Copper Cliff Gold-Copper Porphyry Project

planned

Mogotes Metals Inc. entered into an option-to-joint-venture agreement with Kennecott Exploration Company (a subsidiary of Rio Tinto) over a gold and copper discovery in Montana, USA. The project is an exploration stage gold-copper porphyry discovered by Rio Tinto in 2006 within the historic Copper Cliff mining district. Mogotes can earn up to 60% interest by sole-funding staged exploration expenditures totaling US$56 million over six years, with initial commitments of US$4 million in year one and US$12 million by year three. The project has a large exploration target footprint with significant potential for further discovery through drilling.