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Axiom Mining geologists first visited PSC in September 1996. In December 1996, a subsidiary of Axiom Mining (PSC P/L) applied for an exploration licence for 50 sq kms covering the main areas of artisan mining activity that had been sampled by Axiom Mining�s geologists. In 2003 Axiom Mining transferred PSC P/L to an unrelated third party, PSC Holdings. Following the transfer, PSC Holdings declared a trust over 12.1% of the issued capital of PSC P/L in favour of Axiom Mining�s subsidiary Vietnam Resources Corporation (VN Holdings). Accordingly, Axiom Mining retained a 12.1% beneficial interest in PSC P/L, which held the PSC licence application. Triple Plate Junction plc has recently proposed to Axiom Mining that the 12.1% beneficial interest be converted into a legal interest.

After the transfer from Axiom Mining, PSC Holdings became a wholly owned subsidiary of Triple Plate Junction plc and, through PSC P/L, entered into the Newmont Joint Venture in relation to PSC. The Newmont Joint Venture has since been granted two licences totalling 154 sq kms in relation to PSC, although the original licence application of PSC P/L lapsed. PSC P/L may own between 51% and 75% of the joint venture vehicle, which owns a 70% interest in the PSC Licences. The balance of 30% is owned by Vietnamese interests. In summary, Axiom Mining has a 12.1% beneficial interest (which may be converted to a legal interest) in PSC P/L, through which the interest in the Newmont Joint Venture is held. Assuming Newmont does not withdraw from the Newmont Joint Venture, Axiom Mining will retain an effective 6.4% interest that may dilute to 2.96% depending on the ultimate participation of Newmont. Please refer to the description of the Newmont Joint Venture in section 10.

It is Axiom Mining�s view that the 12.1% interest is free-carried, that is, Axiom Mining does not have any obligation to contribute funding in order to preserve the 12.1% interest of VN Holdings in PSC P/L until the stage of mine development. However, Triple Plate Junction plc has recently communicated to the Company that it does not consider that the 12.1% interest is free-carried and has sought contributions for past and future expenditures in relation to the PSC Licences. At the date of this Prospectus, Axiom Mining is communicating with Triple Plate Junction plc with a view to resolving the difference in opinion as to whether the 12.1% interest is free-carried. Aggressive exploration as reported by the Newmont Joint Venture including airborne geophysics and exploration drilling on selected targets is underway. The minimum resource target objective for Newmont to elect to adopt an operational role at PSC is 3 million ounces of gold attributable to Newmont. This equates to an overall objective for the project of approximately 6.6 million ounces.