Highlights

• Near production
• Zaruma Gold Project plant construction and mine development estimated to be 85% complete. Remaining capital cost estimated at $5 million. Commissioning of Plant to be approximately 90 days after the enactment of the new Mining Act
• World-class exploration potential
• 6 million oz gold and 27 million oz silver
• Fully qualified and experienced plant design and construction engineers, metallurgists, geologists, and underground management team with proven track record across the globe
• Strong financial position - Approximately $20 million (Dec.2008)

Focused on delivering shareholder value

Draft Mining Law

The passing of the New Mining law is expected in January 2009 Important components of the draft Mining Law include:

Royalty levels will not be less than 5%

No limit to the number of concessions, however no single concession can be larger than 5,000 hectares

Up to 8 years to explore for minerals

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