PUKAQAQA

Tiomin Resources announced that the Company has converted its 49% contributing equity interest in the Pukaqaqa copper-gold project in Peru into cash and, if Pukaqaqa enters production, receives additional cash payments and a Net Smelter Return royalty.

In the Pukaqaqa project, the company expects to confirm the economic feasibility of a 30,000 tpd-operation in order to produce copper concentrates with an investment among US$300 Million. From August through March 2007, the Phase 3 exploration program was executed, with 65 diamond holes (16,215 m) focused mainly on increasing the level of category of resources and delimit the deposit laterally and in depth. During 2008, the mining property was consolidated by means of the acquisition of the South Pukaqaqa prospect from Compania de Minas Buenaventura. In addition, the company executed geophysics studies by induced polarization in a 2x2.5 km area with the aim of testing a skarn outcrop sub-parallel to the Gaby breccias located 2 km SW; results obtained show similar chargeability to breccias bodies, with good deepening, associated to the skarn sub-parallel to Gaby, as well as, the persistence of anomaly of chargeability which shows the continuity of the North and South Blankets. It´s pending a diamond drilling campaign in order to define the existence of economic mineralization in those targets, thereby the company has executed 7 platforms with their access.

During the year reported that no exploration work took place over the property.