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The Company holds an option agreement to earn up to a 100% interest in the Lipichi gold property in Bolivia. As at
March 31, 2006, the Company paid $380,902 (2005 - $266,472) and issued 1,538,000 (2005 – 650,000) common shares
at a value of $369,340 (2005 - $209,500).
During the current period, the Company renegotiated the terms of the agreement and paid $114,430 (US$100,000) and
issued 888,000 common shares valued at $159,840. To earn an initial 70% participation in the property, the Company is
required to pay $1,807,500 (US$1,550,000) and issue 2,000,000 common shares by July 31, 2007. To acquire the
remaining 30% interest in the property the Company is required to pay US$1,550,000 and issue a further 1,350,000
common shares.