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Gold/Mining/Energy : FAIRSTAR MONTREAL EXCHANGE FFR

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To: DAN LAVALLEED who wrote ()	4/16/1997 10:41:00 AM
From: Kent C.	of 61

Hi Dan, I have some interesting information on Ghana, CIBC Wood Gundy considers Ghana to be the most attractive mining target in West Africa. Ghana exported 1.3 million ounces of gold in 1995. Ghana has favorable mining policies and tax laws, as follows: Ghana's Mining Policy All minerals in Ghana are the property of the state, with rights of reconnaissance, prospecting, recovery and associated land usage being granted under licenses or leases. Reconnaissance and prospecting licenses are normally granted for up to 12 months and three years, respectively, subject to renewal. In Ghana, a mining lease is granted for 30 years. The government acquires without payment, 10% interest in the rights and obligations of any mineral operation and has the option to acquire a further 20% interest where any mineral is discovered in commercial quantities. Tax Laws The Minerals and Mining Law provides for a royalty between 3%-12% and income tax at the rate of 35%. There is a tax writeoff available for 75% of capital expenditures. Mine operators are entitled to hold 80% of foreign exchange earnings offshore from debt servicing, dividend payments, or payment of personnel.

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