San Javier Copper Project
San Javier del Cobre, S.A. de C.V. – Sonora, Mexico (100% owned)

San Javier del Cobre S.A. de C.V. holds the company’s interest in the San Javier copper property located about 120 kilometers east of the city of Hermosillo in Sonora State, northwestern Mexico. Drilling in 2006 discovered and partially defined a large copper resource. During the year 2007 the Company continued drilling and related activities. The property has excellent access and existing infrastructure.

Terrazas Zinc-Copper Project
Minera Terrazas S.A. de C.V. – Chihuahua, Mexico (100% owned)

Minera Terrazas S.A. de C.V. holds the company’s interest in the Terrazas zinc-copper project located 45 kilometers north of the city of Chihuahua in the state of Chihuahua in north-central Mexico. The property has a total resource of 90 million tonnes grading 1.37% zinc and 0.32% copper in two adjacent deposits. Much of the infrastructure is already in place to support the mine and ore processing facility. The pre-feasibility study was completed in 2002 and a preliminary economic assessment (“PEA”) was completed in December 2007. During 2007 the Company continued engineering studies and estimating capital requirements and operating costs for the agitation leach processing alternative.

Lisbon Valley Copper Mine
Lisbon Valley Mining Co. LLC – Moab, Utah USA (100% owned)

Lisbon Valley Mining Co. LLC operates the Lisbon Valley copper mine, located in San Juan County in southeastern Utah. Comprising three main deposits: Sentinel, Centennial and GTO, plus the Cashin satellite deposit, with reserves and resources totalling +50 million tons and grading an average 0.48% copper. In November 2007, as a result of a comprehensive management evaluation of operations at the Lisbon Valley mine, the Company decided to suspend mining and crushing activities and convert the Lisbon Valley mine to a leach only operation.