Summary - G-Resources

Summary
G-Resources Group Limited is pleased to advise that continued significant
progress has been made since the last project update on 19 October 2010.
In summary:
Construction:
Leighton Asia has been awarded the plant site earthworks contract and work
commenced in October 2010, with access to the plant site being achieved in
mid November 2010 and bulk material movements by mid-December 2010.
Tailing Storage Facility (“TSF”) construction is expected to commence in February
2011.
Leighton Asia has mobilized five mining equipment fleets for the plant site earthworks
and mine development work. Works underway include haul road construction,
pre-stripping of construction areas bulk earthworks at the plant site and
TSF preparations works. A further two fleets are due on site in early February
2011;
Design and Engineering:
The EPCM contractor, Ausenco Limited, has completed more than 85% of engineering
works.
The design of the earthworks for the tailings storage facility is complete and
clearing and grubbing works along the centre line of the dam wall are complete
with works on the wider dam footprint area about to commence.
The formal approval for the TSF has been received from the Minister of Public
Works.
General:
The project now has more than 1,200 employees and contractors working at the
Martabe mine site in construction, operations and exploration.
The G-Resources Owner’s Project delivery team is now fully mobilized at site.
Key appointments in the Operations team, including Processing Manager, Mine
Manager, Commercial Manager and Supply Chain Manager have been made.
Exploration and Resources:
Ramba Joring resource update was released on 28 October 2010.
Drilling identified a new gold mineralized prospect, Horas, during the period and
first results announced were on 13 December 2010.
Exploration drilling is continuing with five drill rigs on site.
24 January 2011
S E H K 1 0 5 1
Bloomberg | 1051:HK
Thomson Reuters | 1051.HK
S h a r e s O u t s t a n d i n g :
14,066,831,950
M a r k e t C a p :
HKD 8,440,099,170
5 2 W e e k R a n g e :
0.63 - 0.35
I n v e s t o r R e l a t i o n s C o n t a c t
investor-relations@g-resources.com
Leeanne Chan
Investor Relations Manager
E: leeanne.chan@g-resources.com
M: +852 6627 7782
G-Resources | www.g-resources.com

Engineering
Engineering works for the project have now advanced to greater than 85%
complete. The engineering office in Brisbane has commenced ramping
down resources and is due to be completed by the end of March 2011.
The final design for the TSF embankment and all earthworks is complete,
with activities now focused on commencing construction at Martabe.
The Minister of Public Works has approved the design and construction of
the TSF.
Our core GREAT values are:
Contracts and
Construction
Progress
As previously announced, the 5 1/2 year mining contract was awarded to Leighton on 26 July 2010. As there
are significant synergies between the early mining works, the plant site earthworks and the TSF, Leighton has
also been awarded the contract for the plant site earthworks and the tailings storage facility.
Leighton has mobilized five mining fleets plus other equipment to the Martabe Project site (see photographs on
the Company’s website www.g-resources.com), with the fleets for the TSF construction due to arrive soon.
Civil work has continued on a number of fronts, including full access to the TSF, the completion of the explosives
storage and preparation plant area, access roads to infrastructure facilities, full access development to
the plant site as well as commencement of the bulk earthworks at the plant site.
The camp and messing facilities have been completed and Leighton’s own long term facilities for the mining
contract have also been completed and are now occupied.
Duta Graha Indah (“DGI”) had already been awarded earthworks and roadworks associated with the development
for the third and final stage of the camp accommodation facilities and the construction of the water diversion
structures. DGI has now also been awarded the design and construction of the sedimentation dam control
structures.

Schedule and Milestones
The project remains on schedule to meet the target to produce first gold bullion in Q4 2011.
Exploration and Resources
A new Resource Statement for Ramba Joring was announced on 28 October 2010. Significantly this resource statement
converted 90% of the Ramba Joring resource from Inferred category to the higher confidence category of Indicated.
The total resource for Ramba Joring is now 1.23 million ounces of gold and 5.02 million ounces of silver which
will add significantly to the mine life. Work on a mining reserve statement for Ramba Joring is currently underway.
On 13 December 2010 the Company announced first drilling results from a new mineral prospect near to the mine, the
Horas prospect. Three holes within this newly identified
zone of mineralization returned significant results,
viz 48.2 m @ 3.14 g/t Au, 22.6 m @ 1.25 g/t
Au, and 29.2 m @ 1.27 g/t Au.
Exploration continues at Martabe and across the
Company’s 1,639 square kilometres Contract of
Work area. Five drill rigs are operating at Martabe
completing resource definition work at Tor Uluala
and exploration at Ramba Joring and Horas Encouraging
alteration and potential mineralisation
has been encountered in all areas; assay results
are awaited. Drill targets have been defined in
three regional prospects and preparations for drilling
are underway.

Human Resources
A number of key individuals have been recruited in the last 3 months,
including a Senior Mining Manager, Mr. Noel Rollo, who has more
than 25 years mining experience including working in Asia in similar
environments to Martabe; a Senior Processing Manager, Mr. Alan
Downham, with more than 20 years experience especially in gold
operations and start up of gold processing plants; a Senior Commercial
Manager, Chris Stephenson, with more than 25 years experience
and more than 10 years in the mining industry in Asia including the
last 4 years in Indonesia, and a Supply Chain Manager, Mr. Des
O’Hare, with more than 20 years in the construction and mining industries
and more than 10 years in mining in Indonesia.
The Company has also fully mobilized its “Owners” Project Management
team at Martabe, under the leadership of Mr. Graeme Walsh
whose appointment was announced in the last quarterly update.
About Martabe
The Martabe project is located on the western side of the Indonesian
island of Sumatra in the Province of North Sumatra, in the Batangtoru sub-district. The
project is established under a sixth generation Contract of Work (“COW”) which was signed in April
1997.
The COW defines all of the terms, conditions and obligations of both G-Resources and the Government
of Indonesia for the life of the COW. Martabe with a resource base of 6.5Moz gold and 66Moz silver is
G-Resources Group’s core starter asset, around which a globally competitive, Asia-Pacific focused gold
company will be built. Already in construction, Martabe is expected to commence production in the last
quarter of 2011 at a rate of 250,000 oz/a of gold and 2-3 million oz/a of silver at an anticipated low cash
cost of US$280/oz of gold.
G-Resources is seeking to rapidly grow production to more than one million ounces of gold annually
through exploration of the large and highly prospective COW area and through acquisition of other quality
gold assets. The Martabe project enjoys the strong support of the Indonesian Central, Provincial and
Local Governments and the nearby communities of Batangtoru.