AUGUST 2010 STRICTLY CONFIDENTIAL

FEC MADEN ENERJI A.Ş - Company MATERIALS

DisclaimerWhile the information contained herein has been prepared in good faith, the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representation or warranty, express or implied, as to the accuracy, reliability, completeness or fairness of the information or opinions contained in this Presentation or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.

This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers.

In particular, this Presentation does not constitute an offer or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

Forward-Looking Statements. Information contained in this Presentation may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's business) are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding the Company's present and future business strategies and the environment in which the Company expects to operate in future. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of factors. These forward-looking statements speak only as to the date of this Presentation and cannot be relied upon as a guide to future performance. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this Presentation or reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

Table of content

Executive summaryShareholder’s structureStrategyProject statusProject location – Turkey mapProject location – upper regionTurkish mining regulationGold and currenciesGold price performance vs S&P 500Gold price in perspectiveGold price in perspective (continued)

Trends in demand and supply

Demand per capita and type

Supply by type & country

Demographic changes in gold production

Mineralization and cost of gold production

Turkish gold market summary

Tethyan metallogenic belt

Turkish gold mine production

Summary of actual mine production in 2009

Partners

Contact details

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Executive summary FEC Maden Enerji A.Ş. (“FEC” or “the Company”) was established in May 2010 for the purposes of

exploration, development & production of gold in Haymana region, a district of Ankara province in Turkey.

Building on the work of its main shareholder; RNG Holdings AG (“RNG” or “RNG Holdings”), FEC obtained five gold exploration licenses between May and June, 2010. In addition, the Company is at its final stages of receiving additional five exploration licenses of similar character.

The licenses were acquired based on proprietary information related to the Company's own and external studies in the area. These studies indicated high reserves potential and above average gold concentration per tonne (“pt”).

On July, 2010 the Company engaged SRK Danismanlik ve Muhendislik A.Ş. (“SRK Consulting”) to begin performing studies, with the first results expected at early August, 2010. Spektra Jeotek Sanayi Ve Ticaret A.Ş was engaged as the contractors to assist in the early drilling stages.

FEC is currently examining its capital needs to address its strategic expansion in exploring and developing its current resources. The Company invites interested parties to participate in its story.

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Shareholder’s structure

FEC was registered in May, 2010 with a full legal name of F.E.C. MADEN ENERJI PET.GAZ ELEKT.ELEKTR.ILERI TEK.PRJ ARGE ÜRÜN SAN.TIC.A.S. The Company was registered at the following address: Uğur Mumcu Cad. 64/6,  G.O.P.  06700  Ankara/Turkey.

The main sponsor of FEC is RNG Holding, held directly.

The remaining 30% are owned directly by a Turkish partner.

FEC has no debts and its operations have been fully financed by the sponsor’s own capital resources.

5

Source: Company information.

Shareholder’s Structure, graphic illustration.

71%

29%

RNG Holding Turkish Partner

RNG Holding

FEC Maden Enerji A.Ş

Turkish Partner

Strategy The Company’s long term vision is to develop a vertically integrated organization involved in the

various stages of the exploration, development, production and trade of gold and other metals.

Through the short to medium term, based on existing ground work, the Company would aim to cooperate with the leaders of mining industry to progress its current projects towards operational stage.

To minimize risks, FEC employs the latest technology in exploration such as structure-metric analysis as well as traditional methods of geophysics, seismic survey and drilling.

The Company has developed a good relationship with local authorities, and will aim to maintain the mutual understanding and support through various social participations such as the Rotary Club, United Way along with other activities involving local communities.

FEC will aim to adopt the highest standards related to environment and safety, that will be emphasized through the use of the latest technology and environment and safety procedures implemented in operation.

As of August 2010, the Company incurred close to USD 2.5 million (“mln”) in total expenses. The expenses were funded through cash meaning that the Company is debt free.

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Projects status The Company currently holds titles to five exploration licenses (“upper region”) and is in its final stages of approval for

additional five exploration licenses (“lower region”) in the region of Haymana, Turkey.

The upper region covers an area of 8,752 hectares (“ha”) or 87 km2 . On July, 2010 the Company engaged SRK Consulting to begin performing geological studies, with the first results expected at early August, 2010. Spektra Jeotek Sanayi Ve Ticaret A.Ş (“Spektra”) was sub contracted to assist in the early drilling stages. Additional details on the licenses and the location are provided on slides 7-10.

The lower region is located within the same region. Due to the most recent changes in Turkey’s mining legislation a number of procedures in issuing exploration licenses have been modified. This resulted in minor delays in the issue of the exploration licenses applying to the lower region. The terms between the Company and the relevant bodies have been reached. The Company is permitted to perform basic exploration work while awaiting the full exploration licenses.

With the stage of geological studies and initial drilling completed the Company will adopt an open pit approach.

The primary product focus for the Company is gold of 21.5 to 22 carat (“ct”). In addition, the Company is expecting to produce silver, platinum , chrome, magnesium and iron ore.

The Company currently employs seven individuals on a full time basis, three of whom are geologists with a combined 30 years experience in mining.

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Project location The project is

located approximately 20 km south west of Haymana town and 80 km south of Ankara. Haymana district covering an area of 2,976 km2 and is sparsely* populated.

The project’s main road stretching from Ankara is the D750.

*According to the Turkish Statistical Institute (TSI), as of December 2009 the population of the Haymana district amounted to 34,912 of which 25,544 live in the town and villages.

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Source: Wikipedia.

Map of Turkey, with Ankara, (black circle) Ankara and Haymana (yellow circle) province (in red)

Project location – upper region

The upper region licenses covers 8,752 ha or 87 km2 .

The region of the exploration and nearby surrounding benefits from high concentration of water resources, which is a positive factor that tends to benefit local mining. The low density of the regions’ is also a positive factor. Lower density eases the extraction of minerals and reduces operating expenses.

The favorable climate combined with exiting regulation allows a mine to operate 10 months a year.

No.Date Issued Maturity Grade

Licnese Number

Area (Hectare)

1 31-May-1031-May-

13 IV 201002974 1,998

2 31-May-1031-May-

13 IV 201002975 1,948

3 31-May-1031-May-

13 IV 201002976 1,665

4 31-May-1031-May-

13 IV 201002977 1,2055 16-Jun-10 16-Jun-13 IV 201003725 1,937

          8,752Source: Company accounts      

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Turkey’s mining regulation in brief The mining industry in Turkey is regulated by the Turkish mining law. The General Directorate of Mining Affairs (GDMA), a unit of the

Ministry of Energy and Natural Resources, is the authorized body to regulate the mining activities and issue mining licenses.

Turkey’s modern mining regime governance dates back to Mining Law No. 3213 of 1985, amended by Law No. 5177 of June 2004 to support foreign direct investments in the sector and promote more investor friendly environment.

In the month of June 2010, the president of the republic of Turkey, Abdullah Gul, signed a new bill into Mining law No. 5995. The amendment was received positively by the mining community and is expected to provide more transparent and efficient framework for exploration and development activities.

In essence there are two types of licenses for prospecting and operating the mines stated under the laws of the Republic of Turkey. Prospecting license, allows its holder to carry out exploration activities in a specific area. The operational license has to phases to it, first when an operational license is issued it allows to its holder to carry out operational activities within the same area stated in the prospecting license. The operational permit enabling its holder to operate specific mine as specified in the operational license.

Under the Turkish mining law, mining licenses are divided into five groups which are subject to different terms and conditions on licensing principals and procedures. Group number four covers the key metals relevant to the F.E.C which among others include: gold, silver, chrome, magnesium and ore.

The term of the exploration concerning group IV license is granted for three years and can be extended for additional two years subject to application made with the exploration activities reports in a timely manner. Operational license are granted for a minimum of 10 years and can be extended further up to 60 years.

Gold producers are exempt from VAT payments which applies to all stages of the Company's operations. A royalty on ore processed off site will be paid to the state for mining activities amounting to 2% of the sales value of the ore mined. Ore processed on site at the operators' plant is reduced to 1%.

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Gold and currencies

Gold has outperformed most asset classes in the past ten years, gaining an annual average of 16.5% in dollar terms and 13.55% in EUR terms since 2001. Although copper and oil recorded similarly positive performance, their volatility was significantly higher.

Year EUR USD GBP AUD CAD Yuan

2001 8.10% 2.50% 5.40% 11.30% 8.80% 2.50%

2002 5.90% 24.70% 12.70% 13.50% 23.70% 24.80%

2003 -0.50% 19.60% 7.90% -10.50% -2.20% 19.50%

2004 -2.10% 5.20% -2.00% 1.40% -2.00% 5.20%

2005 35.10% 18.20% 31.80% 25.60% 14.50% 15.20%

2006 10.20% 22.80% 7.80% 14.40% 22.80% 18.80%

2007 18.80% 31.40% 29.70% 18.10% 11.50% 22.90%

2008 11.00% 5.80% 43.70% 33.00% 31.10% -1.00%

2009 20.50% 23.90% 12.10% -3.60% 6.50% 24.00%

2010ytd 28.50% 10.50% 23.10% 16.70% 11.60% 10.59%

Mean 13.55% 16.46% 17.22% 11.99% 12.63% 14.25%

Median 10.60% 18.90% 12.40% 13.95% 11.56% 17.00%

Source: Erste Bank Group, as of 1st of June 2010.

1971

1974

1977

1980

1983

1986

1989

1992

1995

1998

2001

2004

2007

2010

0

200

400

600

800

1,000

1,200

1,400 Gold price in USD, per ounce, January 1971 – July 2010

Source: Gold Market Intelligence

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Gold performance relative to S&P 500

1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 20100

500

1,000

1,500

2,000

2,500

3,000

3,500 Since 1971, the S&P 500 has

increased by a multiple of 11x, whereas gold (in 1971, gold price was set floating) had increased by a multiple of 32x in dollar terms.

According to Erste Bank Group, on an inflation-adjusted basis, the high of 21st of January 1980 (USD850) amounts to USD 2,300/ounce in today terms, basing the calculation on official inflation statistics. On the basis of the old shadow statistics, gold would have to rise to USD 7,494 in order to exceed the 1980 high in real terms.

Source: Gold Market Intelligence, Bloomberg.

Gold vs S&P500 rebased at 100 from January 1971- July 2010

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Gold price in perspective Currently, some 0.8% of all global

financial assets are invested in gold, gold shares, and ETFs. In 1932, the allocation was 20% and in the last bull gold market in the beginning of the 1980’s it was 26%. If a total of 2% were allocated to gold, the additional demand would amount to about 85,000 T or the total global mining output for almost 34 years.

A comparison with institutional cash yields a similar result. The market capitalization of money market funds amounted to USD 4,123bn as of 20 May. The aggregate market value of physical gold ETFs currently comes to slightly less than USD 70bn, i.e. only 1.7% of the volume.

1921 1932 1948 1981 20090%

5%

10%

15%

20%

25%

30%

35%

28%

20%

30%

26%

1%

Gold allocation as a pct of total global financial; assets

Source: Erse Bank Group

Institutional cash and...0%

20%

40%

60%

80%

100%

1.7%

98.3%

Money Market funds

Gold ETF's 70Source: Erse Bank Group

Gold allocation vs money market funds

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Gold price in perspective (Continued)

S&

P 5

00

Nasd

aq

Dow

Jones

Indust

...

Nasd

aq C

om

pute

r

NYSE P

hara

macu

...

AR

CA

Oil Index

KB

W B

ankin

g I...

Exxon M

obile

Mic

ors

oft

Gold

Bugs

Index

0

2,000

4,000

6,000

8,000

10,000

12,00010,365

3,755 3,452

1,419 1,060 1,050 862293 247 200

The capitalization of the equity markets makes a similar point. The Gold Bugs Index (“GBI”) which contains the 16 largest unhedged gold and silver producers and was valued at USD200 billion (“bn”) as of 22nd May 2010 represented only 1.9% of total market capitalization of the S&P 500.

The physical market sometimes completely sold out, Munze Osterreich (Austrian Mint one of the five largest mints in the word) posted a record result in 2009. The Company sold 1.6 mn oz, up from 0.137 mn oz in 2007. On aggregate (including gold for trading purposes, bullions etc) their volume incased from 0.277 mn oz to 2.1 mn oz between 2007 and 2009.

Still, sales figures are low in comparison with the past. The Krugerrand mint have been selling between 2 to 6 mn oz per year in the period between 1974 to 1984. In 2010, the refinery expected to sell 1mn oz.

Capitalization of major indices in bn USD

Source: Erse Bank Group

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bn

US

D

Global trends in demand and supply of gold

2004 2005 2006 2007 2008 2009 2010f0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2,250

2,300

2,350

2,400

2,450

2,500

Supply Demand Mine supply

The world’s total gold demand and supply in 2009 represented 3.4 mt and 3.9 mt respectively.

Over the last decade, gold supply was characterized by falling mine production of close to 10%, a material increase in the supply of recycled gold of197% and a decrease in central bank selling.

On the demand side, some of the main trends include an increase in investment demand and a reduction in gold demand for jewelry purposes.

Part of the reasons include: financial instability and unsustainable supply of paper money, new financial products such as the exchange traded funds (ETFs), lower mineralization of mines and an increase of production costs. All these resulted in an increase of the price of gold by 434% for the last decade and close to 3,400% since 1970’s.

Meanwhile, Turkey the largest consumer of gold in Europe, the largest supplier of recycled gold in Europe is one of the fastest growing gold producers in the world reflecting a growth above 300% in terms of mine supply between 2007 and year end 2009.

Demand, Supply and mining production in mt, 2004-2010

Source: Virtual Metals, BNP

Gold

pro

du

ction

in m

t

Dem

an

d &

Su

pp

ly

in m

t

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Demand per capita and type Over the last decade, the

demand for gold has been characterized by a decreasing consumption of jewelry and an increasing demand from investment and industrial purposes.

For the first time in many years investor demand might exceed jewelry demand in 2010. In 2000, investment demand accounted for only about 4.8% of total demand, in 2009 for as much as 37%.

Vietn

am

Indo

nesia

China

Indi

a

Russia

USA

Unite

d Kin

gdom Ita

ly

Egyp

t

Turk

ey

HongK

ong

Saud

i Ara

bia

0

0.5

1

1.5

2

2.5

3

3.5

4

2000 20090

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Other Industrial

Investment Jewelry

Gold demand in grams per capita, 2009

Source: Erse Bank GroupSource: Virtual Metals, BNP

Gold demand trends, 2000 & 2009

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Supply by type & country

13%

9%

9%

9%

4%8%8%

4%

35%

China

South Africa

Australia

USA

Canada

Russia

Peru

Indonesia

Others

Series10%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

58%

33%

9%

Other

Recycled

Mine Produc-tion

In 2009, only 58% (or 2,432 mt) of total gold supply was attributed to mining production activity. Scrap recycling activity was the second largest contributor with 33% (or 1,408 mt)

Traditional countries such as the USA, Canada, Australia and South Africa are losing importance, with countries such as Russia, Indonesia China reporting strong growth in production.

In 2007, China took over South Africa as the world’s biggest gold producer, producing 314 mt in 2009, up 11% from 2008. Source: Erse Bank GroupSource: Virtual Metals, BNP

Gold producers share by country, 2009Gold production source.

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Demographic changes in gold production

Gold mine production by country, 1850 - 2009

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Mineralization and cost of gold production

From 1830 to 1920 the average content of gold per mt was 22g, today it is 0.8g per mt. One of the main reasons is the fact that many of the high grade, easy extractable deposits have been depleted.

As a result, cash costs increased substantially, reaching almost USD 500/ounce in 2009. Meanwhile the “all-in costs” increased to USD 740/ounce. Not only are the production costs rising exponentially – the expenditure involved in building new mines is as well.

2003 2004 2005 2006 2007 2008 2009 2010f 2011f0

100

200

300

400

500

600

700

Source: Erse Bank Group

Estimated cost of gold production, from 2003-2011f

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Turkish mining sector According to data provided by the

Turkish statistical institute, the monthly metal mining production index in May 2010 had increased by 34% year on year. This compared with 13% growth with the average industrial production and 15% with the general mining and quarrying index.

According to the chairman of the gold mining association, Turkey has a potential of 6,500 mt of gold of which miners know where 710 mt are located. An estimated figure of USD 10 bn of capital is required to find the rest. Today, only USD 50 mn are spent in Turkey per year, where developed countries with similar potential spend USD 5 bn a year.

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2005 2006 2007 2008 2009 20100

50

100

150

200

250

300

Total indus-trial produc-tion Index

Industrial production mining & quarrying Index

Industrial production mining of metal ores Index

Source: Turkish statistical institute

Turkey’s monthly Industrial statistics May 2005 – May 2010 rebased in 2005.

Tethyan Metallogenic Belt

Source: Fronteer gold

Tethyan Metallogenic Belt, and existing gold mines Turkey is located within the

important metallogenize area also known as the Tethyan Eurasian metallogenic belt (TEMB). The TEMB extends through Turkey, Iran, Afghanistan and Pakistan and through the Himalayas. Some of the worlds largest gold and copper deposits have been located within the boarders of TEMB.

According to Turkish exploration general directorate, 90 commodities are traded in the world mineral market. Out of this 90, 73 commodities are mined in Turkey.

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Turkish gold mine production Turkey’s three main producing mines

include the Ovacik, Mastra and Kisladag mines.

The Mastra and Ovacik mines are operated and owned by KOZA ALTIN İŞLETMELERİ A.Ş., (“Koza”) a private Turkish Company backed by Turkish capital.

The Kisladag mine is owned by Eldorado Gold Corporate, a Canadian Company with listings in Toronto, New York and Australian stock exchanges.

Turkey has experienced a significant increase in gold mine production since 2004, an increase of more than 300% since 2004 and 800% since 2001.

2001 2002 2003 2004 2005 2006 2007 2008 20090

2

4

6

8

10

12

14

16

Mastra/Koza Kisladag/Eldorado Gold Ovacik, Kucukdere/Koza

Turke

y’s g

old

pro

du

ction

in

mt

Source: Mining Journal, March 2010.

Turkey’s gold production in mt, 2001 - 2009

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Summary of actual mine production in 2009

Gold producing mines 2009Company Project Status Type Production Au

ozTotal costs

Au ozGold grade

(g/t)

Eldorado Gold

Kısladağ mine

Production Open pit 237,210 $305/oz 1.11

Koza MastraProductio

n Open pit

228,000 $312/oz 6.56Koza MastraProductio

nUndergrou

nd

KozaOvacik,

KucukdereProductio

nUndergrou

nd

Source: Koza and Eldorado Companies Accounts for 2009.

*From actual production

When comparing total costs per oz to the world average, current gold producing projects in Turkey show a competitive distinction.

Based on the Turkish gold mining association, there are currently 30 firms involved in the exploration and production. Half are funded by foreign capital.

During 2010, Koza was listed on the Istanbul stock exchange raising USD436 million for a 34.5% stake, valuing the Company at close to USD2 bn.

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Key Partners

According the Company website:

Formed in 1974, SRK now employs more than 900 professionals internationally in 36 permanent offices on 6 continents.

Among SRK's 1500 clients are most of the world's major and medium-sized metal and industrial mineral mining houses, exploration companies, banks, petroleum exploration companies, construction firms and government departments.

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According to public information:

The Company was founded in 1985, since then it had provided drilling and other services in geological engineering, geotechnical engineering, hydro geological engineering, geophysical engineering, foundation engineering, mining engineering and civil engineering in the areas of consulting and implementation services.

Jeotek Sanayi Ve Ticaret A.Ş

www.fec-resources.com