Development Plan

1. Development Plan

2. Corporate Objectives • Increase shareholder value through exploration & development of large impact mineral projects in North America and Australia • Build a cash flow driven resource company within 2 years through strategic development of existing and proven properties in Australia and North America • Continued exploration and mining of high grade, shallow gold, copper and nickel deposits in Australia • Development of a major gold tailings project in South Dakota

3. Company Profile Goldstake Explorations Inc.: Publicly listed, Canadian mineral exploration and development company, 1st incorporated as Seemar Mines Ltd. in 1966 & traded on the OTC. Name was changed to Goldstake Explorations Inc. in 1986 and has traded on the TSE under the symbol GXP since 1988. Has a diversified portfolio of precious metal properties in Canada, the United States, Australia and Indonesia

4. Property Portfolio Goldstake Exploration Inc.’s business strategy has been to acquire properties meeting the following criteria: • Proximity to proven or probable high grade reserves • Shallow depth of ore deposits • Easy access to existing infrastructure

5. KEY MINING AND DEVELOPMENT OPPORTUNITIES 5 Priority Goldstake Projects

6. Directors & Officers Goldstake’s management & consultants are professional mining engineers, geologists & businessmen with many years of hands on experience in the development & operation of small and large scale mining companies

7. Directors & Officers • Robert B. Cleaver, Director &President 32 years of experience in precious metals exploration & mining; global network of contacts including top mining industry specialists • Charles L. McAlpine, Director & Secretary/Treasurer 41 years mining industry experience, director of several Canadian mining companies & of Hecla Mining Company, a major US silver/gold producer • Peter Froneman, Director & Audit Committee Canadian businessman involved with the engineering equipment industry for 31 years • Peter Mills, Director & Audit Committee Senior Executive with over 30 years experience in marketing, advertising & real estate in Canada and the United States

8. Key Industry Consultants • Fluor Engineers; San Francisco; USA Employed by Goldstake to verify ore reserves & prepare bankable feasibility for Whitewood Creek, South Dakota gold tailings site • Bateman Engineers; Denver USA – Perth Aus. Johannesburg, S.A. Responsible for metallurgy, engineering for the Whitewood Creek feasibility study • Knight Piesold Engineers; Denver USA Designed heap leach and tailings pond at Whitewood Creek • Kappes CassidyMetallurgical Engineers; Reno, USA Executed metallurgical studies on gold tailings at Whitewood Creek property

9. Key Industry Consultants Cont’d • Minproc Engineers; Perth Australia World renowned firm specializing in Mining design processing & construction • Sidley & Austin, Environmental Law Firm; Washington, D.C.,USA Responsible for dealing with EPA & CERCLA legal requirement on Whitewood Creek project. Dealt with lawyer Stephen D. Ramsey who is now V.P. - Environmental for General Electric, USA.

10. Key Mining and Development Opportunities • Goldstake Explorations Inc. owns interests in 5 mining projects that have proven & probable reserves • All of which can be put into production, subject to feasibility, permitting & development financing

11. 5 Key Goldstake Properties • Barrow Creek Properties – Northern Territory Australia • Home of Bullion (Copper, Silver, Gold, Zinc, Lead) • Prospect D (Copper, Nickel, Gold) • Prospect D “A” (Copper, Nickel, Gold) • Hill End – NSW, Australia (Gold) • Whitewood Creek – South Dakota, U.S.A (Gold)

12. Barrow Creek Properties(NT, AUS) • Located 300 KM north of Alice Springs • Exploration License #23186 covers 825 sq. km & is valid till August 2008 Ownership Details • 50% Goldstake • 25% Robert Cleaver, Goldstake President • 25% Imperial Granite & Mineral Pty Ltd, Darwin Aus. John Benger, miner/prospector is the sole shareholder • Above license holders have exclusive rights to explore & obtain mining leases during license period. No formal agreement between license holders other than all parties will do their best to advance property production & each party’s investments will be repaid from production income • See following map (Exhibit 1) for mine locations

13. Barrow Creek Map

14. Barrow Creek Properties:Home of Bullion • Profitable mining can be undertaken concurrently with proving up additional reserves on this massive sulphide high grade deposit • 5,500 tons produced in 1948 with 2,500 tons returning 22.5% Cu • Proven & Probable ore up to 15% Cu to 300 ft. is approximately 9 million lbs. of copper • 3,300 tons proven sulphide ore reserves at up to 15% Cu above 60 M • 33,000 tons probable oxidized ore at 4% Cu – 2% Pb to 35 M • 13,200 tons probable secondary ore up to 15% Cu – above 60 M • 33,000 tons probable ore at 6% Cu – 2% Pb – 5.10% ZN between 60-90 M • Recent Sampling: September 2002 Silver 9-15 ozs., Gold up to 4 dwts (or 6 gmt) & 21.4% & 33.9% copper

15. Home of Bullion Map

16. Barrow Creek Properties:Prospect D (Cu, Ni, Au, Ag) • 1972, 11 diamond drill holes along a 2 km strike length to a depth of 300 ft. indicated probable resource of: Tonnage Copper Nickel Width Oxide 1,633,600 0.512% 0.151% 30’ Sulphide 1,530,200 0.621% 0.247% 28’ • Drill intersections as high as 1.48% Copper, 0.48% Nickel, 215 grams silver & 5.8 grams Gold over 16.9 ft. at shallow depth (hole 7) • Gold & Silver values not given for most of 1972 drill results but a mining operation would produce Gold & Silver as well as Copper & Nickel

17. Prospect D Map

18. Barrow Creek Properties:Prospect D “A”(Oxidised Area) • Results of Airtrac percussion dill holes in 1972 showed: Line 93’ W (A) surface to 103 feet 2.44% Cu 0.41% Ni Line Zero (B) 96 feet 3.43% Cu 0.91% Ni Line Zero (C) 54 feet 5.77% Cu 0.21% Ni Line 100’ E (D) 96 feet 3.32% Cu 0.11% Ni Includes 6 feet (52 to 58 feet of 23.0% Cu 0.21% Ni

19. Prospect D “A” Map

20. Hill EndNSW, AUSTRALIA (Au) • Gold license #5801 covers 4.626 hectares (11 acres) & is valid till Dec. 2022 • Gold license #5809 covers 3.42 hectares (9 acres) & is valid till Dec. 2022 • Dredging license #1231 covers 40.44 hectares (90 acres), due for renewal in 2004 for 21 years • Hill End is the richest gold field, per ton of ore crushed, in history, with the average grade recovered over 30 oz per ton. • 639 lb Gold Nugget (world’s largest) mined at Hill End in 1872 • 1997 production at Golden Gully produced 2 oz/ton at a depth of 190 feet along a 240 foot section of one 10” wide gold bearing reef. Mining ceased when miners broke into old workings • There is a total of 11 gold bearing reefs in this saddle reef formation • Past mining restricted to a depth of 250’ due to water flows which today are no problem • Gold reefs are known to extend to at least 1500’

21. Hill End Cont’dNSW, AUSTRALIA (Au) Production Plan: • Sink a decline or vertical shaft initially to 600 ft. vertical • This will allow access to all 11 gold bearing reefs • Production target 200 tons per day for 400 ounces of gold • This will increase periodically due to patches of bonanza grade gold values (ie. Up to 20 ounces per ton in Cosmopolitan shaft – 1872 mine manager’s report)

22. Hill End OwnershipNSW, AUSTRALIA (Au) • Leases owned 70% by Silver Orchid Pty Ltd, a private company registered in NSW, Australia • Goldstake owns 20% of shares in Silver Orchid & has no obligation to contribute funds to Hill End • Goldstake has an opportunity to increase ownership of leases at Hill End to 50% • First Tiffany Resources Corp., a Canadian public company, owns 20% interest (carried to feasibility) in the leases • Clarence Fowler, the original lease vendor, has a 10% interest in the leases • Robert Cleaver (Goldstake President) & Charles McAlpine (Director/Secretary) own 40% interest in Silver Orchid • Agreement that all funds contributed by all or any of the shareholders will be reimbursed from gold production revenue

23. Hill End Map

24. Hill End Development Plan

25. Hill End Cross SectionShowing Saddle Reef Formation

26. Whitewood CreekSouth Dakota, USA (Gold tailings) • Proven/probable reserves of 729,000 (Goldstake owns over 250,000) with recovery costs of less than $100/ounce • Requires Barrick Gold participation • Possible 2 million ounces of gold in this project owned by Barrick and Goldstake • Ownership Details • Goldstake owns 100% of its properties • Strawberry Hills Mining Inc. has a 20% interest/net profits once a positive feasibility study completed • Strawberry must contribute to ongoing costs • No director of Goldstake owns shares in Strawberry • Strawberry is controlled by a local South Dakota prospector named Maurice Hoffman who brought the Whitewood Creek project to Goldstake in 1986

27. Whitewood Creek Map PLANT RECOVERY SITE TAILINGS REPOSITORY

28. Section 3: Exploration Targets Goldstake has identified 4 exploration targets: Barrow Creek Properties - NT, Australia Mulbangas Barrow Creek Copper Anomaly Utopia - NT, Australia Hemlo - Ontario, Canada

29. MULBANGAS (Cu) • Is a surface copper outcrop in Northern Territory, Australia • Part of a mineralized strike line of approximately 40 km North to South • Ownership Details • Same as Barrow Creek

30. Barrow Creek Exploration Map

31. Barrow Creek Copper Anomaly (Cu) • This magnetic anomaly was identified by an induced polarization survey conducted by the NT Government Survey • Ownership Details: • Same as Barrow Creek

32. UtopiaNT, Australia (Ta, Sn) • Located 300 km north of Alice Springs • Exploration License #23187 covers 1,800 square km • Tantalum/Tin mineralised layered pegmatite over 5 km long and 140 M wide on surface • Assays of up to 2 pounds tin (Sn) & 1 lb. Tantalite (Ta)

33. HemloOntario, Canada (Au) • 104 acre property adjacent to and north-east of the Hemlo David Bell gold mine which is now owned by Barrick gold • Mining is approaching west side of the Goldstake property • Geological evidence suggests that Hemlo ore body dips to north and does extend into Goldstake properties Ownership Details • 50% Goldstake • 50% Bernard Boos, Vancouver based businessman who was controlling shareholder in Seemar Mines • Goldstake/B. Boos own surface rights to Hemlo & pay provincial rent under 3 patented leases (approximately $120.00 per annum)

34. Hemlo Map

35. Project Priorities(In Order of Importance) 1) Home of Bullion (NT, Australia) • Develop further ore reserves on ore body. • Dimensions 550’ x 15’ x660’ x2.8sg. • Mine 500 thousand tons (approx.) whilst developing further reserves • Total anomaly length is over 5,000 feet • Cost to feasibility, $3 million Australian 2) Hill End (NSW, Australia) • Access all 11 gold bearing reefs at Golden Gully Hill End initially to 600 feet • Mine 200 TPD for 400 ounces O.P.D. at a cash cost of approximately $80 Australian per ounce • Gold price in Australian dollars is $580 per ounce • Cost to feasibility, $3 million Australian cont’d

36. Project Priorities(In Order of Importance Cont’d) 3) Prospects D and D “A” (NT, Aus.) • Define ore reserves on Prospect D and D “A”. • Prospect D “A” could be mined by open cut from surface on high grade oxidised copper nickel to expose the underlying massive sulphide ore body (Prospect D) • Cost to feasibility, Prospect D $3 million Australian • Cost to feasibility, Prospect D “A” $1 million Australian 4) Whitewood Creek • Reinstate joint venture with Barrick to carry out original terms of Homestake agreement to develop and mine tailings • Or, lease the Barrick properties & Goldstake would mine the tailings for a cost of less than $100 US per ounce • Cost to feasibility, $2 million US

37. Appendix 1Share Structure • Issued shares 45, 860,660 • Outstanding options exercisable up to Dec 31 2004 – 3,390,000 • Float – approx. – 22,000,000