Taken from Ansells recently filed Discussion;
Vilcoro Gold Property, Peru
On April 16, 2010, the Company entered into a proposed letter agreement with St Elias Mines Ltd and
Emilsen Medina Inga de Brophy, whereby the Company would acquire a option to 65% interest in the
Vilcoro Gold Property in northern Peru. To earn its interest the Company would have to make staged
cash payments aggregating $500,000; issue 1,000,000 common shares and incur exploration
expenditures aggregating $2,500,000.
As at January 31, 2011, the Company has advanced to St Elias Mines Ltd. $34,400, which upon the
closing of the agreement will be considered part of the payments required to earn its interest in the
property.
