Bissau: Os fosfatos de Farim

July 21, 2015 – Vancouver, British Columbia: GB Minerals Ltd. (the “Company”) (TSX‐V: GBL) is pleased to announce that it has received an advance of C$1,000,000 from A.B. Aterra Resources Limited (together with its related companies, “Aterra”). Aterra is a significant shareholder of the Company. The advance is evidenced by a promissory note that is pre-payable, in whole or in part, at any time, bearing interest at a rate of 4% per year and maturing on January 31, 2017 (the “Promissory Note”). The Promissory Note may be repaid in common shares of the Company or in cash through other financings, at the option of the Company or Aterra. The Company intends to use the proceeds of the advance in the interim for expenses and development of the Company’s Farim phosphate mineral property, to meet the Company’s financial obligations and operational commitments and funding litigation as against GBM Minerals Engineering Consultants Limited. Aterra is a “related party” to the Company under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) by virtue of its shareholding being in excess of 10% of the Company’s issued and outstanding share capital. Accordingly, the issue of the Promissory Note is a “related party transaction” under MI 61-101. This transaction is exempt from (i) the formal valuation requirements under Section 5.4 of MI 61-101 pursuant to Subsections 5.5(a) of MI 61-101 and (ii) from the minority approval requirements under Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101 because it does not exceed 25% of the Company’s market capitalization. ON BEHALF OF THE BOARD Luis da Silva President and Chief Executive Officer For further information please contact: Luis da Silva (Luís Guilherme Cabrita da Silva)

President and Chief Executive Officer

Bissau: Bauxite, fosfatos e petróleo

By Yannis Arvanitis (Banco Africano de Desenvolvimento) Guinea-Bissau is one of Africa’s richest countries when it comes to natural resource endowment. Beyond having great biodiversity, its soil is fertile and hosts a multitude of minerals. Also, in addition to known and visible timber and fishing resources, it has been known for the past 40 years that there are significant deposits of bauxite, phosphates and heavy sand in the country. Phosphate deposits were identified over 40 years ago in the region of Farim, and the first feasibility studies regarding their exploration were completed in the mid-1980s. Since then, however, no company has been able to kick-off full-scale digging of the 100 or so million tons of ore identified. Over the past 10 years, the government-issued licenses to explore the site changed hands between companies, for reasons mainly due to technical inability to perform required work. Since 2009, and with an interval lost period due to the 2012 coup d’état, the licence-holding company has moved ahead with an updated environmental and social impact assessment presently near completion, thus opening the way for operations. Bauxite deposits have also been identified near the historical city of Boé. First spotted in the 1950s, they were never commercially viable due to low world prices, but as these have trebled over the past few decades, the economic prospects have become more enticing. In 2007, a lease was granted to a firm named Bauxite Angola, which has recently made announcements of investments of up to USD 500 million. These investments should also cover the rehabilitation of road networks for exports, and the first stages of building a deep seaport in the city of Buba. Oil prospects have also instigated interest in the country. In total, 14 offshore blocks have been licenced to several firms which have been exploring them. Recent reports give hope that offshore deposits from these blocks may to be the first economically exploitable hydrocarbons in the country, although these are only preliminary estimates. Such natural resources endowment gives hopes for the country. Yet history has taught us that cautious optimism, rather than hope, should be in order. There is plenty of evidence in political economy literature of a so-called “resource curse”, showing that resource abundance may be negatively correlated with economic growth, with successful peace-building, as well as with the level of democracy – all of which have been challenges for Guinea-Bissau since its independence. With this in mind and considering that the country is still at the early stages of extractive resource development, Guinea-Bissau should heavily invest in strengthening governance ahead of the resource rents. This way, it will be able to ensure that the opportunities natural resources can bring about are positive and do not turn into drivers of fragility. Although not a mineral-related natural resource, timber presents an interesting case. Guinea-Bissau is rich in timber, and in particular of the redwood type. In 2011, a new timber law was approved by Parliament conditioning licences to environmental and social prerequisites, including environmental and social impact assessments and reforestation plans. However, reports on the ground suggest that during the transition period following the 2012 coup d’état, licensing has expanded to reach an estimated 61 licenses issued in 2014, while in 2012-2013 only 15 were granted. Concurrently, laws allow only for processed timber to be exported, and while there are less than a handful of processing facilities, data from the NGO Global Timber UK indicate that timber exports to China increased from 80 cubic metres in 2007 to more than 15,000 m3 in 2013, far above capacity. Facing such plunder, the new government has decided to halt timber exports altogether. Ultimately, this highlights to extent to which governance shortcomings (allowing for no controls over the environmental aspects and no local value-addition as required by the law), can greatly undercut benefits the country could gain from its resources. In terms of governance, natural resources and extractive industries in particular can have a two-fold impact. On the one-hand, they can impact economic governance through massive inflows of money generated. In this regard, joining the EITI initiative would be a great start. Other schemes such as the Open budget initiative for more transparency in spending/receipts, or simply national tools for greater transparency in economic governance and accountability should be prioritised. A second effect can be of an environmental and social nature. To mitigate impacts, the country should follow-up closely with international compacts such as the European Union’s FLEGT (Forest Law Enforcement, Governance and Trade) for timber. Most importantly, it should also build capacity in that respect. To date, the Ministry of Natural Resources in understaffed and would be overwhelmed if it were to have to deal with environmental and social impact assessments of oil operations, bauxite mining, logging, etc., or even with those related to the construction of a new port. These observations are a call to enhance governance by setting up international standards for resource governance. But we should always remember that standards and processes are useful if followed. As these are developed moving forward, the country should always have an eye on the efficiency of its enforcement mechanisms. In the case of Guinea-Bissau, as is the case in a number of other West African nations, considering that resources exploitation has yet to materialise, the country has a tremendous opportunity: it should not focus on maximising rent from the resources as fast as possible, but rather on how to set the base for getting them right.

Bissau: A produção de fosfatos

May 8 2015 Toronto-listed Canadian miner GB Minerals plans to invest $175 million to begin producing phosphates in Guinea Bissau in 2017, a first for the West African country, its chief executive said. Guinea Bissau is seeking to revive its economy after a military coup in 2012. The International Monetary Fund says it is on track to nearly double growth to 4.7 percent this year. "This will put Guinea Bissau on the mining map. The plan is to deliver our feasibility study to the government in July. Then we are looking to be financed by year end and producing in 2017," Luis da Silva told Reuters. The project also entails a new port at Ponta Chugue, east of the capital Bissau on the Geba River. From there, the phosphates will be exported to international markets. Da Silva said he hopes some of the phosphate, used to make fertiliser, will be absorbed by countries in the West African region where demand is growing fast. Phosphates were discovered at the Farim site, northeast of the capital, in the 1980s although successive investors have never started output, partly due to political instability. Da Silva says that high costs of political risk insurance between 2012-14 after the coup were prohibitive. Prime Minister Domingos Simoes Pereira, elected a year ago in a peaceful vote, says the government is reviewing contracts signed under previous administrations to ensure they are fair and that partners have the means to invest. A four-year government strategy paper released in September listed the Farim project as one requiring "clarifications before it could be integrated into the development programme". Asked to comment on the impact of the review on its operations, da Silva said: "The agreement was ratified by multiple administrations and we have full confidence in our collaboration with the government to make this project a success." The country's other major mining project is the Bauxite Angola mine in the southeast at Boe. Most of Guinea Bissau's roughly $250 million in annual revenues currently come from cashew and fish exports. Reuters

Bissau: Diversificar os investimentos

BISSAU, May 5 (Reuters) - Guinea Bissau is reviewing contracts signed by previous governments as the West African country seeks to ensure miners have sufficient means to kick-start its $2 billion economy, its prime minister told Reuters. Domingos Simoes Pereira, elected at polls a year ago that sealed a transition back to democracy after a 2012 coup, said the review was also aimed at diversifying investment in services such as maritime transport and telecoms, dominated by former colonial power Portugal. Fishing and timber contracts would also be analysed to ensure sustainability for resources, he said. Most of Guinea-Bissau's roughly $250 million in exports come from fish and cashew nuts, though the government aims to develop its bauxite and phosphate sectors. The government wants to encourage investment as the country of 1.7 million people seeks to shed its image as a cocaine transit point between South America and Europe. "Today, we want to bring clarity to all contracts that risk posing problems," the prime minister said in an interview. "For some, there will be audits, for others an inspection by the finance ministry will be enough," he added. The prime minister wants to ensure that contracts ensure a fair return for the country and that the companies awarded them have the means to invest properly. POLITICAL TENSIONS Russian miner Poto has suspended its extraction of heavy mineral sands from Varela on the north coast of Bissau amid a dispute over tax payments and environmental damage. Canada's GB Minerals operates the fledgling Farim phosphate mine in the north, while miner Bauxite Angola has a bauxite project in the southeast at Boe. Guinea-Bissau's main port is operated by Portugal's Tertir Group and its main telecoms company is controlled by Portugal Telecom. The main port in the capital Bissau is small and some cargoes can only be delivered at high tide. "I had a meeting with Portugal's prime minister and I explained simply that we need to open these sectors to competition," Pereira said. Economic growth this year is expected to nearly double from 2014 to 4.7 percent, according to the International Monetary Fund. Donors pledged more than 1 billion euros at a conference in Brussels in March to support a 10-year development programme aimed at giving Guinea Bissau a fresh start. Pereira said the government will prioritise improving infrastructure in the south, reviving a deep sea port project at Buba and a railway linking it to a bauxite mine in Boe. Since Guinea-Bissau won independence in 1974, no elected government or president has completed a mandate, sapping economic development. While confidence in institutions is growing, diplomatic and political sources express concerns about tensions between Simoes Pereira and President Jose Mario Vaz, former rivals for the PAIGC party leadership in 2014. Unlike many African countries where the president is supreme, the semi-presidential Portuguese system leaves considerable overlap in their duties. "Certain officials have expressed their concern about the coordination difficulties that exist between us. Yes, discussions are happening," said Pereira, seated beneath a framed photograph of Vaz in his office. He said that the PAIGC, which fought for independence against Portugal between 1960-1974, planned a party convention this year to address tensions.

Bissau: Os recursos naturais

24/03/10, OJE/Lusa A Guiné-Bissau não tem razão para cometer os erros involuntários cometidos por outros países devido aos cuidados que está a ter com a exploração dos seus recursos minerais, afirma o primeiro-ministro, Carlos Gomes Júnior. O chefe do Governo guineense defendeu esta ideia ao discursar na abertura da conferência nacional sobre a “Indústria Extractiva e Desenvolvimento Durável”, que decorre até sexta-feira em Bissau, juntando 150 especialistas. “O sector geomineiro encontra-se ainda numa fase embrionária, mas com boas perspectivas de uma nova fase do seu desenvolvimento com a produção dos fosfatos de Farim, bauxite em Boé, elminite em São Domingos e petróleo na zona insular do país”, disse Carlos Gomes Júnior. “Tendo em conta as tecnologias hoje existentes, meios e ferramentas para a monitorização e gestão ambiental, os procedimentos encetados pela Guiné-Bissau, os compromissos no âmbito da iniciativa transparência na indústria extractiva, o país não tem razão para cometer os erros involuntários de outros países africanos”. O primeiro-ministro guineense defendeu contudo que o país deve ter sempre em linha de conta os resultados dos estudos do impacto ambiental e mais tarde proceder a uma distribuição justa dos recursos financeiros provenientes da exploração mineira. “Em muitos países os fundos provenientes da indústria extractiva, nomeadamente petróleo, gás natural e outros recursos naturais, não tiveram uma boa aplicação em benefício da população local, gerando mais pobreza, conflito e corrupção”, sublinhou Carlos Gomes Júnior. “A maximização e a distribuição equitativa dos recursos provenientes da indústria extractiva constituem um desafio nobre do meu Governo”, declarou o primeiro ministro, salientando ainda que tudo terá de ser feito dentro dos critérios da transparência e rigor. “Nenhuma civilização se pode dar ao luxo de deixar de lado os benefícios da indústria extractiva, sobretudo quando se pensa na melhoria na qualidade de vida das populações nas suas necessidades básicas”, disse Gomes Júnior. Sem avançar dados, o chefe do governo guineense afirmou que a economia do país, assim como a sobrevivência da maioria da população, dependem dos recursos naturais e da biodiversidade, pelo que assinalou ser fundamental uma exploração racional de qualquer recurso natural. http://www.oje.pt/noticia

Bissau: Notícias de petróleo são muitas

CAP Energy, a company listed on the ISDX Growth Market focused on the exploration, production, and development of oil and gas primarily in sub-Saharan Africa, has announced the results of an independent re-assessment of 2D seismic data by Gas Mediterraneo & Petrolio relating to the Company's two Guinea-Bissau licences. Block 5B (Cap Energy interest 27%) covers 4,800 sq kms and is located offshore Guinea- Bissau with water depths ranging from 250 metres to 4,.500 metres. Block 5B has been covered with approx. 1,532 kms of 2D seismic in 2011 and 1,500 kms in 2013. Vintage 2D seismic of approx. 1,900 kms shot during 1981 to 2000 was also acquired by CAP Energy. The hydrocarbon prospectivity was assessed on the basis of the various seismic surveys and with the availability of all the well information and petrophysical information to enhance the multiplay exploration interpretation. Volumetrics for 21 leads with surface closures bigger than 10 sq kms have been calculated. The identified structures are located at water depths ranging from 1,000 metres to 3,500 metres and variable target depths from sea bottom 800 metres to 2,650 metres. The aggregate Prospective Resources of the block is as follows: P50 STOOIP value 22,083 MMbbls, P10 STOOIP value 34,381 MMbbls, P90 STOOIP value 12,439 MMbbls. Recoverable values are respectively P50: 7,729 MMbbls, P10: 4,354 MMbbls, P90: 12,003 MMbbls. The re-interpretation of Block 5B indicates that the block has a strong analogy with the Sangomar Deep licence in Senegal and the recent discoveries SNE-1 and FAN-1 announced by Cairn Energy. Two of the interpreted prospects in Block 5B are similar to the two discoveries in Senegal. Block 1 (Cap Energy interest 24%) covers 4,800 sq kms offshore Guinea-Bissau with water depths up to 100 metres. Block 1 is located in an emerging shelf margin where appraisal wells have recently been drilled and development plans are starting in adjacent blocks. Block 1 has been covered with 1,530 kms of 2D seismic in 2013. Vintage 2D seismic of about 1,300 kms acquired through 1981 to 1988 was also available. The hydrocarbon prospectivity was assessed on the basis of the various seismic surveys and with the availability of all the well information and petrophysical information to enhance the multiplay exploration interpretation. The aggregate Prospective Resources of the block is as follows: P50 STOOIP value 1,100 MMbbls, P10 STOOIP value 2,060 MMbbls, P90 STOOIP value 308 MMbbls. Recoverable values are respectively P50: 275 MMbbls, P10: 515 MMbbls, P90: 77 MMbbls. Background In February 2013, CAP acquired 85.7% of the shares of Sphere Petroleum, a company that holds 35% participation interests in two explorations licences in the Republic of Guinea-Bissau. CAP Energy’s interests in Block 1 and Block 5B were officially gazetted by the Government of Guinea-Bissau on 19th February 2013. Petroguin, the national oil company, is a carried partner during the exploration period. Block 1 (Corvina) and Block 5B (Becuda) are located offshore Guinea-Bissau in the productive Mauritania-Senegal-Guinea-Bissau-Conakry Basin. Atlantic Petroleum Guinea-Bissau, a subsidiary of Trace Atlantic Oil, is the operator with a 65% interest in the licences. Topics: Project Location: Guinea-Bissau Industries: Oil and Gas Organisations: Cap Energy Reference: Company news item Contact E-mail Address: N/A Date Posted: 24.Mar.2015

Bissau: petróleo e agitação

There has been active exploration offshore Guinea-Bissau since the late 1960's when Esso drilled six wells. In 1974, Guinea-Bissau gained its independence from Portugal and since then exploration has been frequently affected by civil unrest. Offshore exploration has been hampered by a boundary dispute with Senegal, which was not resolved until 1993. There have been intermittent drives to promote the offshore and a number of international companies have been involved in offshore exploration during the last 40 years. Amongst them number Esso, Elf, Pecten, Lasmo, Sipetrol of Chile, West Oil, Sterling Energy, Benton Oil and Gas and Petrobank Energy and Resources. Under an agreement signed in 1995, the area of the border dispute with Senegal, which contains the Dome Flore and Dome Gea discoveries, is now jointly managed by both Senegal and Guinea-Bissau through the Agence de Gestion et de Cooperation entre la Guinee-Bissau et le Senegal (AGC). Under the terms of this agreement, the proceeds from activity in the joint exploration area area are divided between Senegal and Guinea-Bissau in an 85:15 ratio. The Guinea-Bissau permits are situated in shallow waters of the Casamance-Bissau sub-basin within a Mesozoic-Cenozoic depocentre. Live oil recoveries from several wells drilled within the permits, and their proximity to the heavy oil accumulations at Dome Flore and Gea, support the existence of a working hydrocarbon kitchen highlighting the oil prospectivity of the Sinapa and Esperanca permits. The Sinapa (Block 2) and the Esperanca (Blocks 4A & 5A) permits, cover a combined area of 5,840 km2 and are located offshore Guinea-Bissau in the southern MSGBC Basin in water depths ranging from 10m to 2000m. Since 2001, exploration in the Sinapa Permit by Premier Oil has included 3D seismic, and the drilling of the Sinapa-2 well and Sinapa-2Z sidetrack well with oil discoveries in the targeted Albian reservoirs. In early 2004, Sterling exercised its back-in right post-well to take up 5% equity in the Sinapa Permit. A similar post-well 5% back-in arrangement exists for Esperanca permit. Mbendi