Overview

ASG is a mineral exploration and mining company incorporated on June 10, 2004 under the laws of Queensland, Australia for the primary purpose of acquiring a 100% interest in the Gold Ridge Project located in the Solomon Islands (the "Gold Ridge Project").

The Gold Ridge Project was closed in June 2000 during the ethnic tensions in the Islands after only 22 months of operation. As a result of the closure, ownership of the Gold Ridge Project passed to AHAC following a claim on the political risk policy provided by AHAC.

In July 2003 the Australian Federal Government along with several other Pacific Nations formed RAMSI and sent forces to the Islands to stabilise the country and start the process of rebuilding the nation. RAMSI is committed to ensuring the ongoing stability of the country and is focussing on rebuilding the police force, implementing economic and political reform.

In June 2004, AHAC as the ultimate sole owner of GRML, together with the Commonwealth Development Corporation ("CDC") as secured creditor, instructed RFC Corporate Finance Limited to manage the sale process of Gold Ridge Project.

The Company was successful in the competitive bid process conducted for the sale of the Gold Ridge Project and settled with AHAC by acquiring all of the issued capital of JV Mine. The share purchase agreement relating to the purchase of the Gold Ridge Project was signed on December 20, 2004 and was settled on May 30, 2005.