Gohar Zamin Iron Ore Company

<p class="rtecenter" dir="ltr"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">Gohar Zamin Iron Ore Co.<br />
(Private Joint Stock)</span></span></strong></span></span></p>

<p class="rtecenter" dir="ltr"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">Based on a decision generated by the Ministry of Industries, Mine and trade and also Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), Gohar Zamin Iron Ore Co. (Private company) was established at Sirjan Companies Registration Department on the Feb. 16, 2005 under registration No. 1753 in order to produce 10 million tons iron ore concentrate and 10 million tons pellet from Gohar Zamin Iron Ore mine per year. </span></span></span></span></p>

<p class="rtecenter" dir="ltr"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">Gohar Zamin Iron Ore Particulars</span></span></strong></span></span></p>

<p class="rtecenter" dir="ltr"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">The largest anomaly in the district is Area 3 with large thickness of cap rock. </span></span></span></span></p>

<p class="rtecenter" dir="ltr"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">Area3 Iron ore Mine which is located within 1.5 Km west of Area 1. Preproduction stripping has been started since February 2005.</span></span></span></span></p>

<p class="rtecenter" dir="ltr"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">The geometrical shape of Gohar Zamin Iron Ore deposit is like a massive ore body. The northern and southern parts of the deposit are close to the surface. The huge value of this deposit is situated at depth. The general shape is a generally semi-lenticular. The overall its Dimensions are 2200*2400 m. The maximum vertical extent is about 80-100m near two end of the ore body and average thickness of 40m in the middle parts of the ore body.</span></span></span></span></p>

<p class="rtecenter" dir="ltr"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:&quot;Times New Roman&quot;,serif">According to the last detailed exploration of this deposit, the geological reserve is about 640 MT. of Ore mineral.</span></span></span></span></p>