Liberdade Copper Project

The Liberdade Copper Project comprises a single exploration license covering 6,969 hectares in área, located in the Municipality of São Felix do Xingu, Pará State, at the western end of the Carajás District.

Geology comprises Proterozoic-age volcano-sedimentary sequences of the Aquiri Group and related calc-alkaline intrusives, with evidence of iron-oxide-copper-gold (“IOCG”) alteration and mineralization seen in small-scale “garimpeiro” surface workings. Exploration work to date has comprised reconnaissance level mapping and sampling that has identified extensive alteration and anomalous copper values.

In October 2010 the signed an Agreement whereby Codelco do Brasil Mineração Ltda., (“Codelco”) can earn up to a 75% interest in the Liberdade property. Under the terms of the Agreement, Codelco may earn an initial 51% interest by investing US$3 million in exploration over a four-year period, with a minimum expenditure of US$400,000 in year one, of which US$300,000 is a work commitment. Codelco may then elect to earn a further 24% interest in the property by sole-funding such additional exploration works as are necessary to define a minimum resource of at least 500,000 tons of copper equivalent, independently reported under National Instrument 43-101 guidelines.