The outlook for gold remains strong with analysts predicting above-average returns for this metal.

Aranzazu copper-gold-silver mine restarted operation on February 1, 2011.

Added the San Andres gold Mine to our portfolio of operating projects in 2009 and the Sao Francisco and Sao Vicente gold mines in 2010.  A feasibility study is underway at the copper-gold-iron ore Serrote project (formerly, Arapiraca project) and is scheduled for completion late in the first quarter of 2012.

On-going exploration, cost reduction and mine expansions are a continuous focus at all our projects.

We monitor, review and implement corporate responsibility best practices to ensure essential practices are adopted.