Significant exploration funds have been expended on our 3 gold permits (Moura, Sambarabougou, and Bounsankoba) by previous exploration groups, such as the United Nations, the French Government (BRGM) and a number of private exploration companies and by Bassari Resources Senegal S.A.R.L. (a fully owned subsidiary of Bassari Resources Limited). The Bassari subsidiary has expended in excess of $1.6 million on exploration of the permits in the 20 months prior to the ASX listing in confirming the previous exploration results and further exploring these permits. This program has been successful and numerous gold anomalies and hard rock gold drilling targets have been discovered.

In 2008, Bassari’s primary objective will be to further progress exploration and resource definition within the permit areas in order to identify mineral (primarily gold) deposits. The funds raised from the recent listing are being primarily used for drilling of hard rock anomalies and sampling and proving up of the grade and extent of the alluvial gold fields to warrant a detailed feasibility study on the economics of commencing alluvial production.

The Bassari executive and consulting team has a wealth of experience and success working in Senegal and West Africa.