An Overview of the Mantaro Phosphate Project, Peru

The Mantaro Phosphate Property is located ~ 250 km east of Lima, Peru in the Andean altiplano near the city of Huancayo, Junin District. The Mantaro deposit is a mineralized zone of phosphatic rock currently defined by surface outcrops, trenches and drilling extending over a strike length of more than 30 km and a width of more than 5 km covering ~27,700 hectares. Mineralization is exposed as three roughly parallel exposures (?mantos?) trending in a northwest-southeast direction along the Mancaspico syncline. Estimated mineral resources1 contained in Manto 1 of the Property (4% P2O5 cut-off) as of February 21, 2010, are: Measured 5.548 million tonnes @ 10.8% P2O5 Indicated 33.975 million tonnes @ 9.9% P2O5 Measured + Indicated 39.523 million tonnes @ 10.0 % P2O5 Inferred² 376.265 million tonnes @ 9.0% P2O5 1Tonnes rounded to the nearest 1,000 and grade to 1 decimal place. 2Inferred material reported with no cut-off and an assumed grade. There is considerable potential to expand the resource base. Mantos 2 and 3 of the deposit have been geologically mapped and exhibit surface mineralization widths similar to Manto 1. Given that the deposit is of marine sedimentary origin, it is reasonable to infer that comparable grades and depth of mineralization are present within Mantos 2 and 3. Based on this assumption, the potential mineral deposits within Mantos 2 and 3 are estimated to be approximately: Manto 2 425-435 million tonnes @ 9% P2O5 Manto 3 280-290 million tonnes @ 9 % P2O5 These potential quantities and grade are conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in these targets being delineated as a mineral resource. However, should such conceptual resources be confirmed by trenching and drilling, the Mantaro Phosphate Property would rank as one of the most significant phosphate deposits in the world.