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    14,515M DRILLING COMPLETED AT JAPONESITA, CHILLEAN VEIJO
    BEST INTERSECTIONS - THREE HOLES OVER AN
    86M INTERVAL AT AVG 39% FE
    Highlights
    • Best intersection was 86m averaging 39.46% Fe with only 0.082% phosphorous.
    • 14,515 metres of reverse circulation drilling completed, with 30 drill holes in 2007
    • Tenements includes the Chillean Veijo, Mirador and Primavera mines that were
    operated in the 1960’s for lump iron ore
    • Environmental approval permit issued to mine 1.2m tonnes per annum in addition to
    the existing permit of 1.5m tonnes at Japonesa
    The Board of Directors are pleased to announce very encouraging drilling results from its latest
    program supervised by its Consultant SRK in its 50% joint venture Cia Minera Santa Barbara’s
    Japonesita, Mirador, and Chillean Veijo tenements, located within two kilometers from the
    main processing plant at Japonesa.
    The grades encountered are very encouraging and mine planning will commence immediately.
    SRK will produce a JORC estimate on a measured or indicated basis of the reserve including
    data from the existing lump vein mines.
    There is exists a stockpile at Mirador Mine which is approximately 500,000 cubic metres in size
    and further evaluation work will be done to ascertain the Fe content of the stockpile created in
    the sixties when only lump was extracted from the veins and stockwork. GEOS Consultants
    full report is attached.
    This result completes the geological due diligence work prior to commencement of mine
    planning.
    Yours sincerely,
    Phillip Thomas
    Managing Director
    [e] [email protected]
 
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