gneisses of the Vohibory System; partially overlain nonconformably by coal and red-beds of the Sakoa Member of the Karoo Supergroup. The assemblage adjoins the eastern margin of the Beseva granite-pegmatite intrusive. The amphibolites contain numerous intercalated ultramafic units; generally chromite-layered serpentinite lenses; the assemblage being interpreted as remnant oceanic crust. There are strong similarities between the Vohibory amphibolites/ultramafic assemblage and similar ophiolitic units in Ethiopia, Kenya and Tanzania and more importantly along strike in Mozambique.

Numerous gold, copper and related (Zn-Ag) mineralisation occurrences are recorded along the Beseva-Vohibory boundary. These occur within a defined sub-contiguous corridor that follows the approximate intrusive contact trend (e.g. refer Figures 5 and 6). The prominent flexure zone adjacent to the eastern ‘apex’ of the mineralisation corridor (Figure 6) remains untested by drilling. Additionally, the eastern project area overlies the northern portion of a N-S corridor of similar mineralisation occurrences.

To the northwest, the historical Besatrana (shear-hosted) polymetallic Cu-Zn-Ag-Au mine reportedly (i.e. Madagascar Geological Survey) produced approximately 6,000 tonnes of ore averaging 3.5% copper plus associated silver, gold and ntimony. It lies at the northern extremity of the western ‘wraparound’ corridor.

To the south is the Besakoa polymetallic Cu-Zn-Ag Project, owned by Canadian-listed Majescor Resources. Exploration drilling in late 2006 by Majescor returned intersections up to 21 metres grading 0.70% Cu; 1.1% Zn; 0.50gpt Au & 21gpt Ag. The main sulphide lens in this area reportedly averages up to 10 m in true thickness over a minimum 500 m strike length, and is open at depth. Recent limited resampling by Majescor of 1950s vintage BRGM drill core returned values up to 65gpt Ag and 2gpt Au.

In November and December 2007, MML completed a programme of surface geochemical sampling at Vohibory comprising minus 80-mesh soil sampling and rock chip grab sampling. These works have returned results of up to 29% Cu;175g/t Au (eastern corridor) and 2,000ppm Ni; 100ppm Cu; 40ppb Pt from rock chips and 110ppm Cu; 15ppb Au from soils (western corridor – refer Figures 5 & 6). It is noteworthy that the 29% Cu; 175g/t Ag sample was collected from a zone located 10km north of the Besakoa intercept within the same mineralisation corridor.

With the availability of good quality regional aeromagnetic data and Landsat Imagery, subsequent field work will target aeromagnetic anomalies and mineralised areas delineated from surface geochemistry/prospecting. In particular, the distinct ‘wrap-around’ of the regional lithologies and mineralised trends suggest strong potential for ‘flexure’ zones within which significant zones of mineralisation could be developed.

Proposed Exploration Program & Budget

The presence of known concentrations of sulphides coincident with areas of mineralisation will allow use of detailed airborne magnetic and VTEM geophysical survey data as well as existing aeromagnetic data. These data will be utilised in conjunction with geological mapping and surface geochemical sampling of mineralised areas.

The objective will be to generate initial drill targets in sufficient time frame to allow completion of initial drill holes prior to the onset of the 2008/09 wet season. The proposed budget for Vohibory allows for 4,500 metres of drilling in the first 18 months after completion of the Offer. Phase I of MML’s exploration strategy will focus on the following:

Cu-VMS

• Complete surface geochemical sampling of prospective areas along the Beseva-Vohibory contact zone and Besakoa-Ianapera mineralisation trend.
• Complete detailed airborne magnetic and VTEM surveying of the project area and carry out a detailed structural interpretation of the area based on the geophysical data and Landsat imagery.
• Assess areas of known Cu-Zn-Ag-Au (stream sediment) anomalism around the margins of the Beseva Granite Pegmatite for massive sulphide VMS-type mineralisation through mapping, and ground geophysics such as EM.
• Drilling of preliminary targets in the area (the objective will be to have multiple drill targets defined by mid-2008 to allow initial drilling to be completed prior to the onset of the 2008/09 wet season).

Information as of Mar 2010