lumwana west zambia: world class potential

253,376,470 shares = market cap $13m @ 5.1 cent share price

estimated cash at 30/09/2012 = $4,468,000

16,700,000 CQC shares worth $1.5m at 9 cents
2,500,000 MGV shares worth $250k
26.6m CQC options exercisable at 25 cents

EV = $6.75m

Argonaut holds 80% of Lumwana West Resources Ltd

Significant mines in the region include:

1. Lumwana, Barrick – 900Mt at 0.7% Cu acquired via $7.8 billion takeover of Equinox

2. Kansanshi, First Quantum – 500Mt at 1% Cu

3. Trident, First Quantum –150-300k tpa production from 2016, acquired via $260 million Kiwara takeover

13 kilometres of potentially mineralised shearzone to explore. Mineralisation intercepted to 400+ metres

176m at 0.55% copper and 0.04% cobalt from 51m in drill
hole NYU11RD010

31m at 1.57% copper and 0.02% cobalt from 173m and 6m at 5.51% copper and 0.7% cobalt and 0.3g/t gold from 174m in
drill hole NYU11RD021

90m at 0.46% copper and 0.7% cobalt from 12m in drill hole NYU11RD022

59m at 0.49% copper and 0.02% cobalt from 8m in drill hole NYU11RD023

Potential for world-class, bulk tonnage deposit