Gulf International Minerals Ltd.

COMPANY DATA | INTRODUCTION | PROJECTS IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

Gulf International Minerals Ltd. is a well established Canadian gold and silver mining and exploration company. It has significant deposits in Tajikistan, and the Company has celebrated the pouring of its first dore bar (gold and silver) from its Kansai properties in Tajikistan, as of the 29th September, 2002. The Company also has its Inel and McLymont properties in Northern British Columbia, Canada.

PROJECTS IN HAND

(A) Tajikistan Properties

Gulf International Minerals is concentrating its primary energies on its properties in Tajikistan in 2003 and production has commenced at The Kansai Properties as of early September 2002.

Gulf International Minerals, under the terms of the Tajik-Canada Joint Venture Limited Liability "Aprelevka" agreement, has the exploration rights to an area of Northern Tajikistan known as the Tien Shan Fold, an area of some 2000 sq. km. The Tien Shan Fold is one of the world's most prolific precious metal rock belts, running from Kyrgyzstan to the east, across Northern Tajikistan and west into Uzbekistan. This area has been mined since ancient times and it is only from 1957 that the Russians began any form of sophisticated exploration, which resulted in their being able to prove up 11 million oz of gold along the Tajikistan / Uzbekistan border.

(1) Kansai Properties and Kansai Mill

Kansai is a former mining town and home of the Kansai Mill, which is owned by Gulf International's joint venture with the Republic of Tajikistan.

Three mining projects makes up the Kansai Properties. The ore and tailings will be processed at the Kansai Mill which has been totally restored plus the addition of a CIL circuit. The Elution Plant which extracts the gold from the carbon is situated at the Kansai Mill. Full production at the Kansai Mill commenced in August 2002.

The Capacity of the Mill:
§ 1,200 tonnes per day
§ 15,000 tonnes per month
§ 30,000 tonnes monthly by 2002 year end

(2) Aprelevka Gold Deposit

In 1986 the Russians began the development of the Aprelevka Gold Deposits, which they had to subsequently abandon in 1991 with the break up of the Soviet Union. Having completed the necessary works to put the pit into full production the Russians had only time to extract approximately 20,000 oz of gold.

Gulf International Minerals Ltd. signed the Tajik-Canadian Joint Venture Limited Liability "Aprelevka" agreement with the government of Tajikistan in 1996, making Gulf International responsible for putting the Aprelevka mine back into full production and managing its subsequent operation. In return Gulf International retains a 49% net profit interest. Aprelevka is an open pit gold mine with reserves of 4.746 million tonnes of ore that will yield 650,000 oz of gold at 7.28 g/t plus 41,000 oz of silver. Russian geologists estimate that reserves of up to one million oz of gold could exist in this deposit. Furthermore a strike line which runs to the east for 2.7 km has Gulf geologists feeling confident that the mining life of Aprelevka could be extended well beyond the ten years anticipated. An active drill programme is to take place with the objective of increasing the gold reserves. A mining cost of USD$130 per ounce of gold recovered, makes Aprelevka one of the lower cost gold mining projects in the world.

(3) Burgunda and Ikkizhilon

Burgunda and Ikkizhilon total 1,950,000 tonnes/ore that will deliver 623,000 oz of gold, 243,000 oz of silver and 9,000 tonnes of copper. The gold grade has been assessed at 8.75 g/t.

Furthermore a complex strike line running south from Burgunda to the Ikkizhilon deposit has been identified by the "Kairakkum Geological Exploration" and gold grades have been assessed as being similar to that of Burgunda's 8.75 g of gold per tonne of ore. This information suggests that these large deposits could be increased by up to ten times. Just 3 kilometers west of Burgunda lies a further deposit called STEPNOYE. This is a newly discovered deposit that could result in an exceptional open pit gold mine. Early indications suggest that the strike line runs for 2,000 meters, 100 meters wide and 250 meters deep. Drill holes are indicating grades of between 5 g and 7.9 g of gold per tonne.

(4) Tien Shan Fold Exploration

BOYARBEC

Of special importance - Borehole #638 resulted in 18 g of gold per tonne of ore and 4.978 g of silver per tonne of ore across a width of 2.42 meters.

TUTLI & ALMAHATAN

Both with the same geological environment they collectively cover 36 sq. km. Boreholes indicate gold grades from 5 g to 30g of gold per tonne of ore. One core sample resulted in 40 g of gold per tonne of ore.

CHASMADINAR

Exploration has been traced along 20 km of strike length. A pipe-like ore body is found at each intersection where a fault line crosses the structure. Defined to a depth of 60 metres averaging 6 g to 13 g of gold per tonne of ore. Thought to be 50 tonnes of gold at this site.

NADAK

Stretching 6.5 kilometres with a 1.3 kilometre width. Made up of quartz-carbonate veins grading up to 10 g of gold per tonne of ore.

KARKHONA

A geological anomaly extending through 4 sq. km. Haloes of gold to 0.4 g per tonne of ore. This prospect has the potential for a low grade, large scale open pit mine.

EASTERN KHODJAULGEN

584 trenching and outcrop samples taken with between 1 and 3 g of gold per tonne of ore found in 6% of the samples. Samples taken from quartz carbonate veinlets with chalcopyrite mineralization show grades of up 79 g of gold per tonne of ore.

(B) Canadian Prospects

Gulf International has a 100% ownership of two properties in North Central British Columbia, known as the Inel and McLymont properties. They total 18,342 acres and lie to the northwest of the Eskay Creek Gold deposit. Like many of the properties in this part of British Columbia, they are only accessible by air although this is gradually changing as gravel roads are slowly pushing closer.

(1) Inel Property

The Inel Property, which covers 13,400 acres, is of particular interest as result of numerous gold, copper and zinc occurrences discovered by Gulf International in the early nineties. At that time further exploration was made difficult by not being able to track the deposit further up the mountainside to the glacier. This glacier has now receded a considerable distance allowing for continued exploration. The gradual physical changes taking place are continually making this property more valuable to the Company. Putting a mine into production at this site would require hauling the ore down the south-facing mountainside; a plan that Gulf intends to implement provided further exploration continues to produce significant results.

(2) McLymont Property

McLymont covers 4,942 acres lying approximately 15 km north of the Inel Property. In many ways this property is similar to Inel with significant drilling highlights that confirm high-grade gold mineralization over significant widths. As with the Inel property an infrastructure of roads around the site and a fully winterized camp are in place.

MANAGEMENT

The Board of Gulf International is made up of professional Directors who collectively bring to the Company considerable experience in mining, exploration geology, engineering, project and corporate management, international finance, and an understanding of the people and the politics of Tajikistan. The Board is further supported by a dedicated team of employees.

Alastair Ralston Saul, President & CEO, Director
Alastair Ralston Saul brings to the Company long and proven international expertise in the management of companies and the financing of large-scale infrastructure projects. Before becoming President & CEO, he was a Director of Nichols, one of the UK's largest project management companies. He has successfully organized a number of Canadian mining company financings, and has been responsible for the re-organization of Gulf International's corporate structure, bringing on board a team of very prominent business professionals.

Sir John Morgan, KCMG, Chairman
Sir John Morgan brings to the Company immeasurable experience working in and understanding the former Soviet Union. He was for six years on staff of the British Embassy in Moscow before serving as Ambassador in Korea, Poland, and Mexico. He is currently Chairman of the East Europe Development Fund and an Honourary Fellow and Governor of the London School of Economics. Sir John was the official interpreter for Mr. Krushchev's visit to the UK, Harold Macmillan's visit to the Soviet Union, and the Summit Conference in Paris.

The rest of the directors include:
Ian McKinnon, Director
Lamont Gordon, Director
Robin Woodbine Parish, Director
Chris Tupker, Director
David Mapley, Director
Stephen Pearce, Director and Corporate Secretary

NEWS UPDATE

On March 29, 2004, Gulf International Minerals Ltd. announced that its Tajikistan operations continue their gold production with 965 ounces of gold and 5,627 ounces of silver being produced in February. In the first week of March, the Company made a shipment of 1,400 ounces of gold and 12,700 ounces of silver to Switzerland. The Company expects to exceed February's production numbers in March.

On January 30, 2004, Gulf International Minerals Ltd. announced the commencement of trading of its common shares on the Toronto Stock Exchange as of January 30, 2004 under the symbol GIM. Gulf's common shares have traded on the TSX Venture Exchange since July 1983.

On September 25, 2003, Gulf International Minerals Ltd. announced that it has filed a Technical Report for its Tajikistan properties in accordance with National Instrument 43-101 entitled Aprelevka Joint Venture Gold Properties, Kansai Area, Republic of Tajikistan dated July 15, 2003 and amended August 15, 2003. The report was prepared by Marvin A. Mitchell, P.Eng., Barry Price, P.Geo. and Charles K. Ikona, P.Eng., who conducted a site visit to the Company's Tajikistan properties in April of this year.

On September 16, 2003, Gulf International Minerals Ltd. reported the Company's joint venture operations in Tajikistan continue to improve. Training of local workers began the week before for the new Atlas Copco ROC L8 blast hole drill rig by engineers from Atlas Copco. During the first half of the year until June 30 a total of 72,691 tonnes were mined from three sources. 1,476 tonnes came from the Kansai tailings, 36,428 tonnes came from the Kizil Cheku deposit and 34,787 tonnes were from Aprelevka. The grade for the first six months of the year averaged 0.9 g/t gold and 7.5 g/t silver from the Kansai tailings, 1.41 g/t gold and 53.7 g/t silver from Kizil Cheku and 3.70 g/t gold and 27.38 g/t silver from Aprelevka. The grades were projected to be 0.8 g/t gold from the Kansai tailings, 2.5 g/t gold from Kizil Cheku and 8 g/t gold from Aprelevka. The average mining cost per tonne is estimated at US$0.77 per tonne from Aprelevka and US$0.47 per tonne from Kizil Cheku for the first six months of the year - inline with the Company's projected average costs for mining of US$0.60 per tonne.

On May 28, 2003, Gulf International Minerals Ltd. reported the rapid progress in Tajikistan. The construction at the Kansai gold processing plant, necessary to double its capacity, is progressing extremely well and they still anticipate being able to increase their gold ore throughput from 500 tonnes/day to 1000 tonnes/day from September.

On April 28, 2003, Gulf International Minerals Ltd. reported the gold production update and the expansion in Tajikistan. Management has set a goal to produce up to 50,000 ounces of gold by the end of the year. According to its business plan the Company was to have produced 3,970 ounces as of 31 March, 2003. Actual production to that date was approximately 3,350 ounces. The construction of a second production line, which is now underway. Six new CIL tanks arrived in Tajikistan and welding has begun in earnest. In addition, the Company will be receiving further pumps, agitators, steel fabrication, pipe work, cabling, etc. to complete this expansion.

On March 24, 2003, Gulf International Minerals Ltd. announced that the second gold and silver export shipment from Tajikistan to Switzerland is in the final preparation stages. The gold equivalent value will be in excess of 50 kilos. Gold production is planned to increase monthly. The previously announced first shipment of gold and silver exported to Switzerland was completed without any problems for which the Company received US$586,340.

On January 23, 2003, Gulf International Minerals announced that it has completed the commissioning stage of its Kansai gold processing plant in Tajikistan. During this start up period, which commenced on September 28, 2002, an ore grade of only 1 g/t was processed. During commissioning some 50 kilos of gold was recovered (approximately US$578,000). This gold is being exported to Switzerland in the first week of February for sale to Commerce Bank, and will become the Company's first gold sale.

The London listing on the AIM Market is progressing daily and the Company is working to a tight schedule to achieve this goal. An announcement will be made shortly naming the various parties involved to enable this listing. At the same time the Company intend to carry out a work programme this summer on their Eskay Creek properties in Northern British Columbia.

On January 06, 2003, Gulf International Minerals announced that two very experienced international businessmen have formally joined their board of directors. Mr. Tupker and Mr. Mapley have been advising and assisting the Company throughout 2002 and now bring their extensive experience to the Board level.

Christopher Tupker, Hons.B.A., currently Chairman of Euroclear Bank, Bruxelles and Euroclear plc, Switzerland.
David Mapley, B.Sc. (Econ.), M.Sc., M.B.A. is Managing Director of Shimoda Capital Advisors and Shimoda Resources Holdings Inc., a US quoted company, which owns approximately 7% of the Company.

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