AGUA RICA (MI VIDA)

Reported that its wholly owned subsidiary, has submitted the required Environmental and Social Impact Assessment Report to the Province of Catamarca. The ESIA is the result of 11 years of research and community engagement and cost approximately $9 million to complete. The process to receive the development permit is estimated to take 8 to 12 months.

Released The 2005-2006 Agua Rica Feasibility Study Update, (FSU) which documented the technical viability and financial strength of the project as at the date of the FSU. The project had been estimated to have a capital cost of US$ 2.123 billion and average life of mine total operating costs of 6.84 $/tonne of ore milled. The net present values (NPV), pre-tax and after tax, at an 8% discount rate, were US$868 million and US$372 million respectively.

Received a positive feasibility study update (FSU) as part of the continuing development. The development plan proposed in the FSU indicates that deposit is technically feasible and economically viable, and can be developed as a long-life copper-gold-molybdenum mine with a low cost of copper production and significant byproduct credits. The FSU indicates an internal rate of return (IRR) of 20% based on 100% equity, a payback of initial capital investment of 2.9 years and a net present value (NPV) at 8% of $1.9-billion.