Gold in Namibia

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Geology

The Navachab deposit is hosted by Damaran greenschist-amphibolite facies, calc-silicates, marbles and volcano-clastics. The rocks have been intruded by granites, pegmatites and (quartz porphyry dykes) aplite and have also been deformed into a series of alternating dome and basin structures. The mineralised zone forms a sheet-like body which plunges at an angle of approximately 20° to
the north-west. The mineralisation is predominantly hosted in a sheeted vein set (±60%) and a replacement skarn body (±40%). The gold is very fine-grained and associated with pyrrhotite, and minor trace amounts of pyrite, chalcopyrite, maldonite and bismuthinite. Approximately 80% of the gold is free milling.

Navachab gold mine

• AngloGold Ashanti (NYSE:AU; JSE:ANG) operates the open-pit Navachab mine which produced 81 000 oz of gold in 2005 from ore grading 2,05 g/t Au. Proved and probable ore reserves amounted to 10,1 million t at a grade of 1,67 g/t Au or 16,9 t of gold.

• TEAL Exploration & Mining Incorporated (Canadian, TSX:TL; JSE:TEL) is exploring the the Otjikoto deposit which has an inferred resource of 25,581 million t at a grade of 1,06 g/t Au or 873 000 oz of gold. In 2007, Teal Exploration & Mining agreed to sell an initial 10% of Avdale Namibia, the subsidiary of Teal holding its Otjikoto gold project, to Nambia’s EVI Mining, which has an option to buy a further 5% once a definitive feasibility study has been completed on the project. EVI will pay $5.5 million, for the intitial 10%, all of which will be used to advance the ongoing exploration drilling program and to upgrade and expand the inferred mineral resource at Otjikoto, which is estimated at 1,76 million ounces of gold, to higher confidence levels. Teal announced in November, 2007, that an independent person had supported the conversion of 460 000 oz of gold at its Namibian Otjikoto project into the indicated mineral resource category. The indicated resources were at a grade of 1,21 g/t. Total contained gold increased from 1,76-million oz to 1,78-million oz.

• Etruscan Resources Inc has licences covering a total of 8,970 km2 that were granted between November 2005 and June 2006, and will target the Kamanjab Project where field crews encountered a range of mineralized occurrences of gold and base metals and identified several zones of alteration that may be associated with IOCG type mineralization and the Witvlei Project where a number of historic copper occurrences are known.
  

• Teck Cominco Ltd (Canadian, NYSE:TCK; TSX:TCK-A) holds several exclusive prospecting licences in the central and northern parts of Namibia ans is involved in early stage exploration.

• Aflease Gold Ltd has a 100% interest in Etendeka Prospecting and Mining Company, a Namibian-based exploration company.