Mongolia

As a part of its activities in the field of minerals, the LAMA ENERGY GROUP, through its subsidiary LAMA INVESTMENTS MONGOLIA, has been carrying out exploration and survey of precious metals deposits in Mongolia since 2010. Currently there are no mining activities going on in Mongolia. The main focus of the company is now acquisition of promising placer deposits of gold ore in Central and South Mongolia identified and verified by geological work during 2010 – 2011. The realization of these acquisitions has been suspended due to ongoing discussions about significant changes in Mongolian legislation concerning foreign investments into heavy industry until these legislative changes are passed, and the situation is being continuously monitored.