NON-GOLD

LASCANO PROJECT

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Project Description: The Lascano project is based on a large magnetic and gravity anomaly located in the department of Rocha, 240 kilometres northeast of Montevideo. The project covers an area of 277,592 hectares and was originally identified in the late 1980's from a government regional geophysical survey. The anomaly is situated in a major northeast-southwest trending structural corridor.

Geology: The origin of the Lascano geophysical anomaly has been interpreted to be caused by gabbro to granitic (granophyre) rocks underlying a sequence of magnetic basalts and felsic volcanic rocks.

Exploration Results: The style of mineralization and alteration, suggests the presence of an Iron Oxide-copper-gold (IOCG) or porphyry copper system.

Planned Activities: The scheduled drill program for calendar year 2008 will further investigate the anomalous copper which was discovered in 2007.

LASCANO PROJECT Exploration Activities & Results Summary (as of March 31, 2008)
CALENDAR YEAR	ACTIVITY	RESULTS
HISTORICAL RESULTS
2002	Drilling 450 m (1 DDH)	Intersected conglomerate and basalt. This did not adequately explain the geophysical anomaly.
2006	Airborne geophysics	Completed a detailed airborne gravity gradient and magnetic survey comprising 10,400 line-kilometres flown at a line spacing of 400 metres. Three large circular geophysical features were defined, each about 20 kilometres in diameter.
CURRENT RESULTS
2007/2008	Drilling 4,310m (5 DDH)	The hydrothermal alteration, 158m of anomalous copper, in LASDDH-002, demonstrate that the system has the potential to host a mineralised body. The area around drill hole LASDDH-002 drill hole provides a priority target for copper and or gold mineralisation.
Drill hole intercepts, not true thickness.