ASX: TAR

Competent Person Statement & DisclaimerThe information contained in this presentation has been prepared by Taruga Gold Limited (Company).

The information in this Presentation that relates to exploration results and geological information is compiled by Mr Bernard Aylward. Mr Aylward is a full time employee of the Company and a member of the Australian Institute of Mining and Metallurgy. Mr Aylward has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Aylward consents to the inclusion in this Presentation of the information based on his work in the form and context in which it appears. To the maximum extent permitted by law, the Company and their related bodies corporate, affiliates and each of their respective directors, officers, partners, employees, advisers and agents and any other person involved in the preparation of the presentation disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, the presentation. No representation or warranty, express or implied, is given as to the fairness, accuracy, completeness, likelihood of achievement or reasonableness of any assumptions, forecasts, prospective statements or returns contained in the presentation. Such assumptions, forecasts, prospective statements or returns are by their nature subject to significant uncertainties and contingencies, have been based on current expectations about future events and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described. The Company has no responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of this presentation document, which may affect any matter referred to in the presentation. You must not rely on the presentation provided but make your own independent assessment of the presentation and seek and rely upon your own independent taxation, legal, financial or other professional advice in relation to the presentation and any action taken on the basis of the presentation. All information in this presentation is current as at 1 February 2012.

Niger

Ghana

Coted’Ivoire

Taruga Gold - West African Gold Exploration

Why We Focus on West Africa

Highly experienced service providers

Pro-mining region with strong legal system

Exploration focus in previously untested regions

Leading discovery rate & development of new mines in last 15 years

One of the world’s greatest gold regions

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Bernard Aylward BSc (Hons – Geol)

Board and Management

Executive Chairman and Managing Director

20 years Experience as Manager & Exploration Geologist across West Africa, Australia and Europe.

Ed Edwards BCom, ACA, FAICDNon-Executive Director

Accountant with over 30 years’ experience in the resources sector, Director of Athena Resources and a former director of Aztec, Fox, Matlock Mining & Scotgold

Peter Newcomb FCA (ICAEW)Executive Director, CFO and Company Secretary

Chartered Accountant with over 30 years’ experience in the resources & other industries in a number of countries, Company Secretary of Athena Resources and Scotgold Resources.

Niger

Ghana

Burkina Faso

Cote d’Ivoire

Kossa ProjectKossa Project

Tortiya ProjectTortiya Project

Mangkono ProjectMangkono Project

Ducie ProjectDucie Project

Niger

Ghana

Coted’Ivoire

All projects located within Birimian Greenstone Belts

NigerPro-mining country with world class Uranium mining industry

Recent peaceful elections

Under-explored for gold mineralisation

SEMAFO (TSX:SMF), capitalised at C$2.43b, developed & operated Samira Hill gold mine since 2004.

Large Canadian explorers are aggressive in Niger

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Kossa Project – Niger970km2 granted licences developing gold district

Very encouraging grade and width with 1km of strike to date

Additional drilling and broad untested Geochemical anomalies

Adjacent to IAMGold’s 5Moz Essakane Gold Mine

Project originally explored by Orezone with highly encouraging results. Orezone sold Essakane and the Kossa exploration ground in Niger  to IAMGOLD in late 2008

Kossa and other Niger exploration deemed non core by IAMGOLD

Niger

Ghana

Coted’Ivoire

Kossa ProjectKossa Project

Same geological sequence and structural setting as Essakane

Kossa licence joins the Essakane regional project with high grade results

Previous exploration activity has demonstrated high grade gold intersections returned

Kossa Project – Niger

Niger

Ghana

Coted’Ivoire

Kossa ProjectKossa Project

Surface Sample (Au ppb)Birimian Greenstone Granite

Essakane Gold Mine5Moz

Essakane Gold Mine5Moz

Kossa Project970km2 Granted

Licence

Kossa Project970km2 Granted

Licence

20km

Exploration•Previous exploration completed by Orezone has defined strong geochemical anomalies

•Geology masked by extensive areas of aeolian sand cover

•Initial RC drilling at the Kossa and Fatatako prospects confirms the presence of primary gold mineralisation

•Potential for Cu-Mo mineralisation to be evaluated as previous work highlights strong anomalism

100 to 200

200 to 5000

50 to 100

Surface Sample (Au ppb)

Birimian Greenstone

Granite

Sand cover

Essakane Gold Mine5Moz

Essakane Gold Mine5Moz

Immediate Drilling TargetsExploration drilling by Orezone at the Kossa Prospect has defined a +900m strike length of gold mineralisation with intersections including:

14m at 3.79g/t gold from 28m in drill hole KSC033

13m at 2.43g/t gold from 20m in drill hole KSC032

11m at 3.86g/t gold from 39m in drill hole KSC039

16m at 1.13g/t gold from 50m in drill hole KSC085

15m at 2.12g/t gold from 53m in drill hole KSC056

8m at 3.83g/t gold from 50m in drill hole KSC036

100 to 200200 to 5000

50 to 100

Surface Sample (Au ppb)

Birimian Greenstone

Tarkwaian Sediments

Kossa Prospect Kossa Prospect

Kossa Project – Immediate Drilling Targets

Gold mineralisation hosted in folded sedimentary sequence

Interpretation indicates 3 mineralised lodes remaining open along strike and depth

Targeting initial resource at Kossa by end-2012

500 Metres

N

OpenOpen

Open

Open Open

Open

1 - 5g/t Au

>5g/t Au

0.5 - 1g/t Au

Drill Hole– Max Gold ppm

14m @ 3.79g/t fr 28m14m @ 3.79g/t fr 28m

13m @ 1.92g/t fr 10m13m @ 1.92g/t fr 10m

14m @ 1.60g/t fr 35m14m @ 1.60g/t fr 35m

13m @ 2.43g/t fr 20m13m @ 2.43g/t fr 20m

16m @ 1.13g/t fr 50m16m @ 1.13g/t fr 50m

11m @ 2.16g/t fr 31m11m @ 2.16g/t fr 31m

5m @ 5.84g/t fr 32m5m @ 5.84g/t fr 32m

3m @ 21.17g/t fr 2m3m @ 21.17g/t fr 2m

7m @ 2.32g/t fr 70m7m @ 2.32g/t fr 70m

4m @ 4.41g/t fr 41m4m @ 4.41g/t fr 41m

8m @ 3.83g/t fr 50m8m @ 3.83g/t fr 50m

6m @ 2.07g/t fr 71m6m @ 2.07g/t fr 71m

6m @ 1.78g/t fr 70m6m @ 1.78g/t fr 70m

15m @ 2.12g/t fr 53m15m @ 2.12g/t fr 53m

6m @ 1.33g/t fr 24m6m @ 1.33g/t fr 24m

6m @ 1.51g/t fr 29m6m @ 1.51g/t fr 29m

6m @ 1.21g/t fr 80m6m @ 1.21g/t fr 80m

3m @ 1.14g/t fr 20m4m @ 7.45g/t fr 32m

3m @ 1.14g/t fr 20m4m @ 7.45g/t fr 32m

6m @ 2.82g/t fr 3m3m @ 7.46g/t fr 67m

6m @ 2.82g/t fr 3m3m @ 7.46g/t fr 67m

3m @ 1.17g/t fr 48m2m @ 8.51g/t fr 72m

3m @ 1.17g/t fr 48m2m @ 8.51g/t fr 72m

4m @ 3.07g/t fr 29m11m @ 3.86g/t fr 39m

4m @ 3.07g/t fr 29m11m @ 3.86g/t fr 39m

11m @ 1.84g/t fr 9m11m @ 1.84g/t fr 9m

Kossa Project – Immediate Drilling Targets

200m

180m

220m

240m

260m

OB 18OB 18 OB 18AOB 18A OB 17OB 17 OB 16OB 16

Interpreted Mineralisation

Drill Intercept

Open

48m

75m

90m

KSC0050KSC0039

KSC0049

Open

35m

60m

KSC0069KSC0068

Open

67m 75m

75m82m

100m

30m

74m68m

KSC0037

KSC0067

KSD0011KSC0038 KSD0012/10

KSC0033

KSC0015

90m

KSC0035

Open

75m

90m

65m

KSC0036 KSC0013KSC0014

11m @ 1.84g/t fr 9m11m @ 1.84g/t fr 9m

4m @ 4.41g/t fr 41m4m @ 4.41g/t fr 41m

3m @ 1.31g/t fr 8m9m @ 1.42g/t fr 14m3m @ 1.42g/t fr 33m

3m @ 1.31g/t fr 8m9m @ 1.42g/t fr 14m3m @ 1.42g/t fr 33m

4m @ 3.07g/t fr 29m11m @ 3.86g/t fr 39m

4m @ 3.07g/t fr 29m11m @ 3.86g/t fr 39m

7m @ 2.32g/t fr 70m7m @ 2.32g/t fr 70m

13m @ 1.92g/t fr 10m

13m @ 1.92g/t fr 10m

14m @ 3.79g/t fr 28m

14m @ 3.79g/t fr 28m

4m @ 1.32g/t fr 33m8m @ 2.33g/t fr 42m

4m @ 1.32g/t fr 33m8m @ 2.33g/t fr 42m

15m @ 2.15g/t fr 58m

15m @ 2.15g/t fr 58m 8m @ 0.86g/t fr 75m8m @ 0.86g/t fr 75m

14m @ 1.60g/t fr 35m

14m @ 1.60g/t fr 35m

6m @ 1.34g/t fr 24m6m @ 1.34g/t fr 24m

8m @ 3.83g/t fr 50m8m @ 3.83g/t fr 50m

Immediate Drilling Targets

At the Fatatako Prospect gold mineralisation includes:

8m at 3.06g/t gold from 17m in drill hole FKC0016

2m at 7.23g/t gold from 6m in drill hole FKC0036

10m at 1.52g/t gold from 64m in drill hole FKC0036

7m at 2.74g/t gold from 11m in drill hole FKC0055

5m at 8.34g/t gold from 76m in drill hole FKC0058

Kossa Prospect Kossa Prospect

Fatatako Prospect Fatatako Prospect

100 to 200200 to 5000

50 to 100

Surface Sample (Au ppb)

Birimian Greenstone

Tarkwaian Sediments

Interpreted Mineralisation

Drill Intercept

Kossa Project – Immediate Drilling Targets

FKC0045FKC0017 FKC0016 FKC0099 FKC0058

75m

75m

85m 85m90m

Fatatako Section 1603760

200m

180m

220m

240m

260m

3m @ 2.40g/t fr 42m3m @ 2.40g/t fr 42m

5m @ 8.43g/t fr 76m5m @ 8.43g/t fr 76m

Exploration drilling testing the Kossa and Fatako prospects to follow-up previously defined gold mineralisation – RC drill rig mobilising in February 2012

Exploration will target extensions to the Fatatako Prospect and potential links to the Kossa Prospect

Aircore drilling targeting extensions to north and south

Detailed aeromagnetic survey of Project area to advance understanding of geology

Detailed auger geochemical sampling of sand covered areas

Kossa Project – Exploration Program

Ghana

2nd

Long history of established mining, robust legal system & English speaking

Economy rapidly growing and developing

2nd largest African gold producer - +3Moz per year production. Major gold deposits in country, and many +10Moz gold discoveries

New mines developing in country i.e. Perseus

All major gold mining companies active in Ghana and many mid-tier and juniors.

 

Ducie Project – NW Ghana

Niger

Ghana

Coted’Ivoire

1,100km2 granted licences in exciting gold province

High-tenor geochemical anomalies

No previous drilling, artisanal workings

Ducie ProjectDucie Project

Ducie Project – NW GhanaUnder-explored region of NW Ghana – activity on neighboring ground is uncovering new gold discoveries (ASX – Castle Minerals Ltd, Azumah Resources Ltd)

Geochemical anomalies highlight major structures and targets remain open in all directions – No previous drill testing within licence

Licence area contains more than 75km strike of Birimian greenstone belt

Niger

Ghana

Coted’Ivoire

Ducie ProjectDucie Project

150ppb Au150ppb Au

924ppb Au924ppb Au

100ppb Au100ppb Au

50km of gold mineralised structure untested. Geo chemical anomalies remain open along strike

50km of gold mineralised structure untested. Geo chemical anomalies remain open along strike

Ducie Project – ExplorationAeromagnetic data highlights major structural control

Geochemical anomalies remain open along strike with wide-spaced sampling returning results up to 150ppbAu

Exploration required is geological mapping and anomaly definition to prepare for first pass drilling program

150ppb Au150ppb Au

924ppb Au924ppb Au

100ppb Au100ppb Au

50km of gold mineralised structure untested. Geo chemical anomalies remain open along strike

50km of gold mineralised structure untested. Geo chemical anomalies remain open along strike

50 - 100ppb Au

>100ppb Au

25 - 50ppb Au

 

Under-explored country with very high prospectivity

Returned to stable government following election in November 2010

Active gold mining in country with Randgold Tongon Mine, Newcrest Bonikro Mine, Cluff Mining Angovia Mine & La Mancha Ity Mine

Legal system strong and similar to other Francophone West African countries, eg Burkina Faso and Mali.

 

Cote d’Ivoire

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Licence Application covering 1,000km2 of Birimian greenstone geology and major structures

Very limited modern exploration completed

No previous drill testing within licence area

Gold mineralised structures with artisanal workings highlight priority target area

Target strike length in excess of 35km

Mangkono Project – Cote d’Ivoire

Niger

GhanaCoted’Ivoire

Key Target AreaArtisanal working

associated with geological structure. Target open

along strike for over 20km

Key Target AreaArtisanal working

associated with geological structure. Target open

along strike for over 20km

ASX Code: TAR

IPO Raise: A$6.12M, 30,616,000 new shares issued

Shares on Issue: 85,616,000 (33,116,000 trading)

Market Cap: A$17M

Cash: A$6.25M

Capital Structure

Comparable Stock Market Capitalisation Enterprise Value

Taruga Gold (ASX:TAR) $17 million $11 million

Mt Isa Metals (ASX:MET) $46 million $33 million

Golden Rim (ASX:GMR) $61 million $52 million

Middle Island (ASX:MDI) $39 million $32 million

Canyon Resources (ASX:CAY) $35 million $29 million

Comparables

Contact:Bernard Aylward +61418943345bernard.aylward@tarugagold.com.au