Equatorial Guinea

In May 2010, through FCMI Global Inc and its African affiliates, Sillenger entered into a contract to conduct an airborne geophysical survey of the Rio Muni landmass region (27,000 sq km) of the oil-rich Republic of Equatorial Guinea, and 30 km of Continental Platform (4,500 sq km). The survey would provide a state-of-the-art geological database of the region for the Ministry of Mines, Industry and Energy for the purpose of identifying locations of likely mineral, hydrocarbon and water deposits. Sillenger would help the government attract foreign investors to Equatorial Guinea to explore, develop and exploit the resources that are discovered, in an effort to help diversify the economy of Equatorial Guinea from being solely dependent on oil revenues.

Contract Signing – Berlin, May 26, 2010

As compensation for the capital risk of the survey, Sillenger was to earn rights to 15% of the area surveyed. Sillenger would also assist the Ministry of Mines, Industry and Energy to manage the mineral concessions database and essentially act as a marketing arm of the government to attract foreign investment to Equatorial Guinea.

As a condition of the financing for the survey, an institutional funding group absorbed the survey contract into a private company, Ivory Resources, which in April 2011 was sold to Brilliant Mining, which was brought in to run the project. The survey began in late November 2010, and is still ongoing. Sillenger assigned is rights to Brilliant Mining in return for 7,407,407 Units of Brilliant shares. The Brilliant Units have a book value of $2 Million, and the units represent Sillenger’s carried interest in the Equatorial Guinea project.

Sillenger had only completed Phase One and part of Phase two of its operational plan for Equatorial Guinea before the project was acquired by Brilliant Mining.

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