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Toroparu Preliminary Assessment
PEA Highlights
- 5 M oz of gold in preliminary mine plan
- $2.6 billion life of mine operating and $1.7 billion pre-tax free cash flow at three-year trailing average gold price of $1,255/oz. effective December 31, 2011
  - • $750 million cumulative cash flow during first five years of production
  - • Pre-production capital costs of $482 million through development of more capital efficient operation for the first five years of mine life
- Average net cash costs including royalties of $450/oz. gold in first five years of operation and $600/oz. gold over the 14-year mine life
- Pre-tax and post-royalty net present value (discounted at 5%) of $805 million and pre-tax internal rate of return of 21%
  - • After tax net present value (discounted at 5%) of $540 million and after tax internal rate of return of 18%
  - • Life of mine projected production of 4.3 M oz of gold and 262 M lbs of by-product copper
Exploration Upside
Exploration Upside
- Infill drilling in progress for Toroparu resource definition
- Step-out and exploration drilling in progress for resource growth
- Strong potential to make new discoveries of 1000 square kilometer land package
- 300 square kilometer geochemical survey nearly complete
- Exploration team led by team that has made several key discoveries of gold deposits that have led to production in West Africa
- Senior exploration management living in Guyana

Potentially Mineable Resources

Potentially Mineable Portion of the Mineral Resource at an average cut-off grade of 0.54 g/t Au^{1, 2, 3}

Potentially Mineable Classification	Tonnes (000’s)	Au g/t	Au oz (000’s)	Cu %	Cu (M lbs)
Saprolite Measured	2,213	0.73	52	0.05	2
Saprolite Indicated	5,008	0.67	108	0.04	4
Saprolite Measured & Indicated	7,221	0.69	160	0.04	6
Saprolite Inferred	5,240	0.56	94	0.04	5

Fresh Rock Measured	20,567	1.24	820	0.14	64
Fresh Rock Indicated	75,213	1.03	2,491	0.10	166
Fresh Rock Measured & Indicated	95,780	1.07	3,311	0.11	230
Fresh Rock Inferred	13,125	0.97	409	0.07	20

Fresh Rock Stockpile Measured & Indicated	69,899	0.39	876	0.07	108
Fresh Rock Stockpile Inferred	17,537	0.37	209	0.05	19

Total Measured & Indicated	172,900	0.78	4,347	0.09	344
Total Inferred	35,902	0.62	712	0.05	44

¹ The potentially mineable mineral resources are reported at an average cut-off grade of 0.54 g/t gold which is intentionally elevated above an optimized cut-off grade of 0.28 g/t Au)used to determine the in-pit optimized resource estimate for the Property to enhance the economics of production.

² Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. Environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues may materially affect the estimate of mineral resources. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

³ The potentially mineable portion of the mineral resource estimate was prepared by Eugene Puritch, P. Eng (PEO #100014010) of P&E Mining Consultants Inc. Mineral resource estimates reported in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions.

Why Sandspring?
Why Sandspring?
- Rapidly developing the Toroparu Gold Deposit, Guyana’s largest mineral resource
- Working toward Large-scale Commercial Production for 5 M oz potentially mineable resource
  - • Environmental authorization pending
  - • Pre-feasibility study scheduled in Q3 2012
- Potential to add to mineable resources through resource growth and definition drilling
- Highly Accomplished board and management with senior producer experience and large ownership interest
- Operational capacity to support both exploration and development
- Sufficient cash available to continue to advance project