(a) Business Development

Savoy Resources Corp. is a gold and mineral exploration and development company in the exploration and development stage. In May of 2004, we entered into a joint venture agreement with the First Institute of Geology Exploration of Heilongjiang Province, China, for the purpose of developing gold and other mineral exploration operations in Heilongjiang province in northeastern China. The joint venture was organized in July of 2004 with the formation of Heilongjiang Savoy Minerals Co., Ltd., under the laws of China and the receipt of project approval and business and exploration licenses from the appropriate Chinese governmental agencies. In April of...