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PROJECTS - La Victoria

At the end of September 2008, the Company ceased mining at the La Victoria mine due to the handover of the Revemin mill to Minerven, a Venezuelan State-owned company, which was effective October 1, 2008. Subsequent to October 1, 2008, the entire mill operating employees at Revemin and some of the mining employees accepted offers of employment with Minerven. The Company paid Minerven compensation for all severance costs relating to those employees who were assumed by Minerven and is in the process of terminating most of the remaining mining employees.  In 2009, the Company returned the La Victoria property to the State. The Company is in discussions with MinAmb regarding the extent of its reclamation activities at the Revemin mill.  Reclamation studies have been undertaken for the La Victoria concession.  The extent of the Company‚Äôs reclamation obligations on the mining concessions will not be determined until MIBAM and Minerven determine whether they will continue mining activities on the concession.  Gold was produced from an open pit mine on the La Victoria concession. Ore from the La Victoria mine was processed at the Revemin mill, which is located ten kilometres from La Victoria.

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