The project was acquired in 2002. Drilling and supporting studies took place over a 3 year period followed by the completion of an Environmental Impact Study and a bankable feasibility study. Permitting was completed in early 2007 and construction of the mine, plant and all infrastructure commenced in June 2007 following the raising of funds on the London AIM market.

The one million tonne per annum conventional open pit, heap leach operation was based upon a feasibility study reserve of 4 million tonnes grading 1.1 g/t of gold containing 145,000 ounces in the Susan and Diana outcropping mineralized zones.

The project was completed on schedule in the first quarter of 2008 for a capital cost of US$20 million. The first gold pour from Corihuarmi was on 15 March 2008 and nearly 85,000 ounces have been produced through the end of 2009. The capital cost was recovered from ex-mine, pre-tax cash flow within the first 7 months.

Mining commenced with the higher grade Diana outcrop and, in 2009, moved to the larger, lower grade Susan outcrop. Gold production has consistently exceeded expectations based upon the original ore reserves.

The mining and treatment rate at Corihuarmi has been increased to 1.5 million tonnes per annum. Gold production is now at a rate of approximately 30,000 ounces per annum at a cash operating cost of between $350 and $400 per ounce.

An updated ore reserve was generated in 2009 which extends the mine life through most of 2013. Mineralization which has fallen from the outcrop forms another resource which is expected to further extend the mine life.

The Corihuarmi Gold Mine provides important local and regional benefits. These benefits include mine employment, sustainable development programs as well as health and education programs for the local communities.