201401 aliron corporate
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mineriaTRANSCRIPT
1
January 2014
Corporate Profile
STRICTLY CONFIDENTIAL
Contents
I. Executive Summary 3
II. Aliron Resources Corp. 6
III. Team & Track Record 13
IV. The Bolivian Opportunity 19
V. Selected Profiles 28
VI. Disclaimer 32
VII. Contact Information 33
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3
I. Executive Summary
STRICTLY CONFIDENTIAL
I. Executive Summary
Aliron Resources Corp. is a holding corporation for several mining projects in Bolivia, among which there
currently are sixteen exploration projects with important mineral resources of antimony, lead, copper, tin, zinc,
gold and silver, and two metallurgical plants that process gold and silver through gravity, flotation and leaching.
Aliron has also developed an extensive network of business relationships by providing mineral processing
services to small and micro mining cooperatives that have little metallurgy knowledge and limited access to
outsourcing industrial processes for specific minerals, such as arsenopyrites with high head grades.
Aliron’s attractive portfolio has mines that are easily accessible, adjacent to communities anxious to start
working on the extraction on minerals that can be dealt with flotation and leaching processes.
Aliron’s shareholders are working with the objective of setting up a profitable and well run business that takes
advantage of scarcity of capital in Bolivia, very limited exploration efforts underway, and leverages on the
network of professionals and regulatory officials that Aliron’s management has developed over the course of
more than 30 years in the business.
Aliron it is uniquely positioned to engage in attractive terms several concessionaries in Bolivia that are being
pressed by the mining regulator to invest and start operations, instead of their well-known buy-and-hold
strategy towards mine concessions (and pay the inexpensive concessions’ patents annual dues).
Aliron’s management has a proven track record negotiating with communities and mining cooperatives.
4STRICTLY CONFIDENTIAL
ALIRON
RESOURCES
CORP.
A portfolio of six mining properties, of
which one is under operations and the other
under prospection activities
Bolivia: Excellent Opportunities
with right Partner
Great Arbitration Opportunities
in the Trading BusinessOpportunis-tic Country
Top Management
Attractive Assets
TrackRecord
Top team with excellent connections
in the country and the Americas
Development of ore reserves through an extensive drilling program in the six
mining properties
Expansion and upgrading of the current metallurgical plants to treat the ore
exploited from the ore deposits and purchased from third parties.
Generate immediate cash flows through the processing of ore in the current
metallurgical plants.
Development a trading division to take advantage from the arbitration
opportunities in Bolivia.
Development of industrial safety conditions, and a firm commitment with the
environmental regulations prevailing in Bolivia.
Development proper relationships and cooperation links with the indigenous
communities living in the surrounding areas of the mining properties.
Development of solid links with mining cooperatives from La Paz and Potosi
regions.
Top business executives and
high level professionals with:
proved track record and
experience to develop and
manage world class mining
projects (management of
INTI RAYMI Project, for
18 years; a project
previously owned by Battle
Mountain Gold Company,
and lately by Newmont) Short & Long Term Investment
Short Term Potential through Cashflows of
Mining & Trading Operations
Long Term Potential by Proving Mining
Claims Reserves
1
2
34
5
BUSINESS PLAN
5
I. Executive Summary (Cont.)
ALIRON RESOURCES CORP. is a holding Corporation for two mining companies in Bolivia. The Corporation has a portfolio
of sixteen mining properties covering an area of 8,600 hectares in the Bolivian highlands, with important mineral resources of
lead, copper, tin, gold and silver. In addition, ALIRON owns and operates two metallurgical plants where it processes gold
and silver through gravity, flotation and leaching.
STRICTLY CONFIDENTIAL
6
II. Aliron Resources Corp.
6
A. Why Aliron Resources?
B. Profile—Business Snapshot
C. Portfolio of Mines
D. Processing Plant, Viacha
E. Growth Strategy
STRICTLY CONFIDENTIAL
7
Development of Jucumarini and Marca Marcani gold mines in less than 9 months, currently owned by Emsudoesa, a mining company controlled by Aliron’s shareholders currently producing 120 mt/day.
Proven track record in developing and managing large operations from the start, including that of Newmont Mining’s largest gold mining operation in South America, Inti Raymi, since 1985 to 1998.
Development of gold ore reserves of Don Mario Project in 1993-1994 in association with Billiton, and sold to Canadian Orvana Minerals in 1995.
In charge of the feasibility study and development of silver ore reserves, for ToldoProject (1984-1985), later integrated to San Cristobal project in 1997, and currently owned by Sumitomo Corp.
Development of Hydrometallurgical Plant of Potosí (PLAHIPO) for the treatment of ore dumps, which was integrated to San Bartolome project, owned by Coeur D´Alene in 2003.
II. Aliron Resources—A. Why Aliron Resources?
Great track record in implementing and managing world-class gold mining projects, for 35 years
Right approach to
investing in mining
projects in Bolivia
Proven Track Record
Know-How of
Complex Mineral
Processing
Treatments
Ideally positioned to
get a hold on most
interesting mines
from idle concessions
Development of ore reserves, and implementation of heap leaching and carbon-in-leach projects.
Currently managing two flotation plants, one leaching plant and one laboratory for samples.
In its relatively short history, Aliron has become the go-to company for those concessionaries that have not been able to develop their mining concessions and that are being pressed by the Bolivian mining authority to put mines to work.
At least 50 people representing concessionaries and owners of mining projects have approached us in order to seek a transaction or an association for the development of such projects.
Two-tiered approach towards operations: and developing strong relationship with cooperatives that need mineral processing services.
Focusing on arsenopyrites and minerals that are not the focus of informal miners.
Developing commercial relationships with major mining producers and distributors in South America.
ALIRON is
able (1) to undertake
complex mining projects,
(2) to provide mineral
processing services to a
broad and growing
network of cooperatives,
and (3) to develop strong
commercial relationships
with large miners in South
America.
ALIRON is the best
positioned mining venture
in Bolivia, the fastest
growing mining country of
South America.
STRICTLY CONFIDENTIAL
8
II. Aliron Resources—B. Business Background
Business Background and Overview
Aliron is a mining company developing a profitable portfolio of antimony,
silver, gold, lead, tin, zinc and copper mines in Bolivia.
Aliron’s shareholders started their venture in May 2010 when they identified
the Illampu mine, at the moment in the hands of concessionaries concerned
about the prospects of losing the mine if they did not start operations.
Aliron’s shareholders started a flotation operation for the dumps and small
scale mining at Illampu and soon they started selling concentrates to a
Peruvian distributor.
Soon, more concessionaries without mining and metallurgy know-how
showed up and their exit prices were reflecting their limited options.
Simultaneously, mining cooperatives that did not find processing capacity
and know-how for arsenopyrites, were interested in flotation services under
joint venture agreements.
Aliron has also showed skill in negotiating with the indigenous communities
at the footsteps of the mines, win-win agreements for the extraction
operations. This has resulted in more communities reaching out to Aliron
for the development of mines they have not been able to exploit
themselves.
Aliron plans to increase the profitability of the mineral processing business
by processing minerals from cooperatives that do not find ore treatment
flotation and leaching capacity in Bolivia, but it also plans to increase its
portfolio of mines by identifying those mines that are in the hands of
communities, cooperatives or concessionaries with limited know-how.
Aliron’s subsidiaries include Empresa Minera Solitario SA (EMINSOL),
owner of the flotation and leaching plants in Viacha, and of the joint
venture contracts with concessionaries.
EMINSOL operates through two divisions: and industrial division
dedicated to the processing of material either extracted from own mines or
acquired or under outsourcing services to mining cooperatives.
As of January 15th 2013, Aliron and its subsidiaries have 51 employees.
Aliron is headquartered in La Paz, Bolivia and it was incorporated in
Panama, 2011.
Management / Insiders1, 40.0%
Panor2, 43.5%
Austral2
, 16.5%
1. Management & Insiders: Alvaro Ugalde Bayer Co-CEO, Alvaro Ugalde Canedo Co-CEO, Julio Sanjines
CFO and may include in the future other executive officers as well as explorations personnel.
2. Panor and Austral are the vehicles of mining and industrial engineering professionals who are actively
involved in business development and operations of Aliron.
3. Minerals Commerce is the entity in charge of exports sales.
Bolivian Assets/Divisions
EMINSOL
Flotation
Plants, Viacha
Leaching
Plant, Viacha
1. Industrial
Division2. Mines
Division
Pacuani Albertito
Dos Amigos El Triunfo
Chacaltaya Jucumarini
Ownership Corporate Tree
Aliron Resources
Corp., Panama
Empresa Mineral
Solitario S.A.
(EMINSOL),
incorporated in
Bolivia
Minerals
Commerce Corp.,
Panama3
STRICTLY CONFIDENTIAL
Parco
Animas
Marca Marcani
Capina
Selected Mines
Important Milestones
May 2010: start of flotation plant for small scale mining at Illampu mine.
April 2011: US$ 700K+ revenues from Illampu concentrates.
November 2011: acquisition of portfolio of six mines and start of construction of 2nd
plant in Viacha for the processing of the Pacuani dumps.
May 2013: MOU with Australian firm Macallum for the exploration of Parco mine.
December 2013: completion of tailings dam at Viacha and of dam Pacuani mine for
the protection of indigenous community’s agricultural lands.
3. Dumps/Tails
Division
STRICTLY CONFIDENTIAL 9
II. Aliron Resources—Portfolio of Mines
Aliron Resources has a portfolio of 13 projects, totaling 8,600 has. and 16m ozt of Au equivalent
Overview of Mining Projects
Project Area (has.) Primary Mineral Secondary Mineral Posible Resources Mes. Group of Metals
Illampu 1,500 Gold Copper, Tungsten, Cobalt 4,800,000 Au ozt eq. Precious
Animas 250 Silver Tin & Lead 3,858,087 Au ozt eq. Precious
Albertito 2,850 Copper Gold & Silver 1,669,801 Au ozt eq. Base
Chacaltaya 1,000 Tin Lead, Silver & Zinc 1,616,428 Au ozt eq. Base
Parco 325 Antimony None 1,250,000 Au ozt eq. Base
Triunfo 175 Gold Lead, Silver & Zinc 1,110,833 Au ozt eq. Precious
Capina 1,700 Ulexite None 863,333 Au ozt eq. Non-Metallic
Pacuani 100 Silver Lead & Antimony 423,106 Au ozt eq. Precious
Bolivar 350 Antimony Gold 125,000 Au ozt eq. Base
Dolores 100 Antimony Gold 120,000 Au ozt eq. Base
Dos Amigos 250 Gold Silver 112,966 Au ozt eq. Precious
TOTAL 8,600 15,949,554
Pictures of Top 4
Illampu Animas Albertito Chacaltaya
10
II. Aliron Resources—C. Portfolio of Dumps & Tails
STRICTLY CONFIDENTIAL
We have identified different type of Slags with a minimum recovery value (potential revenues)
DUMP MINERALS METRIC TONS ORE GRADE RESERVES
Au Ag Pb Zn Cu Sn Sb WO3
ozt ozt % % % % % %
in ozt Au
eq.
D-1 Ag, Pb, Au 280,000 0.02 6.43 2.00 2.00 0.00 0.00 2.00 0.00 90,539
D-3 Sb, Au 65,000 n.a 0.00 0.00 0.00 0.00 0.00 8.00 0.00 37,200
D-10 Cu 10,500 n.a n.a n.a n.a 6.00 n.a n.a n.a 3,635
D-11 Au, Cu, Ag 470,800 n.a 6.72 n.a n.a 0.74 0.97 n.a n.a 136,868
D-20 Sn, Ag, Cu, Zn, Pb 4,384,320 n.a 1.86 0.47 n.a n.a 0.20 n.a n.a 288,300
D-9 Au 50,000,000 0.02 n.a n.a n.a n.a n.a n.a n.a 803,768
D-8 Sb, Au 30,000 n.a 0.13 n.a n.a n.a n.a 5.00 n.a 10,796
D-4 Sb 30,000 n.a n.a n.a n.a n.a n.a 5.00 n.a 10,731
D-2 Au, WO3 70,000 0.10 n.a n.a n.a n.a n.a n.a 1.00 19,136
D-19 Ag 6,000,000 n.a 6.43 n.a n.a n.a n.a n.a n.a 652,907
D-7 Sb, Au 3,500 18.00 n.a n.a n.a n.a n.a 18.00 n.a 67,507
D-6 Au 5,000 0.10 n.a n.a n.a n.a n.a n.a n.a 482
D-5 Ag 10,000 n.a 22.51 n.a n.a n.a n.a n.a n.a 3,809
D-18 Ag, Au 60,000 n.a 6.43 n.a n.a n.a n.a n.a n.a 6,529
D-21 Au 200,000 0.01 n.a. n.a n.a n.a n.a n.a. n.a 2,346
D-22 Au 400,000 0.02 n.a. n.a n.a n.a n.a n.a. n.a 6,430
D-13 Sb, Au n.a. n.a n.a n.a n.a n.a n.a n.a n.a n.a
D-15 Sn, Au n.a. n.a n.a n.a n.a n.a n.a n.a n.a n.a
D-16 Sn n.a. n.a n.a n.a n.a n.a n.a n.a n.a n.a
D-17 Sn, Ti n.a. n.a n.a n.a n.a n.a n.a n.a n.a n.a
D-12 Sn, Cd n.a. n.a n.a n.a n.a n.a n.a n.a n.a n.a
D-14 Ladrillos n.a. n.a n.a n.a n.a n.a n.a n.a n.a n.a
D-14 Ag, Au n.a. n.a n.a n.a n.a n.a n.a n.a n.a n.a
Significant Portfolio
identified of Tails &
Dumps
11
II. Aliron Resources—D. Processing Plant, Viacha
Processes 120 MTPD of transitional ore (sulphides-
oxides)
4 Processes/Stations
Production & Recovery (%)
Crushing & Grinding
Flotation of
Sulphides-Oxides
Ability to outsource
Flotation of Sulphide
Ores
Leaching plant
Processes 50 MTPD of sulphide ores in plant of company
EMSUDOESA owned in shareholders of Aliron.
Capacity of 20 MTPD (of concentrates)
For both high grade concentrates from the flotation
process and high-grade ore purchased from mining
cooperatives.
Capacity of 120 MTPD
Production metrics 2012
Metric tonnes floated 3,862
Metric tonnes concentrate 316
Head grade of concentrate 75
Recovery (%) 55.0%
Note:
1. 2012 marked our first year of operations and Aliron spent the first half of the year installing the plant and
the third quarter doing pilot runs.
STRICTLY CONFIDENTIAL
1
The flotation of arsenopyrites at Viacha has
presented several environmental challenges, and
Aliron is very proud to have completed the tailings
dam that is making Viacha a sustainable mining
operation for the long run.
12
II. Aliron Resources—E. Growth Strategy & Current Projects, Operations
Monetize current ore
dumps in Pacuani
Mine and provide
mineral processing
services to
cooperatives
Fund exploration plan
of portfolio of mines
with funds provided
by industrial complex
Flotation and leaching
of arsenopyrites,
among other.
Develop supply
agreements with
cooperatives hungry
of monetizing non-
visible gold and silver,
of which they have
very little knowledge.
Prioritize mines
according to their
complexity in regards
to development
efforts and capital
expenditures (for
example, El Triunfo
would fall within the
category of easy to
develop, and low
cost.)
Partner with financial
and strategic investors
interested in speeding
up the development
of mines.
STRICTLY CONFIDENTIAL
Growth Strategy Current Projects and Operations
Processing of own ore
dumps (Au, Ag, Zn, Pb)
Developing supply agreements with cooperatives hungry
of monetizing non-visible gold and silver, of which they
have very little knowledge.
Processing of others’ ore
dumps (Arsenopyrites)
Exploration
of own mines
and Sourcing
of Materials
to be treated
from Other
Miners
Extraction,
Production
Trading
Preliminary exploration
in own mines and
screening of new ones
Current large scale
projects: Parco (Sb)
Sometal
Currently, flotating and leaching arsenopyrites from
Pacuani mine.
Other
Investments
Development of
procurement agreements
Processing of others’ ore
dumps
Strategic Alliances with
Indigenous Communities
Aliron has experience trading
minerals such as arsenopyrites
concentrates with high gold content,
lead and silver concentrates and gold
bars.
Main clients include: Dynacor Gold
in Peru, Trafigura Group and Marc
Rich International.
Aliron has a 3.5% interest in Sometal, a company that
plans to extract and process silver.
Currently, together with Australian geologists firm
Macallum in the exploration of antimony and gold at
Parco mine.
Several of mines in portfolio have been unexploited due
to problems between concessionaries with communities
or to concessionaries with limited knowledge about the
processing of arsenopyrites.
Currently, processing material from Lomas
Cooperative and X and X cooperatives in the
works.
13
III. Team & Track Record
13
A. Founders Team: CEOs and Board Members
B. Key Managers
C. Mining Transactions Record
D. Case Study—Inti Raymi
E. Case Study—Emsudoesa
STRICTLY CONFIDENTIAL
14
III. Team—A. Founders Team: CEOs and Board Members
Mining and economic advisor for different mining companies in Bolivia.
General Manager (CEO) for Empresa Minera Inti Raymi S.A. since 1984 to 1998 to develop ore reserves, implementation of
leaching and CIL plants, and operation of the major gold producer in Bolivia and South America.
Project Manager for the Joint Venture Compañía Minera La Rosa, Billiton, development of ore reserves of Don Mario Project.
Representative of Bolivia to the International Council, 1980—1982, London England.
Planning Manager of Bolivian Mining Corporation (COMIBOL), the Bolivian state-owned mining company, La Paz-Bolivia.
Vice Minister of Mining and Metallurgy of Bolivia, 1977-1999.
Economist from Universidad Mayor de San Andres, La Paz-Bolivia; and Master’s Degree in Public Administration from Harvard
University, 1983, Cambridge-Mass.
Alvaro Ugalde Canedo, co-CEO of Empresa Minera Solitario C.A.
CEO of Aliron Resources Corp. since December 2011 and CEO of Empresa Minera del Sudoeste S.A. since May 2010.
Corporate Director of Empresa Inmobiliaria Chamartin, Real Estate Fund of Morgan Stanley in Europe, Madrid-Spain for 4 years
from 2006 – 2009
Investment Analyst for Kuna & Co, Frankfurt-Germany in 2005
Commercial Engineer Degree from Universidad Adolfo Ibanez, Vina del Mar-Chile; and Master´s Degree in Finance from
Universidad Adolfo Ibanez, and European Business School, Frankfurt-Germany.
Alvaro Ugalde Beyer, co-CEO of Empresa Minera Solitario C.A
STRICTLY CONFIDENTIAL
Jon Leizaola, Director of Aliron Resources – Shareholder and Director of Austral Shareholder and Director of construction consortium of different civil works in Caracas, Venezuela since 1997 up to date.
Shareholder and Vice President of the AUSTRAL GROUP, which develops, promotes and markets government housing and
infrastructure projects and important office buildings in Caracas, totaling 1.5 million square meters of civil construction since 1995.
Broad experience in Latin America investment banking
Member of the board of directors of different companies in Latin America
President of the Stock Market of Caracas – Venezuela from 2000 to 2007.
Vice-president of the Board of Directors of the Institute of Superior Studies of Administration, IESA, Caracas-Venezuela.
Chairman of the Advisor Committee of Leadership and Competitiveness of Georgetown University, Washington DC.
Member of the Advisor Council of The John Kennedy School of Government, Cambridge, Mass.
Economist from Universidad Católica Andres Bello, Caracas-Venezuela; Master Degree from Yale University; and Master in Public
Administration from Harvard University.
Nelson Ortiz, Director of Aliron Resources – Shareholder and Director of Panor
15
III. Team—B. Key Management
Mr. Sanjines has led the sales and exports efforts for both mining companies Eminsol and Emsudoesa since 2010.
Prior to joining Eminsol he performed as independent consultant for commercial and mining projects, and as partner of Kracia Consulting, led from 2007 thru 2009 the
Andean Gaspipeline Project for client Kuntur SRL, whose major shareholder is Conduit Capital Parners, N.Y., and which project was awarded by the Peruvian
government.
Prior to Kracia Consulting and as Regional Manager for the Health Division of Adriatica de Seguros y Reaseguros SA in Bolivia, Mr. Sanjines led the increase of the
client portfolio by 200% in his first two years.
Prior to his insurance experience, Mr. Sanjines performed as financial advisor and as corporate finance executive for several mining and energy projects in Bolivia and in
the Andean Region.
Mr. Sanines holds degrees of Master in Public Administration from Harvard University Kennedy School of Government, Master in Industrial Engineering from Texas
A&M University, and Bachelor in Applied Science and Engineering from West Point Academy.
Julio E. Sanjines, Shareholder and Chief Marketing Officer of Empresa Minera Solitario C.A.
Mr. Barrientos has a consulting firm that provides geology-related services.
Prior to starting his consulting practice and to joining the Eminsol team, he was Chief of Exploration at Minera Pukaraju SA, where he directed all efforts of Peruvian
parent company, Minera Huallanca’s entry to Bolivian mining.
Prior to his years at Minera Pukaraju, he was the Head of Geology and Mining Information Department at Sergeotecmin, the Bolivian government’s technical agency
for geology, mining and the environment.
Before joining Sergeotecmin, Mr. Barrientos held several positions as Project Manager for Inti Raymi, Battle Mountain Gold Company, Exxon-La Barca, and
Geoandean Resources.
Mr. Barrientos held important positions, including the presidency at the Association of Geologists of Bolivia.
Mr. Barrientos is a Geology Engineer from Universidad San Andres in La Paz, he is married with three children and lives in La Paz.
Dardo Barrientos, Chief Geological Officer of Empresa Minera Solitario C.A.
STRICTLY CONFIDENTIAL
Luiz Oliveira, Chief Exploration Officer of Inversiones Kaparipim S.A. at Parco mine Mr. Oliveira is the geologist in charge of the exploration and mine superintendent at Parco mine.
Prior to joining Eminsol, Mr. Oliveira performed as Project Manager of geologic exploration efforts for Eaglecrest Exploration Bolivia S.A., BHL-Minera Pukaraju
S.A., Newmont Mining and Inti Raymi, and as Senior Geologist for Geobol, Bolivian government’s geology services agency.
Mr. Oliveira is a Geology Engineer from Universidad San Andres in La Paz, and he has published several papers on the mineralization of sections of the Andes
cordillera.
Mr. Zanabria has been the Chief Operating Officer of Eminsol since September 2013, and has been implementing several improvements in the industrial division.
Prior to joining Eminsol, Mr. Zanabria led several positions in the Corporacion Minera de Bolivia, Chief Executive Office for 3 years
Mr. Zanabria holds is Environmental Engineer from Universidad San Andres in La Paz. He is married with three children and lives in La Paz.
Ramiro Zanabria, COO of Empresa Minera Solitario C.A.
III.C Mining Transactions Record
16
* INTI RAYMI was a subsidiary of Battle Mountain Gold Company with headquarters in Houston-Texas; and later purchased by NEWMONT Mining Company
STRICTLY CONFIDENTIAL
1986: Toldos Biggest silver, lead and zinc operation in Bolivia
It is at present a subsidiary of Sumitomo, San Cristobal
Closed the financing for the initial prefeasibility study
Financing of USD 10m for a project valued at USD 40m
1992: Inti Raymi SA Largest gold reserve discovered in Bolivia
Previously, it was a subsidiary of Battle Mountain Gold Co. and later of Newmont Mining
Financing by OPIC USD 6m
Financing by IFC, OPIC & CAF of USD 110m
CEO together with Shareholders sold IRSA at Equity Value USD 200m
1995: Don Mario Second biggest gold operation in Bolivia, now one large operation of copper
Actual owner is Orvana Minerals
Contribute the Don Mario Project to Orvana in exchange of 50% of the Equity
Valued in the Toronto Stock Exchange at USD 50m
2004: Uyuni Saltlake Biggest Lithium, Borax & Potassium Operation in Bolivia
Actual Owner: The State of Bolivia
Sold the Project to Quiborax
Valued at Equity Value USD 1m
2013: Cerro Rico de Potosi – Colonial Dumps Operation One of the largest Silver Operations in Bolivia
Actually operated by Coeur d'Alene Mines Corp.
Sale 2% of the Project
Equity Value of USD 280m
2013: Potrero Project sold to the main Antimony Producer in Bolivia, Cominesa
Transaction Value USD 250k
2013: Parco Joint Venture with Macallum Group to explore the Parco Project
Initial Investment of USD 5m
COMINESA
Aliron Group has been involved in the financing and sale of the main mining operations in Bolivia
III.D Case Studies – Inti Raymi (Newmont Mining Operation in Bolivia*)
80s 90s 2001
50/50 JV Zealand Mines & West World
Initial Operations of 1,000 MT per day
(2 g/t)
In 1987 production of 44 kg of gold
monthly
In 1988 Battle Mountain Gold buys 33%
stake in Emirsa (Empresa Minera Inti
Raymi S.A.
1993: Battle Mountain Gold increase its
stake to 85%
Proven Reserves of 3 million ozt of Gold
The company was valued at USD 200
million in 1993
Investment of USD 200 million to
increase capacity to 1,512 Kgs. of Gold
In 1998 increases its stake to 88%
Newmont acquires Battle Mountain,
including its stake in Inti Raymi
17
* INTI RAYMI was a subsidiary of Battle Mountain Gold Company with headquarters in Houston-Texas; and later purchased by NEWMONT Mining Company
STRICTLY CONFIDENTIAL
III.E Case Studies – Emsudoesa (Jucumarini &Marca Marcani Mines)
Empresa Minera del
Sudoeste S.A.
Mar 10 Dec 10June 10 Sept 10
Initial Prospection In Past Spanish
Works
Geosatellite Studies Preparation
Prospection, Exploration & Explotation
Permits
Social Permit from the community
Estimated Reserves of 13k ozt Au
Mine Preparation
Metalurgical Studies to recover gold from
Arsenopyrite
Advanced Geosatellite Studies
First extraction of 10 tpd
Estimated Resources of 5m ozt Au
Potential Area of 450 has with great
mineralization
Pilot Production of 1,300 tons of 10 grs.
Au/ton
Concentration of Arsenopyrite in a Pilot
Processing Plant with Recovery of 90%
Sale in Peru of Concentrates with 80% of
Recovery
18STRICTLY CONFIDENTIAL
19
IV. The Bolivian Opportunity
A. Current Macroeconomic Environment
B. Business Climate
C. Mining Leadership
D. Risk vs Rewards: Aliron Resources Thesis about Bolivia
STRICTLY CONFIDENTIAL
IV. The Bolivian Opportunity – A. Current Macroeconomic Environment
20STRICTLY CONFIDENTIAL
14,9%13,3%14,4%16,0%16,9%
20,3%
24,7%26,9%
31,5%31,1%32,6%
26,9%30,7%31,9%
34,3%
24,6%21,4%21,5%20,2%21,7%
20,9%20,8%24,3%24,7%25,5%
27,5%24,8%25,6%
27,8%27,5%
'98 '99 '00 '01 '02 '03 '04 '05 06(p) 07(p) 08(p) '09(p) '10(p) '11(p) '12(p)
Exports of goods and services Imports of goods and services
Steady GDP Growth (%)1
Declining public debt suggest reasonable use of proceeds from
commodities boom (public debt as % of GDP)1
Inflation tied to commodities prices but under control (%)1 Increasing Trade Surplus (% of Economy’s Total Supply and Demand)1
“Boom” of commodity prices
Notes:
1. Source: Instituto Nacional de Estadística (www.ine.gob.bo)
5,0
0,42,5 1,7 2,5 2,7
4,2 4,4 4,8 4,66,2
3,4 4,15,2 5,2
'98 '99 '00 '01 '02 '03 '04 '05 '06E '07E '08E '09E '10E '11E '12E
National GDP
Mining GDP
4,4
3,1 3,4
0,9
2,4
3,9 4,6 4,9 4,9
11,7 11,8
0,3
7,2 6,9
2,4
5,7
'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 YTD3Q13
Bolivia’s macroeconomic stability and sound fiscal condition may last various political cycles due to significant fiscal and trade sector
strengths
55% 55%53%
55% 56%
63%
58%
53%
28%
17%15% 15% 15% 14%
'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11
IV. The Bolivian Opportunity – B. Business Climate and Recent
Regulatory Changes
21STRICTLY CONFIDENTIAL
Macro &
Mining
Sustained GDP growth over the last decade.
Low level of foreign debt, and a balanced fiscal policy with an average inflation
rate of 5.2% over the last 15 years.
Positive and healthy foreign sector trade balance.
International monetary reserves above 10 billion dollars.
Key supplier of natural gas to Argentina and Brazil.
Credit
Investments
Rule of Law
Even though there is limited banking credit availability for the mining sector, a
few bankers have shown interest in financing mining operations though other
entities.
Stable and low interest rates.
Growing investment in all economic sectors of Bolivia in the last four years.
Investment law in the process of approval by the government.
Bolivian Constitution guarantees private property and private investment.
Mining claims in the process of migration towards mining contracts, keeping
pre-existing mining rights.
Bolivian Mining Code in the process o approval, increasing tax weight slightly
and urging capex execution to mining claim holders.
Increasingly use of Arbitration as a mean to solve conflicts.
Politics
Important political and social changes to include indigenous population in the
political and economic dynamics of the Country.
A current government which controls 64% of the seats in both chambers,
Senators and Deputies, with a tendency for that control to significantly
decrease in the coming governmental elections.
Bolivian legal and regulatory framework presents challenges but also attractive opportunities, providing potential investors a wide range of
options and low entry costs, which is not the case of other mining South American countries. Despite the fact that the mining law is long overdue,
the legal framework improved considerably last year, when Congress enacted a law against subjugation of property related to mining activity,
illegal exploitation of mining resources, and illegal sales of mining resources.
Legal Framework Improvement
Illegal
Sales of
Mineral
Resources
“Whoever for whatever reason occupies a mining area through the use of by force, threats, deception or any other means, preventing the exercise of mining rights or depriving the State and / or mineral rights holders who are in lawful possession thereof, shall be punished with deprivation freedom of four (4) to eight (8) years.”
Illegal
Exploitation
of Mineral
Resources
Article
232 ter
Subjugation
in the
Mining
Sector
Article
232 bis
New
Crimes in
Bolivia’s
Penal
Code
Text of the Law
No. 176/2013-2014
Punish
ment
(years
in
prison)
“Whoever for whatever reason performs illegal exploitation of mineral resources without authorization or right granted under existing rules and regulations, shall be punished with imprisonment of four (4) to eight (8) years..”
“Whoever sells mineral resources resulting from the subjugation of mining areas or from the illegal exploitation of mineral resources, shall incur the penalty of imprisonment for three (3) to six (6) years..”
4 - 8
4 - 8
3 - 6
IV. The Bolivian Opportunity – B. Business Climate (Cont.)
22STRICTLY CONFIDENTIAL
Looking at the evidence, Bolivia is becoming friendlier to investors and also, contrary to what the headlines suggest, attracting more capital
than the largest Latin American economies1, as it outpaced Mexico and Brazil during the four years ending in 2010 in terms of foreign direct
investment inflows as % of GDP. Last, FDI net inflows suggest it is not following the Ecuadorean and Venezuelan model where FDI has
significantly dropped due to major government take-overs.
7,53
4,98 4,93
3,82 3,53
2,87
2,31 2,28 2,17
1,71
0,80
0,15
CHL URY PER CAN COL BOL MEX BRA ARG PRY ECU VEN
Foreign Direct Investment, net Inflows as % of GDP(Average of period)1
2003-2006
2007-2010
People tend to
think of Bolivia
as risky as
Ecuador and
Venezuela…But
actually, what is
happening is a
very different story:
investors are going
into Bolivia
Note:
1. Relative to the size of the economy. Source: World Bank databank.
IV. The Bolivian Opportunity – C. Mining Leadership
Bolivia in the Press—Time for A Second Look
23STRICTLY CONFIDENTIAL
“Time for a second look at Bolivia: UNDER-EXPLORED FORMER MININGBEHEMOTH STILL HAS PLENTY TO OFFER”The country offers immediate to short-term prospects for drilling unfinished silver and gold projects left over from
the last boom and longer-range chances to encounter unrecognized bulk-minable base and precious metal targets
in the Cordillera.
The Precambrian area had the Rapitan iron, small amounts of tantalite and beryl, and alluvial gold workings
during the Jesuits Orders' 18th-century theocracy in the Parana river basin. The recent boom added Don
Mario, Puquio Norte and other gold occurrences.
Later, on the strength of Don Mario geology, BHP Billiton (BHP-N) began a search for Broken Hill-type
sedex mineralization. This was quickly aborted, however, upon a misunderstanding with the local populace --
a previously unheard of event in the Precambrian. South Korean interests are presently about to drill stock-
work gold.
A greater challenge in Bolivia would be to explore for another Korikollo beneath Altiplano overburden, or a
Potosi or Catavi under past mineralization and volcanics in the tin-silver belt or even for porphyry copper along
structures such as the east-west Collahuasi lineament entering Bolivia from Chile.
Interestingly enough, Rio Tinto (RTP-N, RIO-L) predecessor RTZ tried this approach through induced-
polarization surveying that traced the West Fissure zone and through aeromagnetic surveying in the tin-silver
belt.
As can be seen, Bolivia is not for the faint-hearted, but then neither were Peru and Chile not so long ago.
Extracted from Northern Miner Newspaper “Time for A Second Look at Bolivia”,
by James McNamee and Osvaldo Arce-Burgoa.4th of July, 2010.
Mineralization in Bolivia
Even the press has already started talking about Bolivia as the next country promising high growth rates.
IV. The Bolivian Opportunity – C. Mining Leadership
World Ranking of Bolivian Mineral Reserves—USGS Report1
24STRICTLY CONFIDENTIAL
The USGS confirms that there is still plenty of reserves to be developed. It is worth noticing that there has been no investment in exploration in
the last 60 years.
USGS Map of Mineralization in Bolivia
Note:
1. USGS 2010.
ESTIMATED RESERVES OF MAJOR MINERAL COMMODITIES IN 20101
Commodity World World
(Thousand metric tons unless otherwise specified) Reserves ranking percentage
Antimony, metal content 310 4 15
Bismuth, metal content 10 3 3
Gold, metal content metric tons 28 NA(2)
Lead, metal content 1,600 8 2
Natural gas3
billion cubic meters 750 29(2)
Petroleum3
million 42-gallon barrels 465 45(2)
Silver, metal content metric tons 22,000 8 5.5
Tin, metal content 400 6 7
Tungsten, W content 53 5 2
Zinc, metal content 6,000 9 3
NA: Not available.
Notes:
1. Combined proven plus probable reserves estimated from a combination of company, Government, and secondary sources.
2. Less than 1/2 unit.
3. Proved reserves only. Source: U.S. Energy Information Administration, [undated], International energy statistics—
Natural gas—Reserves: U.S. Energy Information Administration. (Accessed August 6, 2010, at
http://tonto.eia.doe.gov/cfapps/ipdbproject/IEDIndex3.cfm?tid=3&pid=3&aid=6.)
IV. The Bolivian Opportunity – C. Mining Leadership
Top Ten Countries Producers for Selected Minerals—USGS Report1
25STRICTLY CONFIDENTIAL
Note:
1. USGS 2011.
Go
ld1
Silv
er2
An
tim
on
y3A
rsen
ic T
rio
xide4
Bis
muth
5B
oro
n M
iner
als6
Zin
c7T
un
gste
n8
2.500
1.964
1.023 900 900600 502 500 499
Ch
ina
Russ
ian
Fed
erat
ion
Can
ada
Bo
livia
Aust
ria
Po
rtu
gal
Th
aila
nd
Per
u
Bra
zil
Rw
and
a
3.100.000
1.509.129 1.290.000736.000 698.901 695.000 480.000 421.721 390.000 385.670
Ch
ina
Per
u
Aust
ralia
Un
ited
Sta
tes
Can
ada
Ind
ia
Kaz
akh
stan
Bo
livia
Mex
ico
Irel
and
1.300
750607,92
400187,22 145 83,27 30 2
Turk
ey
Arg
enti
na
Ch
ile
Russ
ian
Fed
erat
ion
Per
u
Ch
ina
Bo
livia
Kaz
akh
stan
Iran
, Is
lam
icR
epub
lic
Of
6.000
960 854150 86 65 50 40 21
Ch
ina
Per
u
Mex
ico
Kaz
akh
stan
Can
ada
Russ
ian
Fed
erat
ion
Bo
livia
Ro
man
ia
Jap
an
25.000
11.4008.950
4.3211.600 1.500 1.500 1.000 250 200
Ch
ina
Ch
ile
Moro
cco
Per
u
Mex
ico
Kaz
akh
stan
Russ
ian
Fed
erat
ion
Bel
gium
Can
ada
Bo
livia
3.5003.000 2.800
2.0001.700
1.000530
56 10
Ch
ina
Russ
ian
Fed
erat
ion
Bo
livia
So
uth
Afr
ica
Taj
ikis
tan
Turk
ey
Aust
ralia
Per
u
Can
ada
Kyr
gyzs
tan
3.854 3.553,842.900
1.635 1.400 1.325 1.301,02 1.250 1.206678,23
Per
u
Mex
ico
Ch
ina
Aust
ralia
Russ
ian
Fed
erat
ion
Bo
livia
Ch
ile
Un
ited
Sta
tes
Po
land
Kaz
akh
stan
320.000
223.000 222.000 197.698 190.693 182.391130.000
97.367 90.000
7.000
Ch
ina
Un
ited
Sta
tes
Aust
ralia
So
uth
Afr
ica
Russ
ian
Fed
erat
ion
Per
u
Ind
on
esia
Can
ada
Uzb
ekis
tan
Bo
livia
Bolivia is a mineral rich country and is usually within the top ten producer countries for several mineral, except for gold, even after decades of
limited exploration in all the country.
150,000
51,000
(ran
ked
34th
)
IV. The Bolivian Opportunity – C. Mining Leadership
Selected Major Operating Mining Companies in Bolivia1
26STRICTLY CONFIDENTIAL
Several of the largest mining corporations are already in Bolivia, and they have kept their capital expenditures commitments despite the
political environment.
Notes:
1. USGS 2011
2. Previously owned by Newmont Mining.
3. Glencore operates five mines in Bolivia. It is negotiating joint-venture agreements for four of them and is also negotiating the sale of Colquiri mine to the government.
4. FY 2011.
Processing capacity Revenues
Company Ultimate Parent Company Location of main facilities Employees Gold Silver Lead Iridium Antimony Tin Zinc (US$mm)
Empresa Minera San Cristóbal S.A. Sumitomo Corp., 100%. San Cristobal Mine, southwestern
Bolivia
115,000 525,000 82,000 270,000 na
Empresa Minera Inti Raymi S.A. 2 Compañía Procesadora de Minerales
S.A., 88%, and Empresa Minera
Unificada S.A., 12%.
Kori Chaca open pit mine and Kori
Kollo leaching plant, near city of
Oruro
580 2,300 1,800 na
Empresa Minera Paititi S.A. Orvana Minerals Corp. Don Mario Mine, 3 Chiquitos
Province, Santa Cruz Department
na 2,100 7,500 $32 (4)
Sinchi Wayra S.A.3 Glencore International AG, 100%. Bolivar, Porco, and San Lorenzo
Mines, Oruro and Potosi
Departments
2,200 180,000 15,000 70 6,000 205,000 na
Empresa Minera Unificada S.A.
(EMUSA)
Private investors. Caracota, Chilcobija, and Espiritu
Santo Mines, Potosi Department
na 1,100 na
Empresa Minera Manquiri S.A. Coeur d'Alene Mines Corp., 100%. San Bartolomé Mine, by Cerro Rico,
near Potosi Potosi Department
328 280,000 $141
Compañía Minera PAS (Bolivia) S.A. Pan American Silver Corp., 95%, and
Trafigura Baheer B.V., 5%.
San Vicente Mine, Potosi
Department
na 100,000 na
IV. The Bolivian Opportunity – D. Risks vs Opportunities
Aliron’s Thesis
27STRICTLY CONFIDENTIAL
The shareholders of Aliron Resources believe that Bolivia is slowly and steadily becoming a go-to mining destination in South America
Aliron Resources’ Thesis about BoliviaRisks and Opportunities
Risks
Oppor-
tunities
Bolivia has a mineralization and mining potential very likely to be
greater than those of Peru and Chile and it is waiting to be
developed.
Bolivian mining risk has been either in very large scale and visible
projects with significant political and social complexities or in very
small scale miners who may not engage appropriately with the
communities adjacent to the mines and who are also vulnerable to
mining cooperatives that seek metals in pure state.
Aliron believes that a mid-to-large size operator can effectively
shield itself from both risks and to fill in the gap between small
miners and large processors of minerals.
Aliron’s management has leverage with the mining community
and it also has a respectful relationship with the regulator and
government officials.
Uncertain regulatory changes and possibly a new
mining law in the next couple of years.
Difficulty in dealing with Aymara indian
communities.
Difficulty in obtaining permits for exports.
Aliron’s management has efficiently negotiated
with Aymara communities over the past thirty
years and it has become clear that the only way is
to create and environment with the appropriate
incentives for all stakeholders.
Aliron has already dealt with the initial and
complex part of the registration requirements for
exports.
28
V. Selected Profiles
A. The Illampu Mining District – Gold Perspective of Aliron
B. The Albertito Mining District – Copper Perspective of Aliron
STRICTLY CONFIDENTIAL
A. The Illampu Mining District – Gold Perspective of Aliron
Located 150 kms. away from La Paz
The Company has developed approx. 800
meters of adits to explore and generate a pilot
production of 20 MTPD of Arsenopyrites with
content of Au 10 g/t
The company has found an important
mineralized body of rich content in gold.
The body is kilometric and with disseminated
contents of 3-5 g/t
Now Aliron is heading to start a drilling
programme to cut the main bodies and
determine reserves.
STRICTLY CONFIDENTIAL 29
Estimated Resources
Description
Illampu
BOLIVIA
Location
Pictures
Located Located 150 kms. away from La
Paz in the Department of La Paz, Bolivia
4.8m ozt of Gold as Estimated Resources,
based on various studies of Aliron
Resources and Michaco DBT
Gold Projects in Bolivia
Main Deposits in La Paz
Main Deposits in Oruro
Aliron has identified all known Gold
Projects in Bolivia in an extensive Research
to acquire an important Portfolio of the
main Gold Projects in the Country
According to studies made in the Illampu
Project in the 800 mts. adits (different levels)
and related outcrop samples, Aliron calculated
the potential resource
30m MT @ 5g of Au per MT
The project has breccias with values of 20-80
g of Au per MT
Nevertheless the massive structure have
values of 5 g of Au per MT
B. The Albertito Mining District – Copper Perspective of Aliron
Located in Sud Lipez, Potosi, 139 Kms away
from Uyuni, Bolivia
The Property is hold through a Joint Venture by
Aliron Resources with Bonifaz family
The mining claim has a great potential in copper
mineralization, totalling an area of 2,850 has.
Oro Verde has undertaken important studies to
determine Probable Reserves of 2.4m tons with
7.46% of Cu and Potential Resources 3.9m tons
with 7.56% of Cu
The zone needs exploration and Aliron is
acquiring important areas to undertake the task
STRICTLY CONFIDENTIAL 30
Mine MT % Cu FMT
Probable Resources 177.502
Esmeralda 208.000 8,00 16.640
Khellu Khellu 858.000 7,50 64.350
San Juan 676.000 9,00 60.840
Other 637.000 5,60 35.672
Geological
Resources 243.456
Esmeralda 975.000 8,00 78.000
Khellu Khellu 195.000 7,50 14.625
San Juan 1.066.000 9,00 95.940
Other 980.200 5,60 54.891
TOTAL 420.958
Estimated Resources (Oro Verde)
Description
Albertito
BOLIVIA
Location
Pictures
Located in Sud Lipez, Potosi, 139 Kms
away from Uyuni, Bolivia
420.958 FMT of Cu as Estimated
Resources
Copper Projects in Bolivia
Main Deposits in La Paz
Main Deposits in Potosi
Aliron has identified all known Copper
Projects in Bolivia in an extensive Research
to acquire an important Portfolio of the
main Copper Projects in the Country
C. Capina Saltlake – Ulexite Project in Potosi, Bolivia
The property can be reached by road from either Bolivia or Chile. The
route from La Paz, Bolivia, includes 450 kilometers of paved/gravel road
to Uyuni and another 225 kilometers of rough dirt road to Capina Salar.
Under normal weather conditions, this route takes two days with a four-
wheel-drive vehicle- During the rainy season (December to March),
occasional flooding can occur in the area of Uyuni, thus increasing travel
time
During 1994, Boron Chemicals / Teck completed various work
programs on Capina’s properties. The objective of these programs
included:
1. Verifying and confirming analytical results from previous work programs,
2. Enhancing the reserve base from a classification of “mineral inventory” to
“probable reserves” of ulexite and
3. Collecting sufficient samples for metallurgical purposes
4. Process Design for Borax Penta & Decahidatate and Boric Acid
STRICTLY CONFIDENTIAL 31
Capina is located in the far southwestern corner of Bolivia, about 200 kilometers southwest of Uyuni. The Concession is located in the
Canton Quetena of the Provincia of Sud Lípez in the Departamento of Potosí, Bolivia. The Property is at an elevation of 4,420 meters
Location Ore Horizon Tonnage Grade %
Minerable In-Situ Reserves1
Lourdes White 3.840.000 12,47%
Lourdes Orange 10.900.000 12,47%
Other Kapina White 1.900.000 11,28%
TOTAL 16.640.000 11,88%
Minerable Air-Dried Reserves2
Lourdes White 1.900.000 25,20%
Lourdes Orange 5.060.000 25,40%
Other Kapina White 1.010.000 24,10%
TOTAL 7.970.000 25,19%
Notes
1. Wet Material, head grade considers free H2O
2. Dry material
Project Description
Proven Reserves
Aliron is actually owner of Empresa Minera Mundaka SRL that has already the priority rights to explore and produce in the Capina Saltlakeand Capina Property
The company has all the feasibility study studies of the Project:1. Project Economic Analysis – Weir Internation Mining Consultants
2. Reserve Evaluation – Nowak & Associates / M.D. Philpot
3. Process Design – Hazen Research, Inc.
4. Mine Design, Mine Capital and Operating Cost Estimate; and Transportation – Weir International Mining Consultants
5. Plant Design, Processing Plant Capital and Operating Cost Estimate –Bateman Engineers
6. Product Pricing and Markets – Peter W. Harben Inc. / Boron Chemicals
Actual Status
The Proven Reserves @ Market Price of USD 130 are
valued @ USD 1.036m
Disclaimer
32
THE INFORMATION CONTAINED IN THIS DOCUMENT, INCLUDING ANY ATTACHMENTS AND APPENDICES HERETO (COLLECTIVELY, THIS “PRESENTATION”) IS BEING FURNISHED ON A CONFIDENTIAL BASIS BY ALIRON
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ACCURACY OF THE INFORMATION OR OPINIONS CONTAINED IN THIS DOCUMENT AND NO RESPONSIBILITY OR LIABILITY IS ACCEPTED FOR ANY SUCH INFORMATION OR OPINIONS. THIS PRESENTATION HAS NOT BEEN
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CONSEQUENCES TO IT OF SUCH AN INVESTMENT.
INVESTORS SHOULD CAREFULLY REVIEW THE INFORMATION CONTAINED IN THE “RISK FACTORS” SECTION OF THE PRIVATE PLACEMENT MEMORANDUM FOR THE OFFERING. INVESTMENT IN THE INTERESTS IS
SUITABLE ONLY FOR SOPHISTICATED INVESTORS AND REQUIRES THE FINANCIAL ABILITY AND WILLINGNESS TO ACCEPT THE RISKS AND LACK OF LIQUIDITY INHERENT IN AN INVESTMENT IN THE INTERESTS.
COPIES OF THE COMPANY’S SHAREHOLDERS AGREEMENT, THE SUBSCRIPTION AGREEMENT AND OTHER RELEVANT DOCUMENTS WILL BE PROVIDED TO PROSPECTIVE PURCHASERS UPON REQUEST. THESE
DOCUMENTS CONTAIN IMPORTANT AGREEMENTS AND OTHER TERMS RELATING TO THE COMPANY AND THE OFFERING OF THE INTERESTS. CERTAIN OF THE TERMS OF THE SHAREHOLDERS AGREEMENT, THE
SUBSCRIPTION AGREEMENT AND OTHER RELATED DOCUMENTS ARE DESCRIBED IN SUMMARY HEREIN. THESE DESCRIPTIONS DO NOT PURPORT TO BE COMPLETE AND EACH SUMMARY DESCRIPTION IS SUBJECT TO,
AND QUALIFIED IN ITS ENTIRETY BY REFERENCE TO, THE ACTUAL TEXT OF THE RELEVANT DOCUMENT.
CERTAIN INFORMATION IN THIS PRESENTATION HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE, ALTHOUGH NEITHER THE COMPANY NOR SP SOLUTIONS GUARANTEES ITS ACCURACY,
COMPLETENESS OR FAIRNESS. OPINIONS AND ESTIMATES MAY BE CHANGED WITHOUT NOTICE.
STRICTLY CONFIDENTIAL
Contact Information
33
Aliron Resources Corp.Av. Montenegro Nr. 909, Urb. Calacoto,
La Paz, Bolivia
Phone: +591 2279-6828
Alvaro H. Ugalde Beyer
+591 6700-9074
Alvaro Ugalde Canedo
+591 6700-9076
Jon Leizaola
+57 320-211-7929
STRICTLY CONFIDENTIAL