Charter Pacific Corporation Ltd : Monteray – Additional Burkina Faso Gold Portfolio Acquisition

BURKINA FASO GOLD - EBURNEAN ACQUISITION

On 24 July 2012 Monteray announced it has entered into an agreement to acquire Eburnean Resources sarl, a Burkinabe entity ("Eburnean") which has 5 granted exploration permits in Burkina Faso ("Portfolio") ("Eburnean Acquisition").

The Eburnean Acquisition will complement the Company's existing three permits to be acquired by the Company ("Vema Acquisition") which are, located in the Mana region, and in close proximity to SEMAFO's 6.86 million oz producing Mana gold mine.

The Portfolio includes two permits 100% owned directly by Eburnean and three permits subject to options whereby Eburnean can acquire 100% interest. The permits cover an area of 762km2 and are all located in areas of significant recent discoveries and mine development. Artisanal activity is present on all permits.

Figure 1: Burkina Faso map showing locations of the five permits to be acquired, in addition to the Vema Acquisition permits to be acquired (Kara, Tigan and Bouna).

Eburnean have targeted permits in areas of recent significant gold discoveries. All permits are located on geological structures where major gold discoveries have been made. These areas, all with recent artisanal activities, have been sourced through Eburnean's extensive in-country network. Eburnean geologists have completed soil sampling and other initial exploration work on several of the permits.

The five permits the subject of the Eburnean Acquisition are either already owned by Eburnean or under options.

Mana Region - Consolidates position near Vema Acquisition Permits to be acquired

The addition of the Kana and Bilakongo permits brings the Company's permits in the highly prospective Mana region to five, covering an area of 603km2. The Kana and Bilakongo permits are adjacent to SEMAFO's Mana exploration permits, and along the major regional structures that host the 6.8 million oz Mana gold mine and advanced prospects. With the Mana plant expansion as well as the Wona-Kona super pit study currently under way, the region is on track to becoming a world class gold producer.

Mana Region

Figure 2: Permit map of the Mana region, showing Eburnean's Kana and Bilakongo permits in red, Monteray's Vema Acquisition permits in orange, SEMAFO's permits in purple including the 6.8M oz Mana Mine. Middle Island (green) and Blackthorn (pink) have permits in close proximity.

Kana & Bilakongo Permits

The Kana and Bilakongo permits represent an opportunity along dilational jogs and splays off the Mana Shear Zone. Lithostructural and regolith mapping has been completed. An 800 x 100 metre regional soil sampling program has recently been completed by Eburnean geologists. Anomalies coincide with N-S breaks truncated by NE-SW shears and are easy to follow up.

Pepin & Guimba Permits

The Pepin and Guimba Permits lie adjacent to permits of intense exploration and resource development (High River Gold and Cluff Mining). Development of three further deposits in the immediate region is imminent (Sega, Bissa and Karma). Long geological structures, and the contacts between clastic sediments and mafic volcanics, provide excellent opportunities for further gold discoveries. Abundant artisanal workings on the permits are concentrated along the Sabce shear zone which hosts the High River Bissa deposit (2.87 million oz). No previous exploration has been carried out on these permits.

Figure 3: Pepin & Guimba permits located between Cluff Mining and High River Gold in a region of intense exploration and resource development, with development of three further deposits imminent.

Recent photo of extensive artisanal workings on the Pepin permit.

Dobokuy Permit - Banfora Region

The Dobokuy Permit is set within a highly active major shear corridor of a Birimian greenstone belt, currently hosting over 25 advanced assets of various companies. No previous exploration has been carried out on this permit. Completed regional soil geochemistry by Eburnean geologists has outlined broad anomalies up to 3km in length, coinciding with structural traps and contacts between basalts and andesitic units. The region represents a significant opportunity for gold and VMS style discoveries.

Figure 4: Dobokuy permit location. The permit is located within the major shear corridor of a highly active greenstone belt, currently hosting over 25 various company advanced assets. No previous exploration has been undertaken. An influx of artisanal mining has been observed since December 2011.