April 4, 2016

Projects

Thormodsdalur

Thormodsdalur is located about 20km E of the city center of Reykjavík, SE of the lake Hafravatn. The target area is the previous mining and drilling zone and the immediate areas towards the south and north. Further details.

Vopnafjordur

Sampling has returned grades of up to 3500ppm from type-specific veining. Further details.

The historic data has been insufficient, exploration to define a current resource and the Company cautions that there is a risk, that further exploration will not result in the delineation of a current mineral resource.

Trollaskagi

This 1017.7 km2 area is located in the north of Iceland near the town of Akureyri. Peaks in the region reach 1538m above sea level, and there are few significant tracks throughout the majority of the prospect. Due to its northern location, it is more subject to the seasonality with respect to the exploration seasons. Further detail.

Reykjanes

Metal values in pipe scales have been shown to reach 106 g/t gold, 2,743 g/t silver, 12.80% copper, 7.75% lead and 17.00% zinc. Further details.

The historic data has been insufficient, exploration to define a current resource and the Company cautions that there is a risk, that further exploration will not result in the delineation of a current mineral resource.

Other Projects

Iceland is a geologically unique case when it comes to gold. Has been relatively poorly mapped, understood or explored in relations to gold or other precious metals. Further details.