General Manager: Hasan YÜCEL         www.tumad.com.tr

TÜMAD Madencilik Sanayi ve Ticaret A.Ş. is a Turkish mining company which carries out exploration and development projects on precious and base metals with owned mineral exploration licenses.

Its strategy is to create economically efficient large mine production sites in areas having potential.The goal is to create large scale mine productions sites where economic and social development is united with environmental protection.

TÜMAD is committed to work in all its mining and mineral exploration sites with full adherence to following principles to ensure the occupational health and safety of its employees, respect the society and its employees, carry on its activities without causing harm to the environment, and perform perpetual and sustainable gold mining operations with high economic yield.

TÜMAD is carrying out the Lapseki Gold and Silver Mine and Processing Project within the borders of Şahinli and Kocabaşlar Villages in the Lapseki District of Çanakkale. The construction phase of the Lapseki Project has been completed and the operation phase commenced in the month of December in 2017.

Within the scope of the project, gold and silver minerals are obtained from four open pits (Karakovan, Karatepe, K-Zone and SBX quarries) operated by exploiting open pit mining methods. The produced ore will be subjected to enrichment process with tank leaching process and dore gold and silver are obtained as final product.

The project complies with the performance requirements of the European Bank for Reconstruction and Development (EBRD). The publicly available documents, including the Non¬Technical Summary (NTS), are made up of environmental impact assessments and related management plans and frameworks. The project was also evaluated as having the "Best Available Technology Use" project.

The feasibility of the project is based on Canadian standards NI-43-101. In the light of these studies it is planned to open 4 pits within the scope of the Project. The ratios of gold per ton and silver per ton are 1,85 g and 1.86 g, respectively. Production is planned to be 94.91% for gold and 72,35% for silver recovery rate. Within the scope of the Project, the total ore production will be 7,15M tons, the total waste production will be 60M tons and total tailing production will be 8,2 M tons.

The Ivrindi Gold and Silver Mine and Processing Project is operated in Değirmenbaşı and Küçükılıca Villages of the Ivrindi District of Balıkesir Province by TÜMAD.

Within the scope of the Project, gold and silver minerals will be obtained from 4 pits (namely the Ballıktepe, Karteldere, Kabaktepe and Güney-Boyun pits). Extraction shall be performed via explosive mining methods. The produced ore will be subjected to enrichment process by tank leaching and dore will be obtained as final product

The project complies with the performance requirements of the European Bank for Reconstruction and Development (EBRD). The publicly disclosed documents, including the Non-Technical Summary (NTS), are made up of environmental impact assessments and related management plans and frameworks.

The feasibility of the project is based on Canadian standards NI­43-101. In the light of these studies it is planned to open 4 pits within the scope of the Project. It is estimated that a total amount of 964.602 ounces of gold and 2.350.997 ounces of silver are contained in the pits. The ratios of gold per ton and silver per ton are 0,67 g and 1,62 g, respectively. Within the scope of the Project, the total ore production will be 45M tons and the total waste production will be 101M tons.

The construction of “Ivrindi Gold- Silver Mine Project” will start in the month of April in 2018 and will presumably last 1 year. Economical life of the mines within this project is 10 years. Rest of the mine life will be designed and studied in detail by contribution of additional supportive exploration activities to be conducted in line with mine plan. It is aimed to be completed investments in the month of June in 2019.

Phone    : 0312 455 1610

Fax          : 0312 455 1601

E-Mail    : info@tumad.com.tr

Web Site: www.tumad.com.tr

Address   :  Buğday Sokak No:9

Çankaya/ANKARA/TURKEY

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