Discovering, Developing and Producing Precious Metals in North and South America

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Gold

World Money Supply

AMEX Gold Bugs Index

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Drilling defines 1.1 million/oz Au eq. Cieneguita resource

“Assembly of new management, control group & company’s refinancing & reorganizing begins, MRT starts mine construction

Start of Gold production delayed by need to add ball mill to grinding circuit

Ball mill installed gold production begins October 1st 2010

Cerro Delta Acquisition

Predecessor of Pan American makes deal to develop Cieneguita with Minera Rio Tinto (MRT)

Miguel Di Nanno appointed as President

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1996 1998 2000 2002 2004 2006 2008

100

50

25

10

0.25

Ultra PetroleumUPLUP 38,000%

(actual $0.27.5 post 1 share for 2 split)

Arequipa resourcesUp 4,923 percent

32.00

16.00

2.00

0.40Jan July Jan

Mag Silver

International Royalty Corporation – Royal Gold

Corriente Resources

Viceroy Resources – Yamana Pennaco – Marathon Velvet Exploration – El Paso

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Cerro Delta Project • Mining friendly Rioja province of Argentina; • On same structure 20 km east of 28.8 million oz gold Cerro Casale & 44m oz Au eq. Caspiche; • Contains large +1.5 square km gold anomaly with coincident strong IP anomoly; • Similar porphyry system with high sulfidation epithermal system; • Similar large scale faulting & cross faulting; • The Cerro Delta Project has the potential for both a large low grade porphyry copper gold deposit (Cerro Porfiro) and HS epithermal gold deposit (Cerro Delta).

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In the 1980s soil and rock chip sampling by Anglo American at Capiche outlined an anomalous gold zone 650 meters by 300 meters over a diorite porphyry system.

The gold zone covering the Cerro Delta porphyry is approximately 1,500 meters by 1,500 meters

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Cerro Delta Project Induced Polarization

Geophysics and Gold in Soil

A subsequent Induced polarization survey done by Anglo outlined an area of chargeability which eventually proved to be core of the 44 million ounce deposit.

At Cerro Delta a very large area of chargeablity is coincident with the porphyry and the gold zone.

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The entire Capiche copper gold porphyry discovery is 400 meters long by 300 meters wide and 1200 meters deep.

While the gold zone at Cerro Delta is 1500m by 1500m, the area of chargeability extends to 400 meters deep for a length of 800 meters. The remaining gold zone is above a peripheral HS epithermal system where chip samples from outcrops up to 4 grams per ton have been mapped – typical for Maricunga gold copper deposits.

800 meters High Chargeability coincident with gold zone within a Miocene porphyry

1200 meters

High Resistivity coincident with with peripheral HS Epithermal system & eastern edge of gold zone"

Discovering, Developing and Producing Precious Metals in North and South America

•  As is common among Maricunga gold deposits Cerro Delta consists of a large porphyry system and a peripheral epithermal system the Cerro Casale gold and copper deposit is in both in a porphyry and an adjoining HS epithermal system as is the case with gold mineralization at the Cerro Delta;

• On same geological structure as 44 mm oz/Au eq. Cerro Casale;

•  Like Casale and Cerviche, Cerro Delta has a similar sized gold zone on surface;

•  Geophysics indicates presence of a large metal-rich body beneath the gold zone in the area of the porphyry;

•  Horizontal dimensions of Cerviche is only 300 by 400 meters - Cerro Delta is 1500 by 1500 meters;

•  Deep drilling is critical - significant gold mineralization was not encountered at Cerviche until 50 to 96 meters deep due to weathering and cover;

•  Drilling at Cerro Delta planned for fall 2011 multimillion ounce target

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Why Cerro Delta Could Be the Next Great Gold Discovery

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• Poten&al    porphyry  system  and  for  addi&onal  discoveries:  Piedras  Blancas  

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Base case (Shares issued & outstanding 54,000,000, fully diluted est. 100,000,000) $1000 Au eq. $0.043 per share $0.47 per share undiluted

$0.25 per share fully diluted Bullish Case $1600 Au eq. $0.069 $0.78 per share (undiluted )

$0.42 per share fully diluted *Latest estimate using 15 meters in contract MRT has 140,000 tons left that is minable of the total 20 million tons in place.

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Discovery Discovery

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DISCLAIMER      This  presenta&on  contains  projec&ons  and  forward  looking  informa&on  that  involve  risks  and  uncertain&es  regarding  future  events.    Such  forward-­‐looking  informa&on  can  include  without  limita&on  statements  based  on  current  expecta&ons  involving  a  number  of  risks  and  uncertain&es  and  are  not  guarantees  of  future  performance  of  the  Corpora&on.  These  risks  and  uncertain&es  could  cause  actual  results  and  the  Corpora&on’s  plans  and  objec&ves  to  differ  materially  from  those  expressed  in  the  forward-­‐looking  informa&on.    Actual  results  and  future  events  could  differ  materially  from  an&cipated  in  such  informa&on.  These  and  all  subsequent  wriMen  and  oral  forward-­‐looking  informa&on  are  based  on  es&mates  and  opinions  of  management  on  the  dates  they  are  made  and  expressly  qualified  in  their  en&rety  by  this  no&ce.  The  Corpora&on  assumes  no  obliga&on  to  update  forward-­‐looking  informa&on  should  circumstances  or  management’s  es&mates  or  opinions  change.  

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