Central Asia Gold AB

1
Central Asia Gold AB

• Company presentation
• May 2008

2
CAG at a glance

• Central Asia Gold AB ("CAG") is a Swedish junior
  mining company focused on gold production in the
  central part of Russia and Mongolia (central
  Asia)
• CAG owns 3 subsidiaries with licenses covering 9
  gold projects of which 3 are producing gold
  assets
• Production 34,500 oz in 2007 and forecast to grow
  over the next coming years
• Production target 2008 is 40,000 oz.
• Total Reserves Resources approximately 8
  million ozs
• CAG became gold producer number 24 in Russia in
  2007
• The Company is well positioned for growth
• Organic growth from existing assets and local
  organization
• Acquisitions and participation in new public
  auction processes
• CAG is listed on the Nordic Growth Market in
  Stockholm, Sweden
• 412 million shares outstanding (before June 2008
  coming rights issue)
• Market capitalization MSEK 445 / MUSD 75 (SEK
  1.08 pr. share) as at late May 2008
• June 2008 rights issue implies 2 new shares 1
  warrant for each 7 existing shares
• Post issue there will be 530 million shares
  outstanding 58 million warrants

3
Russian gold industry
Gold mining in Russia 2007

• In 2007 Russia produced 163 tons of gold becoming
  the 6th largest gold producer globally equal to
  approximately 7 of the gold production in the
  world
• The Russian gold sector is highly fragmented with
  some 460 registered gold companies
• The market value of the Russian gold produced in
  2007 was approximately 4 billion USD
• Consolidation has started
• Russia's largest producing gold mine is
  Olympiadinskoye with a yearly gold production of
  some 854,000 ounces (2006)

Source Russian Union of Goldminers
4
CAG gold asset locations
Tomsk
Moscow
5
Estimated reserves and resources (ozs) as at
beginning of 2008
1 ounce 31,1 g
) Net to CAG after 25 minority deducted
6
Gold production targets (ozs)
) Kopylovskoye project is now in the appraisal
phase. It is here assumed that production will
start sometimes in 2010 with a minimum processing
capacity of 1 MT/year. Here thought to work only
part of 2010.
7
CAG share price and daily turnover March 2005
May 2008
Share price in blue line (right scale) and daily
turnover in red bars (left scale)
8
Spot gold price in USD/oz during Jan 1 2007 May
22, 2008 (blue line) vs AMEX gold mining index
(normalized in red)
Listed gold company shares outperformed the gold
price in 2005, were neutral in 2006 and have
underperformed in 2007-2008
9
The new Tardan processing plant

• 100,000 ton per annum processing capacity
• Nearly 200 kg pure gold produced in 2007 worked
  only for 3 quarters of the year
• Commissioning of leaching unit rescheduled for
  2009 however cost saving of nearly 10 MUSD
• Production target 350 kg in 2008

9
10
The Tardan license from above
Ore body ? 26
Ore body ? 29
Ore zone ? 1
Ore zone ? 13
Ore body ? 24
Ore body ? 28
????????????? ??????
11
Heap leaching works since decades globally and in
Russia
Tchasy-Gol deposit, Khakassiya
Balazhal, Kazachstan
12
Tentative Heap leaching time table (E)

• New reserve calculation to Russian authorities
  summer 2008
• Economic feasibility study summer 2008
• Construction stage 1 of heap leaching for high
  grade tailings Start 2H 2008
• Commissioning and first gold production through
  leaching in 2H 2009
• Stage 2 of heap leaching including construction
  of open pit for new low grade ores - 2010

13
Kopylovskoye gold deposit

• CAG acquired this license in 2006
• Kopylovskoye is located in the Irkutsk region in
  Eastern Siberia and was discovered in 1970
• Same geological structure and only 150 km South
  of Russias largest gold deposit Suchoi-Log (30
  million oz recoverable reserves)
• Extensive work program 2000 2004
• Involving processing of 222 ton bulk sample
  revealing high recovery
• Gold grade of currently registered reserves 3.15
  g/t
• Verification program by CAG 2006 indicates
  average gold grade of 3.9 g/ton
• Existing processing plant and other
  infrastructure
• Gravimetric plant constructed and high voltage
  power grid connected
• Yearly ore processing planned at minimum 1
  million t p a
• Upside potential
• Ore bodies open in depth and strike (reserves
  only assigned to a depth of 30 m)
• Historic sampling method in 1970 2000 not
  representative
• Project financing
• 25 was sold out for 10 MUSD in 2007.

Kopylovskoye gold deposit
Structure of the deposit
14
The license block in yellow and the existing old
reserves in light brown block.
The Irkutsk license authorities have in May 2008
expressed that they estimate that the project,
given a comprehensive exploration program, will
be able to demonstrate 62 tons of gold reserves
(C1C2) as well as 70 tons of P1 gold resources
(highest Russian resource category).
15
Kopylovskoye license block in blue the bulk
sampling conducted in 2000 2004 revealed the
correct gold grade (3 g/t). This sampling was
not done in the northeast of the block due to
lack of an in-field road at that time.
Placer companies have historically produced 50
tons of gold in a zone of 3 km to the West of the
license block
16
Kopylovskoye deposit viewed from the side ore
reserves established to 30 m but expected to
continue at depth and strike
- Planned well locations
17
3-D model of Kopylovskoye deposit showing
location of first 6 wells
18
New core drilling shows same type of rocks
(geology) at 100 m absolute depth as at top of
deposit
Core from well ? 505
19
Correct sample preparation approach decisive when
part of the gold in the ground consists of free
large gold grains
g/t
Gold grade in samples when processing the samples
in a gravimetric process.
Gold grade in same samples when doing a
traditional laboratory analysis of them.
20
The 20 biggest shareholders in CAG AB as at end
of February 2008