History
In March 2002, the Corporation experienced a change of control as a direct consequence of a dissident shareholder action, which resulted in a change in the Board of Directors and senior management. The new senior management placed a strategic focus on developing and operating gold and other assets directly owned by the Corporation.
In line with the stated corporate strategy, since March 2002, the Corporation has:
| i. |
formed and commenced operations at Nalunaq, and acquired the remaining minority interest in Nalunaq; |
| ii. |
acquired LEFA in Guinea by acquiring 100% of the shares of Guinor Gold Corporation (“Guinor”) and undertaking the LEFA CIP plant expansion which was declared to be in commercial production effective July 1, 2008; |
| iii. |
with its associated Philippine partner, acquired approximately 72.9% of Apex Mining Company Limited and commenced redevelopment of Maco; |
| iv. |
acquired and refurbished Nugget Pond; |
| v. |
entered into a joint venture agreement for the exploration of a gold property in Newfoundland, Canada; |
| vi. |
consolidated its non-gold holdings in a separate entity, Intex Resources ASA |
| vii. |
separately listed and disposed of its interest in Intex Resources ASA; |
| viii. |
disposed of its investment in Metorex Limited, a South African-based public gold mining company; |
| ix. |
invested in and disposed of its 20% interest in Barberton Mines Limited, a South African-based gold mining operation; |
| x. |
acquired the mineral rights to the Seqi Olivine Project in western Greenland, and subsequently divested its interest to an industrial partner; |
| xi. |
restructured, consolidated and centralized its corporate offices to Weybridge, England; |
| xii. |
continued exploration work on its gold and other mineral properties in Greenland, Norway, the Philippines and West Africa; |
| xiii. |
announced the cessation of operations at Nalunaq in December 2008 and subsequently completed the sale of the property in October 2009; |
| xiv. |
negotiated a one year toll milling agreement for the Nugget Pond processing facility; |
| xv. |
completed the sale of its majority interests in the Maco property in October 2009; and |
| xvi. |
completed the sale of the Nugget Pond processing facility in October 2009. |
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