Eastern Goldfields Inc (EGDD)

Eastern Goldfields, Inc. was incorporated under the laws of the State of Nevada on July 15, 1998, originally under the name of Fairbanks Financial, Inc. The Company was established as a business management, marketing and consulting firm to serve both the emerging and established business entrepreneur. On July 27, 2005, this company changed its name to Eastern Goldfields SA (Pty) Ltd and it changed its main business activity to that of an investment holding company. Eastern Goldfields, Inc., is the parent company of Eastern Goldfields SA (Proprietary) Limited EGSA, a corporation organized under the laws of the Republic of South Africa. EGSA conducts all of the Company's business operations in South Africa through its South African subsidiary corporations. EGL itself is a South African holding company which has three South African subsidiary corporations; namely, Makonjwaan Imperial Mining Company (Pty) Ltd., Eastern Goldfields Exploration (Pty) Ltd. and Centurion Mining Company (Pty) Ltd. The company's mining operations include: The search for and location of mineralized deposits with mine development potential; The determination of the quantity (tonnage), quality (grade) and continuity of a mineralized deposit necessary for its classification as a mineral reserve; The demonstration, through a recognized engineering and economic study, or Bankable Feasibility Study, of the commercial viability of any identified mineral reserve; and The commencement of mine development and mineral production utilizing existing or newly constructed mineral processing facilities. The Company has a competitive position in the gold production industry. Its operations are subject to South African and local laws and regulations regarding environmental matters, the abstraction of water, and the discharge of mining wastes and materials.