Qtrly out HIGHLIGHTS Continued excellent progress with development & construction activities at the Engenho Gold Project, Brazil. Engenho on track for initial gold production in March 2008, with capital expenditure well within budget. Exploration potential of the Engenho tenements enhanced following a review of historic stream sampling data. Dedicated Engenho exploration budget approved with initial focus on the priority Mazoca anomaly, 1km north of Engenho. Exploration decline and development program commenced at Torrecillas Gold Project, Peru. RAB drilling extends the mineralization at the Conceição target (Tocantins Gold Project, Brazil) over a 3km strike length. Outstanding intercept of 1.2m @ 203.3g/t Au returned from RAB drilling at Conceição. Diamond drilling commences with a second diamond rig also commissioned to the target. $27M in cash reserves with the Company totally ungeared and unhedged ahead of the commencement of gold production.
MUN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held