I never expected this ‘journey’ to be an easy one; face it, - this is a rough and tumble business full of continuous ups and downs; dramatic swings in fortune; periods of famine; sea sickness.

In this arena, even the best conceived and most deftly executed solid constructs take time to bloom after incipient seeds have been planted.

2012 was an exceedingly good year.

• Comprehensive ground gravity and high resolution magnetic surveys, and a remote sensing survey, were completed over the Dombraly-Shirotnaia gold trend.
• Moreover, an ASTER imagery survey to locate areas of hydrothermal alteration (associated with the style of gold mineralization known to occur in the region) while simultaneously identifying prospective tectonic features (structural controls on the alteration including faults and fracture zones) was also completed.
• Taken together, these ‘perusals’ demonstrated significant potential for the southeastern portion of Alhambra’s licenses to host large gold deposits.
• Going forward, a better understanding of the structural and alteration signatures (for known zones of gold mineralization) will be used to locate new targets for exploration.
• On a near-term basis, 18 new exploration targets were identified; - five deemed ‘high priority’.
• One of Alhambra's 2012 early stage exploration targets (Zhanatobe) intersected significant gold mineralization at depth in both the Northern and Central areas.
• Received the results of an initial independent National Instrument ("NI") 43-101 gold resource estimate for Alhambra's Dombraly gold deposit.
• Dombraly contains at least 301,000 ounces of Inferred current mineral resources (grading 1.01 g/t Au) and 22,000 ounces of Indicated current mineral resources (grading 1.22 g/t Au).
• Due to timing, the initial Estimate for Dombraly does not incorporate the analytical results for the successful 32 hole (5,528 m) core drilling program completed at the end of October 2011 which resulted in the discovery of two new zones of higher grade gold mineralization; extending known areas of gold mineralization both north and south.
• When economics permit, an updated estimate for Dombraly will be forthcoming; significantly increasing resources.
• Received the results of an initial independent National Instrument ("NI") 43-101 gold resource estimate for Alhambra's Shirotnaia gold deposit.
• Shirotnaia contains at least 645,000 ounces of Inferred mineral resources (grading 0.58 g/t Au) and 71,000 ounces of Indicated mineral resources (grading 0.76 g/t Au).
• Due to timing, the initial Estimate for Shirotnaia does not incorporate either the analytical results for three diamond drill holes (489 m) from the 2011 drilling program or the entire 2012 diamond drilling program consisting of 18 core holes (3,691 m).
• This 2012 drilling program included a phenomenal high-grade ‘intersection’ extending 500 feet (open at depth) within the same major flexure hosting two world class gold fields a mere few miles away; - a domain where large very-high-grade ‘deep’ gold deposits are customary within this particular gold belt.
• Shirotnaia is potentially a very extensive (yet complex) deposit remaining open along both strike and depth.
• When economics permit, an updated estimate for Shirotnaia will be forthcoming; significantly increasing resources.
• At Uzboy, the ‘new’ NI-43-101 compliant resource estimate and ‘updated’ Scoping Study, sure to constitute a decisive turning point, will likely peg a valuation of several hundred million dollars (net present value); amounting to several dollars per share.
• A draft version of the updated Uzboy NI-43-101 compliant resource estimate is already in hand, to be released shortly.

• The board of directors was greatly strengthened.

So, yes, - a lot of good things have been accomplished this year.

These things take time.

Our guys put in a very valiant effort this year.