London Mining Fullfill Promises

Colombia

 At London Mining we are developing a policy and management plan for occupational health for our Colombia operations. It is designed to comply with the Colombian Government’s HSE guidelines: the Guia Del Sistema de Seguridad, Salud Ocupational y Ambiente para Contratista of the Consejo Colombiano de Seguridad. London Mining expect the plan to be completed and approved by our management in Q2 2012. The plan will include guidance on working standards relating to external and internal incidences relevant to all aspects of personal and environmental safety. There will be particular focus on risks and events specific to our Colombian operations.

The CGMR Joint Venture

London Mining acquired a 50% interest in China Global Mining Resources (BVI) Limited (“CGMR BVI”) in April 2009.  The remaining 50% interest is held by Wits Basin Precious Minerals Inc.  Also in April 2009, CGMR BVI, through its Hong Kong Subsidiary, CGMR, in turn completed its acquisition of the producing Xiaonanshan iron ore open pit mine and the Sudan concentrate processing plant through the acquisition of the two PRC companies Maanshan Xiaonanshan Mining Co. Ltd and Nanjing Sudan Mining Co. Ltd.  XNS holds a licence incorporating two further adjacent operating mines (Sanbanqaio and Guqaio) and is undertaking a programme of resource definition and mine planning to consolidate the three mines into a single operation.  CGMR signed a non-binding memorandum of understanding to acquire the neighbouring Sanbanqaio and Guqaio mines in August 2009, and has been conducting due diligence regarding such acquisition.  Completion of any such acquisition requires CGMR to raise external finance.

Flooding can come from various sources, from coastal waters, from rivers (also known as fluvial flooding) and surface water flooding. Of all these sources London is most vulnerable to surface water flooding. Heavy rainfall can swiftly overwhelm the drainage network, leading to flooding of low-lying areas.
During the 2007 floods, more than 1,000 homes, over 80 schools and parts of several hospitals were flooded in London despite London receiving only a third of the rainfall that affected other areas of the country. Climate change is projected to increase the frequency and intensity of heavy rainfall events, whilst London’s growth will mean that more people and assets will be at risk.

London Mining Stands Against Bribery

London Mining is fully compliant with the UK Parliament’s Bribery Act 2010. All London Mining staff and contractors are contractually bound to comply with London Mining’s ‘Anti-fraud, Bribery and Corruption Policy’, in which the Act is referenced. All workers are required to contribute towards maintaining the a culture of honesty and ethical behaviour within the company, and all staff members are required to undergo training on the Bribery Act and how to detect, manage and report potential breaches of it.

London Mining is to recieve a direct interest of 25% in the Wadi Sawawin project through its joint venture partner in the project National Mining Company (NMC). NMC holds the historical exploitation licence for the Wadi Sawawin project and three adjacent exploration licences. This agreement supersedes the previous agreement whereby London Mining held a 50% interest in a joint venture company, Saudi London Iron Limited, into which the licences were going to be transferred. Upon closing London Mining will receive shares equal to 25% of the issued share capital of NMC.