Development Plan

Corporate ObjectivesCorporate Objectives Increase shareholder value through

exploration & development of large impact mineral projects in North America and Australia

Build a cash flow driven resource company within 2 years through strategic development of existing and proven properties in Australia and North America

Continued exploration and mining of high grade, shallow gold, copper and nickel deposits in Australia

Development of a major gold tailings project in South Dakota

Company ProfileCompany Profile

Goldstake Explorations Inc.:

Publicly listed, Canadian mineral exploration

and development company, 1st incorporated as

Seemar Mines Ltd. in 1966 & traded on the OTC.

Name was changed to Goldstake Explorations Inc.

in 1986 and has traded on the TSE under the

symbol GXP since 1988.

Has a diversified portfolio of precious metal

properties in Canada, the United States, Australia

and Indonesia

Property PortfolioProperty Portfolio

Goldstake Exploration Inc.’s business strategy has been to acquire properties meeting the following criteria:

1. Proximity to proven or probable high grade reserves

2. Shallow depth of ore deposits

3. Easy access to existing infrastructure

5 Priority Goldstake Projects5 Priority Goldstake Projects

PROPERTY KEYRESERVES

OWNERSHIP DEVELOP-MENT $

HOME OF BULLIONBarrow Creek,

NT, Aus.

Proven/probable reserves of 9 million pounds of high grade copper (also Ag,Au, Zn, Pb & Pgm)

EL# 23186

50% Goldstake

25% R. Cleaver

25% IGM Pty Ltd

$3 million AUS

Feasibility study

HILL ENDNSW, Aus.

1997 mining on one gold bearing reef averaged over 2 oz/ton at a depth of 195 ft. Mining target 400oz gold per day. 11 gold bearing reefs on site.

GL# 5801 & 5809

DL# 31231

Goldstake owns

20% of Silver Orchid Pty Ltd

(leaseholder)

$3 million AUS

Feasibility study

PROSPECT DBarrow Creek,

NT, Aus

Drill results indicate resource of over 3 million tons. Drill intersections as high as 1.48% Copper,0.48% Nickel,215 grams Silver &5.8 grams Gold over 16.9 ft.

EL# 23186

50% Goldstake

25% R. Cleaver

25% IGM Pty Ltd

$3 million AUS

Feasibility study

PROSPECT D

“A”Barrow Creek,

NT, Aus

Drilling from surface assayed 96 feet, average 3.32% Cu and 0.11% Ni including 6 feet of 23% Cu & 0.21% Ni

EL# 23186

50% Goldstake

25% R. Cleaver

25% IGM Pty Ltd

$1 million AUS

Feasibility study

WHITEWOOD CREEKSouth Dakota,USA

Proven/probable reserves of 250,000 oz. of gold

Recovery costs of $100/oz

80% Goldstake

20% Strawberry Hills Mining Inc.

$2 million US

Feasibility study

KEY MINING AND DEVELOPMENT OPPORTUNITIES

Directors & OfficersDirectors & Officers

Goldstake’s management & consultants are

professional mining engineers, geologists &

businessmen with many years of hands on

experience in the development & operation

of small and large scale mining companies

Robert B. Cleaver, Director &President

32 years of experience in precious metals exploration & mining; global network of contacts including top mining industry specialists

Charles L. McAlpine, Director & Secretary/Treasurer

41 years mining industry experience, director of several Canadian mining companies & of Hecla Mining Company, a major US silver/gold producer

Peter Froneman, Director & Audit Committee

Canadian businessman involved with the engineering equipment industry for 31 years

Peter Mills, Director & Audit Committee

Senior Executive with over 30 years experience in marketing, advertising & real estate in Canada and the United States

Directors & OfficersDirectors & Officers

Key Industry ConsultantsKey Industry Consultants

Fluor Engineers; San Francisco; USA

Employed by Goldstake to verify ore reserves & prepare bankable feasibility for Whitewood Creek, South Dakota gold tailings site

Bateman Engineers; Denver USA – Perth Aus. Johannesburg, S.A.

Responsible for metallurgy, engineering

for the Whitewood Creek feasibility study Knight Piesold Engineers; Denver USA

Designed heap leach and tailings pond at

Whitewood Creek Kappes CassidyMetallurgical Engineers;

Reno, USA

Executed metallurgical studies on gold tailings at Whitewood Creek property

Key Industry Consultants Cont’dKey Industry Consultants Cont’d

Minproc Engineers; Perth AustraliaWorld renowned firm specializing inMining design processing & construction

Sidley & Austin, Environmental Law Firm; Washington, D.C.,USAResponsible for dealing with EPA & CERCLA legal requirement onWhitewood Creek project. Dealt with lawyer Stephen D. Ramsey who is now V.P. - Environmental for

General Electric, USA.

Key Mining and Development Key Mining and Development OpportunitiesOpportunities

Goldstake Explorations Inc. owns interests in 5 mining projects that have proven & probable reserves

All of which can be put into production, subject to feasibility, permitting & development financing

5 Key Goldstake Properties5 Key Goldstake Properties

1. Barrow Creek Properties – Northern Territory Australia

a) Home of Bullion (Copper, Silver, Gold, Zinc, Lead)

b) Prospect D (Copper, Nickel, Gold)

c) Prospect D “A” (Copper, Nickel, Gold)

2. Hill End – NSW, Australia (Gold)

3. Whitewood Creek – South Dakota, U.S.A (Gold)

Barrow Creek PropertiesBarrow Creek Properties (NT, AUS)(NT, AUS)

Located 300 KM north of Alice Springs Exploration License #23186 covers 825 sq.

km & is valid till August 2008

Ownership Details 50% Goldstake 25% Robert Cleaver, Goldstake President 25% Imperial Granite & Mineral Pty Ltd,

Darwin Aus. John Benger, miner/prospector is the sole shareholder Above license holders have exclusive rights

to explore & obtain mining leases during license period. No formal agreement between license holders other than all parties will do their best to advance property production & each party’s investments will be repaid from production income

See following map (Exhibit 1) for mine locations

Barrow Creek Map

Barrow Creek Properties:Barrow Creek Properties:

Home of BullionHome of Bullion

Profitable mining can be undertaken concurrently with proving up additional reserves on this massive sulphide high grade deposit

5,500 tons produced in 1948 with 2,500 tons returning 22.5% Cu

Proven & Probable ore up to 15% Cu to 300 ft. is approximately 9 million lbs. of copper 3,300 tons proven sulphide ore reserves at up to

15% Cu above 60 M 33,000 tons probable oxidized ore at 4% Cu –

2% Pb to 35 M 13,200 tons probable secondary ore up to 15%

Cu – above 60 M 33,000 tons probable ore at 6% Cu – 2% Pb –

5.10% ZN between 60-90 M

Recent Sampling: September 2002Silver 9-15 ozs., Gold up to 4 dwts (or 6 gmt) &

21.4% & 33.9% copper

Home of Bullion Map

Barrow Creek Properties:Barrow Creek Properties:

Prospect D Prospect D (Cu, Ni, Au, Ag)(Cu, Ni, Au, Ag)

1972, 11 diamond drill holes along a 2 km strike length to a depth of 300 ft. indicated probable resource of:

Tonnage Copper Nickel Width

Oxide 1,633,600 0.512% 0.151% 30’

Sulphide 1,530,200 0.621% 0.247% 28’

Drill intersections as high as 1.48% Copper, 0.48% Nickel, 215 grams silver & 5.8 grams Gold over 16.9 ft. at shallow depth (hole 7)

Gold & Silver values not given for most of 1972 drill results but a mining operation would produce Gold & Silver as well as Copper & Nickel

Prospect D Map

Barrow Creek Properties:Barrow Creek Properties:

Prospect D “A”Prospect D “A”(Oxidised Area)(Oxidised Area)

Results of Airtrac percussion dill holes in 1972 showed:

Line 93’ W (A) surface to 103 feet

2.44% Cu 0.41% Ni

Line Zero (B) 96 feet

3.43% Cu 0.91% Ni

Line Zero (C) 54 feet

5.77% Cu 0.21% Ni

Line 100’ E (D) 96 feet

3.32% Cu 0.11% Ni

Includes 6 feet (52 to 58 feet of

23.0% Cu 0.21% Ni

Prospect D “A” Map

Hill EndHill EndNSW, AUSTRALIA (Au)NSW, AUSTRALIA (Au)

Gold license #5801 covers 4.626 hectares (11 acres) & is valid till Dec. 2022

Gold license #5809 covers 3.42 hectares (9 acres) & is valid till Dec. 2022

Dredging license #1231 covers 40.44 hectares (90 acres), due for renewal in 2004 for 21 years

Hill End is the richest gold field, per ton of ore crushed, in history, with the average grade recovered over 30 oz per ton.

639 lb Gold Nugget (world’s largest) mined

at Hill End in 1872 1997 production at Golden Gully produced

2 oz/ton at a depth of 190 feet along a 240 foot section of one 10” wide gold bearing reef. Mining ceased when miners broke into old workings

There is a total of 11 gold bearing reefs in this saddle reef formation

Past mining restricted to a depth of 250’ due to water flows which today are no problem

Gold reefs are known to extend to at least 1500’

Hill End Cont’dHill End Cont’dNSW, AUSTRALIA (Au)NSW, AUSTRALIA (Au)

Production Plan:

Sink a decline or vertical shaft initially to 600 ft. vertical

This will allow access to all 11 gold bearing reefs

Production target 200 tons per day for 400 ounces of gold

This will increase periodically due to patches of bonanza grade gold values (ie. Up to 20 ounces per ton in Cosmopolitan shaft – 1872 mine manager’s report)

Hill End OwnershipHill End OwnershipNSW, AUSTRALIA (Au)NSW, AUSTRALIA (Au)

Leases owned 70% by Silver Orchid Pty Ltd, a private company registered in NSW, Australia

Goldstake owns 20% of shares in Silver Orchid & has no obligation to contribute funds to Hill End

Goldstake has an opportunity to increase ownership of leases at Hill End to 50%

First Tiffany Resources Corp., a Canadian public company, owns 20% interest (carried to feasibility) in the leases

Clarence Fowler, the original lease vendor, has a 10% interest in the leases

Robert Cleaver (Goldstake President) & Charles McAlpine (Director/Secretary) own 40% interest in Silver Orchid

Agreement that all funds contributed by all or any of the shareholders will be reimbursed from gold production revenue

Hill End Map

Hill End Development Plan

Hill End Cross SectionHill End Cross Section Showing Saddle Reef FormationShowing Saddle Reef Formation

Whitewood CreekWhitewood CreekSouth Dakota, USA (Gold tailings)South Dakota, USA (Gold tailings)

Proven/probable reserves of 729,000 (Goldstake owns over 250,000) with recovery costs of less than $100/ounce

Requires Barrick Gold participation Possible 2 million ounces of gold in this

project owned by Barrick and Goldstake

Ownership Details Goldstake owns 100% of its properties Strawberry Hills Mining Inc. has a 20%

interest/net profits once a positive feasibility study completed

Strawberry must contribute to ongoing costs

No director of Goldstake owns shares in Strawberry

Strawberry is controlled by a local South Dakota prospector named Maurice Hoffman who brought the Whitewood Creek project to Goldstake in 1986

Whitewood Creek MapWhitewood Creek Map

PLANT RECOVERY SITE

TAILINGS REPOSITORY

Section 3: Exploration TargetsSection 3: Exploration Targets

Goldstake has identified 4 exploration targets:

Barrow Creek Properties - NT, Australia

Mulbangas

Barrow Creek Copper Anomaly

Utopia - NT, Australia

Hemlo - Ontario, Canada

MULBANGAS (Cu)MULBANGAS (Cu)

Is a surface copper outcrop in Northern Territory, Australia

Part of a mineralized strike line of approximately 40 km North to South

Ownership DetailsSame as Barrow Creek

Barrow Creek Exploration MapBarrow Creek Exploration Map

Barrow Creek Barrow Creek Copper Anomaly (Cu)Copper Anomaly (Cu)

This magnetic anomaly was identified by an induced polarization survey conducted by the NT Government Survey

Ownership Details:Same as Barrow Creek

UtopiaUtopiaNT, Australia (Ta, Sn)NT, Australia (Ta, Sn)

Located 300 km north of Alice Springs

Exploration License #23187 covers 1,800 square km

Tantalum/Tin mineralised layered pegmatite over 5 km long and 140 M wide on surface

Assays of up to 2 pounds tin (Sn) & 1 lb. Tantalite (Ta)

HemloHemloOntario, Canada (Au)Ontario, Canada (Au)

104 acre property adjacent to and north-east of the Hemlo David Bell gold mine which is now owned by Barrick gold

Mining is approaching west side of the Goldstake property

Geological evidence suggests that Hemlo ore body dips to north and does extend into Goldstake properties

Ownership Details 50% Goldstake 50% Bernard Boos, Vancouver based

businessman who was controlling shareholder in Seemar Mines

Goldstake/B. Boos own surface rights to Hemlo & pay provincial rent under 3 patented leases (approximately $120.00 per annum)

Hemlo MapHemlo Map

Project PrioritiesProject Priorities(In Order of Importance)(In Order of Importance)

1) Home of Bullion (NT, Australia) Develop further ore reserves on ore body. Dimensions 550’ x 15’ x660’ x2.8sg. Mine 500 thousand tons (approx.) whilst

developing further reserves Total anomaly length is over 5,000 feet Cost to feasibility, $3 million Australian

2) Hill End (NSW, Australia) Access all 11 gold bearing reefs at Golden

Gully Hill End initially to 600 feet Mine 200 TPD for 400 ounces O.P.D. at a

cash cost of approximately $80 Australian per ounce

Gold price in Australian dollars is $580 per ounce

Cost to feasibility, $3 million Australian

cont’d

Project PrioritiesProject Priorities(In Order of Importance Cont’d)(In Order of Importance Cont’d)

3) Prospects D and D “A” (NT, Aus.) Define ore reserves on Prospect D and

D “A”. Prospect D “A” could be mined by

open cut from surface on high grade oxidised copper nickel to expose the underlying massive sulphide ore body (Prospect D)

Cost to feasibility, Prospect D $3 million Australian

Cost to feasibility, Prospect D “A” $1 million Australian

4) Whitewood Creek Reinstate joint venture with Barrick to

carry out original terms of Homestake agreement to develop and mine tailings

Or, lease the Barrick properties & Goldstake would mine the tailings for a cost of less than $100 US per ounce

Cost to feasibility, $2 million US

Appendix 1Appendix 1Share StructureShare Structure

Issued shares 45, 860,660

Outstanding options exercisable up to Dec 31 2004 – 3,390,000

Float – approx. – 22,000,000