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Abstract
Company President, John Lando commented: "We are, understandably, very excited to have secured this highly-prospective project. After reviewing many property submissions, we focused our efforts on Lipena and are very pleased to have reached this agreement with Sr. [Luis Miguel Mercado Rocabado]. Our due diligence review, which included a site inspection last week and meetings in Bolivia to assess the political climate, has persuaded us that Lipena has the potential to become our flagship project."
The Lipena project is located in the department of Potosi, a prolific historical mining province in south-west Bolivia, near the Argentine border. The property is situated in a region of sparse population at an elevation of approximately 4,500 meters with road access and a small airstrip nearby. The system is a magmatic hydrothermal breccia that hosts copper, gold, silver mineralization, with a tourmaline, quartz, specular hematite cement intruding an intermediate volcanic complex. The principal mineralizing event was subsequently altered by an epithermal overprint.
The Company's joint venture partner at Lipena, Luis Mercado Rocabado, controls Empresa Minera Unificada Sociedad Anonima ("EMUSA"), one of the countries largest mining concerns. EMUSA owns and operates several operating mines in Bolivia and is an active explorer of other projects, through joint ventures with foreign companies. EMUSA has experienced mining management and extensive human resources within its organization, and has already provided considerable assistance to Company management.