The Company has now selected and given priority to three of its Chilean projects:
1. Chitigua porphyry copper/molybdenum project located 270 kms northeast from the port city of Antofagasta
2. Llahuin porphyry copper/gold project located 250 kms north of Santiago
3. Los Pumas manganese project located 175 kms east from the northern port city of Arica
In addition, the Company owns 12 other exploration project areas, principally prospective for copper-gold targets:
• Las Santas
• San Jose
• El Arrayan
• Mantos Grande
• Santa Gracia/Chacay
• Tres Cruces
• Romeral (Juan Soldado)
and Arenas del Sur concessions, which are prospective for mineral sands.
The Company is currently focussing its activities on exploration works, which include IP surveys, RC and DDH drilling, at the Chitigua and Llahuin porphyry copper projects.
It will also progress the Los Pumas Environmental Impact Statement and finalise the Feasibility Study, which awaits results of further metallurgical test work, a final resource model and final process plant capital and operating cost estimates.
A$20 million share placement was completed in February 2011 to underpin the Los Pumas Feasibility Study and the ongoing copper/gold exploration drilling in Chile.