San Rafael

Minsur S.A. released its Annual report.

During 2009, were mined out 1'042,788 DMT with 4.04% tin. The plant procesed 1'024,639 DMT with 4.05% tin, an average tin grade in concentrates of 62.86%, and a total recovery of 90.39%. To the first quarter of 2009 the upper levels of the mine were mined. Advance in both mining works horizontal and vertical was 6,560.70m, underground diamond drilling 2,811.60m, drilling with raise-borer was 267.00m, for the infill plant were drilled 322.40m of pilot holes for the respective paste conduction. Advances in the exploration program of San Rafael vein, 4150 level and of Quenamari vein, 3800 N-S level were not as expected, so it was not possible to compute tin mineralization. No economic resource copper mineralization was reported on finishing off current reserves exploitation during first quarter of 2009. The diary average treatment in the plant was 2,886 MT/day. The Eastern Ridge Regional Exploration Project has been completed, bounray with Bolivia. There were identified several hydrothermal alteration zones at the contact of granite and coarse-grained granodioriote with upper paleozoic sedimentary rocks. Three exploration crews are surveying carefully each of these areas, in order to determine any possible tin and/or copper, lead, zinc mineralization. The regional exploration was carried out by other three crews which visited as a confidential way many third-party projects located in Cajamarca, Ancash, Ica, Arequipa and Puno. As of year end 2009 Minsur owns 142 claims with 113,939.18 Has.

During 2008, 1,061,997 dry tonnes or mineral was extracted from the mine grading 4.20% Tin, and due to international prices and the location of copper reserves at upper levels of the mine, 119,852 dry tonnes were extracted grading 2.17%. In the year, exploration and development programs were undertaken, in addition to diamond drilling. Exploration results were not encouraging on veins Pedro, Maria Elena and Victoria at levels 4,050 and 4,200 reason why was not possible to estimate tin ore.