Exploration

The Orgatash prospect occurs within EMX's Gezart exploration license in the Kyrgyz Republic's Southern Tien Shan gold belt. Orgatash is underlain by hornfelsed shale and siltstone cut by a Permian-aged tonalite intrusive. This geologic setting is favorable for the occurrence of intrusion-hosted gold deposits given the well-documented relationship between Permian-aged intrusives and gold mineralization in the Tien Shan.

EMX's Orgatash exploration programs have delineated a significant intrusion-hosted gold system. outlining a 800 (NW-SE) by 400 (NE-SW) meter mineralized footprint open to the northwest, west and south. The drilling and surface trenching gold assays are characterized by a relatively consistent grade distribution at a 0.3 g/t cutoff from 0.5 to over 2 g/t gold. The gold zone occurs from the surface to shallow depths (i.e., < 100 meters), with grade characteristics and size potential consistent with a bulk tonnage exploration target.


There are also a number of concealed intrusive host targets to the west and south of the main zone. These 'blind' targets are interpreted to occur beneath a shallow (i.e., 50 to 100 meters depth) veneer of the hornfels units, and could potentially increase the size of the gold mineralized system by a significant degree.

EMX followed-up on the Orgatash exploration success with a license-wide program based upon the intrusion-hosted gold model. This program resulted in the discovery of a new intrusion-hosted gold target located approximately nine kilometers west of Orgatash. Geological mapping identified numerous quartz veins and zones of quartz veinlets with anomalous levels of gold mineralization. Road cuts across the prospect were selectively chip channel sampled in zones of quartz veining and veinlets. The significant gold mineralized intervals include 14.3 meters averaging 1.21 g/t gold and 13.7 meters averaging 1.64 g/t gold. In addition to the road cut sampling, a north-south striking stockwork zone was identified and traced for about 400 meters along trend. Ten reconnaissance rock grab samples taken from quartz veins in this zone returned assays ranging from 0.2 g/t to 9.9 g/t gold.



2004-2005 Program Results. EMX's 2004 regional stream sediment sampling on the Gezart license returned a strongly anomalous 830 ppb gold sample that directed interest to the Orgatash prospect. In 2005 EMX rehabilitated and resampled two historic trenches spaced approximately 300 meters apart and oriented perpendicular to the interpreted northwest strike of the gold mineralized trend. The trenches exposed mineralized tonalite and hornfels.



2006 Program Results. EMX's 2006 program included cutting five new trenches as well as additional re-sampling of historic trenches K-145 and K-146 to further characterize the grade, continuity, and extent of mineralization. The more than 900 meters of EMX trench samples consistently encountered significant levels of gold mineralization. Approximately 80% of the gold assays were greater than 0.1 g/t, and 60% greater than 0.3 g/t. The 2006 trench results are summarized in the table below.

Orgatash 2006 Trench Sampling Results
Trench	Total Length (meters)	0.3 g/t Cutoff		Included interval at     1 g/t cutoff		Comments
		Length (meters)	Avg. Gold g/t	Length (meters)	Avg. Gold g/t
K-146	198.2	164.7	0.7	11.6	1.17	Ends in mineralization. SE extent of zone. (164.7 includes 13.5 m no sample)
T-1	228.1	20	3.57	12	5.58	Ends in 12m @ 5.58 g/t Au.
		138.2	1.66	20	4.52	Includes 1m @ 28.6 g/t Au.
		(at 0.1 cutoff 208.3 m @ 1.48 g/t Au)				Includes all T-1 intervals above.
T - 5	129	10.5	0.88	N/A		Ends in mineralization.
		(at 0.1 cutoff 60m@0.31 &  29m@0.20 g/t Au)
K-145	180	10	0.4	N/A		Ends in mineralization.
		(at 0.1 cutoff 115 m @ 0.22 g/t Au)
T-6	76	14	1.44	N/A
T-3	152	104.6	0.5	8	1.1	Ends in mineralization.
				6	1.02
T-4	84.7	(at 0.1 cutoff 6.4 m @ 0.38 g/t Au)				46.9 m unsampled
K-36	79	38	0.86	12	1.33	NW extent of mineralized zone.

2007 Program Results. EMX's 2007 field work at Orgatash consisted of a comprehensive program of geological mapping, geochemical sampling, geophysical surveys and scout drilling. Over four kilometers of drill road was constructed, an exploration grid measuring 1.6 x 1.6 kilometers was surveyed in, ground magnetic, radiometric and IP surveys were carried out over the exploration grid, and approximately 1000 rock samples from trenches and road cuts were collected. The geophysical studies suggest that the tonalite intrusion appears to be more extensive then delineated by surface mapping, and define a number of additional exploration targets both within and outside of the current project area. The 553 meters of trenches excavated in 2007 augmented the 1115 meters of previous EMX trenching, and were extensions to last year's northeast trending trenches, or were cut perpendicular to them. The 2007 trench results are summarized in the table below.

Orgatash 2007 Trench Sampling Results
Trench	Length (meters)	From (meters)	To (meters)	0.3 g/t Cutoff		Comments
				Length (meters)	Grade (g/t Au)
T-1-NE	50	0.0	26.2	26.2	1.50	45.3 of 50 meters were over 0.1 g/t Au. Northeast extension of T-1
		30.0	40.7	10.7	0.64
T-7 road	37.5	4.0	8.5	4.5	0.79
		12.0	18.9	6.9	1.09
		24.0	37.5	13.5	1.77
T-8-07	77.9	3.0	13.0	10.0	1.23	Trenched perpendicular to T-1-NE and demonstrates NW-SE grade continuity
		27.7	33.2	5.5	0.59
		59.9	63.9	4.0	0.55
		71.9	77.9	6.0	2.49
T-9	102	0.0	31.6	31.6	2.96	99 of 102 meters were over 0.1 g/t Au. Trenched perpendicular to T-1 with 138.2 meters at 1.66 g/t Au
		33.0	50.0	17.0	0.61
		53.0	68.0	15.0	0.46
T-15	92.5	no significant intervals				dominantly rock chip samples (87%)
T-16	17.0	no significant intervals				13 of 17 meters were over 0.1 g/t Au
T-17	59.8	no significant intervals
T-18	16	0.0	16.0	16.0	1.29
K-146-07	99	30.0	42.0	12.0	0.69	81 of 99 meters were over 0.1 g/t Au. Southern offset continuation of K-146-6
		63.0	75.0	12.0	1.28

EMX drilled three core holes in 2007 totaling 710.1 meters of sampling. Drill hole ODDH-1 was drilled at the northern most limit of the gold mineralized zone delineated by surface sampling. The hole intersected gold mineralization within a hornfels unit, thereby establishing the continuity of gold mineralization below cover and extending beyond the main tonalite intrusive. Holes ODDH-2 and ODDH-3 intersected significant gold mineralization and altered tonalite with abundant sheeted quartz veins and carbonate veining. A tabulation of significant gold intervals is given below.

Orgatash 2007 Core Drilling Results
Drill Hole	From (meters)	To (meters)	Length (meters)	Grade (g/t Au)	Comments
ODDH-1	93.4	98.7	5.3	0.38	23.7 of 98.7 meters over 0.1 g/t Au
ODDH-2	1.5	58.0	56.5	1.27	78.9 of the first 81.9 meters were over 0.1 g/t Au
including	3.0	32.0	29.0	1.87
ODDH-2	70.1	77.1	7.0	0.31
ODDH-3	4.1	17.0	12.9	0.42	ODDH-3 intersected several thin zones of mineralization throughout its entire length including 56.7 to 58.0 meters, 1.3 meters at 59.8 g/Au and from 158.0 to 160.0 meters, 2.0 meters at 8.47 g/t Au
	30.0	35.6	5.6	0.73
	56.7	58.0	1.3	59.80
	88.0	91.6	3.6	0.51
	158.0	160.0	2.0	8.47
	230.1	237.0	6.9	0.47
	241.0	245.0	4.0	0.38

Core from ODDH-2 (29.8-35.4m). Based on the core logs and trench mapping, the gold mineralized tonalite intrusion has undergone multiple generations of quartz and carbonate veining and alteration.



2008 Program Results. EMX's 2008 Orgatash trenching and road cut sampling program totalled 1,410 chip channel samples taken over 2,516 meters. Trenching, rock sampling and detailed geologic mapping extended the mineralized zone to the south and west, outlining a 800 (NW-SE) by 400 (NE-SW) meter gold mineralized footprint open to the northwest, west and south. Over a third of the channel sampling in the central area returned significant gold intervals. These significant intervals yield a weighted average grade of 1.41 g/t gold, with particularly notable intervals of 62.4 meters averaging 1.75 g/t gold, 65.8 meters averaging 1.77 g/t gold, and 58.2 meters averaging 1.36 g/t gold.




EMX drilled eight core holes in 2008 totaling 801.8 meters in 2008 (see Figure 1). The drilling intersected significant gold mineralization, with most of the drill intercepts occurring at or near the surface. The drilling encountered quartz-veined and locally silicified and potassically altered gold-bearing tonalite intrusive host rock, locally overprinted by pervasive carbonate veining and alteration.



Alex Stewart's Karabalta lab carried out preliminary test work on a 67 kilogram composite of core samples from hole ODDH-2 (37 coarse rejects from intervals 0-56 meters). This work consisted of fine crushing of the sample (nominal 0.85 mm), gravity concentration, and cyanide leaching of the gravity tails. The results yielded approximately 90% combined recovery, and that the Orgatash gold mineralized material is non-refractory and may be amenable to heap leach extraction.