Madagascar Betroka Property Itea Property Northern Morondava Basin Uranium Property Ejeda Property East Fiana Gold Property P49 Gold Property Tsididdy Gold Property Ambatofosy Property Pani Property	P49 Gold Property Numerous gold prospects and historical mine sites are known within the property boundaries, however the initial evaluations are focused upon the Soavinarivo prospect. The P-49 property covers a contiguous surface area of 469 square kilometers or approximately 47,000 hectares and is situated in the south-eastern Antananarivo Province and is accessible by road. The P-49 property covers part of a colonial era gold mining district. Numerous gold prospects and old deposits are known within the property. Most notable amongst these is Soavinarivo situated in the southwestern portion of the P-49 gold property. The Soavinarivo prospect was probably the earliest prospect to be mined underground in the region by French interests in the early 1900's. Reports indicated that gold was recovered from quartz veins which have been explored by underground workings and diamond drill holes, as well as surface open cuts and trenches that extend a distance of 300m. A 43m shaft and 3 levels were established to exploit the main mineralized zone. This shaft was soon abandoned in 1911 because of flooding and lack of adequate pumping equipment. There are no records or reported grades are available from this early production period. Further work was completed on the Soavinarivo Prospect in the mid -- 1980's by Russian interests in cooperation with the BRGM of Madagascar. During this time several trenches and two explorations adits were dug to explore the zone. Nine core holes were drilled and a number of intercepts were reported, ranging from 0.5 g/t Au to as high as 10 g/t Au from the dill core, with visible gold noted in places. One adit measured 55m in length and is approximately 1.6 meters across. Pencari geologists collected rock chip samples from the portal of this adit, which returned gold values as high as 1.12 g/t. A recent follow-up visit suggests that the zone is much wider than previously thought, and additional samples have been collected from within the adit where it crosses an intensely deformed and strongly altered shear zone. Assays are pending. Pencari geologists reported that the geology in the area of the Soavinarivo workings constitutes a highly deformed pyroxene-quartz unit which trends 045 degrees north, intruded by pegmatitic granite. The shear zone may be in excess of 30 metres wide. Within the shear a stockwork of dark grey, cherty quartz lenses, veins and stockwork breccias contain arsenopyrite and pyrrhotite, mantled by locally intense biotite and carbonate alteration. Further exploration work consisting of detailed mapping, hand-trenching and gridded soil sampling is set to commence shortly.
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