Duration Gold Zimbabwe

In 5 years, Duration’s objective is to develop its existing small scale production base into a highly profitable intermediate gold miner, producing 250,000 ounces per year, at a cash cost of $375 per ounce, with a 5.0 million ounce reserve (8.0 million ounce resource). The opportunity also exists to double production to 500,000 ounces per year by pursuing a judicious acquisition programme of known targets. Duration, a wholly owned private Jersey company, was formed by Clarity Capital in early 2006 to pursue gold production and development opportunities in Southern Africa. It now owns 110 previously producing mines in Zimbabwe and has assembled a senior management team with over three generations of accumulated gold mining expertise. The team includes senior members of two of Zimbabwe’s most successful mining families, the Thompsons and the Muirs. For a period before the recent nationwide gold industry shutdown, Duration was Zimbabwe’s second largest gold producer. Up until that point, it had enjoyed growing cash flows. The Company has significant development, advanced exploration and expansion potential. It benefits from relatively low start up and operational costs. Duration is well positioned to capitalise on Zimbabwe’s future. Notwithstanding the current environment, Duration is implementing a short-term programme to improve production efficiency and increase its gold resources (small scale mining plan). The Company is also prioritising its advanced exploration and mining prospects for development in the medium-term (large scale mining plan). The Directors believe that Duration has nine projects each with the potential to produce over 1 million ounces of gold.