Martha (Argentina) Exploration
Argentina - Martha Mine
In 2009, the Company’s exploration efforts in Argentina consisted of mapping, sampling and over 61,100 feet (+18,600 meters) of core drilling for a total expenditure of $3.3 million, of which $0.8 million was capitalized as reserve development at Martha. At the Martha mine area, drilling amounted to over 35,400 feet (+10,700 meters) of the total for Argentina.
Argentina - Other Properties
The Company exploration in other parts of the Santa Cruz Province near the Martha mine focused on the Nico, Satelite and Joaquin properties. A total of over 25,700 feet of drilling (+7,000 meters) was completed on these areas, primarily on Joaquin. Drilling at Joaquin in 2009 returned encouraging results from three targets there; La Morena, La Negra and La Morocha. Joaquin is located about 80 kilometers north of the Company’s Martha mine, and the Company has an option to earn up to 71% managing interest in a joint venture with property owners Mirasol Resources Ltd. A fourth phase of drilling will begin early in 2010.
In 2010, we expect to spend $3.3 million on exploration for the discovery of new mineralization and reserve development, principally at Joaquin.
