Finding the next one - cexr.clcexr.cl/wp-content/uploads/2015/09/CER30-ENG-FIN.pdf · Pothenot Project Located 12km to the south east of the Antucoya porphyry copper deposit and within

11 9 6 4 Project Showcase

Goldcorp, Teck merge projects

Exploration News

No.30 / September 2015 www.cexr.cl

Words of advice from Chile Explore Congress

Finding the next one

Lundin’s bet on Chile

O utside the conference hall, the talk may have concentrated on the future of the Chinese economy and its implications

for the copper price over the coming years. But speakers at Chile Explore Con-gress 2015: Time of Opportunity were concentrating on a more upbeat pro-spect: how to make Chile’s next major mineral discovery. After three decades as a premier mining jurisdiction, Chile is sometimes painted as a mature exploration country. But that is not what the figures show. Companies continue to invest heavily in mineral ex-ploration, especially in Regions III and IV, noted Jorge Cantallopts, research direc-tor at the Chilean Copper Commission (Cochilco). Last year, spending on miner-al exploration in Chile fell by US$200M to US$707M, according to SNL Metals & Mining. But Chile’s share of global ex-penditure rose from 5% to 6% showing that in times of crisis companies head to more stable jurisdictions with known geological potential. The country’s huge copper-gold porphy-ries, which tend to be found in clusters, still have significant potential for brown-field discoveries, boosting the resources at some of the world’s largest copper mines. Alejandro Pizarro, senior geologist at Minera Escondida, detailed the discovery of Escondida Este, the latest deposit to be found at the BHP Billiton-controlled operation. Lying at 800m below surface just to the east of the main pit, the de-posit is estimated to contain 9-19Bt @ 0.4% Cu although it remains open at depth. The deepest hole (measuring 2,263m) ended in mineralization. Codelco’s director of exploration Roberto Freraut said the company has high hopes for the La Huifa deposit, 3km east of the El Teniente mine, which it is rapidly de-veloping to integrate it into future pro-duction plans.

Sometimes important discoveries can be made even in projects which have exam-ined by several companies. “After 30 years of exploration we can still get surprises out of the property,” noted Nicholas Lindsay of Kingsgate Consolidat-ed (ASX: KCN). KCNs Nueva Esperanza project in the northern Maricunga belt,

Region III, has been operated by a num-ber of firms since its discovery in the ear-ly 1980s. But a condemnation hole last year on previously undrilled land to the west of the main Chimberos pit struck high-grade gold mineralization which “has changed our whole perspective of the property." KCN is now revisiting the entire site to check the potential for fur-ther gold mineralization. Together with Gold Field’s (JSE: GFI) Salares Norte discovery (23.3Mt @ 4.2g/t Au & 44.8g/t Ag), Chimberos is chang-ing industry perceptions of the Mari-cunga’s potential for high-grade gold mineralization. One barrier to mineral exploration is the country’s system of mine tenure, said Cochilco’s Cantallopts. Although much of northern Chile is covered with claims, most of this land is not actively being explored or mined. Changing this system is politically fraught given the interests at stake.

© 2015 Chile Explore Report All Rights Reserved

Charlie Forster explains the exploration of the Oyu Tolgoi deposit in Mongolia.

“After 30 years of exploration, we can still get surprises out of the

property.” Nicholas Lindsay,

Kingsgate Consolidated

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However, SQM, one of the largest claim holders, has become much more active, both through joint ventures with third parties or exploring on its own. Explora-tion manager Ricardo Gonzalez said SQM plans to drill 30,000-40,000m a year as it works through 15 promising prospects. Making a discovery means not only being in the right place but having the skills and equipment to find it. Technological changes are creating a greater role for geochemistry and geo-physics in mineral exploration. Jeremy Barrett, General Manager of Southern Rock Geophysics, said more powerful computers are allowing companies to process huge amounts of geophysical data to refine promising anomalies. Basic skills remain just as important. In a passionate talk, Kevin Heather, Chief Ge-ological Officer of Regulus Resources (TSXV: REG) highlighted the importance of mapping to making mineral discover-ies. With resources restricted and fancy new technologies available, many firms are reluctant to deploy geologists for months at a time in the field. In turn, many geologists would rather spend their days revising computer models in a warm, dry office. As a result, discoveries are potentially being missed, he said.

Senior geologists should take the time to show younger colleagues what they are looking for and why to ensure important details are spotted, said Charlie Forster, who led exploration of the Oyu Tolgoi deposit in Mongolia for Ivanhoe Mines (TSX: IVN). In Mongolia, he recalled up-braiding local staff who could not say from where in the project the drill core they were logging had come. Today the geological team at the Oyu Tolgoi mine is wholly Mongolian, consisting largely of geologists who worked under him during the exploration phase. Dr. William Chavez of New Mexico Insti-tute of Mining and Technology warned against being too beholden to geological models. Echoing Heather’s call, he urged geologists to compare what they see in the field with what textbooks tell them. A model which works in one basin may

not apply elsewhere. Indeed, many mineral discoveries are made when exploration managers break with industry dogma and try new ap-proaches. When geologists from Rio Algom began exploring in Chile in the early 1990s, they decided to focus on the Paleocene belt rather than the Eocene belt where the majority of companies were concen-trating their efforts. Firstly because that is where ground was available but also because it was less explored. “If you do what others have done, you’ll find what they find,” said John McClintock, part of the team which eventually found the Spence Cu deposit.

Before finding success, Rio Algom tried several strategies before making the dis-covery hole. Believing they had found the winning formula for northern Chile, they repeated their steps but failed to find any more deposits. Even the best geologists can do nothing without resources to finance expensive geophysical studies and drilling cam-paigns. Forster noted that his team spent around US$150M drilling out the deep-lying re-sources at Oyu Tolgoi plus another US$250M building a 1.3km deep explora-tion shaft. That would not have been possible without the ability of chairman Robert Friedland to raise huge sums from investors or his faith in the judg-ment of his geological team. “He never gave us hell for drilling a 1,000m or 2,000m duster,” Forster re-called. But McClintock warned against generosi-ty with geologists. However much you give geologist at the start of season, they will have nothing at the end, he noted. By restricting their budget, they will be forced to focus their efforts where they have most chance of success. “If you give geologists more money, they only test riskier targets,” he noted. Wise words in these straitened times. CER

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No.30 / September 2015

“He never gave us hell for drilling a 1,000m or

2,000m duster”. Charlie Forster on

Ivanhoe Mines chairman, Robert

Friedland

John McClintock, president of McClintock Geological Management.

Kevin Heather, Chief Geological Officer of Regulus Resources.

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Project Showcase

Available Exploration Alliance Areas: Antucoya Sur (Pothenot & Balkan)

Greenfields exploration within a copper brownfields district.

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Contact: [email protected]

Daniel Jimenez Senior VP of Exploration [email protected] +56998223038

Darryl D. Lindsay, PhD, PGeo Manager Metal Business Development [email protected] +56966488511

Tomas Esguep Metal Business Development Engineer [email protected] +56966373482

The Balkan and Pothenot projects are located some 135km N of Antofagasta.

Balkan Project Located 10 km south east of the Antucoya porphyry copper deposit and as a result of the overlying caliche exploitation, the presence of copper oxides and carbonate minerals are observed associated with veinlets emplaced within Jurassic age granodioritic rocks with the presence of a possible rhyo-lite porphyry bearing argillic alteration. Rock chip samples returned between 266ppm to 1300 ppm Cu, 25 ppm Ag and up to 1726 ppm Zn. Within a kilometer to the east there is strong hematitization in trenches and Caliche workings. An RC drillhole (unknown 3rd party) shows strong host rock leaching with hematite, goethite and quartz. Potential: porphyry copper.

Pothenot Project Located 12km to the south east of the Antucoya porphyry copper deposit and within historical artisanal workings (N20N20E and N60W, sub-vertical) occur copper oxide miner-als (chrysocolla, atacamite y brochantite) in veins emplaced with Cretaceous volcanoclastic rock units. Within these work-ings, mapped within vein breccia units are porphyritic intru-sive clasts with quartz-clay alteration and copper oxides. Rock chip samples in this sector have values between 124ppm to 8900 ppm Cu, 73 ppm Ag and up to 1539 ppm Zn. Potential: hydrothermal breccia possibly associated with porphyry copper mineralization.

Pothenot Project

Balkan Project

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Project Showcase: Seeking opportunities

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MINERA FUEGO

Minera Fuego, the mineral exploration vehicle of Chilean businessman Isidoro Quiroga, is seeking partners for a series of projects developed over the last decade, revealed Raymond Jannas. One of the most promising is the Johanna copper porphyry project, located on around 5,000h of mining concessions and 10,200h of exploration concessions, 40km south of Vallenar in Region III. After extensive mapping, ground and air magnetometry and IP ground geophysics, Minera Fuego completed 23,200m of diamond drilling over 39 holes, which identified inferred resources of 200Mt @ 0.43% Cu & 0.14g/t Au.

MINERÍA ACTIVA

India Coya is the flagship project of Compañía Minera Oro Atacama, one of the businesses managed by Minería Activa, explained founding partner and Executive VP Andres Susaeta. The project is located to the south of Copiapo in steep terrain which hinders drilling. After digging almost 700m of tunnels and drilling more than 5,000m, MA has identified a resource of 160,000oz @ 7g/t AuEq in veins 3m-5m wide. A recently-completed PEA proposed a 500tpd underground mine with a five year mine life using Bench & Fill methods. Initial expenditure is estimated at US$17.5M, with a cash cost of US$500/oz and a NPV of US$30M. However, drilling suggests the deposit is open at depth and along strike and could contain an additional 300,000oz AuEq or more. So MA plans to drill a further 2,700m of holes to test north and south ore shoots at depth. The next step will be to develop at PFS after which a divesture or partner will be sought.

I n a new development at Chile Explore Con-gress 2015: Time of Opportunity, attendees were able hear about the latest developments at some of Chile’s leading

mineral exploration companies, with projects ranging from early-stage exploration and small near-production opportunities to some of the world’s largest undeveloped mineral deposits.

www.cexr.cl No.30 / September 2015

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EXETER RESOURCE

Water has become a major focus of Exeter Resource (TSX: XRC). Jerry Perkins, VP Development, revealed XRC has begun applying for water rights for a new aquifer which could supply its Caspiche Au-Cu project in Region III. Six large diameter holes have identified flows of more than 400l/s of good quality, but not potable, water which is not linked to any rivers or lakes in the area. That is much more than XRC requires to supply a US$250M proposal to exploit oxides at the giant Caspiche deposit unveiled in a new PEA last year. The project could produce 1.5Moz Au over ten years for a post-tax IRR of 30.2%.

SQM

A recent review by SQM (NYSE: SQM) of its mine property portfolio identified sectors with high potential for world-class Cu mineralization, said Darryl Lindsay, Manager for Metal Business Development. Covering almost 70,000h, the five (Bufalo, Bufalo Este, Los Morros, Jardines and Argomeda (Soldado)) are located principally within the Eocene-Oligocene copper metallogenic belt and the structural-geological domain of the Domeyko fault zone. The aim of the program is to generate and drill test targets in highly prospective covered zones that have had undergone little to no ground work by SQM and little reconnaissance by third party explorers.

SEGEA

Aquiles Alegria of SEGEA believes that it may have found a Mn deposit of kind not previously seen in Chile. Armonia is located 185km SE of Calama, Region II. The prospect extends for more than 4km with outcrops of Mn, Tl, Mo, Ag, As, and Zn mineralization covered on all sides by Miocenic Ignimbrites and other volcanic rocks. The location, mineralogy and size of Armonia varies significantly from the usual Mn systems explored in Chile and bears more resemblance to deposits found in China, Russia and Mexico, Alegria noted.

LOS ANDES COPPER

Los Andes Copper (TSXV: LA) is preparing a 5,000m diamond drilling campaign to improve its understanding of its Las Vizcachitas Cu-Mo deposit in Region V. Director Eduardo Covarrubias said drilling will focus on the project’s high-grade core, which has not been drilled since the 1990s, and seek to re-categorize some resources. Results will be assayed for silver for the first time while these and previous samples will be re-assayed for molybdenum. The results of this work will be used in a new PEA scheduled for 1Q16 which will include an option for a smaller initial phase of 40-50ktpd to reduce capex requirements.


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G oldcorp (TSX: G) and Teck (TSX: TCK) have agreed to combine their El Morro and Relincho projects under the new name

of Corredor. Located 40km apart on the edge of the Huasco Valley, Region III, the two depos-its will now be developed using shared infrastructure, including concentrator, desalination plant, power lines and port, dramatically reducing the initial outlay. A recently completed PEA suggests an initial investment of US$3.5B, less than half the proposed cost of developing the two projects separately (El Morro: US$3.9B; Relincho: US$4.5B). “Combining these two neighboring assets is a common sense approach that allows us to consolidate infrastructure to reduce costs, reduce the environmental foot-print and provide greater returns over either standalone project,” said TCK CEO Don Lindsay. As well as sharing infrastructure, the companies will also reduce capital ex-penditure by staging development of the two deposits. Relincho will initially be brought into production with a starter pit

mining high-grade ore. Cash-flow from this operation would then help to finance development of El Morro and a conveyor belt to transfer its higher-grade ore to the concentrator plant at the Relincho site. Once reserves at El Morro are exhausted, production would return to Relincho when the com-panies could consider a possible expan-sion of the mill to 175,000tpd. The proposed operation would produce 190,000tpy Cu and 315,000ozpy Au (over the first decade), more than either pro-

ject could on its own, and have a total mine life of at least 32 years. Proven and probable reserves are estimated to con-tain 16Blb Cu, 8.9Moz Au and 464Mlb Mo. In a parallel deal, G said it will acquire New Gold´s (TSX: NGD) 30% stake in El Morro for US$90M plus a 4% stream on gold production from the property. The deal is expected to close by the end of the year. As well as reducing the initial investment and increasing potential production, the decision to unite the two projects over-comes some critical environmental is-sues. The Huasco Valley, home to just 60,000 inhabitants, has seen some of Chile’s most determined environmental cam-paigns against major investment pro-jects, from Barrick Gold’s (TSX: ABX) Pas-cua-Lama at the head of the valley, through Agrosuper’s failed pig-breeding plant in Freirina to Endesa Chile’s now-cancelled Punta Alcalde thermoelectric plant at the coast. Indigenous communities (Diaguita) have strenuously opposed the El Morro pro-ject, twice successfully overturning envi-ronmental approvals citing the authori-


Combined project will reduce capex, environmental impact

A meeting of mines

“This agreement reflects the spirit of understanding and collaboration which drives our industry.”

Alberto Salas, SONAMI

Under Project Corredor, the two mines will share common infrastructure.

Alberto Salas, President of SONAMI, praised the move at the Annual Mining

Dinner.

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ties’ failure to consult them properly in line with Convention No 169. By joining forces with TCK, G will be hop-ing it can reset sometimes fraught rela-tions with local communities. “Through Project Corridor, we will work

to establish meaningful relationships with the community, indigenous peoples and other stakeholders that will help guide the project’s development and cre-ate greater value for all parties,” high-lighted Lindsay. A key aspect will be the reduced environ-ment footprint created by combining the two mines. In particular, by sharing a single facility at the Relincho site, tailings from El Morro will be stored outside the Huasco River watershed, a key demand among local farmers and indigenous communities opposed to the mine. Following the announcement of the pro-ject, the next step is to inform local com-munities of the project’ new scope. Work on a PFS is set to begin in early 2016 and take 12-18 months to complete. The decision to unite the project has been widely welcomed as a rare piece of good news in Chile’s mining industry, battered by falling copper prices, squeezed profits and job losses. Speaking at a subdued Annual Mining Dinner, the president of the national

mining association SONAMI, Alberto Salas, congratulated the two companies. “This agreement…reflects the spirit of understanding and collaboration which drives our industry,” the official said. CER


Goldcorp CEO, Chuck Jeannes.

Santiago Venture hits 10

D espite the turmoil in global financial markets, the number of companies listed on the Santiago Stock Exchange’s

new Venture Market has hit double dig-its just a few months after its official launch. “I consider it a success in a market like the one we see today that so many Ca-nadian companies have asked to list their shares here,” said Lucy Pam-boukdjian, the Exchange’s Chief Com-mercial Officer, speaking at Chile Ex-plore Congress 2015: Time of Oppor-tunity. The market was created through a 2014 agreement with TSX Venture Exchange, allowing companies listed in Canada to acquire a double listing in Santiago through a simple application process, and given its official launch last May. So far trades have been conducted in two of the stocks. The Santiago Stock Exchange was sup-ported in the initiative by Chile’s securi-

ties and insurance regulator SVS which reached agreements with Canadian counterparts to recognize Canadian listing rules in Chile. By listing their shares in Santiago, the Canadian firms will gain exposure to in-vestors not only in Chile, but throughout Mexico, Colombia and Peru through the Integrated Latin American Market (or MILA from its initials in Spanish). Meanwhile, Latin American investors will have a new opportunity to diversify their investments in risk capital in pro-jects regulated to international stand-ards. Pamboukdjian said that the main chal-lenges for the Venture Market are now to raise awareness about the exchange’s role as an efficient source of financing for mine projects, to provide training to investors and stockbrokers and to devel-op strategic alliances with groups and experts associated with the sector. CER

Teck CEO, Don Lindsay.

Lucy Pamboukdjian, Chief Commercial Officer at the Santiago Stock Exchange

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T hirty years since Chile’s Mining Code obliged companies to hand over geological data gathered through mineral exploration to

the state, new regulations are on the way to bring this requirement into force. Through the modification of Decree Law 20,819 approved earlier this year, na-tional mining and geology service Sernageomin will be able to require companies to hand over the relevant information and sanction those which fail to comply. The service is currently working on the regulations which will establish the definitions, terms, condi-tions and procedures by which the sys-tem will operate. Speaking at Chile Explore Congress 2015: Time of Opportunity, Francisco Uribe, head of Sernageomin’s mineral resources unit gave further details about the regulations which are expected to be made public later this year. The rules will apply to surface sampling, exploration drilling, district and local ge-ological maps, geochemical and geo-physical surveys, mineralogical and pet-rographic studies, mineral dating and satellite images. Sernageomin could re-quire companies to provide general in-formation about basic exploration work carried out up to four years prior to the rules coming into force. Those that fail to comply could be fined up to 100 Annual Tax Units (around

CLP53M or US$76,000). During his presentation, Uribe noted that many companies are concerned about what kind of information Sernage-omin will require them to hand over, but he sought to calm fears that the rules will cover strategically sensitive infor-mation. “The idea is not to intrude on confiden-tial company data,” says Uribe. Sernage-omin’s aim is to gather data and use it properly, protecting the work of explora-tion companies, while allowing the state to understand its natural resources.

How will it work in practice? Sernageomin will issue a public or direct request to the company after which the company will have 30 days from notifica-tion to hand over the information. This period may be extended by another 30 days. Sernageomin will then have ten days to formally examine the material and the company would have a further ten to rectify any errors. The service would then undertake an in-depth study of the information over 30 days during which it may solicit clarifications, rectifi-cations and additional data, which the company must answer within 45 days. Finally Sernageomin will issue a resolu-tion confirming that the information has been provided. The information will be published on two online platforms. Companies will have to fill in a form on Sigex (from the Spanish initials for Geological Exploration Infor-mation System) about their exploration projects. Only users will only able to see information which applies to their pro-jects. A second platform Geomin will contain publicly available information derived from the data provided to Sigex by companies, together with maps and studies produced by Sernageomin. CER

Basic geology law will be retroactive

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Rules to cover projects dating back up to four years.

Sernageomin could require companies to provide general information about basic exploration work carried out up to four years prior to the rules coming into force.

A geological map from Geomin platform.

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L undin Mining (TSX: LUN) plans to focus exploration efforts in Chile to increase copper production at its Candelaria complex in Region

III, senior vice-president for exploration and business development Neil O’Brien said at Chile Explore Congress 2015: Time of Opportunity. The base metals miner is pursuing a pro-gramme of maximising resource extrac-tion at the business, located in Chile’s Region III, said O’Brien. LUN acquired its 80% stake in Candelaria from Freeport McMoRan (NYSE: FCX) late last year in a deal worth up to US$2B. The transaction gave LUN a direct local presence while immediately doubling its overall copper output to some 270,000tpy. Candelaria consists of an open pit and the Candelaria Norte underground mine. Ojos del Salado comprises the under-ground Santos and Alcaparrosa mines. The average grade of the ore mined from the open pit over the remaining life of mine is 0.57% Cu. Stockpiled work in pro-gress material averages 0.36% Cu. LUNs first priority is to optimize extrac-tion from the complex. Under an updat-ed mine plan for Candelaria, published July 29th, annual total copper production for 2016-2019 is expected to average 154,000tpy (up from an average

122,000tpy in an earlier plan). For 2016, LUN forecasts mining 28.8Mt @ 0.62% Cu. LUN is also looking to extend the life of Candelaria’s three underground opera-tions to at least 10 years to lift produc-tion, said O’Brien. LUN notched up a suc-cess in April, when it announced that maiden mineral reserves had been esti-mated on the Susana and Damiana ore-bodies (14.9 Mt @1.0% Cu) near the cur-

rent open pit, adding three years of the complex’s mine life. Susana and Damiana provide an example of successful resource development by LUN, the executive told CER. “Right away we got focused on drilling those off to a level that we could bring them into the mine plan as reserves,” he said. Following recent successful underground exploration which completed eight new orebody block models (including Susana and Damiana), LUN published a new min-eral estimate for Candelaria, lifting the total resource to 643.6Mt @ 0.63% Cu (from 501Mt @ 0.54% Cu in December 2013). Inferred resources rose to 66.8Mt @ 1.1% Cu (from 3.7Mt @ 1.1% Cu pre-viously), most of which are located in the Candelaria Norte mine. LUN plans to con-vert these to Measured and Indicated Categories through infill drilling. LUNs plans for Candelaria cleared anoth-er hurdle in June when Chile’s environ-mental assessment service SEA approved the Candelaria 2030 project, a US$460M plan to upgrade infrastructure to extract an additional 200Mt, potentially extend-


Neves-Corvo offers model for successful development.

Lundin eyes exploration to boost Candelaria output

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Lundin Mining acquired an 80% stake in Candelaria from Freeport McMoRan in 2014 for approximately US$2B.

“We’ve got this district-wide exploration land

package that is under-explored”.

Neil O´Brien, Lundin Mining

The Neves-Corvo mine in southern Portugal.

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ing the life of the mine to the end of the next decade. THE NEVES-CORVO MODEL As part of its drive at Candelaria, LUN is also eyeing the possibility of additional near-mine exploration for untapped cop-per deposits. “We’ve got this district-wide exploration land package that is under-explored,” said O’Brien. Additional resources in the Candelaria area could help to lift the mine’s produc-tion profile. LUN has already successfully undertaken in near-mine resource development at Neves-Corvo in Portugal, said O’Brien. On purchasing Neves-Corvo in 2006, LUN inherited four large exploration pro-grammes, covering a huge swathe of the Iberian Pyrite Belt. But facing a mandatory tenement reduc-tion, LUN decided to concentrate its ex-ploration efforts on copper mineraliza-tion near the existing operation. These changes yielded such finds as the discov-ery of 50Mt of Massive Sulfides at Neves-Corvo’s Semblana Cu Deposit, with in-ferred resources of 7.8Mt @ 2.9% Cu in June 2014. Another discovery followed further south, at Monte Branco. In 2014,

Neves-Corvo mined 2.540Mt @ 2.9% Cu of copper ore. At Candelaria, too, LUN is prioritising resource development in and near ex-isting mines. Like Neves-Corvo, Candelar-ia has seen extensive mining of a single deposit under previous ownership. Since taking control of Candelaria, O’Brien not-ed, LUN has increased the number of

metres drilled, adding copper resources and increasing mine production. And as a mid-tier miner, those additional tons can greatly affect how the firm is seen by investors. “Because we’re a smaller company, when we add re-sources, it adds a lot of value to the com-pany in comparison to a big senior min-er,” O’Brien said. THE TORONTO TRUMP CARD LUNs development projects benefit from its Toronto listing, said O’Brien. Where SEC rules do not oblige US-listed miners to report resources in their mineral in-ventory to investors, TSX’s NI 43-101 technical report regulations compel LUN to break out resources for greater trans-parency. Thus, noted O’Brien, absorbing Candelar-ia gave LUN an opportunity to build up measured and indicated resources by speedily developing and drilling off re-serves. Booking these as financial assets can help contribute towards increased net asset value, said O’Brien. For a mid-tier miner such as LUN, he said, new re-sources provide an additional compo-nent of NAV alongside such elements as reserves and cash and “is one of the key metrics that the market values us at.” CER

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Senior vice-president for exploration and business development, Neil O’Brien.

Lundin aims to boost production at Candelaria through exploration.

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Lundin’s senior vice-president for exploration and business development Neil O’Brien.

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Exploration News

BHP Billiton (LSE: BLT) Has elected to return all of the exploration concessions related to the Block 2 Cu project in Region II to owner Revelo Re-sources (TSV: RVL) and is no longer exploring any of the con-cessions under the option and JV agreement signed in 2012. RVL will now review and analyze all the exploration data in or-der to compile new information and update its database for future potential partners. BLT carried out reconnaissance geo-logical mapping of Block 2 at 1:100,000 scale and then focused at the Los Morros target area, carrying out 1:20,000 mapping. This work identified an area of interest measuring 6km by 3km, “characterized by advanced argillic alteration and peripheral base and precious metals veins, and propylitic alteration, host-ed within Paleocene-aged volcanic rocks.”

Gold Fields (JSE: GFI) Spent US$11M on exploration at its Salares Norte Au project in Region III during 2Q15, up from US$3M in 1Q15. The sharp in-crease reflects the resumption of drilling at the project follow-ing the extreme weather conditions which hit Chile in March.

Arena Minerals (TSXV: AN) And Japan Oil, Gas, and Metals Corporation (JOGMEC) have approved a US$2.7M exploration program on the Baquedano NE JV in Region II, including 12,600m of drilling covering the entire land package. The program, to be managed and operat-ed by AN, will include 84 holes with an average depth of 150m, focusing on 1.5km by 1.5km centers. “The spacing was deter-mined using sizes and geometrics typical of deposits in the ar-ea and, in particular, the known characteristics of the Spence and Sierra Gorda Cu deposits,” said AN. Baquedano NE covers three blocks comprising 29,335 hectares of the Atacama Cu project, which AN holds under option with SQM (NYSE: SQM).

EPG Partners Is planning to drill a possible Cu porphyry identified through an IP geophysical survey at the Mantos Grande Cu-Au project in Region IV. Under a farm-in option agreement signed with Southern Hemisphere Mining (ASX: SUH), EPG can earn a 50.1% stake in Mantos Grandes by spending US$1.2M over two years. The survey targeted the Verde area, which was found to demonstrate key geological and geochemical criteria for an Oligocene age porphyry Cu body. The results of the sur-vey show a strong correlation between chargeability and con-ductivity anomalies and surface geology and Cu mineralization. “The confluence of these indicators gives some confidence that there is a Cu-Au-Mo porphyry present at the project. This porphyry appears to be of a reasonable size at ~1.2km long and ~500m wide,” said SUH. Drilling may begin this month. Meanwhile, SUG said that early indications from drilling carried out by EPG at the Juan Soldado project, also in Region IV, sug-gest that the results will be “technically interesting, but most likely not economic.” EPG will therefore focus on Mantos Grandes. EPG has spent approximately US$600,000 on explora-tion at Juan Soldado, including more than 1,000m of drilling.

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RVLs Block 2 Cu project, in Region II.

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GFIs Salares Norte Au project, in Region III.

The JOGMEC and Arena Minerals JV property.

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Exploration News

Herencia Resources (AIM: HER) Has signed a non-binding MoU to merge its Cu assets with those of the Errazuriz Group´s Tambillos Cu mine in Region IV. The proposed JV would combine the Tambillos mining opera-tions with HERs Picachos Cu open pit project, blending ore to feed the 1Mtpa Tambillos treatment plant. The deal is subject to due diligence and scheduled to close by December 2015. The parties had originally discussed a tolling arrangement, but identified the opportunity for a tighter relationship, supple-menting output from the underground Tambillos mine with lower cost ore from Picachos. “Whilst there is no guarantee that a formal binding agreement will be reached, both parties clearly see the opportunity for immediate value-add, and if the spirit and co-operation we have seen in recent discussions and due diligence is anything to go by, we are optimistic that an agreement can be achieved prior to the end of 2015,” said MD Graeme Sloan. Meanwhile, HER has identified further high-grade Cu minerali-zation at Picachos through an ongoing XRF surface sampling program, focusing on 40M Shaft East, Flor del Bosque, La Ñipa, Santa Rosa and the southern part of the claim. HER said the high-grade results from 40M Shaft East and the mapping of additional mine workings confirm the continuity of Cu grades found in diamond drill hole DDH14003 (117m @ 1.14% Cu). This could mean that an area to the E of 40M Shaft, previously modelled as waste, could be high-grade mineralization. “In many ways, this latest program confirms the prospectivity of Picachos and potentially opens the door to a multiple open pit scenario which could provide HER the all-important flexibility and optionality needed for production,” said Sloan.

Freeport McMoRan (NYSE: FCX) Has cut its mineral exploration budget for 2016 from US$100M to US$50M as part of a wide-ranging cost-cutting strategy fol-lowing the drop in Cu prices. In addition, FCX will suspend op-erations at its Miami mine, Arizona, and reduce mining rates by 50% at its Tyrone mine, in New Mexico. It will also reduce min-ing and stacking rates at its El Abra mine, in Region II, by ap-proximately 50%. Codelco owns a 49% stake in El Abra.

Cerro Grande Mining (CSE: CEG) Said that it was forced to halt operations at its Pimenton Au mine in Region V for several days in August due to a lack of fuel. Striking contract workers from Codelco’s Andina division closed the road to the mine and also hijacked one of the mine’s trucks, stealing timber to feed their fires on the road. A five-day snowstorm dropped approximately 2.6m of heavy wet snow at the mine site, which closed mine operations for three days and plant operations until August 18th when the road was partially reopened. CEG said a highly destructive avalanche hit a 235m section of the 80km road to Pimenton.

Orosur Mining (TSX: OMI) Has written off the value of its exploration properties by US$27.9M as a result of the drop in Au prices. The majority (US$25.5M) relates to the Pantanillo Au project in Region III. While a PEA completed on the project in June 2012 suggested an NPV of US$49.7M at an Au price of US$1,250/oz, “at prices below US$1,095/oz, the project has a negative NPV,” OMI said. Not including the impact of the impairment, OMI recorded a pre-tax loss of US$6.8M for the financial year ending May 30, largely on lower revenues from its San Gregorio Au mine in Uruguay. OMI is implementing a plan to reduce all-in sustain-ing costs to below US$1,000/oz during FY2016 from an esti-mated US$1,200/oz in the current quarter.

www.cexr.cl



CEGs Pimenton Au mine, in Region V.

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OMIs San Gregorio Au Mine in Uruguay.

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HERs Picachos project.

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Exploration News

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Condor Resources (TSXV: CN) Has sold its Chilean subsidiary Minera Condor Limitada to a private company for gross proceeds of approximately US$44,000. Last year BHP Billiton (LSE: BLT) terminated an op-tion to acquire CNs Cristal Cu project in Region II, while MMG Chile Exploration SpA, a subsidiary of MMG, gave up an option to acquire the Brahma Cu project in Region VII. “Due to the ongoing cost to maintain mineral concessions in Chile, along with difficulties in attracting new partners in today's economic climate, CN made the strategic decision to focus its efforts in Peru,” CN said. CN is currently waiting for partner Mariana Re-sources (AIM: MARL) to begin drilling at its Soledad project in Peru.

Helix Resources (ASX: HLX) Has updated the resource estimate for its Blanco y Negro Cu deposit in Region IV based on RC drilling carried out on 2014. The new estimate represents an increase of 10% from the pre-vious figure, while 60% of the resources has been moved to the Indicated category. The new study estimates Indicated re-sources at the site of 800,000mt @ 1.5% Cu & 0.5g/t Au and Inferred resources of 700,000mt @ 1.3% Cu & 0.6g/t Au for a total of 20,000mt Cu and 24,000oz Au. HLX said it has received expressions of interest from third parties to acquire the pro-ject.

Kiwanda Group LLC (private) Has begun a trenching and sampling program at the Ki phos-phate rock project in Region III. The project, owned by the Phosphate Alliance between Kiwanda and Lara Exploration (TSXV: LRA), covers 21,390h of exploration claims at Bahia In-glesa, adjacent to phosphate-bearing basins being mined by Bifox Ltda. The alliance has secured an EIS for 39 exploration drill holes on 6,200h of the Ki licenses.

White Mountain Titanium (OTCQB: WMTM) Has signed a LoI with Nexo Capital Partners LLC to fund, build and manage a desalination plant which forms part of WMTMs Cerro Blanco TiO project in Region III. Nexo plans to use the services of a Boston-based water technology company which could significantly increase fresh water recovery “over that achievable through reverse osmosis alone.” Under the non-binding agreement, WMTM would contribute the land, rights of way and environment permits to build the plant which would be funded by Nexo at no cost to WMTM. The parties would form a JV to fund, build, and operate the plant and mar-ket the water it produces. Water not required by Cerro Blanco prior to and after construction would be sold to third parties. Nexo will also fund half of the legal costs associated with the preparation of a definitive agreement. “In keeping with our commitment to advance the Cerro Blanco mine project to a final engineering stage as quickly as possible, the early con-struction of the associated desalination plant has always been a top priority. We look forward to our meetings with Nexo, who could bring not only the necessary finance to construct the desalination plant but also the technology which could sig-nificantly increase fresh water recoveries and WMTMs return on investment,” said President and COO Michael Kurtanjek.

Antofagasta (LSE: ANTO) Reduced spending on mineral exploration and evaluation to US$56.1M during 1H15, compared to US$93.4M in 1H14, as it reduces costs in the face of lower Cu prices. The drop reflects lower spending on assessment at the Twin Metals project in Minnesota, USA, and on exploration in Chile and abroad, where several JVs have been terminated. ANTO spent US$35.7M on exploration in Chile, down from US$61.5M. AN-TO has identified prospective targets on the main Cu porphyry belts in the northern and central regions and will advance sev-eral projects during 2H15. Outside of Chile, ANTO spent US$6.8M, down from US$11.1M in 2014. ANTO currently has 18 earn-in agreements and strategic alliances in Africa, Austral-ia, Europe and the Americas.



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HLXs Blanco y Negro Cu project, in Region IV. P

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The Cerro Blanco TiO project, in Region III.

14

Calendar

Conferences and Events Calendar

www.cexr.cl


September 9th Asset Valuation and Capital Markets NH Hotel Group (Radisson) Santiago, CHILE www.comisionminera.cl

September 21st - 25th PERUMIN Mining Convention 2015 Campo Ferial Cerro Juli Arequipa, PERU www.convencionminera.com

October 4th - 8th XIV Chilean Geological Congress Hotel-Casino Enjoy La Serena, CHILE www.congresogeologicochileno.cl

October 7th - 8th Xplor 2015 Place Bonaventure Montreal, CANADA www.aemq.org/EN

October 7th - 10th ExpominMexico Resort Mundo Imperial Acapulco, MEXICO www.expominmexico.com.mx

October 8th - 11th Expo Bolivia Minera Campo Ferial Chuquiago Marka La Paz, BOLIVIA www.tecnoeventos.org

October 20th - 23rd China Mining 2015 Meijiang Convention and Exhibition Center Tianjin, CHINA www.china-mining.org/en

October 28th - 30th Colombia Minera 2015 Plaza Mayor Medellin, COLOMBIA www.andi.com.co

October 28th - 31st ExpoMinera del Pacifico Ex Estadio Cavancha Iquique, CHILE www.expomineradelpacifico.com

November 3rd - 5th First International Metal-lic Mining Trade Show Centro de Congresos y Convenciones FIBES Seville, SPAIN www.mmhseville.com

November 10th Atacamamin 2015 Hotel Antay Copiapo, CHILE www.atacamamin.cl

November 17th - 19th Asia Copper Week Grand Hyatt Shanghai Shanghai, CHINA www.asiacopperweek.com

January 24th - 25th Vancouver Resource Invest-ment Conference 2016 Vancouver Convention Centre East Vancouver, CANADA www.cambridgehouse.com

January 25th - 28th Mineral Exploration Roundup 2016 Vancouver Convention Cen-tre East Vancouver, CANADA www.amebc.ca

March 6th - 9th PDAC International Convention Metro Toronto Convention Centre Toronto, CANADA www.pdac.ca

April 25th - 29th Expomin 2016 Espacio Riesco Santiago, CHILE www.expomin.cl


15

Corporate News

www.cexr.cl


Barrick makes management changes Barrick Gold (TSX: ABX) has made changes to its management structure, naming Kelvin Dushnisky as President while former Co-President Jim Gowans becomes Senior Advisor to the Chair-man until his retirement at the end of the year. Richard Wil-liams moves from Chief of Staff to COO, reporting to Dushnisky, while Basie Maree will become Chief Technical Officer. Dush-nisky will be responsible to ABXs strategic priorities, focusing on reducing expenditures by US$2B by the end of 2016, while Williams will lead implementation of these objectives. "As we become leaner, more efficient and more keenly focused on a smaller number of core assets, we are empowering our leaders in the field to function as true business owners,” said chairman John L Thornton.

Exeter grants stock options Exeter Resource (TSX: XRC) has granted an aggregate of 2.79M stock options to two executives and three non-executive direc-tors exercisable at a price of C$0.56 per share for five years. XRC said the stock options form part of an initiative to reduce corporate overhead, including payments to directors and offic-ers, by 30%.

Admiralty raises A$976,000 Admiralty Resources (ASX: ADY) raised approximately A$976,000 before costs by issuing 48.8M shares an issue price of A$0.02. The funds will be used to advance ADYs Fe projects in Region III. However, shareholders took up just 15% of the entitlements available under the rights issue.

Metallum repays debt Metallum (ASX: MNE) has made a repayment of US$160,850 for its outstanding convertible security. The payment was made in lieu of conversion to shares and, together with the recent conversion of the loan to equity by non-executive director Cobb Johnstone, means that MNE is now debt-free.

Austral Gold to buy Argentex Austral Gold Limited (ASX: AGD) has entered a binding letter agreement to acquire Argentex Mining (TSXV: ATX). Under the deal, AGD will acquire the 80.1% of ATX it does not own, paying 0.5651 AGD shares for each ATX share, representing an implied valuation of C$5.8M. ATX has a portfolio of exploration and development assets in southern Argentina, covering 107,000h. They include the Pingüino Ag-Au project, which has an indicat-ed resource of 6.281Mt @ 103.4g/t Ag & 0.58g/t Au and an inferred resource of 2.207Mt @ 65.3g/t Ag & 0.66g/t Au. “The company will have a highly experienced development and op-erational team which will advance our Pingüino project with the ability to exploit other opportunities in the region,” said ATX CEO Mike Brown. "The proposed acquisition of ATX repre-sents another step in our objective of becoming a broad-based precious metals company and a leading regional player in South America,” said AGD chairman Eduardo Elsztain.

Coro closes first tranche Coro Mining (TSX: COP) has closed the first tranche of the con-vertible debenture with Greenstone Resources, part of a US$9M financing package to fund development of its Berta project. The US$5.1M tranche is repayable within 350 days after the drawdown date, requiring repayment of US$6.385M resulting in an effective interest rate of 25%. The funds will be used to acquire the Nora SX-EW plant and perform certain work programs in order to lift the existing suspension order. Unpaid amounts will be converted to COP stock. “We now look forward to closing the second tranche of the financing and con-tinuing the development of COPs assets with the support of Greenstone,” said CEO Alan Stephens.


Kelvin Dushnisky, Barrick’s new President Austral Gold’s Pingüino Ag-Au project.

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Clarification In an early version of the August issue of Chile Explore

Report (CER29), we mistakenly attributed an Environmental

Impact Declaration filed to the Environmental Assessment

Service to Kingsgate Consolidated. The EID was in fact filed

on behalf of Compañía Minera Arqueros .

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Santiago Venture News

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Gold Reserve meets with Venezuela officials The CEO and chairman of Gold Reserve (SSEV: GRZCL) have met with senior officials from the Venezuelan government to dis-cuss the ongoing dispute over the Las Brisas Au-Cu deposit. During the meeting, chairman James H Coleman and CEO Rock-ne J Timm agreed with Venezuela’s Vice-President Jorge Ar-reaza, acting Procurador General Reinaldo Muñoz, Oil and Min-ing Minister Asdrubal Chavez and the chairman of Petroleos de Venezuela SA (PDVSA) to facilitate discussions to resolve the arbitral award due to GRZCL of US$757M, to work in good faith to reach agreement over the award and to identify a third party to participate in the development of Brisas. “We are pleased with the open dialog and seriousness demonstrated by senior representatives of the government in seeking a solution to re-solve this matter in a manner that is positive for both the com-pany and the government,” said GRZCL president Doug Bel-anger.

Wealth appoints COO Wealth Minerals (SSEV: WMLCL) has named Xiaohuan (Juan) Tang as a director and COO. Tang served most recently as Gen-eral Manager of Jinzhao Mining Peru where he oversaw the successful permitting of the 2Bt Pampa de Pongo Fe deposit, in Arequipa, Peru. "Having secured permits for such a large-scale mining project in Peru, Tang has proven himself to be a very capable mining executive who understands how to work with communities and government authorities to secure mine per-mits under conditions acceptable to all stakeholders,” said WMLCL CEO Henk van Alphen. Tang worked previously at Standard Bank London and Shanghai on structured mining pro-ject finance and as a consultant for the UK Foreign Office. He is a graduate in Environmental Engineering from Tsinghua Univer-sity, China.

... raises C$450,000 WMLCL has completed a non-brokered private placement of 2.25M shares @ C$0.20 a share for gross proceeds of C$450,000. The funds will be used as a reserve to finance the costs associated with the “review and assessment of potential mineral property acquisitions and the negotiations of related formal documentation for any such acquisitions.” WML said it is reviewing and evaluating a number of mineral projects in Canada and South America for possible acquisition although it has not entered any agreements.

Red Eagle extends CB Gold offer Red Eagle Mining (SSEV: RDCL) extended the expiry of its takeo-ver bid for CB Gold (TSXV: CBJ) to September 14th from August 31st previously. RDCL is offering 0.162 RDCL shares per CB Gold share, valuing the bid at approximately US$8.4M based on RDCLs 20-day volume weight average share price of C$0.31 on the day prior to the announcement of the offer, representing a premium of 46% to CB Gold 20 day average of $0.035. RDCL CEO Ian Slater said the offer represented a better option for CB Gold shareholders than a rival bid from Batero Gold Corp (TSXV: BAT). By tendering their shares to RDCL, they can “gain exposure to the fully financed and permitted Santa Rosa Au project and to a management team that has a strong track rec-ord of delivering on its promises, and running the company for the benefit of all shareholders,” he said.

... launches construction RDCL has begun construction at its San Ramon Au mine in An-tioquia, Colombia. Construction is expected to last 12 months with production beginning in 2H16. Under a contract with local construction firms, earthmoving has begun with clearing of ground for the underground mine access and the conventional floatation/carbon-in-leach processing plant and the construc-tion of an 8km road between the mine and Highway 25. "Through our team's hard work, dedication, and continuous engagement with all stakeholders, we have made outstanding progress. Once in production, the San Ramon Au mine will be the largest producing Au mine in Colombia and aims to set the standards for the future of the gold mining industry in Colom-bia,” said COO Bob Bell.

Inca One exports more Au Inca One Gold Corp (SSEV: IOCL) has exported 3,186oz Au and 4,069oz Ag since early June. IOCL processed 11,247t of ore and sold a total of 8,513oz Ag and 8,882oz Ag, representing a recov-ery of 0.76g/t Ag. Work to build a new 100,000t tailing pond is nearing completion. “The Chala One plant has delivered a rec-ord performance in the past eight weeks despite challenging market conditions. Looking forward over the remaining months in 2015, we anticipate a continued production rate of 80-100tpd with a focus on increasing recoveries through processes we can bring in house and operational efficiencies,” said CEO Edward Kelly.

... closes placement IOCL has closed a non-brokered private placement of 4.009M shares at C$0.15 for gross proceeds of C$601,459. IOCL said it was oversubscribed by C$101,459. The proceeds will be used for general working capital purposes.



The Las Brisas Au-Cu deposit, in Venezuela.

17

ABOUT CHILE EXPLORE REPORT: Chile Explore Report is published twelve times a year during the first week of each month by Tiger Information Services SpA, Badajoz 130, of 1406, Las Condes, Santiago; legal representative Iain Cassidy, [email protected]. The information contained herein is derived from sources believed to be reliable but no warranty expressed or implied exists between the recipient and the Publisher that this information is accurate. The contents of Chile Explore Report are intended for information purposes only based on news and information obtained and/or researched by the Publisher and is not intended to be construed as advice to buy or sell shares in any security or asset. The Chile Explore Report is intended to be authoritative, critical and independent. The Publisher is not a stock tipper or promoter and is not paid, sponsored, provided with stock options or otherwise enticed to write positive pieces about the companies covered. The Publisher does invest in some of the companies’ active in the Chile exploration sector and ends up with dogs as well as winners. The Publisher has been involved in mining information research, analysis and publication for over ten years including roles such as investor relations, media relations, senior reporter and research consultant for companies involved in mining and exploration, and reputable industry infor-mation providers. The Publisher is not a registered securities professional and as such is not qualified to give personal or individual investment advice. Resource investing is risky and you could lose part or all of your investment. Consult a registered investment professional before making any investment in any security. For more information contact please write to [email protected]. COPYRIGHT: © 2013 Chile Explore Report. All Rights Reserved. Unauthor-ized duplication or distribution of all content herein prohibited. This document is copyright protected and may not be copied, disseminated or distributed without the prior express consent of the publisher.

www.cexr.cl


The Chile List / Updated on August 31st 2015


Nano Cap Ticker Shares (M) Fully Diluted (M) Price Mkt cap ($M) Cash ($M) Debt ($M) Warrants

AQM Copper AQM 139.246 139 0.04 5.57 1,955 0 0

Cerro Grande Mining CEG 175 196.4 0.0248 4.34 0.045 0.63 14.3M

Condor Resources CN 85.7 110.5 0.035 3.00 0.07 0 18.15M

Global Hunter BOB 14 14 0.02 0.05 0.0185 2.5 0

New World Resource NW 13.3 17.7 0.02 0.27 0.7 0 4M @ 0.2 Mar 2015

Revelo Resources RVL 99.2 141.8 0.08 7.94 $ 3.10 0 34.9M

Sendero Mining SM 21.9 28.5 0.01 0.22 0.5 0 5.4M

Savant Explorations SVT 70.65 88.06 0.015 1.06 0.407 0 11.8M

Micro Cap Ticker Shares (M) Fully Dilluted (M) Price Mkt cap ($M) Cash ($M) Debt ($M) Warrants

Arena Minerals AN 75.8 93 0.16 12.13 1 0 672k @$0.61 Apr 2014 / 7.1M @ $0.80 Oct 2014

Coro Mining COP 159.4 177.9 0.025 3.99 0.5 0 10.5

Los Andes Copper LA 210 210.7 0.18 37.80 0.199 0 None

Mirasol Resources MRZ 44.2 48.6 0.88 38.90 22 0 2.2M

Orosur Mining OMI 96.6 104.5 0.13 12.56 4.8 1.1 450,000

Regulus Resources REG 56.4 66.6 0.27 15.23 11.9 0 5.55M @ $0.70

Southern Hemisphere SUH 248.5 286.32 0.006 1.49 0.624 0 N/A

TriMetals Mining Inc TMI 135.7 166.3 0.065 8.82 2.5 0 9.1M

White Mountain Titan WMTM 88.1 114.2 0.35 30.84 1 0 26.1M

Small-Med Cap

Ticker Shares (M) Fully Dilluted (M) Price Mkt cap ($M) Cash ($M) Debt ($M) Warrants

Amerigo Resources ARG 173.6 186 0.25 43.40 12.7 36 None

Atacama Pacific Gold ATM 55.3 64.8 0.145 8.02 20.0 0 0.2M @ $1.00 4M @

$1.40

Capstone Mining CS 382 408.2 0.62 236.84 122 298 None

Exeter Resource XRC 88.4 96.3 0.53 46.85 25 0 0

Herencia Resources HER 24.43 21.40 0.135 3.30 N/A 0 N/A

Mandalay Resources MND 409.3 431.3 0.84 343.81 52.3 60 None

NGex Resources NGQ 187.7 193.4 0.6 112.62 15 0 None

Silver Standard Re-sources

SSO 80.7 80.7 8.62 695.63 217 124 None

Australian Stocks

Ticker Shares (M) Fully Diluted (M) Price Mkt cap (A$M) Cash (A$M) Debt

(A$M) Warrants

Alliance Resources AGS 400.1 400.1 0.13 52.01 1.8 1.3 1M

Austral Gold AGD 478.1 478.1 0.16 76.50 7.45 N/A N/A

Condor Blanco Mines CDB 938 938 0.027 25.33 N/A N/A N/A

Equus Mining EQE 395 395 0.016 6.32 1 N/A N/A

Estrella Resources ESR 221 238 0.007 1.55 0.399 0 None

Helix Resources HLX 268 270 0.033 8.84 1.7 N/A N/A

Hot Chili HCH 347.7 347.7 0.1 34.77 7.1 25 N/A

Kingsgate Consolidat-ed

KCN 224 N/A 0.64 143.36 82.1 130 N/A

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The Chile List / Updated on August 31st 2015

www.cexr.cl



Santiago Venture

Ticker Shares (M) Fully Diluted (M) Price Mkt cap ($M) Cash ($M) Debt ($M) Warrants

Chilean Metals CMX 16.1 18.5 0.04 0.64 N/A 0 14.4M

Columbus Gold Corp CGT 141.665 154.255 0.37 52.42 $5M 0 804,000

El Tigre Silver ELS 62.896 73.9 0.06 3.77 N/A 0 8,868 @ C$0.38

Gold Reserve GRZ 76.077 93.449 3.65 277.68 $10.6 $36,6M 875,000

Inca One Gold Corp IO 69.7 91.2 0.12 8.36 $ 2.70 $9M 15.3M

Puma Exploration PUM 101.3 118.4 0.09 9.12 0

Red Eagle RD 168 183 0.28 47.04 $ 15 $ 60 8.375M

Santa Cruz Silver Mining SCZ 103.5 113.1 0.15 15.53 $ 0.24 0 2.4M

Wealth Minerals WML 34.195 35.754 0.2 6.84 $4.9M 871,375

Sector Tot Mkt Cap Ave Mkt Cap Change%

Nano Cap 22.44 2.81 -14%

Micro Cap 161.74 17.97 5%

Small-Med Cap 1490.47 186.31 -2%

Total 1674.66 69.03 -1%

Who gained most? Who lost most?

ESR 40% AQM -38%

TMI 18% RVL -36%

SSO 16% SUH -33%

WMTM 14% CS -31%

Nano Cap Micro Cap

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Documents

Finding the next one - cexr.clcexr.cl/wp-content/uploads/2015/09/CER30-ENG-FIN.pdf · Pothenot Project Located 12km to the south east of the Antucoya porphyry copper deposit and within