Cerro Vanguardia S.A.

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MIGA issued $5 million in coverage to Minorco, S.A. of Luxembourg for its $40 million equity investment in the development and exploration of a new gold and silver mine in Santa Cruz Province, Argentina. MIGA's guarantee covers the investment against the risks of transfer restriction, expropriation, and war and civil disturbance. The project involves the exploitation of an open-pit mine, which is expected to have an average annual production of some 200,000 ounces of gold and 2,000 ounces of silver. The project will include the construction, operation, and maintenance of its own water supply facilities and captive gas-fired power generator. In addition, a 44 kilometer road will be constructed and maintained to facilitate the transportation of personnel and equipment, and a pipeline will be constructed parallel to the road to connect the on-site power generator with the local network. Other infrastructure include construction of on-site housing, workshops, and offices and the upgrading of an existing air strip. The project will employ more than 250 nationals and provide on-the-job training, including extensive training in health and safety procedures. On-site accommodations will be provided to employees, and the company will also participate in the expansion and upgrading of medical, education, and recreation facilities in the region.

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