The Etoile mine is located in the Province of Katanga in the southeast of the Democratic Republic of Congo. The Etoile mine is located at latitude and longitude 27 degrees 36’ to 27 degrees 38’ east and 11 degrees 34’ to 11 degrees 41’ south. The total surface area is 510 hectares and mineralized region 50 hectares. It is 10km from the process plant and passes close to the village of Bel Air and directly through the market of Ruashi Village. The deposit occupies a wooded savannah located at an average level of 1253m AMSL. The river Kiebumba at a mean level of 1200 passes north-west to south east of the mine where the water quality is good and found to be potable to the south.

A comprehensive environmental study for this site was completed in February 2005. This document provides both technical and social guidelines for the project.

Chemaf is the sole licensee of the Etoile mine. It acquired the total concession from La Generale Des Carrieres et Des Mines (Gecamines) on 29th November 2003. The mineral rights of the Etoile mine comprise an Exploitation Permit number CAMI/CE/129/2003.

The form of the Etoile deposit resembles that of many of the near-surface oxide deposits of the southern Katanga region. There is an enlarged oxide cap some 50m in thickness overlying an inclined stratiform sulphide deposit. The table below shows AMC (African Mining Consultants) resource estimates of the mine:

Assuming mine production of 800,000 tpa this indicates a current open pit mine life is 7 years, in oxide stage, after which the Etoile Mine is expected to become an underground operation. There is a further 6 years of sulphide resources assuming similar rates of extraction.

Regional Geology:
The Etoile mine is a stratiform copper-cobalt deposit. The mineralization was developed in Lower Roan Group dolomites, shales and fine sandstones during their compaction and diagenesis. It has been traced at surface for a distance of approximately 1,250m.