Ann: Quarterly Report, page-2

HIGHLIGHTS

• Tesorillo MT survey contracts let, preparatory work completed with work to commence after final harvesting and final approval
• Petrel increases interest in Spain to 97.5% in exchange for transferring a controlling interest in its Uruguay Project to current partner SIH (PRL 49% : SIH 51%)
• SIH funds Uruguay with US$500k in return for a further 8% interest in Uruguay Project (PRL 41% : SIH 59%)
• Additional opportunity for SIH to fund up to another US$1.5m in coming months in return for a further 9.5% interest in Uruguay Project (PRL 31.5% : SEI 68.5%)
• Placement completed for $735k