Project Update

GWMG has adopted the following priorities for its exploration activities.
Exploration is to be focused on:

In April 2011, GWMG announced its “fast track” program that included the following components:

• The commencement of the refurbishment process, the re-establishment of the containment ponds, and addressing all waste disposal requirements.
• A tender call for the refurbishment work to commence immediately after the Company confirmed receipt of approval of the proposed work program from the National Nuclear Regulator of South Africa (“NNR”) under the site’s existing Nuclear License.
• Surface and underground sampling at Steenkampskraal to begin the process of bringing the historic resource estimate into compliance with National Instrument 43-101 technical reporting requirements.
• The continuation of advanced discussions with potential partners regarding a Rare Earth separation plant.
• The evaluation of whether a feasibility study is necessary to meet financing requirements.
• The continuation of work necessary to complete the Environmental Management and Protection Plan and other environmental regulatory requirements.

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