Peru - Argentina - Mexico - Minnesota

Advancing World Class Iron Assets

Free
Message: as at july 31 carderos cash was

as at july 31 carderos cash was

posted on Sep 27, 2009 06:39AM

$ 7,771,734 and look at the investments!

http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issu…


Peru - Pampa El Toro Iron Sands Project

The melting test program Phase I (Complete)
Phase II (Complete) Phase III (Complete)

Phase III (Complete) - The pilot-scale smelting test was designed to run with the optimum briquette
formulation in a 350-kW electric melter along with operating control parameters gleaned from the bench
scale smelting test. The goal for the pilot-scale smelting test was to demonstrate consistent melter
operation, uniform hot metal quality and slag quality over an extended period of operation time.

The Company considers that results from testing
were positive and believes that product quality
conforms to current industry use.

The large scale smelting test (Phase III) produced a large sample of slag, which has been sent to CSM for
further testing and optimization for vanadium and titanium recovery for the commercial plant flow sheet.

Future Work
The Company intends to complete the metallurgical test program presently underway, and believes that as
the results of this testing will add significant value in terms of potential high-quality pig-iron and
titanium-vanadium co-products. However, the ability of the Company to proceed with further work
beyond the metallurgical testing program at the Iron Sands Project is dependent upon the Company being
able to either raise the additional financing required to do so or to secure a partner to move the project
forward. At the present time, the Company does not have sufficient funding to proceed, nor has it secured
a partner, and there can therefore be no assurance that it will be able to do so.


Baja IOCG
The Company has reviewed the Baja IOCG project and is currently making plans to re-commence drilling
in the fourth quarter of calendar 2009. The details of the drill program are in the early stages of planning
and will be reviewed by technical management in the coming weeks. The current plan is to further
drill test the San Fernando system...

All drill permits for the foregoing planned programs are in place. A drill contractor has been selected
following a tender process and the contract is currently being reviewed by legal counsel. The current plan
is to commence drilling in mid to late October, 2009. The Company has the funding required to complete
the proposed work program.


Organullo
Subject to receipt of drill permits, a Phase II drill program
is planned for the 4th quarter of 2009. The Company has
the funds required to complete the proposed program.


Risk Factors
seite 13 - 20


Investments
As at July 31, 2009 and as at the date of
this MD&A, the Company held
3,495,800 common shares of ITH
2,384,000 common shares of Trevali Resources Corp
2,841,400 shares of Wealth Minerals Ltd.


The Company’s cash at July 31, 2009 was $ 7,771,734

Share
New Message
Please login to post a reply