Regulus

completed

The Rio Grande Cu-Au-Ag porphyry early exploration project is located in the high Puna of NW Argentina, 450km west of the city of Salta. The main activities currently being undertaken are trench sampling and core drilling. The property has 77 drill holes (33,000 meters) which was completed as of year-end 2008 by Antares Minerals however no resource estimate has yet been prepared. Previous work has focused on the near surface, oxidized mineralization which contains respectable grades of copper and gold, including large areas of low grade with variable areas of higher grade mineralization. With the economic slowdown in 2008 Antares Minerals focused on developing other assets and has in 2011 reinitiated activities at Rio Grande by initiating a drilling program for a total of 15,000 m utilizing two diamond drills. The exploration camp (3700 meters) is located in the camp facilities of the abandoned Mina Arita Onyx which has been closed down for several years. The camps hosts up to 70 people during drilling campaigns. The exploration area is located at 4700 meters. The area is arid with precipitation of 100-200 mm per year. The project has 12 full time staff with the balance being provided by contractors of which Boart-Longyear (drilling) is the largest.The project is located in an area with existing access roads. Other infrastructure available but less accessible includes a gas pipeline extending from Salta to Chuquicamata copper mine in Chile, with a branch line to the Hombre Muerto lithium mine 75 km east of Rio Grande. A high tension power line also extends from Salta to Chuquicamata, and this line lies about 200 km from the project site.