CERRO CRUCITAS (SARAPIQUI)

Infinito Gold, in July 2010, as a result of the ongoing delays in the Tribunal, management initiated a further cost reduction program at the Crucitas Project in Costa Rica. All non-essential consultants have been either terminated or continue to have their hours significantly curtailed, while over 20 employees will be terminated in August 2010 at total cost of $50,000, wage rollbacks remain in place. These measures continue until such time as the Tribunal renders its decision, or the injunction is lifted.

Infinito Gold announced that on Saturday May 8, 2010 newly elected President Laura Chinchilla signed an extension of a moratorium on gold mining that had originally been signed in late April by the then President of Costa Rica, Oscar Arias. However, the extension is not expected to impact development of the company’s Crucitas Project, Costa Rica.

Infinito Gold announced that the Constitutional Chamber of the Supreme Court in Costa Rica ruled that the challenges to the grant of permits allowing development of the Crucitas project were without merit, ending the suspension of development activity at the project imposed by the court.