July 31, 2010 As of Jul/08, due to uncertainties about the Company’s ability to actively explore and finance its Venezuelan exploration property interests, the Company has written down the mineral property interests by $1,322,557 to a nominal carrying value of $1.
April 24, 2008 A technical report dated Apr/08 was released and provided details of the independent estimate of the mineral resources pertaining to a zone of near-surface shear zone-hosted gold mineralization recently discovered on the Los Patos property. See Mar 19/08 and Jan 31/08 entries for further details. Recommendations include gathering of sufficient bulk density information for both the saprolite and fresh rock materials found at the Los Patos deposit, along with the completion of preliminary metallurgical test work that will examine the metallurgical characteristics of the gold mineralization in both material types. As well, gathering of additional drill hole information is warranted for the saprolite-hosted gold mineralization at the Los Patos deposit. Continued effort towards determining the sources of the extreme variances in the QA/QC data is also recommended.
March 19, 2008 The initial NI 43-101 mineral resource estimate was received. Using the base case US$650/oz pit shell scenario, Indicated and Inferred resources total 1,232,900 tonnes grading 2.76 g/t gold, or 109,415 contained ounces. The data for the block model and open pit was derived from 6 surface trenches, 28 diamond drill holes completed by ValGold and 8 drill holes drilled by Gold Fields in the 1990s. Further drilling is planned in an attempt to expand the Los Patos and to test other targets along the Los Chivos shear zone.