Vatukoula Gold Mines PLC (Fiji)

Strategy

Vatukoula Gold Mines is the owner of the largest producing gold mine in Fiji. Operating for over 75 years, the mine has produced in excess of seven million ounces of gold. It was closed in 2006 and reopened by present management April 2008.

We have a clear strategy: To deliver to our shareholders the full potential of the Vatukoula Gold Mine. We aim to achieve this by focusing on four key strategic priorities. Expand, sustain, optimise and grow.

Strategic Priority	Operational Drivers
Expand Current Production from the Vatukoula Gold Mine to a targeted sustainable and profitable rate of production.	Develop enough underground access, or development, allowing access to the required mining areas and therefore tonnages and grade.
Sustain The targeted production rate beyond current Mineral Reserves.	Further define the large mineral resources Inventory and converting this to Proven and probable Mineral Reserves to both replace ounces mined and increase the current Mineral Reserve base.
Optimise Our working practices and working relationships to target lower unit costs on a per tonne basis.	Target key operational drivers and costs that have high internal rates of return and low capital costs.
Grow Through greenfield opportunities in the area surrounding the Vatukoula Gold Mine.	Evaluate, define and explore the Special Prospecting Licenses within the Tavua Basin.

Strategic Priority

Operational Drivers

Expand

Current Production from the Vatukoula Gold Mine to a targeted sustainable and profitable rate of production.

Develop enough underground access, or development, allowing access to the required mining areas and therefore tonnages and grade.

Sustain

The targeted production rate beyond current Mineral Reserves.

Further define the large mineral resources Inventory and converting this to Proven and probable Mineral Reserves to both replace ounces mined and increase the current Mineral Reserve base.

Optimise

Our working practices and working relationships to target lower unit costs on a per tonne basis.

Target key operational drivers and costs that have high internal rates of return and low capital costs.

Grow

Through greenfield opportunities in the area surrounding the Vatukoula Gold Mine.

Evaluate, define and explore the Special Prospecting Licenses within the Tavua Basin.

We are currently in our next phase of expansion at the mine, increasing our production from the current base of approximately 50,000 ounces per annum.