highlights of quarterly report

1. QUARTERLY HIGHLIGHTS
Mexico
Cerro del Gallo ~100,000oz pa AuEq gold/silver advanced development project
? Pre Definitive Feasibility Study (DFS) physical site assessment works completed
? Awaiting final design work and costing’s prior to release of DFS
? Project optimisation through use of SART and HPGR processes to be incorporated in
DFS
? First quarter 2012 DFS release target, subject to timely delivery of key inputs by 3rd
parties
Namiquipa silver/lead/zinc exploration project
? Good grade, wide interval intercepts plus intervals of high grade material demonstrated
during the quarter, notably including 16m @ 921g/t AgEq (NAM-009)
? 60 holes (22,633m) of core drilling completed
Espiritu Santo Jalisco gold/silver exploration project
? Planning, access and site set-up commenced
? Rock chip sampling program initiated
? Drilling expected to commence second quarter 2012
Australia
Mt Philp Ironstone exploration project
? Drilling completed on 4km strike length ironstone range
? First quarter 2012 release of resource estimate expected
2. CORPORATE
Management focused during the quarter on advancement of the Company’s projects: Cerro del
Gallo, Namiquipa, Espiritu Santo Jalisco and Mt Philp;
Cash at Bank at 31 December of $11.3M.