City of Bakersfield - Government

UNITED PARAGON MINING CORPORATION

United Paragon Mining Corporation (“UPMC”) is a Philippine corporation whose main business is the exploration, development, exploitation, recovery, and sale of gold. UPMC was the result of a merger in 1989 between United Asia and Geothermal Resources (“UAR”) AND Abcar Paragon Mining Corporation (“Abcar Paragon”). Under the terms of the merger, UAR became the surviving corporation and Abcar Paragon transferred all of its assets and properties (real and personal, including rights, franchises and receivables, as well as the operating rights of the Longos Mine) to UAR. UAR was renamed United Paragon Mining Corporation in 1990. UAR was formed as a corporation in 1970 while Abcar Paragon was formed in 1986.

UPMC’s principal mining operation is the Longos Mine at Paracale, Camarines Norte. UPMC operated an open pit area in the mine from August 01, 1988 to June 01, 1994 having extracted 888,809 metric tonnes (MT) of ore, which yielded 79,120 ounces of gold. This was more than twice its originally calculated reserve. By April 1994, UPMC began the commercial operations of the underground mine at the same site. It was placed under care and maintenance in December 1998 to preserve the remaining reserves for future extraction at profitable level. From 1988 to 1998, UPMC produced 290,580 ounces of gold from the Longos Mine. UPMC is presently pursuing various options to raise the amount required to finance the rehabilitation and further development of the Longos Mine.