Andiamo Exploration is a private company exploring for gold and base metals in Eritrea. It has a 723 square km exploration license with multiple targets identified through geophysics and drilling. At its Yacob Dewar target, aircore and diamond drilling of an oxide gold cap returned intersections up to 5.7 g/t gold. Further reverse circulation and diamond drilling is testing the deeper sulphide potential and assays are expected in June 2012. Additional targets on the license including Adi Meriray have returned disseminated and massive sulphides in initial drilling.

1. AFRICA RESOURCES
INVESTMENT CONGRESS
Gold and base metals exploration in Eritrea
Tim Williams – Chairman, Andiamo Exploration
IRONMONGERS’ HALL, CITY OF LONDON TUESDAY, 12 JUNE 2012
www.ObjectiveCapitalConferences.com
June 2012 Andiamo update

2. Andiamo Exploration Limited
ELEPHANT COUNTRY Base Metals and Gold in Eritrea
Haykota – April 2012
Photo: Seife Investor Update June 2012
June 2012 Andiamo update 2

3. Disclaimer
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June 2012 3 Andiamo update 3
3

4. Andiamo – a Private Company exploring in Eritrea
• Highly experienced management, in Eritrea over 17 years
• Raised over US$8 million in 2010/2011
• 723 square km land position with demonstrated potential for both:
– copper/gold Volcanogenic Massive Sulphide (VMS)
– gold in shear zone systems
• Andiamo discovered the Yacob Dewar VMS in early 2011 - 55km SW of Nevsun’s
newly commissioned Bisha VMS Mine.
• Yacob Dewar hosts a gold bearing oxide cap.
• Extensive airborne and ground geophysics; geochemistry; mapping
– 1st phase diamond drilling 4,000m – very encouraging results
– 2nd phase Reverse Circulation 4,000m -to test oxide gold cap at Yacob Dewar
– 3rd phase diamond drill program 4,000m - to test deeper copper/gold
sulphides and reconnaissance drilling for gold shear zones. Assays expected
during June 2012.
June 2012 4 Andiamo update

5. Andiamo Management
William Fisher P.Geo Chairman, non-executive
Successful exploration executive with 30 years experience. Chairman of GoldQuest Mining Corporation.
Previously Chairman of Aurelian Resources, acquired in 2008 by Kinross Gold for $1.2 billion.
Previously CEO of Globe Star Mining (which built a mine in the Dominican Republic) and Vice-
President Exploration of Boliden (a major base metal mining company).
Dr Tim Williams CEO
Mining Geologist with a strong financial background. Thirty years previous experience in the mining
industry in both major mining companies including De Beers, JCI and Gencor, and in juniors including
Golden Star and MDN Inc. Previous mining finance background in James Capel, Lehman Brothers and
Ernst & Young. Operated in Eritrea since 1995
Dr Seife Berhe Country Manager: Resident in Eritrea
Geologist, extensive knowledge of Eritrean geology and its mineral deposits. Author of several substantial
references on Eritrean crustal evolution. Specialist in remote sensing applications for identification of
economic mineralisation. Founder and manager of Global Resources, an environmental consultancy in
Asmara, Eritrea.
Mark Parker Non-executive Director
Successful and experienced mining exploration geologist and executive: the founder and previously
Managing Director of African Eagle, an AIM-listed company that has made a major base metal
discovery in Tanzania, East Africa and has several exploration and development projects in Africa.
Dr Stephen Francavilla Chief Financial Officer
Chartered Accountant, with background in corporate finance and conduct of financial transactions.
Experience of taking companies to IPO both in Canada and in the UK. PhD in Geology.
June 2012 5 Andiamo update

6. Andiamo – History of a Private Company
• Formed February 2008
• Granted Haykota Exploration Licence in Eritrea July 2009
• Initially supported entirely by two founders, Tim Williams and Seife Berhe
• Raised c. $4million July 2010 at $0.50
• Raised c. $3.5million July 2011 at $1.00
• Approximately 25 million shares currently in issue (fully diluted basis)
• Cash in treasury c.$1.0million
• Fully compliant with historic spending commitments
• Audit of 3-year Annual Financial Statements mid 2012
• NI 43-101 compliant reporting as standard
June 2012 6 Andiamo update

7. Eritrea Mineral Licences and Applications (March 2012)
HAYKOTA
Exploration
Licence
June 2012 7 Andiamo update
• E X P L O R AT I O N LT D •

8. Haykota Exploration Licence – Eritrea
• 723 square kilometres granted July 2009
• First renewal due July 2012 – drop 25%
• Second renewal due July 2013 – drop further 25%
• Subsequent annual renewals so long as satisfactory work continues
• Exclusive right to apply for Mining Licence(s) in the residual area
• Minimum annual expenditures (already exceeded)
• State retains 10% free carry
• State June purchase further 30% participating interest on agreed terms
• Capital gain is taxed as income, plus 4% transfer tax
• Royalties: gold up to 5%, base metals up to 3.5%
• Income Tax 38%
June 2012 8 Andiamo update

9. Haykota License on southern extension of the Bisha
VMS belt and the newly identified Shambotei gold trend
The Haykota area targets :
* VMS with gold caps
* lode gold
Good Infrastructure:
* Water
* People
* Sealed road
* Communications
November 2011 9 June 2012 9

10. Geophysics and interpretation programs have led to
numerous targets being identified
Magnetics VTEM
June 2012 10
• E X P L O R AT I O N LT D •

11. Haykota Target areas
(March 2012)
Gash River
Tar Road. Asmara →
November 2011 Andiamo update 11

12. Haykota Licence – multiple targets (June 2012)
Target Type Stage
Yakob Dewar Oxide gold 2 Aircore discovery holes. Diamond core drilled – 32 holes
58 reverse circulation holes complete, assays arriving
Yakob Dewar Sulphides Disseminated sulphides located with core drilling:
4 x 250m deep core drillholes underway
Ber Gebay Oxide & Sulphide Gossan assayed: source not yet located
IP program to identify conducting and chargeable mineralisation
Adi Meriray Sulphides Outcrop gossan. Disseminated sulphides exposed in road cut.
8 diamond core holes complete - waiting assays
Shekeret/Berkele Oxide gold Strong geochemical gold anomaly
6 diamond core holes completed – waiting assays
Shambotei/Jawkerai Shear hosted gold Extensive artisan activity
6 diamond core holes complete – waiting assays
Hoba VMS Coincident geophysical anomalies and gossans.
Core holes being sited - road to be built into the area
Carbonate Hills Skarn Marbles invaded by quartz veining
Geophysical anomalies Mostly VMS North East and South of licence area.
Field confirmation required
June 2012 12 Andiamo update

13. Target: Yacob Dewar
• VMS target
• Gold bearing oxide cap
• Extensive disseminated sulphides
• Gold and copper values in oxide cap
• 2010 2 short aircore holes
• 2011 32 diamond drill holes
• 2012 58 reverse circulation holes
• 2012 3 diamond drill holes to 250m
– to test deeper potential sulphides
– Expect assays in June 2012
• 2012 Continuing ground geophysics (IP and mag)
• 2012/3? Infill and step-out R/C programs suggested
June 2012 13 Andiamo update

14. Target: Yacob Dewar

15. Yakob Dewar aircore and 1st diamond core drilling
highlights
Hole Depth Intersection Au Ag Cu
From (m) (g/t) (g/t) (%)
(m)
HYR-1 1.0 14.0 3.5 5 -
HYR-2 6.0 5.0 2.8 20 -
YDD-001 11.0 10.0 5.7 - -
YDD-002 5.0 16.2 5.0 33 -
YDD-005 0.4 18.4 3.4 5 -
YDD-008 45.0 2.9 5.4 12 -
YDD-014 37.5 5.0 4.0 19 -
YDD-018 218.5 2.5 0.2 48 1.3
YDD-019 117.0 3.0 1.4 61 2.7
YDD-022 17.5 13.0 - - 1.8
June 2012 15 Andiamo update

16. Reverse Circulation drilling at Yakob Dewar 2012
Reverse Circulation holes
angled at 50 degrees to the East
November 2011 Andiamo update

17. Yakob Dewar Reverse Circulation drilling highlights
E&OE
Hole Depth From Width Au Cu
(m) (m) (g/t) (%)
YDRC-04 53 6 1.10 0.51
YDRC-05 56 11 3.05 -
YDRC-06 10 29 2.01 -
YDRC-07 59 4 - 1.14
YDRC-08 12 2 - 1.86
YDRC-09 49 31 - 0.62
YDRC-10 20 20 0.51 -
YDRC-15 6 35 - 0.59
YDRC-17 22 25 1.57 -
YDRC-18 21 16 - 0.58
YDRC-23 6 12 - 0.52
YDRC-24 9 3 - 0.54
YDRC-25 19 3 - 0.59
YDRC-32 39 6 1.16 -
YDRC-33 6 25 7.32 -
YDRC-45 23 52 0.86 -
June 2012 17 Andiamo update

18. Yacob Dewar Reverse Circulation drilling (June 2012)
Note: these are preliminary calculations
June 2012 Andiamo update 18

19. Botryoidal malachite/chrysocolla (?)
from Yakob Dewar 2012
June 2012 Andiamo update 19
• E X P L O R AT I O N LT D •

20. Induced Polarisation (IP) targets sulphides for drilling
20
June 2012
• E X P L O R AT I O N LT D •

21. Target: Adi Mereray
• VMS target
• NE of Yakob Dewar about 5kms
• Extensive disseminated sulphides
• Gold and copper values in gossan
• 2009 Ground gravity survey
• 2010 Airborne geophysics
• 2011 Geology mapping found gossan
• 2012 8 diamond drill holes complete
– to test disseminate and deeper potential sulphides
– expect assays in June 2012
• 2012 Continuing ground geophysics (IP and mag)
June 2012 21 Andiamo update

22. Adi Meriray: diamond drilling now being logged
VTEM
anomaly
Completed
drillholes
Gravity
anomaly
Surface
contours
June 2012 22 Andiamo update 22

23. Adi Meriray – disseminated and massive sulphides
Oxidised
disseminated
sulphides
Adi Meriray road
cut for drill pads
November 2011 23 Andiamo update

24. Adi Meriray sulphides
In Eritrea the VMS deposits are believed to be about 750-800 million years old
Adi
Meriray
Drill
core
June 2012 Andiamo update 24 24

25. Adi Meriray 8 core holes completed – assays pending
June 2012 Andiamo update 25

26. November 2011 Andiamo update 26

27. Target: Mount Hoba
• VMS target
• 2009 Ground gravity survey
• 2010 Airborne geophysics
• 2011 Geology mapping found several gossans
• 2012 8 diamond drill holes planned
– to test disseminate and deeper potential sulphides
• 2012 Access road construction, and build drill pads
Ground geophysics,
Stream sediment and outcrop sampling
Diamond core drilling later in 2012
June 2012 Andiamo update 27

28. Mount Hoba from Adi Meriray drilling Feb 2012
Mount
Hoba
November
Andiamo update 28
2011

29. Integrated geophysics approach at Mt Hoba
Gossan
+/- 900m
Gravity
anomaly Proposed
drillholes
VTEM
anomaly
June 2012 Andiamo update 29

30. Target: Shekeret and Berkele
• VMS and gold target
• Local artisans producing gold
• Large exhalative outcrop
• Significant values from outcrop sampling
• 2010 Airborne geophysics
• 2011 Geology mapping found exhalative horizon
• 2012 6 diamond drill holes complete
– to test extent of surface mineralisation
– expect assays in June 2012
• 2012 Continuing ground geophysics (IP and mag)
June 2012 Andiamo update 30

31. Berkele/Shekeret
Geochemistry:
Surface Sampling:
Geology Mapping
• 6 Diamond core holes
completed January 2012
• Core logging and splitting
• Assays expected June 2012
November 2011 31 Andiamo update 31

32. Gold targets at Berkele and Shekeret
June 2012
Andiamo update 32

33. Drilling at Shekeret January 2012
June 2012 Andiamo update 33

34. Target: Shambotei/Jawkerei
• Lode and disseminated gold target
• Extensive artisanal workings, both in valley and quartz veins
• Gold values in outcrop sampling
• 2010 Airborne geophysics
• 2012 Access across Gash River built
Roads constructed and drill pads built
6 diamond drill holes complete at Shambotei
• to test for vein hosted and disseminated gold values
• expect assays in June 2012
Ground geophysics (IP and mag)
Geology mapping
June 2012 34 Andiamo update

35. GOLD
Gold at Shambotei
In Eritrea
These shear hosted gold deposits
are believed to be
about 500 million years old
Shambotei
artisan valley
workings
November 2011 Andiamo update 35

36. Andiamo’s goldPrivate Company
Andiamo – exploration program
• Extensive artisanal workings
producing gold led Andiamo to
systematically begin the gold
Quartz vein exploration program in mid 2011
workings
Valley • Surface sampling up to 15.5 g/t
workings gold
•Sampling and airborne geophysics
suggest large scale anomalies and
structures over a 20 kms long belt;
associated with artisanal workings
November 2011 36 Andiamo update 36

37. Shambotei/Jawkerei alteration zone; and marbles
Carbonates
Jawkerei
Radiometric
alteration
Shambotei
signature
June 2012 Andiamo update

38. Shambotei carbonates with quartz veining
June 2012 Andiamo update 38

39. Jawkerei valley artisan workings

40. November 2011 Andiamo update 40

41. Work Program Snapshot (June 2012)
– Geophysics
• Ongoing interpretation integrating airborne and ground geophysics,
• Further ground gravity surveys.
• IP and ground magnetic teams operational
– Geochemistry
• Soil sampling
• Stream Sediment sampling
• Surface sampling
– Mapping
• Hoba anomalies and gossans being prepared for drilling
• Target exhalites in NE to be mapped in detail over several kms
• Detailed gold mapping program
– Drilling
• 58 R/C holes for 4,400 m completed at Yakob Dewar for oxide mineralisation
• 870m core drilling at Yakob Dewar and Z1A
• Shekeret and Berkele drilled with 6 diamond core holes
• Adi Meriray VMS – 6 diamond core holes completed
• Shambotei Gold – roads built and 6 diamond core holes completed
• Multiple further targets already identified
June 2012 Andiamo update 41
41

42. • E X P L O R AT I O N LT D •
Wax Chandlers Hall
6 Gresham Street
London EC2V 7AD
Tel: +44 20 7600 1888
Tim@andiamoexploration.com
Stephen@andiamoexploration.com
June 2012