SOUTHERN URUGUAY PROJECTS

CHAMIZO

Project Description: This gold project covers an area of 26,772 hectares and is located in the central portion of the La Florida Belt in southern Uruguay, approximately 140 kilometres northwest of Montevideo.

Geology: The project is situated within the granite-greenstone terrane of the La Florida Belt. This terrane comprises Palaeo-proterozoic age rocks. Exploration is focused on one to two shear zone/quartz vein zones with over 10km strike length.

Exploration Results: Historical drilling has intercepted zones of encouraging gold mineralization.

Planned Activities: The historical data, together with current exploration data, is being reviewed in order to generate additional drill targets for calendar year 2008.

CHAMIZO DISTRICT Exploration Activities & Results Summary (as of March 31, 2008)
CALENDAR YEAR	ACTIVITY	RESULTS
HISTORICAL RESULTS
1986-2005	Sampling	Soil Samples 366 soil samples between 50 - 16,500ppb Au. Approximately 25% of these samples between 1,001-16,500ppb gold. Stream Samples 169 stream samples between 100 - 13,100ppb Au.
	Drilling 6,216m (50 DDH) Drilling 1,094m (36 RC)	Many intercepts ≥ 2.0g/t Au over ≥ 1.0m Several intercepts ≥ 2.0g/t Au over ≥ 1.0m
CURRENT RESULTS
2007/2008	Mapping & sampling	Quartz vein zones identified with significant strike extent and width. Rock Chip Samples Six rock chip samples between 100 - 8,200ppb Au.
Drill hole intercepts, not true thickness.