Company History and Structure

History

Indo Gold Ltd (IGL) is an unlisted public company established on 15 September 2004, with its head office in Brisbane, Queensland, Australia.

IGL’s founding principals were Michael Higgins and Christopher Rashleigh, who were attracted to India in 2004 by an ex-Billiton colleague, Surender Chaku who had built-up an attractive exploration portfolio in his local Indian company.  Of particular interest was the Bhukia property, located in Rajasthan, which was highly rated from the outset by the founders.

Subsequently in October 2004, IGL formed a Joint Venture (JV) with Metal Mining India Pvt Ltd (MMI), a privately-owned Indian company, with IGL and MMI holding 70% and 30% respectively. To manage the affairs of the JV, the partners established a private Indian company named Indo Gold Mines Pvt Ltd (IGMPL), which has its registered office in Bangalore, Karnataka State.  IGL has an obligation to complete a feasibility study of the JV properties as part of its 70% shareholding.

In addition to establishing the JV with MMI, IGL also formed Indo Gold Resources Pvt Ltd (IGRPL), a 100%-owned subsidiary involved in mainly gold exploration in Rajasthan and the greenstone belts of southern India.

Bengal Minerals Pty Ltd (BMPL) is an associated Brisbane-based company which shares administrative and management functions through re-charge agreements with IGL. BMPL is 38.1% owned by IGL. BMPL was established in 2005, with similar seed capital investors as IGL, to undertake non-gold exploration in India. BMPL holds a 100%-owned Indian subsidiary called Bengal Exploration (India) Pvt Ltd (BEIPL) which has several Prospecting License applications pending for base/precious metals and iron ore in Rajasthan.

The company’s West African gold portfolio was demerged in January 2012 as Aforo Resources Ltd, which remains unlisted.  It has two granted tenements – Sinoe, in Liberia (100%) with multiple targets along trend from multi-million ounce discoveries, but which however is subject to a declaration of force majeure due to the Ebola crisis limiting access; and Odienne in Ivory Coast (90%), with extensive artisanal workings, soil anomalies and under-explored drill hits by Rand Gold (1990’s). IGL retains a 15.4% holding in Aforo.

In mid-2013, after 3 years of work, IGL’s South Korean subsidiary was sold to ASX-listed Peninsula Mines Ltd (PSM) for a small holding in PSM (presently 6.6%) plus a 3% NSR on the main molybdenum ‘brownfields’ exploration property, Daehwa.

In mid-2011, the company established a tin exploration initiative in Saxony, Germany and during 2012 was granted three exploration licenses. The main property involves ’brownfields’ exploration of a very extensive old underground mine (Tellerhäuser) where uranium was once mined and where the ex-GDR company had discovered and defined a huge tin-polymetallic skarn-greisen system which, when combined with other greisen style mineralisation within the tenements, totals more than 270,000 tonnes contained tin in non-JORC resources.  The mine is still partly accessible which allows for detailed follow-up sampling to be undertaken in the underground workings.

In late-2013, the subsidiary holding the Saxony assets was sold to a UK-based unlisted company called Treliver Minerals Ltd. (TML).  This deal involved the issue of 9 million shares (approx 19.4%) in TML, plus a linked deal involving TML investing in IGL.  As part of the deal, Mr Antony Truelove was appointed initially as the company’s representative to the board of TML, and more recently Mr Michael Higgins was appointed as the company’s second director. Mr Truelove is presently Acting Interim CEO for Treliver.

Treliver has reported a JORC 2012 compliant Inferred Resource of 101,500 tonnes of tin; 200,200 tonnes of zinc and 2,149,000 kg of indium at Tellerhäuser (see www.anglosaxony.com).