Chile

The Antakena Project

The Antakena Project is comprised of three leachable copper oxide deposits, Elenita, Madrugador, and Soquimich, which are located in the most prolific copper district in the world.

Teamed by a Joint Venture Agreement with Minera SA, the team known as Antakena Mining is completing a pre-feasibility study and further exploration drilling to increase the current NI 43-101 compliant resource. The company plans to pursue further consolidation of the Antakena Project area, as it continues to identify highly prospective copper prospects in Chile.

Key Highlights

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The Antakena Project features the following:

18,818 hectares in the Antofagasta Mining Belt of Northern Chile
Nearby mines include:
- Anglo American's Mantos Blancos Mine, which produced 91,700 tons of fine copper in 2006¹
- Antofagasta Minerals Michilla Mine
NI 43-101 Compliant Resource. Combined mineral inventory at Elenita & Madrugador (with 0.2% CuT cutoff):
- Measured and Indicated: 31.93 Mt of 0.8% CuT
- Inferred: 6.21 Mt of 0.7% CuT
Deposits remains open in several directions and in depth, with high probabilities of increasing resources
As of October 29, 2009 22,804m of drilling completed
Excellent infrastructure in region: rail, paved roads, power, water pipelines, & ports
Management and directors have extensive experience working with and world's largest mining companies as well as several junior companies.

Work Program

The Antakena Mining Team approved a CDN $8 million work program and budget for 2009, with plans for the following:

Pre Feasibility Study in 2010

The contractors selected for the Pre-Feasibility Study are:

Project Managers: MTB Project Management
Metallurgy: CIMM (Feasibility Level Testing to be completed 4Q2009)
Structural Geology: Warren Pratt
Surface Mine Slope and Geotechnical Engineering: Golder Associates
Mine Design Engineer: Mine Development Associates
Environmental Studies: Mineria & MedioAmbiente
Geological Model: Geovectra
Process and Infrastructure Engineer: Samuel Engineering
Easements and Permitting: Lopez & Ashton
Condemnation, Infill and Geotechnical Drilling: Antakena Mining

Exploration Program

40,000m of RC Drilling to test the mineral extensions of the Elenita and Madrugador deposits (20,000m each)
Surface mapping
MMI (Mobile Metal Ion) in the newly optioned Soquimich properties that surrounds Elenita and Madrugador
Mapping (1:10,000 in the whole areas and 1:2,000 in detailed areas) and sampling on Soquimich to define mineralized targets.

Half of Soquimich is covered by colluvium and some of the main mineralized features running between Madrugador and Elenita are under this overburden. Where the MMI and geologic mapping give positive results, drilling targets will be defined and a second phase of an exploration program including RC drilling, detailed mapping, trenching and geophysics will be evaluated.

Currently, the company is drilling at the Elenita Property with two core rigs and two RC rigs. As of October 29, 2009, 22,804m of drilling have been completed which includes drilling for metallurgical samples, condemnation, geotechnical, geology, infill and exploration.

The main focus of Minera's work program to date has been at the Elenita copper deposit, which is hosted by volcanic and sedimentary rocks of La Negra Formation. Copper occurs in mantos, veins, hydrothermal breccias, veinlets and disseminated bodies, hosted principally in volcanic and sedimentary rocks and in intrusive rocks in a smaller proportion. At Elenita and as reported by AQM in the March 17, 2009 press release, the current NI 43-101 report indicates there are 19.7M tons at 0.87 TCu of Measured and Indicated resources at 0.2 cutoff and 4.8M tons at 0.73 TCu of Inferred resources. The deposit remains open in several directions and at depth and the exploration drilling program is designed to test these areas.

Surface geology and rock sampling has been completed by Geovectra S.A., including a 1:10,000 scale geologic map, of a 154 sq km total area centered in the Elenita deposit; geologic mapping continues now in the Madrugador deposit area. Thus far, the work has indicated an increased understanding of the mineralization and identifies prospective exploration areas that are within the properties controlled by the Antakena Joint Venture. An MMI Geochemical sampling in a 200x200 grid on the same ground is underway and will be matched to the information of the surface geology to identify future exploration targets. Once defined, detailed geologic mapping, rock sampling, trenching and drilling will proceed as a second stage of exploration. Metallurgical testing has begun with results expected in the first quarter of 2010.

For a detailed description of Antakena's neighboring deposits, please follow the appropriate links:

Elenita	Madrugador	Soquimich
Location, Infrastructure, & History	Location, Infrastructure, & History	Location, Infrastructure, & History
Resource Estimate	Resource Estimate	Option Terms
Option Terms	Option Terms