2. Forward Looking Statements
Certain information set forth in this presentation contains “forward-looking statements” and “forward-looking information” under
applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking
statements which include management’s assessment of Galane Gold‘s future plans and operations and are based on Galane Gold‘s
current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking
statements are provided to allow potential investors the opportunity to consider management’s beliefs and opinions in respect of the
future so that they may use such beliefs and opinions as one factor in evaluating an investment in Galane Gold. Some of the forward-
looking statements may be identified by words such as “may”, “will”, “estimates”, “intends”, “expects”, “anticipates”, “believes”,
“potential”, “projects”, “plans”, and similar expressions. These statements are not guarantees of future performance and undue
reliance should not be placed on them. In addition, the projections contained herein are based on the assumptions set out in
Appendix A. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause
Galane Gold‘s actual performance and financial results in future periods to differ materially from any projections of future
performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not
limited to: liabilities inherent in mining; technical problems; Galane Gold‘s inability to obtain permits and regulatory approvals
required in connection with operations; dependence on third party transportation systems; competition for, among other things,
capital, land, inputs and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and
regulations related to mining; the effects of competition and pricing pressures in the market; the oversupply of, or lack of demand for,
mineral products; currency and interest rate fluctuations; various events which could disrupt operations and/or the transportation of
mining products, including labor stoppages and severe weather conditions; the demand for and availability of rail, port and other
transportation services; and management’s ability to anticipate and manage the foregoing factors and risks. Galane Gold undertakes
no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as
required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Such
forward looking statements and forward-looking information in this presentation speak only as of the date of this presentation.
2
Galane Gold Ltd. Company Presentation
3. Galane Gold Summary
Summary Trading Symbol GG:TSX-V
• Owner (100%) of the Mupane gold mine in Botswana, in
Shares O/S 48,233,000
production since 2005
• Annual gold production of approximately 57,000 oz Shares O/S fully-diluted 78,161,233
• No hedges, no NSRs Recent Price (Apr 24, 2012) C$0.85
• Control all prospective ground for gold on the Tati Greenstone Market Cap C$40,998,050
belt in Botswana
Working Capital (at Mar 31, 2012) US$27,331,442
• Low-risk opportunity for resource expansion from existing
properties through: Enterprise Value ~C$18,700,000
– Large portfolio of drill-ready targets obtained via soil Institutional Ownership 81.0%
sampling and previous drilling Management & Board 11.8%
– Drilling previously mined open pits where gold
mineralisation is known to be open at depth Mupane Gold Mine Mill
Company History
• Acquired Mupane Gold Mining (Pty) Ltd. from IAMGOLD Corp.
(effective date: July 1, 2011)
• Acquired Northern Lights Exploration (compl. 10 April 2012)
Investment Case
• Low Geological Risk – Region has been producing gold for >
1,000 years, large portfolio of low-risk targets
• Low Operating Risk – Mupane operation has been mining
and processing since 2005
• Low Financing Risk – Galane Gold can fund its expansion
through internally generated cash-flows
3
Galane Gold Ltd. Company Presentation
4. Management Team
Philip Condon • 25 years experience in mining industry, focus on gold and base metals
• Former CEO of National Mining Company of Oman, Technical Expert &
Chief Executive Development Specialist for Freeport McMoran Copper & Gold Inc.,
Officer and Engineering Manager for Golden Shamrock (Ashanti Goldfields), Project
Director Engineer and Manager, Engineering Services for Conzinc (Rio Tinto plc)
• B.Eng (Hons), MBA, Member of Australian Institute of Company
Directors
• Australian
Charles Byron • 30 years experience as geologist focused on Archaen gold exploration
and mining
Chief Geologist • Previously with Phelps Dodge, Falconbridge and Gallery Gold where he
and Director led the team that discovered the Mupane Gold Deposit and saw it into
production in 2004
• B.Sc. (Hons) Geology, Soils, Geography (University of Natal)
• Botswana
Lawrence • 15 years experience in open cut and underground mining of gold, base metals,
platinum and ferrochrome across a diversified spectrum of countries and
Manjengwa cultures
• Former Mining Director of Nordgold in Guinea, Mine Manager of National
General Manager Mining Company in Oman, Production Manager of Anglo Base Metals’
Skorpionzinc Mine in Namibia, Senior Mining Engineer of Zimplats in
Zimbabwe and Mine Manager of Maranatha Ferrochrome in Zimbabwe.
• B.Sc.(Hons)Eng, Member of AusIMM
• Zimbabwean
4
Galane Gold Ltd. Company Presentation
5. Board of Directors
Ravi Sood • Chairman of Feronia Inc., one of Africa’s oldest operating companies
and largest employers
Chairman (non- • Former CEO of Navina Asset Management a Toronto-based investment
exec) firm
• Director of several companies in the Agriculture, Mining, and Oil & Gas
sectors
• Canadian
Ian Egan • More than 30 years experience in the mining industry
• Currently a director of Kenmare Resources plc
Independent • Previous experience includes holding senior management positions at BHP,
Director Utah Mining Australia, Mineral Deposits Ltd and N L Industries Inc., as well
as being a director of Ok Tedi Mining Ltd.
• Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM) and a
Fellow of the Australian Institute of CPAs (FCPA)
• BEc in Accounting and Law, MEc in Industry Economics
• Australian
Amar Bhalla • President of Capital Investment Corp., an investment management
Independent firm focused on private equity and venture capital
Director • Previously served as CEO of Crescent Logic Inc., a Toronto-based
software firm
• Chairman of Ursa Major Minerals, a TSX listed nickel producer and
director of several TSX-V listed companies
• Canadian
5
Galane Gold Ltd. Company Presentation
6. Botswana Overview
Strong Economic Environment Stable and Simple Legal System
• Ranked as best mining country in Africa1 • Corporate Tax Rate as low as 22%
− Ranked 7th best mining country globally • 5% Royalty on Gold Sales
− Political Stability and Legal Stability • IFRS Accounting System
• Strong GDP growth • English Law
• AA credit rating • Banking system adheres to international standards
• English speaking
¹ Source: Fraser Institute
Emerging Mining Powerhouse Map of Botswana
• Mineral rich and historically underexplored
− Largest diamond exporter in world
− Gold producer
− Nickel producer Indian
Ocean
− Copper producer Atlantic
Ocean
− Platinum producer
− Potential uranium producer
− One of world’s largest measured coal resources
Operating in a stable and economically sound mining-friendly jurisdiction
6
Galane Gold Ltd. Company Presentation
7. Galane Operations – The Mupane gold mine
Type • Conventional open-pit gold mine with mill and carbon-in- Mine Location
leach processing
Location • Northeastern Botswana in southern Africa
• 30 km southeast of the town of Francistown (population of
around 100,000)
Ownership • 100% of the Mupane gold deposits and mining operations
Operating History • Commercial production started in January 2005
• Historical production is 545,688 oz Au to end Mar, 2012
Reserves and As at 31 December 2010 and a $1,200/oz. gold price:
Resources • Reserves: 130,000 oz Au
• Resource: 356,000 oz Au M&I and 77,000 oz Au Inferred Processing Operations
Annual Production • Processing capacity of 1.2 million tonnes per annum of
Capacity oxide ore and 1.0 million tonnes per annum of sulphide ore
• 50,206 oz of gold production in 2011.
• 37,716 oz gold produced from 1 Sept to 31 Mar, 2012
Mine Life • Currently 5+ years, opportunity to significantly extend
Production • 50,000 oz Au per annum / $1,100 all-in cash cost (incl.
Forecast royalties, CAPEX and Exploration)
• Opportunity to improve production and reduce cash costs
7
Galane Gold Ltd. Company Presentation
8. Tenements
8
Galane Gold Ltd. Company Presentation 8
9. Regional Soil Sampling Gold
MONARCH
Francistown TEKWANE
MAP NORA
GOLDEN EAGLE JIM’S LUCK
MUPANE
RAINBOW
Galane Gold Ltd Mining Licences
Galane Gold Ltd Exploration Targets MATOPI
Greenstone belt outline
MOLOMOLO SIGNAL HILL
9
Galane Gold Ltd. Company Presentation 9
10. Simplified Geology of the Tati Greenstone Belt
10
Galane Gold Ltd. Company Presentation 10
11. Tati Greenstone Belt Geology & AeroMagnetics
20 kilometres
Francistown
Total Field AeroMagnetics Geology Directional Filtered AeroMagnetics
11
Galane Gold Ltd. Company Presentation 11
12. Southern Tati Schist Belt Faulting
Mupane Radiometrics (Potassium) Mupane AeroMagnetics Unfiltered Mupane AeroMagnetics Filtered
20 kilometres
Mupane Geology Mupane Au (ppb) in Soils
12
Galane Gold Ltd. Company Presentation 12
13. Northern Tati Schist Belt Faulting
Ultramafic
Intrusions
Ultramafic Ultramafic
Intrusions Intrusions
Monarch Radiometrics (Potassium) Monarch AeroMagnetics Unfiltered Monarch AeroMagnetics Filtered
Monarc
h Mine
Ultramafic City of
Intrusions Francistown
20 kilometres Shashe
Mines
Monarch Geology Monarch Au (ppb) in Soil
13
Galane Gold Ltd. Company Presentation 13
14. Proximity of Key Gold Targets to Mill
Location of existing Mupane
processing and tailings
facility
Potential for discovery of numerous large gold deposits located within 20 km of existing
processing operations
14
Galane Gold Ltd. Company Presentation 14
15. Exploration Program
Target Cost Description
(US$M)
Drill and define resource at US$1.9M • Definition and in-fill drilling on known mineralized zones to
Jim’s Luck define an NI 43-101 reserve and resource
• Drilling of mineralized zones along strike to add to the resource
Tau and Tholo Pit drilling US$0.5M • Prove up additional gold ore below and between existing pits
(existing pits that are open at • Tau already has one hole from pit base with 52 m at 4.5 g/t Au
depth) including 20 m at 6.5 g/t Au
Drill known gold anomalous US$1.5M • These locations are consistent with previous gold deposits
targets having soil sample anomalies but have not had significant
drilling carried out if at all
Golden Eagle pit drilling (open US$0.4M • Gold mineralisation known to continue below current mine
at depth) plan pit depth but not included in reserve/resource
Review of exploration US$0.1M • A complete and extensive database has not been utilised in
database respect of extensive exploration activity
• Also requires review with 2010 technology (currently based on
1995) – especially geophysical data
Targeting increase in reserves and resource to +1 million oz Au at a cost of approximately
$4.4 million to end of 2013
15
Galane Gold Ltd. Company Presentation 15
16. Low Risk Resource Expansion – Tau and Tholo Pits
• Recent drilling results at the previously mined Tau pit include a 53 m intersection averaging 4.55 g/t Au
including:
– 24 m at 6.57 g/t Au
– 15 m at 5.86 g/t Au
• Potential for underground mines at Tau, Golden Eagle, and other locations
16
Galane Gold Ltd. Company Presentation 16
17. Low Risk Resource Expansion – Jim’s Luck
• The Jim’s Luck Project constitutes a 0.5 million oz exploration target
• In excess of 7 km of strike of prospective ironstone lithologies
– 830 meters has been drill tested
– Known low grade mineralization exists over the balance (6km+)
• Production could commence quickly from the drilled out portion
• 140 RC holes (13,170m) and 7 diamond drill holes (1,212m) completed by Gallery Gold (1999 to 2004) and
IAMGOLD (2006)
– 77 RC and 7 diamond holes outline the 830m long target zone averaging 6.0m @ 1.87g/t Au, which
‘envelopes’ a higher grade core averaging 3.18m @ 2.77g/t Au
– Two wider, higher grade ‘shoots’ have also been identified within the 830m – 30m of strike averaging
6.8m @ 4.65g/t and 50m of strike averaging 6.6m @ 4.28g/t
– Drilling to 100m+ has shown the mineralization generally, including the high grade shoots, to be open at
depth with strong down plunge continuity
• Preliminary work is in progress on open pit resources and metallurgical testing
Historical Workings Historical Workings
17
Galane Gold Ltd. Company Presentation 17
18. Jim’s Luck – 7km of Strike
18
Galane Gold Ltd. Company Presentation 18
20. Additional Growth Opportunities
Monarch Mine (Under Application for Prospecting Licence)
• Largest historic gold producer (240,000 oz @ +6 g/t Au) and mined to 200 m below surface
• Approximately 500,000 tonnes of fines dump at 1.4 g/t Au (preliminary estimate)
• Examine the potential below 200 m where limited drilling by previous workers indicates that the reef continues
with intersections that include 3.20 m @ 3.56 g/t Au and 1.51 m @ 3.62 g/t Au
– Design a “deep drilling” program to test this potential
– Also examine the Northern extension up to the old Mambo workings, some 1.5 km
– There is potential for 250,000 ozs for every 200m vertical depth tranche
• Planning work to be completed by mid 2012
Fines Dump at Monarch Mine
20
Galane Gold Ltd. Company Presentation 20
21. Additional Growth Opportunities
MapNora (Shashe Mine)
• Historical operation impeded by the refractory
nature of the ore
• The Phelps Dodge attempt in late 1980s to early
1990s failed due to metallurgical complexities
• High grade shoots (>10 g/t Au) are continuous
down plunge allowing for a potential of 150,000
contained oz Au to depth of 300m vertical depth
• The potential exists for 200,000 oz Au for every
300m vertical depth tranche
• Underground infrastructure, including shaft,
headgear and winder, in place and in good order
to 340 m vertical depth
• Metallurgy now better understood and a
concentrate could be processed at bioleach
facilities in South Africa
• Extract a bulk sample from underground for
metallurgical test work in late 2012
Headgear at Map Nora Underground Mine
21
Galane Gold Ltd. Company Presentation
22. Additional Growth Opportunities
Matopi
• Virgin discovery by Gallery Gold in 1997 as a coincident gold and arsenic in soil geochemistry anomaly
• Preliminary trenching and drilling show a large but low grade and discrete ultramafic unit with uniform mineralization e.g.
35 m @ 0.85g/t Au (including 4 m @ 2.25g/t Au) and 41 m @ 0.86 g/t Au (including 16 m @ 1.85 g/t Au)
• Additional work planned for early 2012 to better understand this significant anomaly and to test for better mineralization
possibly missed by the previous work
Rainbow
• Favourably located geologically and physically, between Jim’s Luck and Matopi and close to Signal Hill
• An historic underground mine exploiting narrow high grade ‘shoots’ with the potential for larger, lower grade mineralized
‘halos’
• Access to site needs to be repaired before work can commence – planned for Q2 2012, after the rain season
Orapa Road Anomalies
• A string of subtle gold in soil geochemical anomalies sporadically developed over a strike length of 20 km and coincident
with a strong linear aeromagnetic geophysical anomaly typical of a significant fault system
• This group of anomalies potentially constitutes a classic case of gold ‘leakage’ up and along a structural system and could
be indicative of significant gold mineralization at depth
• More detailed magnetic surveys are planned with drilling of any targets generated in late 2012
Tekwane
• This manifests itself as a “standout” gold in soil geochemical anomaly some 4.5 km2 in size and caused by an auriferous
quartz rubble horizon in the soil profile
• Origin of the quartz rubble needs to be established –theory is it could originate from an as yet undiscovered underlying
“stockwork” system associated with existing favourable lithologies
• A systemic and extensive, but phased, pitting exercise commences in late 2011
22
Galane Gold Ltd. Company Presentation
23. Milestones
2011
Complete Review of Org Structure and skills requirements
Implement Organisational Restructuring
Complete Exploration Plan
Carryout Initial Mine Plan Review
Identify impediments to performance above plan
2012
Complete Acquisition of Northern Lights Exploration
Resource Expansion – commence drilling programme
Resolution of dilution, fragmentation, mine geology and productivity issues
Complete optimised ore tonnage throughput and gold recovery
Complete Mine Geology and Resource Review
Complete revised mining plan
Botswana Stock Exchange Listing
Capital Expenditures – complete full 2 year capital plan
23
Galane Gold Ltd. Company Presentation
24. Investment Highlights
Immediate Leverage Experienced Operating
Exploration Upside
to Spot Gold Management
• Unhedged gold producer • Control all prospective ground on • Strong operators with the ability
• Free cash flow from current 2016 the Tati Greenstone belt to optimize and expand the mine
plan in excess of $100 million at • Substantial data set and portfolio • Ability to leverage African
$1,700/oz gold price and over of drill-ready targets relationships with accretive
$200 million at $2,000/oz • Likelihood of underground external growth
expansion of existing pits
Compelling Valuation on Current Production Alone
Current Valuation Extended Mine Valuation Re-
Life Rating
24
Galane Gold Ltd. Company Presentation
25. The Galane Gold logo was designed by an
employee in a company-wide contest. The
blue and black bars in the official colours of
Botswana represent the hands of Batswana
protecting the country’s resources for the
betterment of the country and its people.
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Galane Gold Ltd. Company Presentation