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San Agustin, Mexico

  • San Agustin Technical Report

Location and History

San Agustin is located 85 kilometers (53 miles) north of Durango City in Durango State, Mexico. The property is underlain by a dacite volcanic dome complex resting on fine siltstones and sandstones. The entire package was structurally brecciated and mineralized with gold and silver on surface and base metal mineralization at depth. We acquired the property in 2003 by staking and completed 3,890 meters of drilling in 24 drill holes. This program along with 10,400 meters of drilling by a prior property holder defined several zones of low-grade mineralization.

In 2006, Geologix Explorations Inc. optioned the project, and in 2007 Geologix completed 14,000 meters of a 15,000-meter diamond drilling work commitment. In order to exercise its option, Geologix must complete a resource estimate, and pay US$1.00 to US$1.50 per ounce of silver and US$15 to US$20 per ounce of gold in all resource categories. We expect Geologix to deliver a resource estimate to us later in 2008.

For details on the reserves and resources of the San Agustin Project,view the current Resource Summary (312 kb pdf).