3 4 8 Reforming 11 Red Eagle, El Este Barrick unveils...

11 8 4 3 Project showcase: Bufalo, Bufalo Este

Reforming concessions

Q&A: Li3 Energy

No.26 / May 2015 www.cexr.cl

ABX believes it has another Veladero on its hands.

Barrick unveils new gold discovery

Red Eagle, El Tigre list in Santiago

B arrick Gold (TSX: ABX) has an-nounced a major new gold dis-covery, named Alturas, on the El Indio gold belt. The find follows

a reevaluation begun several years ago of the 140km belt on which ABX controls all almost of the prospective ground. “This area hosts some of the world's lar-gest gold deposits, including our own Veladero and Pascua Lama and it’s why this region continues to be core for us… We identified numerous targets but Altu-ras was the clear frontrunner,” Co-President Jim Gowans told analysts on a conference call last month. CORE REGION Located 30km S of its former El Indio mi-ne in Region IV, the deposit has drawn comparisons in terms of nature and geo-logy with ABXs Veladero mine, in neighboring San Juan province, Argentina although with significantly higher grades. “While it is early days, Altuas has the ma-kings of another Veladero, which has been one of our great core mines, well outperforming its original production expectations,” Gowans said. So far, ABX has drilled 35 holes, many intercepting higher grade mineralization measuring 50m-150m thick. Highlights include 97m @ 4.4g/t Au in hole ALT-011, 103.5m @ 1.64g/t Au in hole ALT-017 and 170m @ 2.76g/t Au in hole ALT-033.

But ABX believes the deposit forms part of a large mineralized system which ex-tends well beyond the limits of the cu-rrent drilling area. “We have identified an area of more than 1km2 to date but we believe that there is lots more here,” Gowans noted.

© 2015 Chile Explore Report All Rights Reserved

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Alturas is located in the 140km long El Indio belt where ABX holds almost the prospective ground.

“While it is early days, Alturas has the making of another Veladero.” Jim Gowans, Barrick

Gold

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No.26 / May 2015

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MAIDEN RESOURCE ABX now plans continue to drilling through to the end of the season in May and hopes to report an initial resource by the end of the year, although an ini-tial scoping study due for completion later this month.“This discovery remains open in multiple directions and our focus going forward will be on defining its full extent as well as exploring for additional targets nearby”, Gowans noted. ABX recently applied for permits to develop 102 drill platforms at the 321h site over the next five years. CER

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Barrick, QPX join forces

B arrick Gold (TSX: ABX) and Quantum Pacific Exploration (private) have formed a part-nership to explore ABXs prop-

erties in northern Chile. Under the five year deal, the two firms will contribute up to US$30M per year in exploration, sharing the costs equal-ly. The deal can be renewed for a fur-ther three years. The exploration will be managed by QPX. Any gold deposit discovered on ABX property will be remain 100% owned by ABX while copper projects will be 50% owned by each company. “We have no plans to expand our ex-isting copper position. Yet we do seek to maximize the value of those assets we already own, including large land positions in Chile in some of the world's most prolific districts for cop-per,” said ABX, explaining the justifica-tion for the deal. According to Sernageomin, ABX owns one of the largest portfolios of mining property. However, the deal with QPX does not apply to areas where ABX is already exploring, including zones around Zaldivar (Region II), Pascua-Lama and Cerro Casale (Region III) and El Indio (Region IV). QPX is a private exploration company owned by the Quantum Pacific Group focused on the search for copper de-posits in Chile. As well as a world-class team of experts with a proven track record of copper discoveries, the firm also uses proprietary technology to develop new strategies and tools de-signed to discover deposits faster and cheaper than conventional methods.

Alturas lies next to the border with Argentina.

The deposit has drawn comparisons in terms of nature and geology with ABXs Veladero mine.

Jim Gowans, Co-President of Barrick Gold

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Project Showcase

Available JV Exploration Alliance Areas: Búfalo and Búfalo Este Projects Generate and drill test targets in highly prospective and permissive covered zones that have had little to no ground work completed by SQM and little reconnaissance by 3rd party explorers.

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No.26 / May 2015

Contact: [email protected] Daniel Jimenez Senior VP of Exploration [email protected] +56998223038

Darryl D. Lindsay, PhD, PGeo Manager Metal Business Development [email protected] +56966488511

Tomas Esguep Metal Business Development Engineer [email protected] +56966373482

A s part of a recent review of SQM’s property portfolio, focusing on identifying within the Domeyko structural corridor and the Eocene-Oligocene copper metallo-genic belt, under-explored yet permissive sectors for

potential world class porphyry copper mineralization, five areas have been identified. These are: Búfalo (23,950 ha), Búfalo Este (5,800 ha), Los Morros (11,700 ha), Jardines (10,800 ha), and Argomedo (17,720 ha). These sectors lie between the Gabriela Mistral Mine (460Mt @ 0.37% measured oxide Cu) and the Es-condida copper district (4.069Bt @ 0.72% Cu).

Previous work concentrated on outcrops within the 80% alluvial/colluvial covered project area.

The Bufalo district holds a remnant lithocap of advanced ar-gillic alteration overlying Paleocene-Eocene volcaniclastic sequence that hosts hypabyssal intrusions with associated breccias and mineralization. Mineralization in scout drilling ranges from disseminated pyrite through veinlet hosted an-hydrite-pyrite-chalcopyrite-enargite-bornite. Seeking explo-ration partner to vector to potential mineralization under-cover.

Scout drilling on some few hundred hectares identified the presence of veinlet hosted copper mineralization (single sam-ple values over 0.5% Cu), structural zones ([email protected]%Cu; BAR04 258m), and magmato- hydrothermal alteration.

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No.26 / May 2015

Plans to reform the mine tenure system have made little progress.

Tough nut to crack

T welve months ago, Chile’s new government caused a stir with the announcement that it was studying changes to the mining

property in order to facilitate mineral exploration and encourage the entry of new players. But since then there has been little progress. Chile’s court-based system of tenure is almost unique among major mining juris-dictions, in allowing private parties to hold onto concessions indefinitely in ex-change for minimal payments (US$/h) and no work commitments. Supporters see it as central to the suc-cess of Chile’s mining industry, which has attracted foreign investment totaling US$90B over the last three decades and lifted copper production by 500% to al-most 6Mtpa today. But the strong guarantees it offers inves-tors makes it rigid and open to specula-tion. The number of concessions has grown steadily over the last twenty years so that huge areas of copper-rich nort-hern Chile are tied up, mostly in the hands of major mining companies, inclu-ding BHP Billiton, Codelco and SQM. National mining and geology service SER-NAGEOMIN estimates that around 60% of mine concessions are held by just ten parties (the figure is similar for explorati-on concessions). The lack of work commitments mean there is no way for the authorities to re-quire companies to work the land. A study by the Chilean Copper Commission (Cochilco), the results of which were pre-sented at the Chile Explore Congress last August, found that perhaps up to 70% of mine property is not linked to any invest-ment. “There is clearly an issue in Chile with the number of concessions which are not being worked,” SERNAGEOMIN’s national director Rodrigo Alvarez said recently. FRUSTRATION For newcomers to the industry, the situa-tion can be extremely frustrating. Building up a position in Chile means pai-nstakingly identifying holes in the

patchwork where concessions have been let go. Once available land is found, geo-logists must quickly assess its potential before deciding to proceed with an appli-cation, a process which can take several months, even for an exploration conces-sion which lasts just two years. “We found that very challenging,” says Lawrence Winter, VP Exploration at Alti-us Minerals (TSXV: ALS). In comparison, staking a claim in his nati-ve Newfoundland is a breeze. The online

system there means geologists can stake a claim and pay the fees in the time it takes to buy an e-book on Amazon. Faced with these hurdles, many foreign exploration firms have thrown up their hands and headed home. Hence the go-vernment’s interest to introduce chan-ges. But progress has been scant. Last Nove-mber, the government included a propo-sal to introduce rising patents, encoura-ging companies to give up unworked land, in a package of pro-investment measures. But the idea was quietly drop-ped after running into stiff opposition from the mining industry. So has it been discarded completely? “The Mining Ministry is still working on it and talking to the relevant actors”, Presi-dent Michelle Bachelet told CER last month. WORKING ON IT But with copper prices slumping sharply since the start of the year and mine in-vestment sliding, the government is no hurry to introduce drastic change, the president said.

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The mining industry, led by SONAMI, has resisted change to the current system.

“We are not pa-ralyzed… we are conti-nuing with all our com-

mitments”. President Michelle

Bachelet

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The plans to overhaul the concessions system is not the only reform in doubt. Since pushing through an US$8B tax hike last year, the Bachelet administration has proposed radical changes to the electoral system, public education, and water rights, among others. Business leaders blame the government’s radical agenda for the cooling economy, which last year grew at its slowest rate since the 2008-2009 financial crisis. “It would be good to limit the reforms and create more space for trust”, said Alberto Salas, president of national mi-ning association SONAMI, after being unanimously elected head of business confederation CPC last month. Industry is now mustering forces to block a pro-union overhaul of labor laws. Meanwhile, the government and Chile’s political class as a whole has been su-cked into a miasma of scandal, involving illegal payments to dozens of politicians and their relatives, including ministers and a former president. Two of Chile’s richest men and former Deputy Mines Minister Pablo Wagner have spent time in jail while they are investigated on bri-bery charges while angry shareholders pushed out both controlling chairman Julio Ponce and veteran CEO Patricio Contesse from nitrates miner SQM (NYSE: SQM) over questionable contribu-tions. The scandals have even touched Bachelet, whose son is accused of using

his political connections to facilitate a succulent land deal. Despite the endless accusations and fa-lling poll ratings, the government is de-termined to push on with its transforma-tional agenda. “We are not paralyzed…we are continuing with all our commit-ments,” said Bachelet in April. Unveiling a package of measures to clean up politi-cal finance and stamp out corruption, the President announced that the go-vernment will begin preparatory work for a new constitution, the third key plank (alongside tax and education) in her 2013 manifesto. But the lack of progress in reforming mi-ne property rules is not just a result of changing economic or political condi-tions. It remains a tough nut to crack. IT IS NOT EASY “It is not easy”, admits Cochilco head Sergio Hernandez. “None of the solu-tions that people have dreamt up is eco-nomically or constitutionally easy”.

The proposal to introduce rising fees would have freed up unworked land but would see more land in the hands of tho-se with deepest pockets. “Only those that can pay will pay and it will favor the concentration of the indus-try”, Hernandez noted. An alternative could be to fine compa-nies which do not invest within a certain timeframe or allow unused concessions to expire. But that would alter the condi-tions under which the concessions were acquired, infringing constitutional pro-perty rights. Moreover, changing the laws behind the system is legislatively tricky. Qualified majorities are required to change both the Constitution and the Organic Law on Mine Concessions. While the govern-ment enjoys narrow majorities in both houses of Congress, some of its more supporters may support more radical measures that it or the mining industry would like. Before it reaches that point, the govern-ment wants a broader debate on what changes are possible and desirable. “It’s a legal problem that must be wor-ked on without generating too much noise and by reaching agreements,” Her-nandez concluded. CER

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No.26 / May 2015

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Rodrigo Alvarez, national director of SERNAGEOMIN.

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“It would be good to li-mit the reforms and

create more space for trust”.

Alberto Salas, SONAMI and CPC

“There is clearly an is-sue in Chile with the

number of concessions which are not being

worked”. Rodrigo Alvarez,

Sernageomin

Feature

Sergio Hernandez, executive vice-president of the Chilean Copper Commission

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A t the meetings and parties of the annual CESCO week gather-ing in Santiago, one fact was certain: the copper price is go-

ing to recover. With Asian demand rising apace and a lack of major projects in de-velopment, most are confident that the global market is set to move back into significant deficit by the end of the dec-ade. Millions of people in China, India and the rest of Asia are moving to the cities in the greatest migration in history, creating huge demand for new roads, homes and other infrastructure, all of which need to be wired and plumbed. “With the Chinese economy growing at 5% and India at 7%, I would say this de-mand is practically assured”, said Nelson Pizarro, CEO of Chile’s state firm Codelco. There is some doubt from where the ad-ditional production will come. All of the projects considered likely to be devel-oped will be in production by 2024 while most of the rest be built by 2030, cre-ating considerable unmet demand, the executive noted. Codelco is confident that copper prices will average a little over US$3 a pound in

the long term, more than sufficient to justify the US$25B worth of investment it is undertaking to extend the life of its mine operations. FRESH LOWS But closer to home, other market-watchers fear that copper prices could test new lows before a recovery can set in.

For a start, the market has still in the pro-cess of absorbing several million tons of production from new mines, in Chile, Peru and Zambia, conceived at the height of the commodity boom. “We probably looking at a period of five years of above trend supply growth, starting in 2012,” noted Stephen Briggs, senior metals strategist at investment bank BNP Paribas. Producers in Chile are hopeful that this surge in output may be mitigated by sup-ply restrictions. Floods in Chile, strikes and other events have whittled away at the overhang predicted for this year, re-sulting in a more tightly balanced market, said Diego Hernandez, CEO of Antofagas-ta plc, leaving the markets tightly bal-anced. “Any supply restriction or increase in de-mand as the result of the stimulus pack-ages expected in China this year will re-sult in more favorable conditions in 2H15,” concurred Victor Perez, Codelco’s Vice-President for Commercial Planning. But this optimism may be ignoring im-portant developments in the Chinese

Dark before dawn Copper prices could test new lows before recovery sets in.

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“With the Chinese economy growing at 5% and India at 7%, I would

say this demand is practically assured”.

Nelson Pizarro, Codelco

No.26 / May 2015

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Market-watchers fear that copper prices could test new lows before a recovery can set in.

Codelco CEO Nelson Pizarro is looking to Asian demand to justify the Com-

pany’s huge investments.

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economy. A slowdown in construction has seen steel demand fall by 5% over the last six months, noted Max Layton, a senior metals analyst at investment bank Goldman Sachs. And where steel goes, copper – consumed later in the construc-tion process - usually follows. WARNING SIGNS “This is the canary in the coalmine for copper and it is screaming bearish”, the analyst warned. Moreover, the rally in the US dollar and lower prices for energy and inputs will sharply reduce costs for producers, the most reliable indicator for copper prices in the long term. As a result, copper prices could come off another US$1,000 per ton (45 cents a pound) over this year and next, Layton said. “We are extremely bearish for copper over the next 12-18 months,” the analyst said. Lower prices will mean more pain for an industry which has escaped relatively unscathed compared to producers of other commodities. After all, coal and iron ore prices have fallen more than 70% in recent months. But as companies are forced to reduce costs and delay investments, they could be setting the stage for an even sharper recovery.

“The pipeline of new projects thins out dramatically after 2016; the longer the price stays low the thinner it will be-come,” noted Briggs. Once through the current impasse, Lay-ton agreed that the outlook is brightens significantly. “It is just getting there will be the prob-lem.” CER

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No.26 / May 2015

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Chile Explore Report is a monthly newsletter, providing independent and authoritative

coverage of Chile’s mineral exploration sector.

For information about subscriptions, please contact: Tom Azzopardi

Email: [email protected]

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LME CU PRICES, US CENTS/LB

Max Layton of Goldman Sachs.

“We are extremely bearish for copper over the next 12-18 months”.

Max Layton, Goldman Sachs

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T wo more Canadian juniors have become the latest to join the Santiago Stock Exchange’s Ventu-re Market, which get its official

launch this month. El Tigre Silver (TSXV: ELS) and Red Eagle Mining (TSXV: RD) join Chilean Metals (TSXV: CMX) and Puma Exploration (TSXV: PUM) on the long-awaited sche-me designed to strengthen links between Chile’s largely-divorced financial and mi-ning sectors and give local investors a rare opportunity to invest in the largest sector in the country’s economy. Under the deal signed last year between the Santiago and the Toronto Stock Ex-change Venture, Canadian firms can list their shares in Chile in the local currency without any additional reporting require-ments and at minimal cost. To further facilitate the cross-listing scheme, Chile’s securities and insurance regulator SVS has exempted companies listed in Cana-da, as well as those in Colombia, Mexico and Peru, from having to register their shares before listing in Chile. While CMX and PUM are both firmly ex-ploration plays, in ELS and RD, Chilean investors gain access to two companies which are ready to move their projects into production.

SOUTH OF THE BORDER ELS owns the El Tigre property in the Sie-rra Madre Ag-Au belt in the northern Mexican state of Sonora, just a few kilo-meters from the Texas border. The mine was in production in the early C20, pro-ducing 70-75Moz of silver and 325-350,000oz of gold between 1903 and 1938 when flooding forced its closure. ELSs initially plans to begin production from tailings left over from the mine’s

three decades of production (1.3Mt @ 83g/t & 0.279g/t Au of proven and pro-bable resources). An NI43-101 compliant PFS completed in August 2013 suggests a 400tpd processing plant could produce 2.63Moz Ag and 10,500oz Au over ten years for an initial outlay of just C$4.5M. “We’ve tested all of the material, we’ve done the process engineering on the Me-rrill Crowe system, we even have the equipment ready to go,” CEO Wade An-derson told CER. Construction would begin as soon as the capital can be raised with production beginning ten months later. But that is just the starter project to fund further exploration of the deposit, first discovered by James Taylor in 1896. Exploratory drilling by ELS between 2010 and 2013 (9,411m) has already identified 9.875Mt @ 77.8g/t AgEq of indicated resources and 7.042Mt @ 71g/t AgEq in inferred resources at the former mine. But the potential could be much greater, says Anderson, noting that ELSs drilling focused on just 1.2km of the 5.3km known El Tigre strike. A FIRST FOR COLOMBIA After achieving approval from Colombia’s environmental authorities earlier this year, RD is preparing to build the San

Red Eagle Mining’s San Ramon will be Colombia’s largest gold mine once it enters production next year.

Regional potential El Tigre Silver and Red Eagle Mining sign up to Santiago Venture Market.

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No.26 / May 2015

El Tigre Silver plans to process tailings in northern Mexico.

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Ramon mine, located 70km N of Mede-llin. Construction is due begin later this year and the mine should enter produc-tion by mid-2016, director of corporate development Patrick Balit told CER. Once in production, Red Eagle Mining will be operating the largest gold mine in Colombia. RD plans to invest US$74M building the mine, largely paid through a US$60M credit facility which closed in March and a US$5M equity financing. RD is now in the process of securing another US$15M of equity financing which is one of the conditions for drawing down the loan. Development of the project has been remarkably swift with just four years pas-sing between the drilling of the first ho-les to the completion of the FS. Balit attributes this speedy progress to the “Australian” approach adopted by RD management, drilling sufficient reserves to bring the mine into production rather than waiting to understand the complete size of the deposit. But the geological and engineering work has been accompanied by careful develo-pment of strong relations with local com-munities, including more than 80 stakeholder meetings, from before the first drill hole was sunk. The project’s relatively low capex means even at a gold price of US$1,300/oz it offers an IRR of 53% and could pay back on the investment within less than two years of production. However, with production set to trail off after the first two years from 70,000ozpy to 40-50,000ozpy, RD is preparing to re-sume exploration in 2H15 to delineate additional reserves, focusing on three

satellite targets within the Santa Rosa land package. If successful, RD has ready plans to double capacity at the plant to 2,000tpd at a cost of just US$14M. “The idea is to have several mines fe-eding one central mill,” explains Balit. With construction now just a couple of months away, RD is expecting a signifi-cant rerating of its share price. Annual cash flow from the mine expected to average US$55M in its first two years so

management see significant upside from its current market capitalization of just US$25M. A REGIONAL STORY As well as upside potential, the arrival of ELS and RD to Chile’s venture market also highlight another aspect of the exchan-ge’s plan: becoming a regional market. Both Colombia and Mexico are members of the newly-formed Latin American Inte-grated Market (known as MILA, from its initials in Spanish), which allows inves-tors in all four countries (Peru is the fourth) to trade in shares in the other three. RD has already some wealthy names behind it, including Liberty Mines and Metals, Orion Mine Finance, Appian Na-tural Resources Fund and Ross Beaty, who has been a shareholder since before the shares went public. But after maintaining a relatively low profile while it negotiated Colombia’s fledging process for approving new me-tallic mines, RD is now ready to tell its story, possibly to new investors in the region. “We are increasingly interested in tap-ping capital pools in Chile but also throughout Andean region, via the MI-LA”, explains Balit. For ELS too, the listing offers an opportu-nity to reach out to Latin American inves-tors and potentially to develop a secon-dary offering to finance projects in Mexi-co or elsewhere in the region. “It’s certainly a logical development es-pecially if there’s a lot of interest or if we locate a viable local property”, said An-derson. CER

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No.26 / May 2015

“We are increasingly interested in tapping ca-pital pools in Chile, but

also throughout Andean region, via the MILA.”

Patrick Balit, Red Eagle Mining

Red Eagle plans to resume exploration drilling this year.

San Ramon will produce 70,000ozpy Au.

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T he sharp decline in mineral ex-ploration, particularly greenfield activity, could be storing up pro-blems for the global mining in-

dustry. Recent drops in metals prices over the last 12 months suggest spending on ex-ploration will fall again this year although to a lesser extent to that seen in recent years, Jason Goulden, director of SNL Metals & Mining, said at the Exploration Forum in Santiago, predicting a decline of 10%-15% for 2015. According to SNLs Corporate Exploration Strategies report, spending on non-ferrous exploration slipped to US$11.4B last year, down 26% from 2013 and down almost 50% from the record US21.5B set in 2012. Although late 2014 saw an increase in financing for junior companies, this was largely a catch-up to the dearth of activi-ty earlier in the year. As a result, most juniors will remain cash-strapped and unable to fund significant expenditure. Meanwhile, spending from majors will remain flat as the majority continue to reduce budgets to help bring down costs. Although exploration expenditure will pick up again as metals prices recover,

falling discovery rates for new metals deposits, especially gold, suggest that the mining industry is not investing suffi-ciently to ensure future production. “The apparent decline in discovery rates is unlikely to affect production in the near term, but the discoveries in recent years will provide the pool for new deve-

lopments in the future,” Goulden explai-ned. Key is the relative decline in grassroots exploration compared to minesite explo-ration. Early-stage exploration today ac-counts for just 30% of spending on explo-ration, down from around 55% two deca-des ago. Instead companies are focusing on less expensive and less risky explorati-on within existing mines, the analyst no-ted. “This is fine from an individual company's perspective but the gradual erosion of grassroots could potentially put pressure on future production due to a lack of new discoveries”, he said. CER

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Exploration slump could pressure future supply: SNL Industry not spending enough on grassroots activity.

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“The gradual erosion of grassroots could

potentially put pressure on future production due to a lack of new

discoveries”. Jason Goulden,

SNL Metals & Mining

No.26 / May 2015

Jason Goulden predicted a decline of 10-15% in spending on exploration in 2015.

WORLDWIDE EXPLORATION SPEND VS. METALS PRICES

11 © 2015 Chile Explore Report All Rights Reserved

Interview

LIEG hopes upcoming policy changes will create opportunities for its Mari-cunga Li project. CER: What the origins of LIEG? LS: LIEG was formed in November 2009. After looking at properties in Argentina, we focused on the Salar de Maricunga, which we acquired from a group of Chile-ans, who are still shareholders. Shortly thereafter we gained the South Korean steelmaker Posco as a shareholder in the company. They invested a total of US$18M which helped us with the acqui-sition and the drilling campaign that ulti-mately resulted in a NI43-101 resource estimate. CER: What size of project are you look-ing at? LS: Our target was to produce 15,000tpa for 20 years and that’s what the first es-timate gave us. It is a good number for and what we are expecting in terms of market demand and supply and the eco-nomics, using technologies such as Posco’s, could be very exciting. CER: How does it compare with the pro-jects in development in Argentina? LS: Maricunga has double the grade of most of the projects in Argentina. It might be a smaller project in terms of years, but it will be a very competitive project and, if it’s in Chile, it’s in the right jurisdiction, so long as the regulation changes. CER: What impact did the failure of the 2012 lithium tender have on LIEG? LS: To be blunt I lost a lot of confidence in Chile. It was very tough for us to raise any money seeing that there was no clear path forward for any new lithium projects. If there was one country where I expected things to work out it was go-ing to be Chile because of its mining his-tory and its general legal and political stability. And that didn’t happen. CER: How have you turned that around? LS: We did a deal whereby a Chilean in-vestor acquired 51% of the project for cash and a commitment to fund the pro-ject to feasibility and permitting. Alt-hough it meant giving up control it was still attractive as we no longer have to

worry about funding. We have now re-started a US$2.5M work program in the Salar that will result in a new resource calculation in 2H15. This will include the Cocina properties which we acquired last year. CER: What do the Cocina properties mean for the project? LS: They predate the restrictions on lithi-um production and we are carrying out pumping tests that will tell us whether we can use them as a starter project un-til these issues are resolved. But we fully expect the issues in Chile to be resolved before we get into production. CER: What do you make of the call by the lithium commission for greater state involvement? LS: It’s a natural reaction from those who believe in protecting natural resources. Whether the state is going to have a state lithium company like Codelco is up to the state. Codelco owns properties in the Maricunga and Pedernales Salares so if they wanted to do something with those properties they obviously have the ability and the wherewithal do it. CER: Do you think the problems at SQM affect the situation? LS: I think it’s going to be healthy for the Chilean lithium industry. I hope that it makes the government realize that you do need more competition and more new players. Although the lithium indus-try is small, it was quite controlled. Read-ing between the lines one of the conclu-sions was the government’s take in Rock-

wood’s and SQM’s operations in Salar de Atacama were too low and that needs to change. And whether it is through arbi-tration or renegotiations at some point SQM was going to have to face that. CER: The commission also highlighted environmental aspects of the lithium industry. LS: Something the commission took a big interest on was the new technologies for the production of lithium. Posco has a technology which they have already test-ed in Chile and that has clear economic advantages in terms of recovery rates but its main advantage is that dramati-cally reduces the use of evaporation ponds. In some cases, it could eliminate them completely, depending on the chemistry of the brine. It is very different from the conventional processes used in the Salar de Atacama. CER: The government is now preparing a new lithium policy. What are you looking for? LS: The new regulations are going to be very focused on maximizing the return to the state but also allowing a free market to new entrants, something the failed lithium tender did not do. I want to see a clear formula about how I can exploit those properties. I need to some news that I can take to my investors and say we now know we can produce in Mari-cunga. Now let’s get going because it is one of the best in the world. CER: Thank you.

www.cexr.cl

Luis Saenz, CEO LI3 ENERGY (OTCQB: LIEG)

No.26 / May 2015

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Exploration News

First Quantum Minerals (LSE: FQM) Has given up its option with Mirasol Resources (TSXV: MRZ) to earn up to 75% of the Rubi Cu project in Region III. FQM com-pleted a 6,054m, 16-hole reverse circulation and diamond drill-ing campaign, focused on a series of covered targets at the Lithocap prospect and a large gravel pediment-covered area at Pampa del Inca. The Portezuelo and Quebrada del Salado pro-spects were not drilled. Assays returned low-level Cu and Mo associated with visible chalcopyrite and chalcocite, over nar-row intervals of 2m-6m, in some case with several intersec-tions of this type per drill hole. The highest assays are within the range of 500-3,150ppm Cu and 20-165ppm Mo. These anomalous assays were found predominantly in the Lithocap area and are associated long intervals of sericite-clay-chlorite alteration with abundant disseminated pyrite and gypsum veins. MRZ will now compile and analyze data from the geo-physics, geochemistry and drilling carried out by FQM, focusing on the Lithocap, Portezuelo and Quebrado del Salado areas to identify untested Cu–Mo and Au drill targets.

B2Gold (TSX: BTO) Has completed the due diligence review in connection with the binding letter agreement with Arena Minerals (TSXV: AN), granting BTO an option to acquire up to 60% in the Pampa Paciencia and Cerro Barco properties. The properties form part of ANs Atacama Cu property in Region II, held under option from SQM (NYSE: SQM). To acquire the stake, BTO must spend a minimum of US$20.5M on the properties over a five-year period and make payments of US$630,000 to SQM and of US$2.5M to AN over three years period.

Teck Resources (TSX: TCK) Has terminated its back-in right at the Ergama Au-Cu prospect in western Turkey. As a result, Mariana Resurces (AIM: MARL) has regained 100% ownership of the 2,168h property with TCK retaining a 2% NSR on any future production. “The Ergama pro-spect contains both high and intermediate sulphidation epi-thermal gold mineralisation assemblages and a quartz(+/-clay) lithocap, both of which are interpreted to overlie porphyry style gold-copper mineralization at depth”, said MARL, noting that drill testing of the highest priority geophysical and geo-chemical targets at Ergama has yet to be undertaken. “We will now assess how best to undertake exploration, be it Joint Ven-ture or MARL, to test the defined untested geophysical anoma-lies which will ultimately dictate the future of Ergama,” said MARL CEO Glen Parsons.

Lundin Mining (TSX: LUN) Has unveiled mineral reserve estimate for two new recently discovered ore bodies at its Candelaria Cu-Au mine, Region III. LUN said Susana and Damiana, to the S and below the current open pit, contained 14.9Mt @ 1% Cu of Proven and Probable reserves which can be accessed from existing and new portals. In total, LUN has increased open pit reserves by 24% or 66.3Mt @ 0.58% Cu, including 27.9Mt @ 0.68% Cu, 0.16g/t Au and 2.31g/t Ag from Susana and Damiana. The increased reserves are expected to extend Candelaria’s mine life by around three years. CEO Paul Conibear said LUN currently has ten drills car-rying out step out drilling on five different underground ore-bodies, the result of which will be included in its reserve and resource update and optimized mine plan, both due for release in 3Q15.

www.cexr.cl


No.26 / May 2015

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Mirasol Resources’ Rubi Cu project in Region III.

... Ergama Au-Cu prospect in western Turkey.

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Exploration News

Li3 Energy (OTCQB: LIEG) Has begun the next phase of exploration and development at its Maricunga Li project in Region III. Work began in February with pumping tests and geophysical work and other activities to progress towards production. LIEG also announced measures to reduce costs including an agreement with share-holders to reduce liabilities, including US$800k in penalties, fees and interest relating to Registration Statement penalties. The board also approved a series of measures to reduce costs and preserve cash including, lower administrative and opera-tional expenses and salary reductions for senior management and letting go of key employees. “This is a significant milestone for LIEG in its efforts to improve its balance sheet,” LIEG said. But directors decided to continue the quotation of LIEG shares on the OTCQB marketplace. “Whereas many other companies have been forced to shut down given the difficult market con-ditions, Li3 continues to move forward in conjunction with the positive signs coming from the Chilean government,” said CEO Luis Saenz.

Coro Mining (TSX: COP) Has obtained positive results from tests on a composite sample of milled leach residue at the Prat plant in Region II, using pro-prietary technology developed by a subsidiary of ProPipe SA. The test work involved agitation leaching of the composite which averaged 0.49% CuT/0.46% CuS followed by direct depo-sition of copper from the PLS onto cathodes in a proprietary EW circuit. Optimum results were obtained from a 45% solids density pulp and a 30g/l acid concentration, resulting in an 84.4% recovery, which is estimated to translate to 81% recov-ery of CuT in industrial conditions. COP now plans to complete evaluation of the project through resource definition, addition-al metallurgical test work and an engineering study. “Subject to a positive outcome to these studies and availability of financ-ing, our objective is to put Planta Prat back into production as soon as possible”, said CEO Alan Stephens. COP has an option to earn 51% in Prat by making a final US$100k payment on ex-pansion of the plant to 1,200tpy Cu.

Auryn Mining Chile SpA (private) Has reported results from the diamond drilling campaign at its Altos de Lipangue project in the Metropolitan Region, around 30km NW of Santiago. The holes were planned to explore the gold zone intercepted by drill hole L15-24 (45m @ 0.78g/t Au). Hole L15-26 intercepted 5m @ 1.04g/t Au, 14.83g/t Ag and 0.12% Cu and 3m @ 0.39%, 10g/t Ag and 0.07% Cu, while hole L15-26A intercepted 2m @ 2.63g/t Au, 2g/t Ag and 0.02% Cu and 23m @ 0.5g/t Au, 8.13g/t Ag and 0.06% Cu. “The increase in sericite content and the predominance of stockwork veining distinguishes this zone from the deeper Gordon breccia zone”, said Auryn, noting that the increase in the thickness of Au min-eralization down dip necessitates a deep hole below L15-26A to follow up with the latest results.

NGEx Resources (TSX: NGQ) Has intercepted 42m @ 1.13g/t Au and 145.6g/t Ag at hole VRC89 at its Filo del Sol Cu-Au-Ag project in Region III and in San Juan province, Argentina. “The elevated Au grades suggest that this hole may be proximal to a feeder,” NGQ said. NGQ said the results from the 14-hole campaign extend the high grade Ag resource and confirm it is part of a much larger min-eralized system. Hole VRC93 intercepted 26m @ 0.48g/t Au and 39.5g/t Ag. “These drill results, together with the new sur-face geology mapping, indicate that the Filo del Sol hydrother-mal system extends well beyond the resource area and demon-strate the potential to both significantly expand the current resource and discover new deposits, including feeder zones, within this large system,” said CEO Wojtek Wodzicki.

EPG Exploration Fund (private) Has completed three diamond drill holes at its Juan Soldado IOCG project in Region IV, according to farm-in agreement partner Southern Hemisphere Mining (ASX: SUH). Drill core recovered to date indicates typical IOCG geology with intense alterations comprising actinolite, albite, silica, magnetite and occasionally chalcopyrite. “Although it is too early to say whether EPG will continue the farm-in agreement, they have advised me that they will extend past the minimum commit-ment of 1,000m. Indications to date have been encouraging and we look forward to the assay results,” said MD Trever Ten-nant. Under the agreement, EPG has the option to sole fund US$1.2M of exploration work at Juan Soldado to earn a 50.1% interest in the project, including a minimum of 1,000m of drill-ing. The 1,200h project, located 20km N of La Serena, covers four exploration licenses over a 6km strike length of the Romeral Fault.

www.cexr.cl


No.26 / May 2015

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Filo del Sol Cu-Au-Ag project in Region III.

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Exploration News

www.cexr.cl

Metallum Ltd (ASX MNE) Has identified a significant exploration target at its San Sebas-tian mine in Region III. The target covers 400m of the 6km of mapped strike and is estimated at 280,000t-360,000t @ 2.9%-4.75% Cu based on data collected during the last six months, including Cu assays, geological mapping, magnetic surveys and density measurements. As MNE mines new levels at the mine, it aims to gather sufficient data to calculate a maiden Mineral Resource. “The parameters used to calculate the exploration target are considered very conservative given that we have mapped this vein for over 6km along strike and have a deliv-ered grade to the processing facility of around 4.80% Cu to date,” said MD Zeff Reeves. Meanwhile, MNE has begun producing from the Viuda mine, in addition to the Paraguay and San Sebastian operations, all at El Roble. To date, MNE has completed 12m of strike develop-ment along the vein which measures between 0.5m and 1.5m in thickness and is well mineralized. Installation has begun of the first access shaft to provide access between the 1005 and 1015 levels and ventilation to 1005. Around 300t of ore has been mined. At Paraguay, MNE is establishing the access shaft to the first panel to begin shrink stoping. The next stage is to complete access shafts and continue development to expose additional ore for stoping. MNE has also begun hauling materi-al from the San Sebastian stope between shafts 1 and 3 and is planning to complete the 1020 level ramp to ensure consistent production. “The significant waste development and prepara-tory work completed will ensure that a consistent ore supply is established into the future. We now have substantial high grade stockpiles on site, which puts MNE in a sound position to increase deliveries to the processing facility,” said Reeves.

Admiralty Resources (ASX: ADY) Has announced an Inferred Mineral Resource of 96Mt @ 24% Fe at its La Chulula project, one of six targets at its Harper South District in Region III. Golder Associates based the esti-mate on reverse circulation and diamond drilling carried out during 2012. It increases the size of the Measured, Indicated & Inferred Resources at Harper South to 360.7Mt @ 24.4% Fe.

Orosur Mining (TSX: OMI) Plans to carry out geophysics (CSAMT lines) and RC drilling at its Anillo Au project in Region II to follow-up and delineate the mineral intercepts obtained during the last drilling campaign. Exploration is being funded by Fenix fund Asset Chile Explora-cion Minera. A LoI has been signed for up to US$3.5M of non-dilutive financing. Anillo is located NE of Yamana Gold’s (TSX: YRI) El Peñón Au mine.

Revelo Resources (TSXV: RVL) Has signed a LoI to acquire four properties from BLC SpA, a joint venture between Altius Minerals (TSX: ALS) and Zeus Cap-ital. The early-stage exploration projects are: Loro en el Hom-bro – prospective for Au-Ag veins, 25km S of Yamana Gold’s (TSX: YRI) El Peñón Au-Ag mine and E of RVLs Las Pampas property currently optioned to Kinross Gold (TSX: K); Morsas, located 50km SW of Lundin Mining’s (TSX: LUN) Candelaria Cu-Ag mine in Region III; and, Culebra and Anaconda, 60km S of BHP Billiton’s Escondida Cu mine, near RVLs Block 3 and Block 4 properties in the Eocene-Oligocene porphyry Cu belt. In ex-change, RVL will issue 2,659,574 shares at C$0.094 and issue 500,000 shares to BLC on completion of the first feasibility study on any one of the properties. In addition, RVL will issue 5M units to BLC for proceeds of C$750,000. Each unit will con-sist of one RVL share and one non-transferable warrant to buy one RVL share for three years at C$0.20. The proceeds will be used to fund exploration of RVLs properties. BLC will also re-tain a 2% NSR on commercial production of precious metals and a 1% NSR on commercial production of base metals from each of the properties. RVL may buy one-half of the royalties in each property for C$5M, exercisable for five years from the start of production. The parties hope to close the deal by May 25th. “ALS is a major player in the prospect generator and roy-alty business, and brings significant value add to RVL as a shareholder and strategic partner in Chile,” said RVL CEO Tim Beale. On completion of the purchase and the financing, BLC will own 7.7% of RVLs outstanding shares.


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Metallum’s El Roble project in Region III.

Anillo Au project map.

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Calendar

Conferences and Events Calendar

www.cexr.cl


May 5th - 7th ARMINERA Centro Costa Salguero Buenos Aires, ARGENTINA www.caem.com.ar/arminera

May 6th - 7th Renewables and Mining Summit and Exhibition Marriott Hotel Santiago, CHILE www.energyandmines.com

May 11th - 15th Exponor Recinto Ferial AIA Antofagasta, CHILE www.exponor.cl

May 18th - 20th IX Congreso Internacional de Prospectores y Explo-radores Sheraton Lima & Convention Center Lima, PERU www.proexplo.com.pe

May 20th - 21st Latin America Down Under 2015 Sheraton on the Park Sydney, AUSTRALIA www.latinamericadownunder.com

May 31st - June 1st Canadian Investor Conference Vancouver Convention Center West Vancouver, CANADA www.cambridgehouse.com

June 8th - 10th GEOMIN 2015 Hotel Enjoy Antofagasta, CHILE www.gecamin.com/geomin

August 3th - 5th Diggers and Dealers Kalgoorlie, AUSTRALIA www.diggersndealers.com.au

August 12th - 13th Hotel Intercontinental Santiago, CHILE www.cexr.cl

August 13th Medmin 2015 Hotel Antay Copiapo, CHILE www.medmin.cl

September 9th Asset Valuation and Capital Markets Hotel Radisson Santiago, CHILE www.comisionminera.cl

September 21st - 25th PERUMIN Mining Convention 2015 Campo Ferial Cerro Juli Arequipa, PERU www.convencionminera.com

September 24th - 25th Canadian Investor Conference 2015 Vancouver Convention Centre West Vancouver, CANADA www.cambridgehouse.com

October 4th - 8th Chilean Geological Congress Hotel-Casino Enjoy La Bahia de Penuelas La Serena, CHILE www.congresogeologicochileno.cl

October 29th - 30th ExpoMinera del Pacífico Ex Estadio Cavancha Iquique, CHILE www.industriales.cl

November 3th - 5th First International Meta-llic Mining Trade Show Centro de Congresos y Convenciones FIBES Seville, SPAIN www.mmhseville.com

No.26 / May 2015

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Corporate News

www.cexr.cl


Andes Iron seeks investor for Dominga Andes Iron SpA (private) is seeking investors to develop its Dominga Cu-Fe project in Region IV after the Delano family, which owns 80% of the company, decided to sell the whole of its stake. Law firm Carey & Cia and an international investment bank have been hired to advise of the sale which will be led by the company’s CEO Ivan Garrido. Shareholders and senior ex-ecutives also established a plan to attract new investors and define the financing for the company’s strategic plan. They also agreed that new investors must commit to undertakings made in the project’s EIS, currently being assessed by regional authorities, such as not using water from the Los Choros basin and instead using desalinated water supplied from a new plant in the area. Dominga is the largest iron ore project in Chile and is designed to produce 12Mtpa of high-grade Fe and 150,000mtpa Cu over 27 years, at a cost of US$2.5B.

Arena Minerals raises US$1.5M Arena Minerals (TSXV: AN) has raised US$1.5M through a pri-vate placement of units at US$0.10 per unit. Each unit consists of one common share purchase warrant, entitling the holder to acquire one AN share at US$0.15 through April 1st 2017. After the offering, AN has 75,817,386 shares issued and out-standing. Mining entrepreneur Ross Beaty participated in the offering, acquiring 9M units. If all the warrants are exercised, Beaty’s stake in AN would rise to approximately 16%, from 12% currently. The proceeds will be used to continue develop of ANs Atacama Cu project and Pampas El Peñon properties in Region II.

Yamana to list Brio Gold Yamana Gold (TASX: YRI) Is looking to take its subsidiary Brio Gold public during 3Q15, hiring investment banks National Bank Financial Inc. and CIBC World Markets Inc. to advise on the process. Meanwhile, YRI plans to spend US$20-30M at C1 Santa Luz in Brazil from mid-2015. The mine would produce approximately 100koz annually from mid-2016, increasing to-tal production to 230koz annually.

Mandalay adopts poison pill plan The board of directors at Mandalay Resources (TSX: MND) has voted to adopt a shareholder rights plan which, in case of an unsolicited bid, will give directors more time to develop and propose alternatives to the bid and ensure equal treatment of shareholders. If a group acquires more than 20% of outstand-ing voting shares, the plan will allow holders to purchase addi-tional shares at a substantial discount to the market price. The plan has been conditionally accepted by the Toronto Stock Exchange. Shareholders will vote on the plan on May 13th.

Medinah shareholders reject Auryn bid Medinah Minerals (MDMN) said that its shareholders rejected an offer by Auryn Mining SpA to buy 350M shares. MDMN said that the move will not affect exploration and drilling by Auryn of MDMNs Altos de Lipangue properties in the Metropolitan Region.

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Medinah Minerals’ Altos de Lipangue property.

The Dominga Cu-Fe project in Region IV.

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ABOUT CHILE EXPLORE REPORT: Chile Explore Report is published twelve times a year during the first week of each month by Tiger Information Services SpA, Badajoz 130, of 1406, Las Condes, Santiago; legal representative Iain Cassidy, [email protected]. The information contained herein is derived from sources believed to be reliable but no warranty expressed or implied exists between the recipient and the Publisher that this information is accurate. The contents of Chile Explore Report are intended for information purposes only based on news and information obtained and/or researched by the Publisher and is not intended to be construed as advice to buy or sell shares in any security or asset. The Chile Explore Report is intended to be authoritative, critical and independent. The Publisher is not a stock tipper or promoter and is not paid, sponsored, provided with stock options or otherwise enticed to write positive pieces about the companies covered. The Publisher does invest in some of the companies’ active in the Chile exploration sector and ends up with dogs as well as winners. The Publisher has been involved in mining information research, analysis and publication for over ten years including roles such as investor relations, media relations, senior reporter and research consultant for companies involved in mining and exploration, and reputable industry informa-tion providers. The Publisher is not a registered securities professional and as such is not qualified to give personal or individual investment advice. Resource investing is risky and you could lose part or all of your investment. Consult a registered investment professional before making any investment in any security. For more information contact please write to [email protected]. COPYRIGHT: © 2013 Chile Explore Report. All Rights Reserved. Unauthorized duplication or distribution of all content herein prohibited. This document is copyright protected and may not be copied, disseminated or distributed without the prior express consent of the publisher.

www.cexr.cl


Nano Cap Ticker Shares (M) Fully Diluted (M) Price Mkt Cap ($M) Cash ($M) Debt ($M) <C$10m AQM Copper AQM 139 139.246 0.06 8.34 N/A 0 25.4M

Cerro Grande Mining CEG 110 120 0.043 4.73 N/A 0 14.3M

Chilean Metals PBX 16.1 18.5 0.0309 0.50 N/A 0 14.4M

Condor Resources CN 81.2 100.8 0.05 4.06 0.8 0 13.65M

Cougar Minerals COU 25 27.6 0.005 0.13 N/A 0 12.6M

Ginguro Exploration GEG 85 107 0.06 5.10 0.7 0 5.0M @ $0.56

Global Hunter BOB 14 14 0.03 0.05 0.0185 2.5 0

Goldeye Explorations GGY 46.7 65.9 0.045 2.10 N/A 0 16,4M

New World Resource NW 13.3 17.7 0.025 0.33 0.7 0 4M @ 0.2 Mar 2015

Pinestar Gold PNS 28.2 28.2 0.03 0.85 N/A 0 N/A

Revelo Resources RVL 91.4 129.6 0.11 10.05 N/A 0

1,23M @ $0.7 Jun 2015, 1.44M @ $0.88 Jan 2016, 28.5M @ $0.31 Apr 2019

Sendero Mining SM 21.9 28.5 0.01 0.22 0.5 0 5.4M

Savant Explorations SVT 70.65 88.06 0.015 1.06 0.7 0 11.8M

Micro Cap Ticker Shares (M) Fully Diluted (M) Price Mkt cap ($M) Cash ($M) Debt ($M) C$10-100M

Arena Minerals AN 60.8 67.2 0.175 10.64 1.6 0 672k @$0.61 Apr 2014 / 7.1M @ $0.80 Oct 2014

Apogee Silver APE 301 371 0.005 1.51 11.2 0 N/A

Coro Mining COP 159.4 177.9 0.03 4.78 0.4 0 10.5

Lachlan Star LSA 147.3 108 0.024 3.54 2.32 0 16.5M

Los Andes Copper LA 200.4 200.9 0.23 46.09 0.6 0 None

Mirasol Resources MRZ 44.2 47.9 0.86 38.01 19.3 0 2.2M

Orosur Mining OMI 96.6 100.8 0.145 14.01 10.8 4.9 4.2

Regulus Resources REG 56.4 66.5 0.37 20.87 3.2 0 12.5m @ $1.60

Southern Hemisphe-re

SH 248.5 286.32 0.012 2.98 3 0 N/A

TriMetals Mining Inc TMI 135.7 144.2 0.075 10.18 29.5 0 1.7M

White Mountain Titan

WMTM 88.1 114.2 0.35 30.84 2 0 12.7M

Aus Capital Ticker Shares (M) Fully Diluted (M) Price (A$) Mkt cap (A$M) Cash (A$M) Debt (A$M)

Alliance Copper AGS 341.2 342.2 0.08 27.30 1.4 1.3 1M

Condor Blanco Mines CDB 938 1,116 0.001 0.94 N/A N/A N/A

Equus Mining EQE 379.3 379.3 0.011 4.17 7.3 N/A N/A

Estrella Resources ESR 114 116.08 0.006 0.68 1.1 0 None

Helix Resources HLX 235 270 0.025 5.88 1.8 N/A N/A

Hot Chili HCH 347.7 358.7 0.11 38.25 20 25 N/A

Kingsgate Consolida-ted

KCN 224 N/A 0.735 164.64 N/A N/A N/A

Oro Verde OVL 360 420 0.006 2.16 0.267 N/A N/A

The Chile List / Updated on April 30th 2015

No.26 / May 2015

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The Chile List / Updated on April 30th 2015

www.cexr.cl


Small-Med Cap

Ticker Shares (M) Fully Diluted

(M) Price Mkt cap ($M) Cash ($M) Debt ($M) >100M

Amerigo Resources ARG 173.7 187.4 0.44 76.43 9.2 0 None

Atacama Pacific Gold ATM 55.3 64.8 0.225 12.44 20.0 0 0.2M @ $1.00 4M @

Capstone Mining CS 382 403.3 1.63 622.66 500.0 0 None

Endeavour Silver EDR 102 106.8 2.48 252.96 44 29 0

Exeter Resource XRC 88.4 96.8 0.66 58.34 30 0 None

Herencia Resources HER 24.43 21.40 0.205 5.01 N/A 0 N/A

Mandalay Resources MND 408.8 425.9 0.88 359.74 69 60 None

NGex Resources NGQ 187.7 192.5 0.94 176.44 34 0 None

RB Energy RBI 263.3 282 0.075 19.75 64 50 10.3M

Silver Standard Resources

SSO 80.7 80.7 6.71 541.50 234 N/A None

Biggest Gainers Biggest Losers Sector Tot Mkt Cap Ave Mkt Cap Change %

SN 100% ESR -33% Nano Cap 37.52 2.89 10%

ATM 41% GEG -33% Micro Cap 183.44 16.68 -1%

CS 35% OMI -17% Sml-Med Cap 2125.27 212.53 14%

LA 28% WMTM -17% Total 2346.22 77.36 13%

No.26 / May 2015

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