Alba has a 49 per cent interest in Gold Mines of Wales Limited (“GMOW”), the ultimate owner of the Clogau Gold Project, situated within the Dolgellau Gold Belt in Wales, United Kingdom. The Project comprises the Clogau Gold Mine and includes a large number of highly prospective gold targets and former gold workings within a total option area of 106.94 km².

From the early 1800s to the late 1990s the Dolgellau Gold Belt produced about 131,000 oz of gold, by far the most of any region within the United Kingdom. Most of this gold (81,000 oz) has been exploited from the historic Clogau-St David’s mine that lies within the Project area.

Despite its high prospectivity, the area is considered to be under-explored and most of it has yet to be subject to sustained modern exploration at a deposit scale. Alba believes that there is a high potential within the Project area to find unworked veins containing gold mineralisation of similar style and grade to that known in historic mines in the area. This includes near-mine exploration targets and new regional targets.