In order to achieve our strategic vision of repositioning Troy as a highly profitable mid-tier gold producer with a portfolio of quality long-life assets that provide opportunity for further exploration growth, we have adopted the following corporate strategy:

• grow annual gold production
• grow gold reserves
• create value through strategic acquisitions
• maintain an aggressive exploration program
• deliver fast-track project development
• build a best-practice culture
• generate strong earnings and cash flow from low cost operations

Key developments in achieving this strategy:

Strategic Investments

Birim Goldfields Inc (now Volta Resources Inc)

In May 2006, the Company entered into a strategic alliance with Birim for the exploration of gold mining projects in Ghana. Pursuant to this strategic alliance Birim granted the Company a right of first offer or refusal, as the case may be, in respect of any of Birim’s interests or properties which Birim proposes to, or receives an offer to, joint venture, divest or transfer. In addition, Troy subscribed for, and was issued, 5,000,000 units of Birim at a price of C$0.55 per unit. Each unit consists of one common share and one-half of one common share purchase warrant (each whole warrant entitling the holder to acquire an additional common share of Birim at a price of C$0.80) exercisable for a period of 18 months from the issue date. By the terms of the warrants, if the 15 day weighted average closing price of the common shares on the TSX exceeds C$1.35 Birim will notify the wrarantholders who will have 10 business days to exercise such warrants, failing which the warrants will expire. As at the date hereof, Troy owns approximately 7.4% of the issued and outstanding common shares of Birim.

The Birim investment has provided the company with a low risk access to a new region with very capable partners and significant rights to properties either owned or generated by Birim.

West Africa with its’ significant gold endowment is one of the fastest growing gold production regions and is attracting proportionally more exploration funding due to its prospectivity, acceptable above ground risks and generally less expensive operations. Ghana in particular has a proven discovery record of multi-million ounce deposits with good potential for the additional discovery of +1Moz resources. Ghana is host to a number of large deposits with a total endowment in excess of 140Moz, including Obuasi, Tarkwa, Iduapriem, Bogosu and Akyem deposits. The Yamfo-Sefwi Belt is developing into a major gold district with Newmont delineating the Ahafo deposit.

Birim has a large tenement position (>2500sqkm) on the Bui Belt and 3 smaller land positions on the Yamfo-Sefwi Belt along strike from Newmont’s deposits. Birim controls most of the under-explored Bui Belt where to date no significant resources have been delineated but Birim has held the ground for over 10 years and the company has been under-capitalised and therefore been unable to aggressively explore the ground. Birim’s portfolio comprises of a series of early stage opportunities with little discovery drilling and limited surface exploration mainly soil sampling and RAB drilling. Birim is focussed on both shear related gold mineralisation associated with NE-SW trending regional structures within Birimian volcanics, sediments and intrusives as well as conglomerated hosted Tarkwaian style gold targets. Both target styles are known to host multi-million ounce deposits in Ghana. The Birim ground is target rich and requires a rigorous ranking and prioritisation followed by evaluation using methodologies similar to those employed in Western Australia.

Birim's President and CEO is Mr. Vic King, former Regional Manager Africa for Gold Fields Ltd, who has extensive operating experience in Africa and was instrumental in delineating the Tarkwa orebody. Vic heads an established, experienced national exploration team with a proven track record capable delivering efficient, cost effective exploration programs.