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UNITED STATES
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OMB APPROVAL
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SECURITIES AND EXCHANGE COMMISSION
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OMB Number: 3235-0058
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Expires: April 30, 2009
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Washington, D.C. 20549
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Estimated average burden
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hours per response 2.50
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FORM 12b-25
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SEC FILE NUMBER
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000-50218
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NOTIFICATION OF LATE FILING
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(Check One):
x
Form 10-K
o
Form 20-F
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o
Form 11-K
o
Form 10-Q
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o
Form 10-D
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o
Form N-SAR
o
Form N-CSR
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For Period Ended:
December 31,
2007
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[
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] Transition Report on Form 10-K
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[
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] Transition Report on Form 20-F
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[
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] Transition Report on Form 11-K
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[
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] Transition Report on Form 10-Q
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[
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] Transition Report on Form N-SAR
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For the Transition Period Ended:
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Read Instruction (on back page) Before Preparing Form. Please Print
or Type.
Nothing in this form shall be construed to imply that the Commission
has verified
any information contained herein.
If
the notification relates to a portion of the filing checked above, identify the Item(s)
to which the notification relates:
PART I -- REGISTRANT INFORMATION
Full
Name of Registrant
Former Name if Applicable
170 Tchaikovsky Street, 4
th
Floor
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Address of Principal Executive Office (
Street
and Number)
Almaty, Kazakhstan 050000
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City, State and Zip Code
PART II -- RULES 12b-25(b) AND (c)
If
the subject report could not be filed without unreasonable effort or expense and the
registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed.
(Check box if appropriate)
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(a) The reason described in reasonable
detail in Part III of this form could not be eliminated without
unreasonable effort or expense;
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x
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(b) The subject annual report,
semi-annual report, transition report on Form 10-K, Form 20-F, 11-K,
Form N-SAR or Form N-CSR, or portion thereof, will be filed on or
before the fifteenth calendar day following the prescribed due date; or
the subject quarterly report or transition report on Form 10-Q, or
subject distribution report on Form 10-D, or portion thereof, will be
filed on or before the fifth calendar day following the prescribed due
date; and
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(c) The accountant’s
statement or other exhibit required by Rule 12b-25(c) has been attached
if applicable.
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PART III -- NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K,
10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be
filed within the prescribed time period.
The annual report of the registrant on Form 10-K could not be timely
filed because management requires additional time to compile and verify the data
required to be included in the report. The report will be filed within fifteen calendar
days of the date the original report was due.
PART IV -- OTHER INFORMATION
(1)
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Name and telephone number of person to contact in regard
to this notification
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Adam R. Cook
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801
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355-3797
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(Name)
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(Area Code)
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(Telephone Number)
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(2)
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Have all other periodic reports required under Section
13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for
such shorter period that the registrant was required to file such
report(s) been filed? If answer is no, identify report(s).
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(3)
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Is it anticipated that any significant change in results
of operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the
subject report or portion thereof?
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If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of
the results cannot be made.
During the fiscal years ended December 31, 2007 and 2006 the Company
did not earn revenue. The Company is in exploration stage and does not anticipate
earning significant revenue until it commences commercial production.
The Company anticipates that total operating expenses will have
increased approximately 77% during the twelve months ended December 31, 2007. The
increases in total operating expenses is primarily attributable to increased
exploratory activities during the 2007 fiscal year, including increases of
approximately 36% in general and administrative expense and 185% in exploratory
costs.
The Company expects to realize a loss from operations during fiscal
2007 of approximately $9.3 million compared to a loss from operations of $5.2 million
during fiscal 2006. This increase in loss from operations is attributable to increased
operating expenses with no revenue to offset such expenses as discussed in the
preceding paragraphs.
The Company anticipates realizing a net loss of approximately $9
million for the year ended December 31, 2007 compared to a net loss of $4.7 million for
the year ended December 31, 2006. The Company anticipates net loss per share of
approximately $0.07 for the 2007 fiscal year compared to a net loss of $0.04 per share
during the 2006 fiscal year.
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(Name of Registrant as Specified in Charter)
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has caused this notification to be signed on its behalf
by the undersigned hereunto duly authorized.
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Date: April 1,
2008
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By: /
s/ Adam R.
Cook
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Adam R. Cook
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Corporate Secretary
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