Why Aravalli is gone, page-16

Aravalli (Base Metals)
The Aravalli base metals project has passed two very important milestones:
• in late December 2014 the Government of Rajasthan administratively approved the Aravalli Lead- Zinc Project Mining Lease (ML87/2008) in favour of IRL’s 100% owned subsidiary, Crown Mining Private Limited (CMPL). It also cancelled one Mining Lease (ML) and two Prospecting Licence applications from Hindustan Zinc Limited and one ML application from Terramine Developers Pvt Ltd which had overlapped CMPL’s ML application. The Government of Rajasthan will now request the Director of Mines and Geology (DMG) to prepare a new Mining Lease proposal for CMPL for approximately 2,000 hectares, representing around 90% of the original application area. The Company’s Aravalli exploration target remains unchanged after this decision. The Aravalli Lead-Zinc Project is a large Sedex Style mineralised area and is located in Rajasthan, India. (Figure A).

• The Hindoli Reconnaissance Permit (RP06/2008) application was lodged with the Government of Rajasthan in 2008 and has now been approved for grant to IRL’s subsidiary CMPL. Further, the Government of Rajasthan has sent the proposal to the Ministry of Mines, Government of India (GOI) for approval of the grant to CMPL of a an area of 662.60 sq kms. Following the approval, CMPL will make an agreement with the the Government of Rajasthan. The Hindoli RP is considered highly prospective for a number of reasons, including the structural setting, prospective lithological units and numerous recorded instances of surface mineralisation of primarily copper, lead, zinc, silver and gold. CMPL will commence an exploration program once the permit is executed.