OUDOM XAI PROJECT

Amanta has signed a Memorandum of Understanding, with a Lao mining company, to form a Joint Venture to develop a second copper/silver property, in the adjacent province of Oudom Xai, within the same general geological trend as the Luang Namtha Project. The formal application for the Investment Licence for the 450 km² project area is under preparation and will be submitted following the incorporation of the JV entity.

The project area has been the scene of artisanal mining in the past and Amanta has already identified and mapped a number of old underground workings. One channel sample over 14 metres, taken in one such underground area, graded 10% copper and 33 g/t silver and surface samples have ranged up to 32% copper and up to 1600 g/t silver.

Upon finalisation of the Investment Licence and the issue of the concession agreement for the project, Amanta will commence detailed exploration activities, including airborne surveys and initial drilling programmes, on the property. Amanta has committed to spend the first $2 million on exploration activities, after which the parties will contribute to future expenses, on a pro-rata basis.