santa barbara drilling progess report

DRILLING COMPLETED AT MARIPOSA
BEST INTERSECTION IS 172M INTERVAL AT AVG 43% FE
Highlights
• Best intersection was 172m averaging 43.58% Fe with only 0.167 phosphorous.
• Highest Fe average value was 45.84% over a 22 metre interval
• 4,350 metres of reverse circulation drilling completed over 24 drill holes in 2007 plus
4 in the 2006 campaign
• Drilled area is approximately 1,000 metres by 500 metres
• Mariposa tenement includes the La Chulula and La Bandera mines that were
operated in the 1960’s for lump iron ore
• Environmental approval permit issued to mine 1.2m tonnes per annum
The Board of Directors are pleased to announce very encouraging drilling results from its latest
program supervised by its Consultant SRK in its 50% joint venture Cia Minera Santa Barbara’s
Mariposa tenement, located four kilometers from the main processing plant at Japonesa.
The grades encountered are very encouraging and mine planning will commence immediately.
SRK will produce a JORC estimate on a measured or indicated basis of the reserve including
data from the existing lump vein mines at La Chulula and La Bandera.
SRK expect results from its drilling program at Japonesa to be released shortly.
This result completes the geological due diligence work prior to commencement of mine
planning.
Yours sincerely,
Phillip Thomas
Managing Director
[e] [email protected]