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Patagonia Gold Plc
2008
updated May 2008
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IMPORTANT NOTICE
The information contained in these slides has been prepared by Patagonia Gold Plc ("the Company"). The information in these slides is subjectto updating, completion, revision, further verification and amendment without notice.These slides have not been approved by the United Kingdom Listing Authority as a prospectus under the Prospectus Rules (made under Part VI
of the Financial Services and Markets Act 2000 ("FSMA")) or by the London Stock Exchange. These slides do not constitute or form part of anyoffer for sale or solicitation of any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied on inconnection with, or act as any inducement to enter into, any contract or commitment whatsoever. No reliance may be placed for any purposewhatsoever on the information or opinions contained in these slides or the presentation.No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company or any of itsdirectors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinionscontained in these slides or the presentation and no responsibility or liability is accepted by any of them for any such information or opinions orfor any errors, omissions, misstatements, negligence or otherwise for any other communication written or otherwise. In addition, in issuing theseslides, the Company does not undertake any obligation to update or to correct any inaccuracies which may become apparent in these slides.Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any undertaking, representation, warranty or other assurancemade fraudulently.The statements contained in these slides and the presentation may include "forward looking statements" that express expectations of futureevents or results. All statements based on future expectations rather than on historical facts are forward looking statements that involve anumber of risks and uncertainties and the Company cannot give assurance that such statements will prove to be correct. Any forward lookingstatements made by or on behalf of the Company speak only as of the date they are made. The Company does not undertake to update forwardlooking statements to reflect any changes in expectations, events, conditions or circumstances upon which such statements are made.These slides are for distribution in or from the UK only to persons authorised or exempted within the meaning of FSMA or any order madethereunder or to those persons to whom these slides may be lawfully distributed pursuant to the Financial Services and Markets Act 2000(Financial Promotion) Order 2005 ("Financial Promotion Order") as amended: including investment professionals as defined in article 19(5), highnet worth entities as defined in article 49(2) of the Financial Promotion Order and members of the Company. Persons who do not fall within anyof these definitions should not rely on these slides nor take any action upon them, but should return them immediately to the Company.
These slides should not be copied ordistributed by recipients and, in particular, should not be distributed by any means including electronictransmission, to persons with addresses in the United States of America, Canada, Australia, Republic of Ireland, South Africa or Japan theirpossessions or territories or to any citizens thereof, or to any corporation, partnership or such entity created or organised under the laws thereof.
Any such distribution contrary to the above could result in a violation of the laws of such countries.These slides are confidential and are being supplied to you solely for your information and may not be reproduced, re-distributed or passed toany other person or published in whole or in part for any purpose. By accepting receipt of this document, you agree to be bound by thelimitations and restrictions set out above.May 2008
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PATAGONIA GOLD PLCDirectors/Officers
Sir John Craven (Non-Executive Chairman)
Carlos Miguens (Non-Executive Deputy Chairman)
William Humphries (Managing Director)
Gonzalo Tanoira (Finance Director)
Richard Prickett (Non-Executive Director)
Marc Sale (Director of Operations)
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Patagonia Gold through its subsidiaryPatagonia Gold S.A. (PGSA) operates infive of the Argentine Provinces andRegion XI in Chile
Province Property Holding
Santa Cruz 72Chubut 97Rio Negro 4Neuqun 0San Juan 5Chile 7
Total Properties 185*Total area held is 7,117 km
*approximate
AREA OF OPERATION
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DEVELOPMENT OBJECTIVES
TO BECOME A GOLD PRODUCER BY 2010
ADVANCING THE LOMADA DE LEIVA GOLD PROJECTTHROUGH PRE-FEASIBILITY AND FULL FEASIBILITY (2008/9)PERMITTING AND CONSTRUCTION (2009/10)
GROWTH
EXPANSION OF THE LOMADA DE LEIVA GOLD PROJECTTHROUGH EXPLORATION
ADVANCING THE CAP-OESTE GOLD-SILVER PROJECTTOWARDS PRODUCTION BY 2012
SUSTAINABILITY
ADVANCING THE LA MANCHURIA GOLD-SILVER DEPOSITTOWARDS PRODUCTION
EXPLORATION AND DEVELOPMENT OF PGDs HIGHLYPROSPECTIVE PORTFOLIO OF PROPERTIES IN SANTA CRUZ
AND OTHER PROVINCES.
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SANTA CRUZ
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LOMADA de LEIVA
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LA PALOMA PROJECT PLAN OF GEOLOGY WITH DRILLHOLES
COMPLETED and PLANNED
Drilling campaign of 62 holes for 8,862 metres. NI 43-101 Resource estimates at 0.30
grams per tonne gold (Au) cut-off are:Measured and Indicated 161,346 ounces Au.Inferred Resources of 73,725 ounces Au.
Geophysical Survey completed.
Scoping Study completed June 2008 5,000 metres of drilling planed to test
geophysical anomalies and expand resource
Complete a Pre Feasibility Study on theLomada
BRECCIA SOFIA
Drilling campaign of 13 holes for 2,493 Metres. Geophysical Survey
Follow-up drilling
LOMADA DE LEIVA
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LOMADA de LEIVA Section - N8525 interpretation
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LOMADA de LEIVA
10g/m
10g/m
Long section gold g/t x metres
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LOMADA de LEIVA NI43-101 Resource Statement
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Cap Oeste
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SANTA CRUZ
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EL TRANQUILOCOMPLETED and PLANNED
Drilling campaign of 95 holes for 11,200 metres Detailed geophysical survey Peripheral exploration, mapping and trenchingNI 43-101 Resource Study commenced
Further drilling on Main Zone and extensionsCommence Scoping Study in October Explore parallel trends
CAP OESTE
BRECCIA VALENTINA
Drilling campaign of 11 holes for 1,950 metres
Geophysical survey Follow-up drill programme
Assimilation of exploration and drilling dataFollow-up drill programme
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CAP OESTE drill hole locationsto CO-095
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CAP OESTE Section N9950 interpretation of geology
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CAP OESTE
Long-section showing Au x metre
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CAP OESTE Fault corridor, showing current drill modeladapted to show schematic exploration concept
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CAP OESTEexploration along structure
CAP OESTE drill hole locationsto CO-095
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La MANCHURIA
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SANTA CRUZ
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La MANCHURIA
COMPLETED and PLANNED
Mapping rock chip sampling
Validation trenching anddrill core sampling
Drilling campaign of 20 holesfor 3,980 metres
Geophysical survey
Assimilation of exploration anddrill results
Additional trenching andperipheral exploration
Follow up drill programmeto extend known mineralisation
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La MANCHURIA Drill hole location plan
Significant results from initial
diamond drill hole programme
LM-001-D 52.5 0.8 32.42 62
and 62.7 0.95 4.84 44
and 86.25 0.75 13.6 290
and 125.5 0.4 4.19 666
LM-002-D 43.3 0.55 8.08 10
and 52.55 1.51 6.38 4,521
LM-003-D 47.8 1.15 10.1 16
LM-005-D 22 0.65 3.17 1,445
LM-007-D 63.5 0.6 7.94 801and 87.8 0.5 2.76 1,060
LM-008-D 62.3 1.5 10.9 21
and 82 0.5 20.1 2,980
and 90 0.5 20.2 509
and 105.9 0.7 11.55 963
and 165.25 0.6 11.65 5
LM-010-D 262 5.3 6.1 10.15
including 262.7 0.7 14.25 64.1
including 266.5 1.5 14.85 3.9
LM-011-D 71.3 0.8 13.8 38.7
and 94.4 0.55 12.35 2220
and 172.5 0.5 5.82 1980
LM-012-D 135.1 0.5 13.85 26.2
and 192.6 0.55 7.79 4920
LM-014-D 103.8 1.2 10.3 735
LM-015-D 60.7 1 20.1 23.3
and 95.25 1.2 58.9 4150
LM-016-D 187.85 0.85 11.8 33
LM-017-D 68.00 1 14.5 19
LM-020-D 119.5 2.85 22.35 401
including 121.65 1.55 27.53 612
including 121.65 0.7 31.4 246
Drill Hole No
From (m) Interval (m) Au g/t Ag g/t
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La MANCHURIA cross section of N5275
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PGSA and FOMICRUZform strategic partnership
in Santa Cruz
Letter of Intent between the two parties signed inBsAs on 7th May
PGSA will acquire a 90% interest and Fomicruz SEwill acquire a 10% interest in a NewCo
PGSA to contribute approximately 100,000 haconsisting of : La Paloma, El Tranquilo and La
Manchuria block of properties
Fomicruz SE. to contribute approximately 100,000ha, close to PGSAs El Tranquilo and La Manchuriablock of properties.
PGSA will manage the exploration and potential futuredevelopment on the properties and expend US$5million in 5 years
Miguel Angel Ferro, Fomicruz SE's President said:"We look forward to being a partner of an Argentine
based mining company. Our experience in the Santa
Cruz resource industrywill help facilitate the rapid
development of the projects, which will bring
significant benefits to the people of nearby
communities
(source: PGSA press release of 8th May 2008)
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CHUBUT PROVINCE
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HUEMULES PROJECT
Includes the Huemules mine, which
produced bonanza grade gold inearly 1990s
Huemules vein system is over 3kmlong and up to 20m wide
Most drilling to date confined to theknown high-grade-shoots in
Huemules North and South sectors Core sample grades confirmed up
to 2,338g/t Au and 1,020g/t Ag
Base metal values up to 6% Pb,9% Zn, and 1.2% Cu
Initial resource of 115,607ozs @
18.9 g/t Au and 30.2 g/t onHuemules Norte
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PROGRAMME SUMMARY FOR 2008
Undertake extra 11,000 meters drilling programme on key Projects and prospects.
Lomada de Leiva to start pre-feasibility. Recommenced drilling in May 2008 to expand the resource Complete Scoping Study Advance to Pre- Feasibility
Cap Oeste prospect continue infill and extension drilling.
Produce a NI43-101 compliant resource estimate. Geophysics Survey
La Manchuria prospect Evaluation of drill campaign Follow-up drilling on southern extension.
Breccia Sofia, Breccia Valentina and Cerro Vasco prospects: Exploration to define potential drill targets.
Exploration and Reconnaissance in the existing areas of licence in Santa Cruz.
Continue to work with both local and regional Governments towards the developmentof the Huemules Project.