ANDI2010

Colombia
Mining Projects
Report 2010
Projected Investment on Mine Development and

Expansion Projects in Colombia; 2010 to 2020
A market research study on behalf of
The Australian Trade Commission - Austrade
And
Australian Mining Equipment and Services Export Association - Austmine
By
Asomineros Chamber of National Business Association of Colombia - ANDI -
Bogota, D. C.
April 2010
Project Investment on Mine Development

and Expansion Projects in Colombia 2010 - 2020
I.
TABLE OF CONTENTS
1. INTRODUCTION ............................................................................................ 1
1.1. Background ................................................................................................ 2
2. COLOMBIAN MINING SECTOR POLICIES .................................................. 4
3. THE COLOMBIAN MINING SCENE IN 2009 ................................................. 6
3.1 Coal ............................................................................................................... 8
3.2 Nickel ........................................................................................................... 11
3.3 Precious Metals ........................................................................................... 12
4. ELECTRICITY GENERATION PROJECTS ................................................. 14
5. DEVELOPMENT AND EXPANSION PROJECTS BY COMPANY .............. 15
5.1. Carbones del Cerrejn LLC. ....................................................................... 19
5.2. Cerro Matoso .............................................................................................. 21
5.3. Drummond Ltd. ........................................................................................... 22
5.4. Prodeco ...................................................................................................... 24
5.5. Mineros S. A. .............................................................................................. 26
5.6. Vale............................................................................................................. 27
5.7. Grupo EBX .................................................................................................. 29
5.8. Carbones San Fernando............................................................................. 31
5.9. Carbones del Norte del Cesar Norcarbn S. A. ....................................... 32
5.10. Minera El Roble Miner S. A. .................................................................... 33
5.11. Carbones de Los Andes Carboandes S. A. ............................................ 34
5.12. Greystar Resources Ltd. Sucursal Colombia ............................................ 35
5.13. Anglogold Ashanti ..................................................................................... 37
5.14. B2Gold Corp. ........................................................................................... 39
5.15. Continental Gold Ltd. ................................................................................ 41
5.16. Grupo de Bullet S. A. Inversiones Mineras ............................................... 42
5.17. Cosigo Resources..................................................................................... 43
5.18. Goldman Sachs Group ............................................................................. 44
5.19. Coalcorp Mining Inc. ................................................................................. 46
5.20. Galway Resources Ltd. ............................................................................. 47
5.21. Medoro Resources Ltd. ............................................................................. 49
5.22. Colombian Mines Corp. ............................................................................ 51
5.23. Anglo American Plc................................................................................... 53
5.24. Cordillera Exploraciones ........................................................................... 54
5.25. Inversiones Argos ..................................................................................... 55
5.26. Holcim Ltd. ................................................................................................ 56
5.27. Ventana Gold Corp. .................................................................................. 57
5.28. Votorantim Siderurgia ............................................................................... 58
5.29. Yamana Gold ............................................................................................ 60
5.30. Miranda Gold Corp. ................................................................................... 61

5.31. Orofino Gold Corp. .................................................................................... 62

5.32. Oroandes Resource Corp. ........................................................................ 63
5.33. Bandera Gold ............................................................................................ 64
5.34. Bearing Gold Corp. ................................................................................... 65
5.35. Bellhaven Copper & Gold ......................................................................... 66
5.36. El Zancudo Mining .................................................................................... 67
5.37. Cadan Resources Corp. ........................................................................... 68
5.38. Gemini Exploration.................................................................................... 69
5.39. Caerus Resources Corp. .......................................................................... 70
II.
LIST OF FIGURES
Figure
Page
1. Quarterly Gross Domestic Product 2003 2009 ............................................ 6
2. Value of Colombian oil and mining exports ..................................................... 7
3. Distribution of the value of Colombian Mining exports .................................... 7
4. Quarterly Foreign Direct Investment FDI - 2000 2009 ................................. 8
5. Production of Colombian coal 1998-2009 ....................................................... 9
6. National Nickel Production and International Nickel prices ........................... 11
7. Colombian production of precious metals ..................................................... 12
8. Colombian Gold Exports and international gold prices ................................. 13
9. Development and Expansion projects in Colombia ....................................... 17
10. Location of development and expansion projects ....................................... 18
III. LIST OF TABLES

Table
Page
1. Historical mining production of Colombia 2000-2009 ....................................... 2
2. Colombian Coal production by departments (2008 2009) ........................... 10
3. Electricity generation expansion projects ....................................................... 14
4. Projection of mining investments for the 2010 through 2020 period. ............. 16

1. INTRODUCTION
This study has been performed under the coordination of the ASOMINEROS
Chamber of ANDI and has had participation by the IMCPortal Ltda. Company.
The objective of the study is to provide information on existing mining projects and
those that are planned in the forthcoming decade in Colombia, in order to provide
to Australian Mining Equipment and Services Export Association AUSTMINE
with an outlook of the future opportunities that the Colombian mining sector offers.
The scope of the study covers detailed known and disclosed mining expansion
projects for existing mine operations, estimated future developments for mines that
are currently in production, and new potential mining developments arising from
many exploration projects that are being performed at this time in the country. The
study spans a 10-year time frame, from 2010 through 2020.
A brief description of the Colombian mining sector is presented, including
background, recent mining performance, composition of mining in Colombia,
historic figures for Production, Exports and Direct Foreign Investment, and
highlights the main producers of coal, nickel, gold, and other minerals. Government
mining goals for the next decade are also included.
Moreover, a detailed description is presented for each project, including contact
information, available technical and commercial data, as well as a description of
services, plant and equipment opportunities, for the benefit of AUSTMINE
members.
There was a certain reticence that was observed on the part of several companies
with regard to making public the progress in their projects and the investments
required, which made it somewhat difficult to obtain part of the information.
Consequently, in addition to the official information provided directly by some
companies, further information was obtained in individual consultation with persons
that are close to the companies, press reports endorsed by the companies, and in
the companies pages on the Internet.
On account of the above, it was not possible to obtain complete information on the
needs for goods and services for each of the projects.
Based on the information collected, we could establish that for this decade, there
are at least 12 expansion projects, 5 projects with defined feasibility, and 38 in the
pre-feasibility and exploration stage.

1.1.
Background
In recent years, Colombia has risen quickly in the worldwide scales for coal
exports, ferronickel production, and interest generated in mining exploration.
Projects that are under execution indicate that this positive evolution will continue
in the future.
Colombia, with close to 70 million metric tonnes (MT) is ranked fourth among world
coal exporters, after Australia (252 MT), Indonesia (203 MT), and Russia (101 MT).
In steam coal, Indonesia ranks first, followed by Australia, Russia and Colombia1.
Moreover, the Cerromatoso mine produces close to 4% of the total world
production of nickel with one of the lowest operational costs.
Growth in mining production in Colombia has been associated with expansions in
existing mines. Evolution of Colombian mining over the last 10 years has exhibited
an interesting pattern: coal extraction increased from 38 MT in 2000 to 72.3 MT in
2009, with a 91.6% increase; nickel grew by 80.2% during the same period, and
gold production has increased by 29.2%, showing a significant recovery in
comparison with the amounts reported for 2006 and 2007.
TABLE 1. Historical Mining production of Colombia (2000 2009)
Source: Ingeominas
Based on a study performed by the Ministry of Mines and Energy (Herrera, 20082 ),
it is estimated that annual production in 2019 for the main minerals could reach the
following levels: 197 MT of coal, 106 tonnes (3.5 million ounces) of gold, 50,700
tonnes of nickel, and 33.4 tonnes (1.1 million ounces) of silver.
With few exceptions, metal projects that are about to commence production in
Latin America have taken over nine years, on average, between the time of
discovery of the deposit through its socio-economic environmental and financial
viability. With this outlook, it is possible to consider that, towards the second half of
the decade, important metalliferous finds will have materialized in Colombia, on the
basis on the exploration projects that are taking place at present.
The Australian Bureau of Agricultural and Resource Economics ABARE. 2010. Australian Commodities,
December quarter, Vol. 16. Number 4. http://www.abare.gov.au/interactive/09ac_dec/htm/coal.htm
HERRERA, J. 2008. Estimate of Colombian mining production based on projections for the Latin American
GDP. Consulting assignment for the Ministry of Mines and Energy. 71 pag.
http://www.minminas.gov.co/minminas/downloads/archivosEventos/3607.pdf

Growth possibilities for coal are clearer, and it is highly feasible that by 2019, the
country will be producing close to 197 MT per annum.
On the other hand, in accordance with reports issued by INGEOMINAS (Spanish
acronym for the Colombian Geology and Mining Institute), the number of mining
titles granted by the Colombian State through December 2009 reached 8,623,
which, altogether, span an area of close to 19,000 km2, that is to say, 1.7% of the
national territory.
Mining titles in the country, at present, are distributed approximately as follows:
29.6% for construction materials (7.9% of the total area granted under concession),
19.3% for coal (30% of the total area granted under concession), 18.8% for
precious metals (38.8% of the total area granted under concession), 4.9% for
emeralds (1.8% of the total area granted under concession) and 27.4% distributed
among other minerals (22% of the total area granted under concession).

2. COLOMBIAN MINING SECTOR POLICIES

On the basis of the National Mining Development Plan, 2019 Vision (UPME,
2006)3, the National Mining Policy Advisory Council recommended that the Ministry
of Mines and Energy establish three government policies for the sector, as follows:
1. Policy to promote Colombia as a mining country: This policy seeks to
increase participation by mining investors in the country, both junior companies
and promoters of mining projects such as mining conglomerates and traditional
mining companies that can attract national and foreign technical and capital
resources to the sector and provide increased value added to the chain. For the
proper performance of this policy, the following activities have been set forth:
A communications strategy to position the countrys mining industry.
Government-Industry Agenda.
Structuring and set-up of the Mining Investment Project Database in
Colombia
Organization and operation of the Mining Promotion Bureau at
INGEOMINAS
Digital portal for the Mining Country and dissemination and communications
campaign
Training for mining authorities and entering into inter-institutional
agreements
Participating in national and international events
Guide for the Mining Investor.
2. Management policy for the mining resource: Seeks to attain optimisation of
the support processes for the mining activity. In this sense, the purpose is for
management of the mining resource to be performed under criteria of efficiency,
efficacy and effectiveness, for which purpose the response time in contracting must
comply with the best known standards, and there must be a higher level of followup on fulfillment of the obligations entered into by the holders of mining titles. The
following are the activities to develop this policy:
Institutional adjustments: INGEOMINAS, Ministry of Mines and Energy
(MME), Mining and Energy Planning Unit (UPME).
Adjustments to the Mining Code.
Colombian mining land register inventory on line for INGEOMINAS and
governorships.
Strategic Information Technology and Communications Plan for the
Colombian mining sector.
Joint agenda for the Ministry of Mines and Energy and the Ministry of the
Environment, Housing and Territorial Development.
UPME, 2006. National Mining Development Plan, Vision for 2009. Mining and Energy Planning Unit, Bogot
125 pg. http://www.imcportal.com/galeria/PNDM%202019.pdf

3. Policy for the enhancement of productivity and competitiveness: Aimed at

enhancing the social profitability of the mining industry, based on exploitation with
the best practices, generating employment, carrying out its activities with high
levels of industrial safety and occupational health, that ensure sufficient surplus
income for the small-scale miner to improve his quality of life. This policy also
expects to boost the States efforts to increase productivity and competitiveness of
legal traditional mining exploitation operations that exist in the national territory.
The activities for this policy are:
A comprehensive program to control illegal mining activities
Financing strategies for the mining sector
A management model for mining districts (analysis of their present situation
and the future projection for areas with a significant mining presence)
National Mining Development Plan, Vision for 2019 (UPME, 2006)
In order to be able to affirm that the Colombian mining industry is one of the
activities that contribute the most to the national economy and that it is also
considered to be one of the most important in the continent by the year 2019, the
following objectives have been set forth:
1. To attract a larger number of investors to develop the mining resource.
2. To achieve an increased capture of value for the State as a consequence of
the successful results in the mining activity.
3. To optimize the support processes that the mining institutional framework
requires in order to fulfill the value proposals that it structures for the
different segments of clients.
And the following goals have been established for the year 2019, which are to use
the figures reported as of December 2005 as a baseline for comparison purposes:
To triple the volume of coal production.
To increase the production of precious metals four-fold.
To convert Colombia into one of the three main destinations in Latin
America for private, internal and external, investment destined to mining
exploration.
To increase the extent of contracted area for geological and mining
exploration.
To optimize mine contracting and customer service processes.
To gain increased knowledge on the countrys subsoil.
To develop agendas for productivity and competitiveness in all mining
districts.
To increase production in community-based mining developments.
To reach a growth rate in the mining GDP that exceeds the Latin American
average.

3. THE COLOMBIAN MINING SCENE IN 2009

According to the National Administrative Statistics Bureau (DANE, its acronym in
Spanish), the national economy grew by 0.4% in 2009. Nevertheless, the mining
and hydrocarbon sector consolidated itself as the second sector with greatest
growth, with 11.3%. On the other hand, mining, without hydrocarbons, grew 6.7%,
despite the reduction of 1.6% in coal extraction, and in response to the increase in
ferronickel production (22.2%), gold production (39.4%) and growth in construction
materials (26.1%).
38
28
PIB
Minas&e Hydrocarbons
Hidrocarburos
Mines
GDP
PIB
MinasGDP
sin Hidrocarburos
Mines
w/o Hydrocarbons
Variacin porcentual anual

Percent
annual variation
Gross Interno
Domestic
Producto
Bruto Product
Colombia
18
-2
-12
I
II
III IV
2003
II III IV
2004
II
III IV
2005
II
III IV
2006
II
III IV
2007
II III IV
2008p
II
III IV
2009p
Year
Aos // Trimestre
Quarter
FIGURE 1. Quarterly Gross Domestic Product 2003 2009 annual percent variation
(Source: DANE)
The results for exports and direct foreign investment in mining were quite favorable
in 2009.
Exports reached US$ 8.153 billion, maintaining their upward trend, at 24.8%. Direct
Foreign Investment in mining, which represented 43% of the total direct foreign
investment in the country in 2009, exhibited record levels, in accordance with the
latest statistics released by the Central Bank (the Banco de la Repblica) with US$
3.094 billion.
In the following graphs we can observe the historical data for exports and direct
foreign investment in the mining sector:
Millions of US$

FIGURE 2. Value of Colombian oil and mining exports in billions of US$

(Source: Banco de la Repblica. Calculations: IMCPortal)
FIGURE 3. Distribution of the value of Colombian mining exports in millions of dollars.

(Source: Banco de la Repblica)

FIGURE 4. Quarterly Foreign Direct Investment FDI. 2003 2009 en USD Millions.
(Source: Banco de la Repblica)
The main investments in the sector came from Brazilian company Vale,
representing close to US$ 373 million, on account of the acquisition of several coal
assets from Colombian company Inversiones Argos, and from the North American
company Drummond Ltd., for its coal projects, particularly those destined for the El
Descanso mine.
3.1 Coal
Albeit the forecasts of the Ministry of Mines and Energy indicated coal production
of 87 MT, the 1.6% reduction in actual production in comparison with 2008 (73.5
MT) could have been greater due to the accumulation of inventories due to
slowdown in European purchases, cost of freight, and the high costs involved in
reaching Asian markets (both El Cerrejn and Drummond are exporting to Asia as
of this year). The historical evolution of coal production can be observed in the
following graph. The location of main mine producers is presented in figure 10,
page 18.
Thousands of tonnes

FIGURE 5 Production of Colombian coal in millions of tonnes

(Source: INGEOMINAS)
The following table presents coal production in detail, by department and by

project, in accordance with official figures published by INGEOMINAS.
The Northern Region, which comprises the departments of La Guajira, Cesar and
Crdoba, which represents 90% of national production, reduced its extraction by
1.08% (0.7 MT) with respect to 2008, reaching 65.4 MT in 2009.
On the other hand, the region of the interior, which comprises the departments of
Antioquia, Boyac, Cundinamarca, Norte de Santander and others, to a lesser
extent), exhibited a 6.21% drop, reaching 6.9 MT in 2009.

TABLE 2. Colombian coal production by departments (2008 2009)
! / Proyecto
"
Departamento
CERREJON ZONA NORTE
CONSORCIO CERREJON - AREA PATILLA
LA GUAJIRA
CARBONES COLOMBIANOS DEL CERREJON AREA LA COMUNIDAD

CARBONES DEL CERREJON - AREA LA
COMUNIDAD
CARBONES DEL CERREJON - AREA OREGANAL
TOTAL LA GUAJIRA
DRUMMOND LTD - AREA LA LOMA
DRUMMOND LTD - EL DESCANSO
CARBONES EL TESORO S.A.
CARBONES DE LA JAGUA
CESAR
CONSORCIO MINERO UNIDO S.A.

C.I. PRODECO S.A.
COMPAA CARBONES DEL CESAR S.A.
NORCARBON S.A. - AREA LA DIVISA
EMCARBON S.A.- DIAMOND LTDA
TOTAL CESAR
CORDOBA
CARBONES DEL CARIBE - AREA LA

GUACAMAYA Y MINA BIJAO
ANTIOQUIA
BOYACA
CASANARE
CUNDINAMARCA
SANTANDER
NORTE DE SANTANDER
VALLE DEL CAUCA
CAUCA
TOTAL COLOMBIA
2008
(Kt)
2009
(Kt)
Var
%
17,982.9
4,535.5
15,881.7
5,287.9
-11.7
16.6
1,095.5
1,178.2
7.6
4,161.3
4,404.9
5.9
4,164.6
4,678.2
12.3
31,939.9
21,396.5
1,849.5
2,517.1
0.0
4,697.7
1,299.2
356.0
1,560.1
33,676.2
31,430.9
18,431.5
2,157.8
1,078.5
2,667.5
801.3
5,700.1
806.7
306.7
1,622.2
33,572.3
-1.6
-13.9
493.2
392.3
-20.4
403.9
2,230.9
0.1
2,405.6
178.1
2,085.2
79.0
9.9
73,502.1
655.8
2,276.2
0.6
1,941.6
116.5
1,938.4
0.0
4.9
72,329.6
62.4
2.0
829.8
-19.3
-34.6
-7.0
-100.0
-50.4
-1.6
-41.7
6.0
21.3
-37.9
-13.9
4.0
-0.3
Source: INGEOMINAS, for data on the collection of royalties.
The value of coal and coking coal exports increased in 2009 to US$ 5.416 billion,
increasing its share of total exports from 13.4% to 16.5%, consolidating itself as the
second export product in the country, second to oil.
During 2009, there was an increase in coal sales to rather non-traditional
destinations such as The Netherlands (from US$ 534 million in 2008 to US $1.138
billion in 2009), Turkey (US$ 168 million to US$ 303.2 million) and India (US$ 85.4
million in 2009).
According to INGEOMINAS data, coal is the main contributor to national royalty
collections, with an 85% share of total royalties. In 2009, royalties reached US$
597 million, registering 26% growth with respect to 2008.

3.2 Nickel
Colombia represents close to 3.6% of world nickel production, with an average
48,000 thousand tonnes (kT) per year. Despite the decreasing trend in
international prices for nickel, national production during 2009 interrupted the
decreasing production trend from previous years, going from 41.6 kT in 2008 to
50.8 kT in 2009 (22% growth).
40.000
Prod
Colombiana
deProduction
Nquel (t)
Colombian
Nickel
60000
International
NiNi
Prices
Precios
Internac.
(US$/(US$/t)
tn)
35.000
48000
30.000
42000
25.000
36000
20.000
US$ / t
Toneladas (t)
54000
30000
15.000
24000
18000
10.000
12000
5.000
6000
0
0
2003
2004
2005
2006
Aos
2007
2008
2009
FIGURE 6. National nickel production and international nickel prices.

(Source: INGEOMINAS. International Prices: IMF, LME. Calculations: IMCPortal)
Figure 6 shows the decreasing trend in international nickel prices, with a 60.8%
drop since the historical maximum price registered in 2007, averaging US$
14,564.81 US$/T during 2009.
With respect to the amount exported by this industry, in accordance with Banco de
la Repblica data, revenues decreased by 15.96%, going from US$ 863.7 million in
2008 down to US$ 725.9 million in 2009, for a 2% share of total Colombian
exports.
Cerromatoso S.A. paid US$ 50 million in royalties in 2009, going from a 14%
contribution to national collections down to 7%, a 37.6% drop with respect to 2008.

3.3 Precious Metals

Colombian production of gold, silver and platinum during 2009 reached 59.6
tonnes (1.95 million ounces), registering a 32.9% growth with respect to production
in 2008.
48.000
Oro
42.000
Plata
Platino
36.000
Kg
30.000
24.000
18.000
12.000
6.000
0
2005
2006
2007
2008
2009
Aos
FIGURE 7. Colombian production of precious metals in kilograms

(Source: INGEOMINAS. Calculations: IMCPortal)
The countrys gold production increased 39.4%, going from 34.3 tonnes (1.12
million ounces) in 2008 to 47.84 tonnes (1.56 million ounces), the contributions of
the departments of Antioquia and Choc representing 95.1%.
Silver production, with an 18.2% growth, went from 9.2 tonnes (300,000 ounces) in
2008 to 10.8 tonnes (354,000 ounces) in 2009, and platinum production went from
1.37 tonnes (45,000 ounces) to 0.93 tonnes (30,000 ounces) in 2009, that is to
say, a 32.2% decrease in comparison with production in 2008.
Consistent with international gold price quotations (US$ 973 per ounce on average
for 2009), Colombian gold exports reached a historical maximum of US$ 1,537.2
million in 2009, US$ 645.9 million more than in 2008. The main destination markets
were the United States and Switzerland.

1100
1000
1400
Colombian
gold de
exports
Exportac
Colombiana
oro in millions of
US$ FOB
Millones
de US$ FOB
International
prices
Precios
Internac. (US
$/ oz) (US$/oz)
900
800
700
800
600
US$ / oz
"#
$
MillonesUS$ FOB
1100
500
500
400
200
300
2005
2006
2007
2008
2009
Aos
FIGURE 8. Colombian gold exports and international gold prices

(Source: DANE. International Prices, IMF. Calculations: IMCPortal)
During 2009, the precious metals industry paid US$ 43 million on account of
royalties, increasing royalty collections by 62% with respect to 2008, reaching a 6%
participation in total royalties paid by the mining industry.

4. ELECTRICITY GENERATION PROJECTS

The mining sector is one of the largest consumers of electricity, reason for which it
is important to know about the electricity generation expansion projects for the
period under study. The following table presents a description of these projects:
TABLE 3. Electricity generation expansion projects (2012 2019)

5. DEVELOPMENT AND EXPANSION PROJECTS BY COMPANY

In addition to the historic solidity of basic coal and ferronickel mining and the large
number of new exploration projects driven by the under-explored geological
potential that the country offers, there are several internal circumstances that have
come together so far in the decade of the 2000s: the issuance of a new Mining
Code in 2001, the beginning of the major greenfield mining exploration thrust in
national history by large mining companies, with close to 83,000 km2, which raised
considerable interest by other international mining companies, improvements in
physical and legal security conditions in the country, and the national government
policies that generate trust with attractive tax schemes.
Albeit true that the global economic downturn has placed the Colombian mining
industry in an atmosphere of expectation, the large majority of coal extractive
companies has continued with their original plans that seek to double their
production capacity through 2015, to achieve a total national production in the
order of 140 million tonnes, which are expected to reach 200 million tonnes by the
year 2020 with the entry of new coal production projects.
With the information obtained on the volume of investments in certain large-scale
coal mining projects, one can infer that the investments required in this sector in
order to attain the aforementioned production levels could reach figures in the
order of US$ 12.5 billion through the year 2010.
Even though future investments in mining of basic metals imply a high level of
uncertainty until results of the exploration activities are obtained, one can
conservatively state that expansions in ferronickel and the forecast entry of new
metal transformation facilities for metals such as bauxite for the production of
alumina in the Urab region of Antioquia, could entail investments in the order of
US$ 4.5 billion during this decade.
The exploration for gold, which intensified as of 2004, has led to three discoveries
with large-scale deposits with reserves that exceed 25 million ounces and which
would require large investments in order to materialize their production. These
results, and the significant exploratory activity in search for this metal, permit
estimating investments in the order of US$ 5 billion during the 2010 through 2020
period.
Lastly, one can estimate that the recent discoveries of gold deposits, together with
the expected reinforcement on account of decisions in the mining policy that strive
to convert Colombia into a world-class mining country, should generate new
exploration activities that could conservatively be estimated in an amount of US$ 2
billion during the period under study.
Table 4 shows a summary of expected investments, which add up to a total of US$
24 billion for the 2010 through 2020 period:

TABLE 4. Projection of mining investments for the 2010 through 2020 period.
SECTOR
ESTIMATED
EXPENDITURES
(US$ MILLIONS)
Coal expansions &new projects
12,500
Basic metals expansions & new projects
4,500
Gold expansions & new projects
5,000
Exploration activities
2,000
TOTAL
24,000
Source: Company reports and calculations by Asomineros Chamber of ANDI
With the expected investments in the mining sector, solid growth in the mining
sector is evident, consistent with the interest in the development of mining in
Colombia, vis--vis other countries that have a greater tradition in the mining
industry, such as Chile, which expects future investments in the order of US$ 35
billion, and Peru, in the amount of US$ 33.067 billion dollars4.
Consequently, the results obtained in this study present an important tool for the
process or setting strategies for the provision of goods and services that are
offered to the growing Colombian mining industry.
AGAR, B., 2009. Projected investment in mine development and expansion projects in Per; 2009 2010.
Research for Austrade and Austmine. 39 pg.

Figure 9 shows a schematic diagram of the principal mining projects in Colombia,

distributed as follows: under expansion, undergoing feasibility studies, and in the
pre-feasibility study and exploration stage.
FIGURE 9. Development and expansion projects in Colombia
Following is a rendering of the companies that are most advanced in their projects
and with the greatest possibility of expanding or developing in course of the next
10 years. For development projects, we have used, as a tool for inclusion, the level
of knowledge regarding the deposit, or the investments in exploration that are
foreseen to advance towards opening up the mine5.
Note: A good part of the information was obtained from company reports. Consequently, the ASOMINEROS
Chamber of the ANDI does not assume responsibility for errors or inaccuracies on the status of projects where
the companies did not respond to the survey that was undertaken.

FIGURE 10. Location of development and expansion projects that are to be

Undertaken in forthcoming years (IMCPortal, 2010)

5.1. Carbones del Cerrejn LLC.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Luis Germn Meneses

Executive Operations Vice president
Calle 100 # 19-54, 12th Floor
(571) 595 25 72
Bogot, D. C.
luis.german.meneses@cerrejoncoal.com
http://www.cerrejoncoal.com/secciones/CERWEB/ENGHOME/seccion_HTML.html
CORPORATE PROFILE: Cerrejn is an open pit coal mining operation that is

carried out in the North, Central and South areas of la Guajira, in the Northeast of
Colombia, the northernmost area of South America. The owners of Cerrejn, in
three equal portions, are subsidiary companies of BHP Billiton plc, Anglo American
plc and Xstrata plc.
The operation began in 1982. It is an integral operation with dedicated facilities for
the production, transport and loading of high quality thermal coal for export.
Present coal production and export capacity is 32 million tonnes per year. There
are technical feasibility studies that provide for an expansion of up to 40 million
metric tonnes as of 2012, the development of which shall depend on the evolution
of the world coal market and its technical, economic and environmental viability.
CERREJN MINE: The coal deposits are located in a 69,000 hectare stretch of
land that contains five contracted areas, as follows: North Zone, Patilla, Oreganal
and South Zone with the Colombian State, and the Central Zone with the Cerrejn
Community.
The mining operation uses 320-tonne and 240-tonne over- and inter-burden
haulage trucks, and 190-tonne trucks for coal haulage. In addition, it has a fleet of
12 P&H electric shovels, 11 of which have a 27.5M3 capacity, and one, a 34M3
capacity, as well as 6 of 42 M3 capacity Komatsu PC800 front-end shovel loaders.
For coal loading, there is a fleet of wheel and track tractors, as well as hundreds of
units of mining operation ancillary equipment. The mine facilities comprise
maintenance shops for major mining equipment and support equipment, in addition
to refurbishing shops, administrative offices and a satellite and microwave
telecommunications system between Bogot, the mine, and Puerto Bolvar.
PUERTO BOLVAR: The port is located 150 kilometres North of the mine, on the
Caribbean Sea, and receives vessels of up to 250,000 deadweight tonnes, that are
up to 300 metres long and 45 metres beam. Its navigation channel is 19 metres
deep, 225 metres wide and 4 kilometres long.
The main port facilities are: the train unloading station, three stacker-reclaimers,
and the linear shiploader that deposits the coal in the vessel holds. The present

annual average ship-loading rate is 6,000 tonnes per hour, peaking at up to 11,000
tonnes per hour.
Moreover, the port has a commodities pier that can receive vessels of up to 30,000
tonnes, that deliver machinery, spare parts, and other materials for the operation.
RAILROAD: The 150-kilometre long railway system connects the mine with the
export load port. The coal is transported in trains up to 130 coal cars loaded at the
silos, through a continuous process system.
The complete cycle of loading, transport, unloading at the port and return to the
mine takes approximately 12 hours. On average, seven trains are dispatched every
day.
Moreover, there is a service train that transports supplies, materials and spare
parts. The railroad system is electronically controlled from a Centralized Traffic
Control located at the mine.

5.2. Cerro Matoso

Contact:
Position:
Phone:
City:
E-Mail:
Url:
Peter Bergsneider
Technical Services and Business Optimization Manager
(574) 772 39 75
Montelbano, Crdoba
Peter.S.Bergsneider@bhpbilliton.com
http://www.bhpbilliton.com/bb/home.jsp
CORPORATE PROFILE: Cerromatoso S. A., owned by BHP Billiton, is a company

located in the Municipality of Montelbano (Crdoba), which produces and exports
ferronickel. It is the world'
s second largest producer of ferronickel and the nickel
industry leader in unit cost of production. The ferronickel smelter and refinery are
integrated with an open pit mine.
Present process design capacity is 50,000 tonnes per year of nickel, in the form of
ferronickel, in two production units.
The Cerro Matoso nickel deposit, the exploitation of which began in 1982, follows
an alignment of nickel-laden deposits associated with peridotites in the
departments of Antioquia and Crdoba.
The company is carrying out feasibility studies for the following projects:
-
Nickel Ore Smelting System: This project will mitigate the risk of operating
with a low SiO2/MgO ore, will allow a safer and more stable operation
during the life of the asset, will assist in maintaining throughput and as
platform for de-bottlenecking; a way of compensating for declining ore
head grades.
Potential for power generation with local coal resources study.
Early stage concept study to evaluate potential for de-bottlenecking of

Mine and process plant.
Local and regional exploration to find Nickel Resources with grade as high
as possible.
INVESTMENTS: The investments in these CMSA projects are still to be confirmed.

5.3. Drummond Ltd.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Jos Miguel Linares Martnez

Corporate Affairs Vice president
Calle 72 # 10-07 Of. 1302
(57-1) 587 10 00
Bogot, D. C.
jlinares@drummondltd.com
http://www.drummondco.com/operations/coal/Colombia.aspx
CORPORATE PROFILE: Drummond Ltd., Colombia Branch, is a branch of

Drummond Ltd., a company with headquarters in the United States of America and
an affiliate of the Drummond Company Inc. Group. The companys operation in
Colombia is located in the department of Cesar and is dedicated to the exploitation
of thermal coal destined for export markets. It has recoverable reserves in the
order of two billion tonnes. During 2009, the company exported 20 million metric
tonnes, mainly for consumers in the United States and Europe.
Drummond, through its affiliate, ABC Coke, is one of the main producers and
marketers of coking coal in the United States. It is widely recognized in the iron
foundry industry on account of the quality offered and its reliability in supplies. ABC
Coke has 132 furnaces with an aggregate capacity of 750,000 tonnes. Its main
consumers are the automotive industry and the pipe industry for construction.
AFFILIATES IN COLOMBIA: Drummond Ltd., Colombia Branch, and Drummond
Coal Mining LLC, Colombia Branch.
In its mining operations, Drummond uses draglines, hydraulic shovels, trucks,
electric shovels, conveyor belt systems, apron feeders and support equipment.
PRIBBENOW MINE (LA LOMA, CESAR): In the decade of the 80s, the company
acquired the rights to the areas where the open pit coal mine is located nowadays,
in the Cesar river basin, in the municipalities of El Paso, La Jagua de Ibirico and
Chiriguan. Production commenced in middle of the following decade. Sustained
growth in operations has permitted the company to increase production from one
million tonnes in 1995 to 20 Mt in 2009. During this period, close to 200 Mt have
been extracted.
The contract area spans 6,600 hectares, where the company estimates it has
recoverable reserves in the order of 230 Mt of thermal coal.

EL DESCANSO MINE: The El Descanso mining contract area extends through

the municipalities of Becerril, Agustn Codazzi, El Paso, La Jagua de Ibirico and
Chiriguan, in the department of Cesar, and spans 42,800 hectares.
This contractual area is divided into four blocks, one of which, the largest one,
known as Descanso Norte, began mining operations in June 2009, once the
required environmental permits were obtained. It is expected that annual
production levels will reach 25 Mt. The coal that is capable of being mined reaches
a depth of 300 m.
RINCN HONDO AND SIMILOA PROJECTS: Located in Chiriguan, Cesar,
these projects have recoverable reserves in the order of 170 million tonnes of
thermal coal.
At present, the corresponding environmental permits are in the process of being
obtained.
CERROLARGO CENTRO PROJECT: This project is located in the municipality of
La Jagua de Ibirico, department of Cesar. It is a relatively small project with
excellent quality coal. The environmental permits are in the process of being
obtained.

5.4. Prodeco
Contact:
Position:
Address:
Phone:
Mobile:
City:
E-mail:
Url:
Patricia de Manga
Procurement and Materials Manager
Carrera. 54 # 72-80, Ed. Ejecutivo Miss Universo, 7th Floor
(575) 369 55 00
3106420576
Barranquilla, Atlntico
patricia.demanga@prodeco.com.co
http://www.xstrata.com/
CORPORATE PROFILE: Prodeco is a thermal coal producing and exporting

company owned by Xstrata, one of the most diversified mining groups in the world,
with headquarters in Zug, Switzerland. Moreover, Xstrata also owns 33% of
Carbones del Cerrejn Llc, which is reported on separately in this study.
AFFILIATE IN COLOMBIA: Comercializadora Internacional Productos de
Colombia S. A. - C.I. Prodeco - (acquired from Glencore in 2009), is a company
that is specialized in extracting and exporting Colombian coal, which has operated
for over 40 years in the country. At present, there is a project for the repurchase of
Prodeco by Glencore International.
CALENTURITAS MINE: A deposit with a potential of one hundred million tonnes of
coal, located in the Calenturitas river basin in the Municipality of Becerril,
department of Cesar. The property spans 4,000 hectares. Although annual
production is 4.9 Mt, the Calenturitas Mine has a 10 Mt production capacity.
LA JAGUA MINE: Located in the municipality that bears its same name, in the
department of Cesar, the mine produces 4.3 Mt per year at present and has a 6 Mt
production capacity. This project integrates the mining operations of the following
companies: Consorcio Minero Unido CMU (acquired by Glencore in 2006),
Carbones El Tesoro CET (acquired by Glencore in 2007) and Carbones de La
Jagua CDL (acquired by Glencore in 2005), all acquired by Glencore and located
in the Tucuy River basin in the municipalities of Becerril and La Jagua de Ibirico in
the department of Cesar, 240 km away from the Santa Marta port area.
The integrated operation of the three mines began during the first quarter of 2009,
offering operational efficiency and permitting mining access to the 133 Mt in
reserves, the expectations being that production will increase from 4.5 Mt to 6 Mt in
2011.
The coal that is mined is transported by train to the ports in Santa Marta.
The company estimates that the useful life of the mine will extend through the year
2022.

GALCA PROJECT: After having entered into a shared-risk contract with Galway
Resources, Prodeco has commenced an initial program that consists of 19 drilling
operations in this project, located in the department of Cesar.
INVESTMENTS: The Company expects to increase the joint exploitation of both
mines, to reach 21 Mt by 2014, with projected investments through 2014 forecast
at US$ 1.292 billion in mining equipment, transport equipment, the port, and other
infrastructure works.

5.5. Mineros S. A.
Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Gonzalo Gmez
New Businesses Manager
Carrera 43 # 14-109
(574) 266 57 57
Medelln, Antioquia
ggomez@mineros.com.co
http://www.mineros.com.co/sitio/
CORPORATE PROFILE: Mineros is a private company, dedicated to mining of

precious metals, geared at generating the greatest value for its shareholders
through growth in its mining operations, by means of an excellent comprehensive
management system and framed in Corporate Social Responsibility.
AREAS OF OPERATIONS:
MINEROS concentrates its alluvial mining operations in profound alluviums in the
Nech River Valley, with an annual production of 120,000 ounces of gold.
Moreover, in the area of underground mining, at present, MINEROS has the La Ye
Mine, located in the Municipality of Zaragoza, sector of Naranjal, located 3.5 km
southwest of the Mineros S.A. camp.
The gold-bearing seam project has a production of approximately 35,000 ounces
per year, and measured, indicated and inferred resources are in the order of
300,000 ounces of gold.
Mine development and the erection of the ore production plant took place in 2008
and 2009, with a 500-tonne/day ore concentration capacity.
SLAG UTILIZATION: In the department of Antioquia, the company has an ore
reduction plant with a 6,200-tonne/month capacity to process the slag left from the
exploitation of the El Zancudo Mine.
INVESTMENTS: Mineros has considered the objective of going from an annual
production of 113,158 ounces in 2009 to 500,000 ounces in 2020.
EXPLORATION: In 2010, MINEROS has over 35 on-going exploration projects in
4 municipalities in the department of Antioquia.
Moreover, the company will continue to develop its growth plan, which began in
2009, with a horizon in operations in nearby locations in Latin America.

5.6. Vale
Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Marco Puccini
Manager
Calle 71B # 59-61 Of. 1204
(575) 361 49 01
Barranquilla, Atlntico
marco.puccini@vale.com.co
http://www.vale.com/vale_us/cgi/cgilua.exe/sys/start.htm?tpl=home
CORPORATE PROFILE: Vale, formerly known as Vale Do Rio Doce, is the

second most diversified mining and metal company in the world, with a presence in
30 countries. It is the most important logistics operator in Brazil, with annual
revenues of US$ 35 billion.
Moreover, it is the largest world producer of ferrous minerals and pellets, and one
of the largest nickel producers. The company also produces copper, manganese,
steel alloys, bauxite, alumina, aluminum and coal.
The companys strategy in Colombia is the creation of a platform to increase its
coal assets.
AFFILIATE IN COLOMBIA: Vale Colombia Ltda.
EL HATILLO MINE: In March 2009, Vale closed the purchase of this open pit coal
mine, located in the municipalities of El Paso, Chiriguan and La Jagua de Ibirico,
in the department of Cesar, from Emcarbn S.A. (wholly owned affiliate of
Inversiones Argos S.A.), for US$ 300 million, and attained an 8.43% shareholding
in the Fenoco railway concession, which connects these mining concessions with
the coal export ports located in the department of Magdalena.
During 2009, the mine produced 1.2 Mt of thermal coal. At present, an expansion is
taking place, which is expected to permit reaching 3.2 Mt in 2010 and 4.5 Mt in
2011. The Las Cuevas coal deposit is located within the concession, which holds
additional resources in the amount of 50 million tonnes, the exploitation of which is
scheduled to permit reaching a production of 9.5 Mt by the year 2014.
The coal handling facilities, along with the various support facilities and
infrastructure necessary for the Hatillo Corridor Mine operations include: a ROM
coal storage area, ROM hopper, crusher, screening plant and stockpile, equipped
with a linear stacker. Stockpiled coal is reclaimed with front-end loaders and placed
in either over-the-road trucks, or a mobile reclaim hopper that feeds a train-loading
silo.
A fully equipped analytical laboratory is located at the coal-handling site.
Mine support facilities include a shop and warehouse, equipment yard, storage
area for explosives and drainage control facilities.

RAILWAY: Vale owns 8.43% of the Fenoco partnership and the right to transport
up to 3.5Mt per year. At the moment, Vale has 3 locomotives with a towing
locomotive, and 134 wagons, each with a capacity of 60 tonnes. This year, in order
to increase hauling capacity, Vale is buying 2 locomotives and 125 wagons.
RIO CORDOBA PORT PROCESS: Receiving Area of coal from the El Hatillo mine
(railway and trucks). Stockpiles: Coal stocking in two 420m long by 15m height
stockpiles. Each stockpile has a stocking capacity of 140kt to provide a total of
280kt. Shipping: 1,500t barges are loaded at the dock, then the coal is transported
to a deep enough zone to load ships with a capacity of up to 150kt. Marine
equipment: 4 1,500 t barges, 1 1,200t barge, and 2 3,000t barges (currently being
acquired). 1 Tugboat 30 days availability and 1,000 HP, 1 Tugboat for every
shipment with 2,000 HP, 1 Crane with 30 days availability and 12,000-tonne daily
loading capacity.
CERROLARGO SUR PROSPECT: Located in the Municipality of La Jagua de
Ibirico, department of Cesar. This prospect has a potential of 500 million tonnes
and is under exploration.
OTHER PROSPECTS: The company has 57 outstanding mining concession
applications, particularly for thermal coal and also for iron ore and copper.
INVESTMENTS: Investments in excess of US$ 1.5 billion are estimated, in order to
reach a projected production in the order of 15 million tonnes in the period.

5.7. Grupo EBX

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Jos Saade
General Manager, MPX Colombia S.A.
Av. Carrera 9 # 113-52, Of. 1803
(571) 592 22 77
Bogot, D. C.
jose.saade@mpx.com.co
http://www.ebx.com.br/grupoebx.php
CORPORATE PROFILE: The Brazilian Group EBX began its gold and iron mining
activities during the decade of the 80s. Over the last few years, it has focused its
efforts on the identification of investment opportunities in the infrastructure and
natural resource sectors: MMX (minerals), MPX (energy), LLX (logistics), OGX
(hydrocarbons) and OSX (oil services).
MPX Energa S. A. (BOVESPA: MPXE3), is a company that is listed in the Sao
Paulo, Brazil stock market.
AFFILIATE IN COLOMBIA: MPX Colombia S.A.
THERMAL COAL PROJECT IN LA GUAJIRA: The company has 68,000 hectares
(168,000 acres) that are included in the Cerrejn Formation in the municipalities of
San Juan, Fonseca and El Morro, department of La Guajira, south of the Cerrejn
Complex, where three areas have been identified where thermal coal exploitation
activities will commence as of 2012, with the goal of attaining 15 million tonnes (Mt)
per annum in 2021, in three open pit mines (Caaverales, Papayal and San
Benito) and one underground mine (San Juan). In March 2010, the company
announced resources in the amount of 1,740 Mt and reserves of 55.8 Mt.
Estimated investments for these mining developments through 2021 shall be US$
962 million.
COAL PORT PROJECT: Future production in the coal project in La Guajira shall
be transported initially by truck along approximately 150 km to our own port on the
Caribbean Sea at the Municipality of Dibulla, department of La Guajira, which shall
have a capacity of 20 Mt per annum as of 2013. Until then, piers in the cities of
Santa Marta and Cinaga (Magdalena) will be used. Estimated investments for the
port shall amount to US$ 400 million.
RAILROAD PROJECT: 3 alternatives are under study for the route for a railroad
that is to operate as of 2016, with a transport capacity of 20 Mt per year.
Investments are estimated at US$ 400 million.
CESAR PROSPECT: The Company is exploring for coal in 13,000 hectares
(32,000 acres) in the municipalities of El Paso and Codazzi in the department of
Cesar.

LA BODEGA PROSPECT: Following the acquisition of 17.5% of Canadian

exploration company Ventana Gold (TSX:VEN), EBX obtained participation
through its AUX company in the exploration projects at the La Bodega prospect,
particularly at the site known as La Mascota, considered by international experts as
being world class.
The prospect, which includes the La Bodega, Coloro and El Cuatro properties, is
located in the municipalities of Vetas and California, department of Santander. It
spans 863 hectares (2,100 acres), where close to 64,000 meters have been drilled,
finding assay values of up to 7.8 g/t.
Ventana Gold considers that the La Bodega prospect will reach an annual
production of 500,000 ounces of gold, with extraction costs of US$ 295 per ounce.
VETAS-CALIFORNIA PROSPECT: This project, also belonging to Ventana Gold
(TSX:VEN), has 3,710 hectares (9,200 acres), located in the municipalities of
Vetas and California in the department of Santander.
The prospect is located in the Santander mountain mass on the Eastern mountain
range, with outcrops of rocks of the Bucaramanga Formation (Precambrian).
OTHER PROSPECTS: The Company has 22 mining titles and 31 mining
concession applications distributed throughout the country.
INVESTMENTS: In summary, for coal developments, the company estimates that,
between 2010 and 2015, it will be investing US$ 376 million in mine exploitation
and US$ 617 million in railroad and port infrastructure. Subsequently, between
2016 and 2020, it shall invest US$ 856 million more, reaching US$ 1.85 billion.
Investments in the country for gold shall be approximately US$ 35 million initially
and could reach US$ 400 million during the period through the year 2020.

5.8. Carbones San Fernando

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Jorge E. Buitrago
Mining Manager
Av. 6 Norte No. 47N-32
(572) 6652400 ext. 110
Cali, Colombia
jebuitrago@genercauca.com
CORPORATE PROFILE: Carbones San Fernando (CSF) is an affiliate of

Genercauca S.A. ESP, an energy generation and marketing company throughout
the Colombian territory. CSF was founded in 1961 and since then, has been
dedicated to the underground exploitation of coal in the Municipality of Amag,
Antioquia. In the last 5 years, CSF has also developed mines in Jamund, Valle del
Cauca and in Cucunub in Cundinamarca, and in 2009 produced close to 300,000
tonnes of coal.
SAN JOAQUIN PROJECT: In 2007, the company started the exploitation of this
project in Amag, which consists of semi-mechanized underground mining in long
pits, with production at present of 1,000 tones/day and a forecast of 2,500
tonnes/day by the end of 2011.
INVESTMENTS: With the purpose of completing the mechanization of this mine,
CSF plans a US$ 10 million investment for coal production.

5.9. Carbones del Norte del Cesar Norcarbn S. A.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
URL:
Hugo Tamayo
Manager
Carrera 28 # 134A-11
(574) 3135258
Bogot, D. C.
norcarbon@norcarbon.com.co
http://norcarbon.com.co (under construction)
CORPORATE PROFILE: Norcarbn is a company created with Colombian capital

(Atlantic Coal and Geominas S. A.)
CERROLARGO NORTE MINE: During 2009, the company extracted 306,000
tonnes of thermal coal at this mine, located in the Municipality of La Jagua de
Ibirico, department of Cesar. The project comprises two open pit exploitation areas,
known as Cerro Largo Norte, with a maximum production of 96,000 tonnes per
year, and Cerro Largo South, with 288,000 tonnes per year.
Exploitation is performed with open pit and underground mining. The operation is
performed through mining operator companies under the companys supervision
and control.
Based on the limits established for open pit exploitation, there are reserves to be
exploited in the order of 8.2 Mt with an average 7.7:1 stripping ratio, which will be
exploited over the next 5 years.
During 2009, production capacity was 600,000 tonnes per year. It is expected to
reach 800,000 tonnes in 2011 and shall stabilize as of 2012 at 1 million tonnes.
INVESTMENTS: No information.

5.10. Minera El Roble Miner S. A.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Jorge Vera
Manager
Carrera 43A 1 Sur-69 Of. 701 Tempo Building
(574) 266 08 11
Medelln, Antioquia
javera@une.net.co
CORPORATE PROFILE: The Mina El Roble S.A. company is a national company,

whose main activity is to obtain copper concentrates.
EL ROBLE MINE: This mine, owned by the Minera El Roble S. A. Company, is the
only mine that produces significant copper volumes in Colombia. It is located 4 km
north of the Municipality of Carmen de Atrato in the department of Choc, where
the mineralization consists of pyrite, yellow copper ore and pyrrhotite in quartz and
carbonate veins.
Production at El Roble began in 1990, when the reserves were calculated at 1 Mt
with average tenors of 4.41% of copper, 3.11 g/t of gold and 9.81 g/t of silver. At
the time, the mine had a 14 kt/year production of concentrate, with 24% average
copper content. The average annual production at this mine is 8 kt of copper
concentrate.
Exploitation of the copper mineral that is carried out by the Mina El Roble S.A.
company is performed in an underground manner, using the method of sinking
blocks, achieving a 90% recovery of the deposit. The mine is scheduled to produce
96 tonnes of copper mineral per year, for which purpose it has compressors, drills,
loaders, a locomotive, tipping skips, a bulldozer and a truck equipped with a crane.
For beneficiation, crushers are used, as well as a ball mill, vibrating sieves, a
flotation battery, concentrate condensers, drum filters and conveyor belts.
Close to 50% of production corresponds to gold and platinum and the 50% balance
to copper.
INVESTMENTS: No information

5.11. Carbones de Los Andes Carboandes S. A.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Mara Victoria Saade

Manager
Av. Calle 127 # 16A-76, Of. 403 - 404
(571) 627 93 46
Bogot, D. C
informacin@carboandes.com
http://www.carboandes.com.co/portal/
CORPORATE PROFILE: Carboandes is a Colombian company involved in the

productive chain of exploration, production and marketing of coal and other
minerals.
RONDN PROJECT: This project is located in the Municipality of Rondn in the
department of Boyac and will have a portion of its coal exploitation as an open pit
mine and another portion underground. At present, it is requesting the
environmental license for the construction of this mine, in which US$ 3.4 million
have been invested in the exploration process.
Aside from indicating that there are large reserves, the company has not made the
project technical or financial information for the public.
OTHER PROJECTS: The Company has the Santa Luca and Simcota projects,
considered to have great strategic importance. However, the company does not
offer information for commercial reasons.

5.12. Greystar Resources Ltd. Sucursal Colombia

Contact:
Position:
Address:
City:
Phone:
E-mail:
Url:
Frederick Felder
Executive Vicepresident
Carrera 27 No. 36-14 Of 601
Bucaramanga, Santander
(+577) 6347778
ffelder@greystar.com.co
www.greystar.com.co
Current Development Project: ANGOSTURA GOLD PROJECT.

Stage of development: Feasibility Study.
The preliminary Feasibility Study was developed by GRD Minproc Limited, an
Australian engineering and development company. Website: www.minproc.com
Greystars wholly owned Angostura gold and silver deposit is located in the
northeastern region of Colombia, some 450 km to the north of the capital city of
Bogot, and approximately 67 km northeast of the city of Bucaramanga. The
Angostura deposit is a typical high sulphidation gold/silver deposit.
Greystar is a Toronto Stock Exchange listed Canadian public company.
Development is due to commence immediately on approval of the Environmental
Impact Study with construction of production facilities scheduled to start-up in the
first quarter of 2011. The construction phase is estimated in two and a half years,
and the initial investment will be of around 640 million dollars. The total capital cost
for the project is estimated in 945 million dollars.
Angostura mining is an open pit operation.
Mineral processing and plant design: The processing facility proposed for the
Angostura gold project has been designed to include both heap leaching and
flotation processes. The initial start-up (year 3) would entail processing of oxides,
transitional and low sulphide material by heap leaching. In year 5, the operation
would also start producing sulphide float concentrates and high sulphur
mineralization for sale to third parties, from higher grade sulphide ore by milling
and flotation process.
The pregnant leach solutions (PLS) will be treated in a Merrill Crowe process plant
for metal production. Smelting will take place in an electric induction, tilting crucible
furnace to produce Dore.
The following timeframe was devised, in order to establish the overall development
of the project and key targets.

Year 1: Phase 0. Platform for crushing and milling facilities.

Year 2: Preproduction phase 1. Construction and assembling of crushing plant.
Year 3: Heap leaching process start-up.
Year 5: Milling and flotation process start-up.
Services, plant and equipment requirements
The main surface mining equipment required for period 2011 to 2020 is as follows:
5 hydraulic shovels 29 yd3 capacity, 1 wheel loader 23 yd3 capacity, 41 trucks of
185 tons capacity, 6 bulldozers of 550 HP, 3 wheel dozers of 500 HP, 3 motor
graders of 280 HP, 3 water trucks with 30,000 gallons tanks, 1 backhoe with a
bucket capacity of 1 m3 and 6 rotary drilling equipment, crawler-mounted, with a
pull down capacity of 45,000 pounds.
Plants and ancillary facilities: Belt conveyors, crushing and milling facilities, heap
leach pads, tanks, piping, valves, submersible pumps, tailings dam construction,
Merril Crowe refinery plant, power supply, water supply, water diversion channels,
water treatment plant, access and service roads, communication systems, control
systems, fire protection systems, truck workshop, storage and handling of
concentrates facilities at port site, and mine camp and administration facilities.

5.13. Anglogold Ashanti

Contact:
Position:
Address:
Phone:
City:
E-mail:
Url:
Ramiro Santa
Corporative Affairs Vice-president
Calle 116 # 7-15 Piso 8.
(571) 657 91 00
Bogot
rsanta@anglogoldashanti.com
http://www.anglogoldashanticolombia.com/
CORPORATE PROFILE: A private South African gold mining affiliate of Paulson &
Co., whose main listing is in the Johannesburg Stock Market, and is also listed in
the Stock Markets in New York, London, Australia, Ghana, Euronext Pars and
Euronext Brussels. Among its properties in Latin America, there is the gold and
silver Cerro Vanguardia mine in Argentina, and the Morro Velho and Serra Grande
mines in Brazil.
Since 2003, when it established itself in Colombia, the company and its associates
have invested over US$ 140 million in greenfield type exploration. Since 2004, the
systematic base exploration program in the country included the exploration with
systematic sampling of active sediments, prospecting, and, in certain areas, airtransported geophysics in 112,000 square kilometres (km2) of the 113,000 square
km2 that had previously been applied for. This work concluded with the return of
104,000 km2, 423 active mining concession contracts (8,250 km2), in which the
forecast is the objective definition through pre-feasibility studies, 42 drilling targets,
and two projects with a relevant importance: La Colosa (100% AngloGold) and
Gramalote (49% AngloGold).
These prospects are operated directly by the company and with joint venture
shared risk contracts with B2Gold, Mineros S. A., Mega Uranium and Glencore.
AFFILIATE IN COLOMBIA: AngloGold Ashanti Colombia S.A.
LA COLOSA PROJECT: This is a greenfield type project discovered by AngloGold
Ashanti in 2006, that is located in the Municipality of Cajamarca in the department
of Tolima and is 100% AngloGold. AngloGold Ashanti has forecast the entry into
operation of this project for 2014, with 31 t annually, and its stabilization in 2017, at
25,5 t annually.
Based on the drilling performed and the modeling of the resources, it is considered
that this is a gold-bearing porphyry system, with tenors exceeding 0.3 g/t and
inferred resources in the amount of 12.3 million ounces.
The low copper content gold-bearing porphyry system at La Colosa is genetically
associated with intrusive porphyritics that intrude Paleozoic schists. The
mineralizations with the highest assays are associated with a group of porphyric
intrusions and gaps, with sodium calcium alterations, 5% pyrite and traces of
yellow copper ore and molybdenite.

GRAMALOTE PROJECT: This property is located in the Municipality of San

Roque in Antioquia. Through a shared risk joint venture contract with B2Gold (51%
B2Gold 49% AngloGold Ashanti), in which B2Gold is the operator and performed
the exploration of the area during 2009 by means of a drilling program.
The inferred gold-bearing resources are estimated at 74,375 million tonnes, with
tenors of 1 g/t, for a total of 2.39 million ounces of gold (NI 43-101).
The property is contained within the medium grain tonalites and granodiorites in
the Cretaceous Era batholith in Antioquia, and has had traditional artisan mining
since pre-Columbian times. In 2008, the company completed a total of 30,189 m
drilled with 90 diamond drilling bores that were added to the 12,312 m previously
drilled by AngloGold in 2007.
The mineralization consists of an intrusive with stockwork and structurally
controlled quartz and quartz pyrite veins.
QUEBRADONA PROJECT: The property, located in the Municipality of Jeric in
the department of Antioquia, contains five gold-bearing porphyry systems. In 2008,
B2Gold, the operator of the exploration, completed a 43 borehole drilling program
with a total of 13,318 m in the areas of Aurora, Isabella, La Sola, Chaquiro and
Tenedor.
The area is explored under a shared risk joint venture contract (B2Gold 51% AngloGold 49%). AngloGold has a future option to increase its share to 51% or
65%.
OTHER PROSPECTS: The company has 649 mining titles, of which 245 were
granted during 2009, and 2,702 applications for mining concessions.
INVESTMENTS: For the opening of the La Colosa mine, it is estimated that a US$
2.0 billion investment will be required for the exploration phase, and US$ 2.5 billion
additional investment to start up the mine.

5.14. B2Gold Corp.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Julin Villarruel
Corporate Affairs Director
Calle 113 No. 7-21 Office 1001 Tower A
(571) 638 61 68
Bogot, D. C.
jvillarruel@b2gold.com
http://www.b2gold.com
CORPORATE PROFILE: B2Gold Corp. (TSX-BTO) is a company with

headquarters in Vancouver, with two mines in Nicaragua and a strong portfolio of
development and exploration objectives in Nicaragua, Colombia, Costa Rica and
Eastern Russia.
B2Gold was founded as a private company in 2007 by the former administrative
team of Bema Gold Corp., which grew from junior explorer to become an
international producer and finally, was acquired by Kinross Gold Corp.
AFFILIATE IN COLOMBIA: Andean Avasca S. A.
QUEBRADONA PROJECT: The property, located in the Municipality of Jeric,
department of Antioquia, contains five gold-bearing porphyry systems. In 2008, the
company completed a 43 bore drilling program with a total of 13,318 m in the areas
of Aurora, Isabella, La Sola, Chaquiro and Tenedor.
The area is explored under a shared risk joint venture contract (B2Gold 51% AngloGold 49%).
GRAMALOTE PROJECT: This property is located in the Municipality of San
Roque in Antioquia. Under a shared risk contract with AngloGold Ashanti (51%
B2Gold 49% AngloGold Ashanti), in which B2Gold, as the operator, performed
the exploration of the area during 2009 through a drilling program. The company
expects to commence production in 2014 with an annual extraction of 150 ounces
of gold.
The inferred gold-bearing resources are estimated at 74,375 million tonnes with
tenors of 1 g/t, for a total of 2.39 million ounces of gold (NI 43-101).
The property is contained within the medium grain tonalites and granodiorites in
the Cretaceous Era batholith in Antioquia, and has had traditional artisan mining
since pre-Columbian times. In 2008, the company completed a total of 30,189 m
drilled in 90 diamond drilling bores, in addition to the 12,312 m that had previously
been drilled by AngloGold in 2007.

The mineralization consists of an intrusive with stockwork and structurally

controlled quartz and quartz pyrite veins.
MOCOA PROJECT: B2Gold acquired 100% of the interests in this area, located in
the department of Putumayo in the south of the country, which comprises the
molybdenum and copper porphyry, from AngloGold Ashanti.
The United Nations and INGEOMINAS had performed a drilling program in the
property (18,321 m) during the decade of the 70s and the 80s, indicating resources
in the amount of 306 million tonnes, with 0.37% Cu and 0.061% Mo. These values
were confirmed with the results of the drilling performed by the company during
2008.
INVESTMENTS: The Company hopes to have the Gramalote mine in operation in
2014, requiring an investment that is close to US$ 200 million. The company
expects to invest close to US$ 20 million in the Mocoa project during the
exploration phase.

5.15. Continental Gold Ltd.

Contact:
Position:
Address:
Phone:
City:
Email:
Url:
Eduardo Otoya
General Manager
Calle 7 # 39-215
(57 4) 312 1026
Medellin
eotoya@cgcolombia.com
www.continentalgold.com
CORPORATE PROFILE: Continental Gold is focused on gold exploration in

Colombia.
SUBSIDIARY IN COLOMBIA: CG de Colombia Ltda.
BURITIC PROJECT: This is an advanced stage Project at the resource definition
drilling stage. The project has 18,000 hectares in Antioquia to the northwest of
Medelln in an area with excellent infrastructure and is a high-grade vein system
related to a porphyry system. We have already drilled more than 17,000 meters
and the budget for 2010 includes 22,000 meters more.
BERLN PROJECT: This Project has 27,000 hectares and is located 100 km to the
north of Medelln. It contains a system of wide mesothermal veins more than 10
km long. This project is at the first drilling phase and the company will drill at least
4,000 meters in 2010.
OTHER PROJECTS: The Company has other projects in the department of
Antioquia, such as Lunareja and Frontino, as well as the Santander project in Norte
de Santander.

5.16. Grupo de Bullet S. A. Inversiones Mineras

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Miller Oprey
Manager
Carrera 32 # 12A-11
(574) 354 24 44
Medelln, Antioquia
info@grupodebullet.com
http://www.gdebullet.com/
http://www.cgcolombia.com/
CORPORATE PROFILE: The Grupo de Bullet S. A. has been focused on the

search of precious minerals in Colombia for over 30 years now.On the other hand,
Continental Gold Corp. is a company with headquarters in Bermuda, which is
associated with the de Bullet Group and that has seven properties in Colombia that
add up to close to 100,000 hectares, including the Buritic gold mine and two joint
venture companies with AngloGold Ashanti in Santander, in the vicinity of La
Bodega (Ventana Gold) and Angostura (Greystar Resources).
In October 2009, the company acquired control of Canadian company Cronus
Resources Ltd. (TSX-V; CZR), with which it shall gain access to the Toronto Stock
Market.
JOINT VENTURE PROJECTS: Other properties in the portfolio include to joint
venture agreements with AngloGold Ashanti, known as Santander, which add up to
5,000 hectares in the vicinity of the La Bodega (Ventana Gold) and Angostura
(Greystar Resources) projects.
OTHER PROSPECTS: The Bullet Group has nine gold mining prospects that that
are being applied for at present.
INVESTMENTS: The Company estimates that it will be investing over US$ 100
million in the next few years in its various projects.

5.17. Cosigo Resources.

Contact:
Position:
City:
E-mail:
Url:
Andrs Rendle
Exploration Vice president
Vancouver, Canada
andy@cosigoresources.com
http://www.cosigoresources.com
Contact:
Position:
POB Box:
Phone:
City:
E-mail:
Diego Andrs Ramrez G.

Legal Representative for Colombia
246010
(571) 2856199
Bogota
diego@cosigoresources.com
CORPORATE PROFILE: Canadian junior organization that arose as the result of

the union of the efforts of small miners, has Colombian participation, and is
headquartered in Vancouver. The company is dedicated to the exploration of
minerals under the focus on best practices in environmental, ethical and social
aspects.
AFFILIATES IN COLOMBIA: Cosigo Resources Inc. and Cosigo Frontier Mining
Corporation%
TARAIRA PROJECT: Exploration in an area with 9,973 hectares plus 900 m2,
located in the jurisdiction of the Municipality of Taraira in the department of
Vaups, in the area of State investment known as Taraira, by means of the mining
concession system established by Law 685 issued in 2001.
The project is suspended and, since May 2008, procedures are being carried out
before the Ministry of the Environment to extract it from the forestry reserve.
OTHER PROJECTS: The Company has three (3) mining titles. These titles are
distributed as follows: one (1) title for gold in the Valle del Cauca and two (2) titles
for gold in Vaups.
INVESTMENTS: These have not yet been defined by the company.

5.18. Goldman Sachs Group

Contact:
Position:
Address:
Phone:
City:
Url:
Juan Carlos Gmez

Colombian Natural Resources Manager
(571) 658 50 50
Bogot, D. C.
http://www2.goldmansachs.com/
CORPORATE PROFILE: Goldman Sachs JBWere is a financial services

organization that offers a wide range of consulting services in investments,
consulting, financing, safety, and project execution for a diversified group of clients,
which includes corporation, financial institutions, governments and individual
investment banking entities.
AFFILIATE IN COLOMBIA: Colombian Natural Resources I is the owner of La
Francia and Colombian Natural Resources II owns La Francia II.
LA FRANCIA I MINE: In January 2010, the company closed the acquisition of the
La Francia mine (also known as La Francia A/B), which was owned by CoalCorp
Inc., who received US$ 100 million, and the La Francia II mine, which was owned
by Adromi Capital, who received US$ 51 million.
In the purchase, Colombian Natural Resources I remained as the operator,
agreeing to deliver a supply of 2.4 Mt per year to the new owner, under a contract
worth US$ 50 million.
CoalCorps projects before the sale were to lead the La Francia production to six
million tonnes; however, due to C. I. Prodeco S. A.s announcement not to continue
with the contract to transport its coal to Puerto Ziga in Santa Marta, and on
account of the fact that the transaction is so recent, the new owners projections
are not yet known.
The open pit La Francia coal mine is located in the Municipality of La Loma,
department of Cesar. It has been operated since 2004 by Compaa Carbones del
Cesar (a subsidiary of CoalCorp Inc.). At present, it has a 2.4 Mt per annum
production capacity.
The coal is transported in trucks, a distance of about 200 km to the ports of Santa
Marta and Barranquilla, or is sold at mine mouth.
The mine is in the Tertiary age Cesar Ranchera basin, where all of the coal
mines of Cesar and La Guajira (including the Cerrejn Complex) are found. The
coal is contained in the Los Cuervos (Paleocene) Formation, which, in turn, is
divided into the High, Medium and Low members, the Medium member being the

bearer, which comprises a sequence of arcillites, siltstones and sandstones and up

to 60 coal seams.
Based on technical report NI 43-1016 dated 2005, the quality of the coal indicates
5.15% ash, 11,456 BTU/lb and 0.67 sulfur content. The moisture content is
generally high, and can be affected during rainy seasons, with the consequent
reduction in calorific value.
LA FRANCIA II MINE: Also known as La Francia C/D, this mine is located in the
Municipality of El Paso, department of Cesar. As in the case of the mine above, its
coal is found in the Middle member of the Los Cuervos Foundation of the
Paleocene Age. The seams that are present in the area exhibit continuity greater
than 3.6 km, with dips of 22 to 33 towards the Southeast. Two seams with an
average two-metre thickness are the ones that show the greatest mining potential
in the area and are the ones that are being exploited at present in the La Francia I
(A/B) mine7.
Structurally, the basin consists of a series synclines and anticlines in a Northeast
Southeast direction, which are intercepted by normal and inverse faults (El Hatillo
and Descanso), as a result of post-depositational tectonic activity.
INVESTMENTS: Neither this company nor its operator has reported about forecast
investments.
SRK CONSULTING, 2007. Pre-feasibility study; Compaa Carbones del Cesar, La Francia mine. 90 pages.
http://www.coalcorp.ca/common/uploads/1172027994-La%20Francia%20001_brig_Final.pdf
7
MARSTON & MARSTON INC. 2007. Technical report on the La Francia pit C/D. Colombia, South America.
125 pages. http://www.coalcorp.ca/common/uploads/1195001222-1_Final_LaFrancia_TechRpt_111207.pdf

5.19. Coalcorp Mining Inc.

Contact:
Address:
Phone:
Ciudad:
E-Mail:
Url:
Oscar Torres.
Calle 113 # 7-80 Piso 12
(571) 658 50 50
Bogot, D. C.
oscar.torres@aaascolombia.com
http://www.coalcorp.ca
CORPORATE PROFILE: CoalCorp Mining Inc. (TSX:CCJ) is a company with

interests in mining exploration and development in Colombia, where it also has an
8% interest in the Ferrocarriles del Norte de Colombia (Fenoco) railroad.
After having sold off the La Francia I and La Francia II mines, the company is only
left with its participation in the La Caypa mine as a mining asset in Colombia.
AFFILIATE IN COLOMBIA: Carbones Colombianos del Cerrejn S. A.
LA CAYPA MINE: This mine (60% CoalCorp, 40% Xira Investments Inc.) is
located in the Municipality of Patilla, in the department of La Guajira, and has been
in production since 1993. As of 1996, the mine has been operated by Carbones
Colombianos del Cerrejn. The coal that is extracted, classified as highly volatile
bituminous Type B and C, is transported 250 km by truck to the Carbosan port in
Santa Marta.
The project developed to date, and its future expansion, comprises an open pit
coal mining exploitation system in multiple pits, using the shovel truck method,
which refers to the equipment used in the extraction, loading and transport tasks
for over- and inter-burden and coal.
The coal is contained in the Cerrejn Formation, which comprises an alternating
sequence of sandstones, siltstones and coal, from the Triassic to Paleocene Age,
with a thickness of approximately 900 m. According to a report issued by SKR
Consulting (2005)8, proven reserves reach 8.8 Mt, which are prone to being
increased with drilling programs.
The company, which during 2009 reached a production of 1.78 Mt, also has an
8.4% interest in the Ferrocarriles del Norte de Colombia Fenoco railroad for coal
transport.
SRK CONSULTING INC. 2005. Pre-feasibility study: Carbones Colombianos del Cerrejon Mine. 52 pages.
http://www.coalcorp.ca/common/uploads/1132952097-pre_feasibility_study_Cerrejon_mine.pdf

5.20. Galway Resources Ltd.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Alfonso Gmez
Administrative Director
Carrera 14 No 93 B- 29 of. 205 y 206
(571) 6225863
Bogot, D. C.
agomez@galwayresorces.com
www.galwayresources.com
CORPORATE PROFILE: Galway Resources Ltd. (TSX-V:GWY) is focused on

gold and coal exploration in Colombia.
SUBSIDIARY iN COLOMBIA: Galway Resources Holdco Ltda.
GALCA PROJECT: This coal project comprises 77 mining concessions that cover
a total of 32,000 hectares (79,073 acres), located between the municipalities of
Aguachica and San Alberto in the department of Cesar, selected on the basis of
seismic logs and geological studies derived from drilling for oil. The project has a
favorable infrastructure, given that the Fenoco railroad concession goes through
the areas, and both the Magdalena River and the national highway to the
Caribbean coast and its ports go by the Western border of the project property.
The project development is carried out through a joint venture contract with
Prodeco (a Colombian subsidiary of Xstrata), which has commenced with an initial
program with 19 drillings, concentrated in two areas in the northernmost and
southern border of the property, which are considered as the areas with the largest
surface coal potential.
CALIFORNIA PROJECT: Galway has obtained mining titles over 335.6 hectares
(829 acres) in the gold-bearing district in the Municipality of California, department
of Santander. The properties are located 1.5 km to the Southeast of the Ventana
Gold La Bodega project and 3 km from the Greystar Resources Angostura project.
The company has announced the results of the sampling program for Phase I,
where it took 1,500 samples, of which 952 were analyzed, and has completed the
historical data. At present, the company is demarcating the drilling objectives.
The high degree of mineralization, exceeding 6 m of 63 g/t of gold, and 451 g/t of
silver, was included in the sampling. The main sections of the area are: El Dorado,
Machuca and Pi de Gallo.
OTHER PROJECTS: The Company has prospects in the department of
Cundinamarca for the exploration of coking coal (30,360 acres) and for thermal
coal in La Guajira (8,200 acres) and Cesar (6,980 acres).

The company has 60 mining titles, 53 of which were granted during 2009, as well
as 102 mining applications.
INVESTMENTS: For the Galca project feasibility studies, the company has
announced a total initial investment in the amount of US$ 7.5 million.

5.21. Medoro Resources Ltd.

Contact:
Position:
Address:
Phone:
Mobile:
City:
E-mail:
URL:
Linda Dorrington
Director, Investor Relations
Cra 11A No. 94-45. 8th Floor, North Wing.
(57 1) 743 2140 ext 116.
1 416 917 1664.
Bogot - Colombia
ldorrington@medororesources.com
http://www.medororesources.com/
CORPORATE PROFILE: Medoro Resources Ltd. (TSX-V: MRS) is a mining

project exploration and development company with an emphasis on Colombia and
with headquarters in Toronto, aimed towards the acquisition of interesting goldbearing properties, to develop them. Moreover, the company has properties in
Venezuela and other areas in South America.
AFFILIATE IN COLOMBIA: Medoro Resources Colombia Inc.
MARMATO MINING DISTRICT PROJECT: According to the technical report,
based on Standard 43-101, the Medoro mines possess measured and indicated
resources in the amount of 7.49 million ounces of gold, based on 80,000 metres of
diamond drillings performed in 379 different places with the necessary technical
specifications with respect to cutting grades (0.3), which permits measuring and
calculating the future production capacity of the mine, estimated at 250,000 ounces
per year, in comparison with the 25,000 ounces extracted in 2009. The company
estimates that it has 15 million ounces in gold resources.
ZONA ALTA PROJECT: Located in the upper area of the Municipality of Marmato,
it was acquired from Colombia Goldfields Ltd. in October 2009. Technical report NI
43-101 was delivered the same month, giving an account of measured and
estimated gold resources in the amount of 2.3 million ounces, contained in 88.2
million tonnes, with an average tenor of 0.82 g/t. Furthermore, estimated resources
exceed one million ounces contained in 27.6 million tonnes, with an average tenor
of 1.21 g/t.
The company has stated that it is ready to commence exploration and drilling
activities in Zona Alta in order to continue with a program based on the results,
which allows updating and expanding its gold resources in the region.
Medoro Resources has announced investments in the amount of US$ 100 million
in the drilling phase.
ECHANDA MINE PROJECT: With the purchase of close to 100% of the shares of
Colombia Gold plc., a private company with headquarters in the United Kingdom,
Medoro has acquired the Echanda gold-bearing property adjacent to Zona Alta.

Based on the aforementioned technical report, submitted in January 2010, the

measured and indicated gold resources have been estimated at 1.08 million
ounces (48.5 million tonnes with average tenors of 0.69 g/t) and inferred resources
estimated at 0.274 million ounces of gold (10.6 million tonnes with an average
tenor of 0.8 g/t).
ZONA BAJA PROJECT: As part of its consolidation in the region, Medoro has
signed a letter of intent for the acquisition of all of the shares of Mineros
Nacionales S. A., which possesses a mine and an ore concentration plant in the
area known as Zona Baja in the Marmato mining district. This acquisition is to take
place in mid-February 2010.
Zona Baja is located directly below Zona Alta and contains a gold mine that is in
operation, with its ore concentration plant, which is producing close to 25,000
ounces of gold at present, according to Mineros Nacionales S. A. reports.
Technical report NI 43-101 has been commissioned by Medoro and its delivery is
foreseen to take place during the first quarter of 2010.
FRONTINO GOLD MINES MINE: The acquisition by Medoro Resources of the
Frontino Gold Mines underground exploitation mine located in the Northeastern
Antioquia mining district in the Municipality of Segovia in the amount of
approximately US$ 180 million was officially announced in February.
Based on the information provided during the press conference, the company
estimates that, in order to adapt production to its needs, an investment of US$ 100
million will be necessary, distributed as follows: US$ 50 million in exploration, and
US$ 50 million in adapting the mine to industrial safety and environmental
protection standards. Moreover, investments in the range of US$ 600 to 700 million
are foreseen during the next three years in order to increase production from
60,000 ounces to 400,000 ounces per year.
Estimated reserves are 250,000 ounces, but the company expects that the
exploration activities will permit reporting a significant increase in this figure.
INVESTMENTS: The Company plans to invest US$ 100 million in the development
of the Marmato mining district project. For the expansion of Frontino Gold Mines,
an estimated US$ 700 million will be invested in the next three years.

5.22. Colombian Mines Corp.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
URL:
Gloria Carrington
Manager
Cr.20 # 2SUR-240 Casa 121, San Sebastian del alameda
(574) 3175673
Medelln, Antioquia
acolombiana@aol.com
http://www.colombianminescorp.com
CORPORATE PROFILE: Colombian Mines Corp. (TSX-V: CMJ), with

headquarters in Vancouver, was incorporated in the Province of British Columbia
Canada in 2006, and in the same year, it merged with Corporacin Minera de
Colombia S.A. to assess, acquire and develop mining projects in Colombia.
AFFILIATE IN COLOMBIA: Corporacin Minera de Colombia S. A.
ANOR PROJECT: In an area surrounding the Solferino project (Yamana Gold
Corp.), in the municipalities of Anor and Amalfi, in the Northeastern Antioquia
mining district, the company has 2,535 hectares in which it has commenced an
exploration process.
RO NEGRO PROSPECT: The reconnaissance samples report for this project,
located in the Vetas California mining district in the department of Santander,
indicates values of 6.6 g/t of gold along 0.25 m of a structural lineal structure in a
northeasterly direction. Another sample for the same structure indicated 3.2 g/t of
gold along 0.45 m.
The mineralized structures run parallel to the La Mascota (Ventana Gold) and
Angostura (Greystar Resources) deposits.
The company plans to develop sampling channels, geological maps and
geochemical and geophysical studies, particularly in lesser exposed areas in the
property.
YARUMALITO PROSPECT: Located in the Marmato mining district in the
departments of Antioquia and Caldas.
Colombian Mines Corp. has an agreement for an option to acquire 100% of the
1,425 hectares that make up Yarumalito.
According to company reports, since its discovery in 1988, close to 13,000 ounces
of gold have been produced in the property through small-scale mining.

NUN-CISNEROS PROJECT: The project is located in the northeast of Antioquia

into Antioquia batholith. It comprises three mining concessions covering 4491.5
hectares altogether. The area of interest is a mesothermal deposit with controlled
mineralization by fractures.
CERRO DE COBRE PROJECT: Located near to the Guavio Hydroelectric
Generation Plant in the department of Cundinamarca, this project is in the
preliminary analysis stage for copper mineralizations contained in gapped
carbonated sediments. At this time, soil samples are being taken.
EL DOVIO PROJECT: Consists of a concession application for 9,295 hectares
located in the municipality of El Dovio in the Valle del Cauca.
The known mineralization is hosted in a Caasgordas formation also hosts the
VMS type deposit El Roble to the northeast. The historical exploration identified
an area of mineralization between 2-15 meters thick that can have an extension in
the direction of up to 1km. Recent sampling conducted by the company obtained
values of 9.29 grams of gold per tonne (g7t Au), 54.3 grams of silver per ton (54.3
g7t Ag) and 10.25 Copper. Other examples of material previously collected in mine
yielded values up to 25.33 g / t Au, 60.1g / t Ag and 12.8% Copper. The historical
exploration indicates an ore body with average values of 4-5 g / t Au, 20 g / t Ag,
2% copper and 2% zinc.
The deposit of interest rate Besshi-VMS is similar to El Roble, along with a
mineral source area preserved. The company plans to rehabilitate the tunnels and
make soil sampling to define the perforation zones.
VENECIA PROJECT: The Venecia Project consists of 2,600 hectares located
south of the department of Antioquia near the municipality of Venecia. The property
is adjacent to the porphyry gold-copper La Mina. The geology of the project
consists of metamorphosed rocks of the volcano-sedimentary formation
Caasgordas north of the project while the southern and central areas are
dominated by very young rocks of Tertiary age volcano-sedimentary formation
Combia that have been intruded by stocks Eocene diorite. Recent work of the
company has identified a large area not documented mineralized and altered
outcrops.
The area of interest is porphyry copper-gold similar to La Mina in the vicinity of the
project Yarumalito of the company. The company currently anticipates soil
sampling and channel outcrops on the property.
OTHER PROSPECTS: The Company has 16 mining of which 14 were awarded
during 2009 and 100 applications distributed across the country.
INVESTMENTS: The Companys investment for 2010 will be approximately USD$
3,000,000.

5.23. Anglo American Plc

Contact:
Position:
Address:
Phone:
City:
E-Mail:
URL:
David Fincham
President
Carrera 13 # 94A-44, Of. 302
(571) 623 75 23
Bogot, D. C.
dfincham@anglocolombia.com ; dfinchman@anglochile.cl
http://www.angloamerican.co.uk/
CORPORATE PROFILE: A mining company with headquarters in London

(LSE:AAL). Anglo American is one of the leading and most diversified producers of
raw materials in the world. It produces platinum, diamonds (through a 45% share
in the De Beers Group), coal, base metals (copper, zinc, nickel, etc.), and
construction materials.
In Colombia, it owns 33% of the El Cerrejn mine, which is reported on separately
in this report, and 100% of the Acand project.
AFFILIATE IN COLOMBIA: Anglo American Exploracin Colombia S. A.
ACAND PROJECT: By means of a public tender held in August 2007, the
company obtained the right to explore and exploit an area with 1,651 hectares
(4,080 acres) located in the Municipality of Acand, department of Choc. On
account of this award, the company shall pay the Colombian State Col$ 700 million
for the use of the information, with a 2% additional consideration to the payment of
royalties during the exploitation stage of the project.
OTHER PROSPECTS: The Company has 28 mining titles, of which 21 were
awarded during 2009, plus 231 mining concession applications distributed
throughout the country.
INVESTMENTS: No reports are available on the investment amounts because
they require authorization from their headquarters to release them.

5.24. Cordillera Exploraciones

Contact :
Position:
Address:
Phone:
City:
E-mail:
Hamyr Gonzlez
Exploration Manager
Carrera 13 # 94-44 Of. 302
(571) 7455000
Bogot, D. C.
hamyr.gonzalez@cordillera-expl.com
CORPORATE PROFILE: is a subsidiary of Glencore International AG that is a

private company that is owned by its managing directors and employees, with
headquarters in Baar, Switzerland. The company operates in 50 countries through
60 offices and, in Latin America, has a presence in Colombia, Ecuador, Peru,
Bolivia, Paraguay, Brazil, Uruguay, Argentina and Chile, Colombia being one of the
most important countries for this multinational companys operations.
This company is one of the worlds largest suppliers of a wide range of
commodities and raw materials (metals, minerals and coal, crude oil and its
derivatives, and agricultural products). Among its main clients are the automotive
industry, power generation, steel production and mineral processing industries.
AFFILIATE IN COLOMBIA: Cordillera Exploraciones S. A.

5.25. Inversiones Argos

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Agustn Rabat
Technical Center Manager
Carrera 7 # 71-21 Tower A, 5th Floor
(571) 606 94 00 Ext. 1186
Bogot, D. C.
arabat@grupoargos.com
http://www.argoscom.co/wps/portal
CORPORATE PROFILE: Argos is the leader in the Colombian cement industry,

with a 51% market share. It is the fourth cement producer in Latin America, with
investments in Panama, Haiti and Dominican Republic. It is the sixth concrete
producer in the United States and, furthermore, exports cement and clinker to 27
countries.
In Colombia, Argos is the largest transporter of land cargo. Within the expansion
process and assurance or resources, Argos has is own electricity generation plants
for its productive processes, which provide the company with a 250 MW installed
capacity, thus controlling the availability and cost of this input.
PRODUCTION: In Colombia, the company has an annual 1.7 million cubic metre
production capacity, with 40 production plants and 230 cement mixers for
transport.
Moreover, Argos has eight aggregate (gravel and sand) plants, strategic inputs for
the production of concrete, which add up to a capacity of 810 tonnes per hour and
are distributed as follows: 1) Arroyo de Piedra plant in Barranquilla, department of
Atlntico; 2) Sierra Vieja plant in Barranquilla, department of Atlntico; 3) Medelln
Bogot Highway plant in Bello, department of Antioquia; 4) Vereda Cabildo plant
in Girardota, department of Antioquia; 5) Cali Plant in Yumbo, department of Valle
del Cauca; 6) Guayabetal plant in Guayabetal, department of Cundinamarca; 7)
Tol plant in Tol, department of Sucre, and 8) Valledupar plant in Valledupar,
department of Cesar.
INVESTMENTS: The company has proposed to the Shareholders Assembly the
destination of US$ 400 million from the profits during 2009 for investment;
however, no indication has been made on how much of this amount will be
invested in mining expansion.

5.26. Holcim Ltd.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Victoria Eugenia Vargas

Corporate Affairs Director
Calle 113 # 7-45, Torre B, 12th Floor, Teleport Business Park Building
(57-1) 6295558, ext. 2302
Bogot, D. C
victoria.vargas@holcim.com
http://www.holcim.com.co
CORPORATE PROFILE: Holcim (Colombia) S.A. is a company that belongs to the

Swiss Holcim Group, leader in the worldwide cement industry and one of the main
suppliers of cement, concrete and aggregates, in addition to all services related
with construction. It has majority and minority interests in around 70 countries in all
continents and a payroll of more than 90,000 employees around the world.
In Colombia, the companys work is concentrated in the production and marketing
of maximum quality cement and concrete and in the extraction and handling of
alluvial and limestone materials (aggregates); specialized services in transport of
materials and products through Transcem S.A.; and the service of ecological final
disposal of industrial wastes through Eco-Procesamiento Ltda.
AFFILIATE IN COLOMBIA: Holcim Colombia S.A.
CHOCONT AGGREGATE QUARRY: The Chocont Plant is located at kilometer
65 on the Bogot - Tunja highway (5 km away from Chocont, Cundinamarca),
Retiro de los Blancos district, aggregate quarry.
MANAS AGGREGATE QUARRY: Located in the city of Bogot at the Av. Boyac
# 76-08 Sur.
Both plants have mining machinery for the processing of exploitation, crushing,
classification and washing of alluvial and limestone materials. Moreover, both
plants are certified with the ISO 9001:2000 Standard in the case of stone
aggregates and with the ISO 14001 Standard for environmental care.
INVESTMENTS: No response.

5.27. Ventana Gold Corp.

Contact:
Address:
Phone:
City:
E-Mail:
Url:
Blanca Estella Fras

Carrera 27 # 36-14, Centro Empresarial Suramericana, Of. 312
(577) 634 30 80
bsfrias@ventanagold.com
http://www.ventanagold.com
CORPORATE PROFILE: Ventana Gold Corp (TSX:VEN) is an exploration

company specializing in precious minerals, with properties in Colombia and its
headquarters in Vancouver.
AFFILIATE IN COLOMBIA: CVS Exploration Ltda.
LA BODEGA PROSPECT: After the acquisition of 17.5% of Ventana Gold, EBX
obtained participation in the exploration projects at the La Bodega prospects,
particularly in the location known as La Mascota, which is considered to be world
class.
The prospect, which includes the La Bodega, Coloro and El Cuatro properties, is
located in the municipalities of Vetas and California, department of Santander. It
comprises 863 hectares (2,100 acres), where close to 64,000 metres have been
drilled, finding assays as high as 7.8 g/t.
Four areas of interest have been discovered: La Bodega, considered to be an
extension of Greystar Resources Angostura property; La Mascota, a high assay
mineralization located southeast of the area; Las Mercedes, which is being drilled
at present and is located South of La Mascota; and Aserradero, discovered in June
2009.
Ventana Gold considers that an annual production of 500,000 ounces of gold will
be reached in the La Bodega prospect, with a cost of extraction of US$ 295 per
ounce.
CAL-VETAS PROSPECT: This prospect has 3,710 hectares (9,200 acres),
located in the municipalities of Vetas and California in the department of
Santander. The results of the analyses of the active sediment samples encourage
the drilling program that is being undertaken at present.
INVESTMENTS: The investments to open the operation are estimated at US$ 400
million.

5.28. Votorantim Siderurgia

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Luis Parra
President
(571) 651 73 00
Bogot, D. C.
luis.parra@pazdelrio.com.co
http://www.pazdelrio.com.co/
CORPORATE PROFILE: Votorantim Siderurgia belongs to the Votorantim Group,

a privately held, closed capital company dedicated to the production of electrolytic
nickel, zinc, and steel bars in Brazil. Furthermore, it is engaged in providing
business administration services, economic feasibility studies for investments,
manufacturing projects for mining and other industries, participation in other
companies, import and exports in general, the sale of primary products,
manufactured and semi-manufactured.
AFFILIATE IN COLOMBIA: Paz del Ro S. A.
ACERAS PAZ DEL RO: Votorantim Siderurgia owns 72.67% of this company,
founded 60 years ago and dedicated to the exploration, exploitation and
transformation of iron ore, limestone and coal into steel products and its derivatives
in iron and steel processes.
The productive process comprises four major stages: Mining, Primary Manufacture
(sintering, coking and blast furnace), steel manufacture (converters and electric
furnace) and lamination. Over the last 15 years, its production has been slightly
above 300,000 tonnes/year. Despite variations in the price of fuels and other
inputs, its availability and other factors that affect the plants production, these
volumes have been quite stable.
The company expects to increase production from 380,000 tonnes to 700,000
tonnes of steel per year in 2012, for which reason the lamination mill trains need to
be modernized, a regeneration room for the blast furnace will be built, the
operation of the gantries for transport of pig iron will be improved, and differential
milling will be implemented.
The iron deposits are of an oothic lithic nature, mainly lithic and principally
hematite, and are characterized by various stratigraphic levels of the inferior and
middle Tertiary Era. However, the economically exploitable deposits correspond to
the Concentration Formation and their age is considered to be of the Middle
Eocene Oligocene era. The iron strata exhibit 4 m to 7 m thicknesses and are
found interspersed in horizons of conglomerates, sandstones and clay.
EL UVO MINE. Underground exploitation mine with an average annual
production of 1,500 tonnes of iron.

EL UCHE MINE. Open pit exploitation mine with an average annual

production of 1,200 tonnes of iron.
LA CHAPA MINE. Underground exploitation mine that contributes close to
10% of the coking coal consumed. The rest of the coal is purchased from
mines near the operation.
OTHER PROSPECTS: The Company has 233 mining titles, of which 194 were
granted during 2009, as well as 476 applications for mining concessions.
INVESTMENTS: The Company has announced investments in the amount of US$
30 million for the modernization of its iron and steel plant.

5.29. Yamana Gold

Contact:
Position:
Address:
Phone:
Mobile:
Mobile:
E-mail:
URL:
Franyo A. Zapata.
Exploration Manager Colombia
Av. Cisternas 610. La Serena Chile.
(56-51) 220695 Anexo 200
(56-9) 8 4192946 Chile.
(57) 3134953179 Colombia.
franyo.zapata@yamana.com
http://www.yamana.com/
CORPORATE PROFILE: Yamana Gold (TSX:YRI; NYSE:AUY; LSE:YAU) is a

company specialized in exploration, with headquarters in Canada, with properties
and exploration projects in Brazil, Argentina, Chile, Mexico and Colombia. Its
objective is the consolidation of opportunities in gold-bearing properties in the
Americas.
SOLFERINO PROJECT: The Company acquired from Colombian Mines
Corporation, a mining concession and its associated small production mine known
as Solferino, located in the Northeastern Antioquia mining district, in the
Municipality of Anor, department of Antioquia, in the center of Colombia. The
Solferino mine was initially by the Compagnie Franaise de Segovia in 1880 and is
still in operation, with a 10 tonne production per day, with tenors between 20 g/t to
40 g/t.
Prior and recent underground work has permitted the definition of a system with a
200 m length and a minimum 70 m vertical expression. The company has identified
and sampled two main high-tenor quartz seams.
INVESTMENTS: Yamana has forecast a one million dollar investment for 2010 in a
five thousand metre drilling program. The exploration program at Solferino shall be
focused on determining the potential of the mineral resource.
The budget of this company for investments in Latin America beginning in 2010 is
US$ 80 million.

5.30. Miranda Gold Corp.

Contact:
Position:
Address:
Phone:
Mobile:
E-mail:
URL:
Kenneth D. Cunningham
President & CEO
5900Philoree Lane. Reno Nevada. USA 89511.
775 849 2347
775 560 2347
mad4au@gmail.com
http://www.mirandagold.com/s/Colombia.asp
CORPORATE PROFILE: Miranda Gold Corp. (TSX-V:MAD) is a Nevada

exploration company that has an emphasis on gold. The following are among its
previous partners: Barrick Gold Exploration Inc., Newmont Mining Inc., Newcrest
Resources Inc. and Placer Dome Inc.
In December 2009, Miranda Gold Corp. announced an association agreement with
Expo Gold Colombia S. A. (100% Red Eagle Mining Corp.), who contributed 45
mining titles in order to commence exploration projects in Colombia. In January
2010, ExpoGold was acquired by Red Eagle Mining Corp. The addition of projects
in Colombia to the companys portfolio is a strategic decision in keeping with the
need to increase the value of the shares through the discovery of world class goldbearing deposits in an unexplored jurisdiction.
AFFILIATE IN COLOMBIA: Expo Gold Colombia S. A.
PAVO REAL PROJECT: This project is located in the department of Tolima, 20
km away from the city of Ibagu and 45 km southeast of the AngloGold Ashanti La
Colosa project.
INVESTMENTS: In January 2010, a joint venture was entered into with Red Eagle
Mining Corp. in the amount of US$ 700,000 to commence exploration works in the
area. Investments in the Pavo Real project beginning in 2010 will be one million
dollars per year during four years.

5.31. Orofino Gold Corp.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
URL:
John Martin
Manager
1702 Chinachem Tower 34-37 Connaught Road Central
+852 3106 3332
Hong Kong, China
info@orofinogold.com
http://orofinogold.com/
CORPORATE PROFILE: Orofino Gold Corp. (OTC-PK:ORFG) is an international

company specialized in the acquisition, exploration and development of goldbearing properties in Mexico and Colombia.
SENDEROS DE ORO PROJECT: This project is located in the South of Bolvar
and the company has publicly stated that, based on preliminary results obtained,
this will be another success story, since it is in the vicinity of Ventana Gold, having
similar structures, high tenors and disseminated surface deposits contained in
intrusive rocks of the Mesozoic Era.
The company considers that it has inferred resources of four million ounces of gold
in a 63-hectare area, and contained in a granodiorite with tenors of 0.22 g/t of gold.
INVESTMENTS: The Company has announced a US$ 10 million investment
between 2010 and 2015, which shall be invested in the studies required for the
feasibility of the project.

5.32. Oroandes Resource Corp.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
URL:
Nick Daniel
External Relations
910-510 Burrard Street
604.662.8186
Vancouver, Canad
info@oroandes.com
http://oroandes.com/
CORPORATE PROFILE: In July 2008, Avalanche Minerals Ltd. changed its name
to Oroandes Resource Corp. (TSX-V:OAR). This company, with headquarters in
Toronto, has gold-bearing properties in Colombia and Ecuador.
AFFILIATE IN COLOMBIA: Avalanche Minerals Colombia S. A.
ALTO EL TORO PROJECT: Located in the Municipality of El Lbano, in the
department of Tolima, this project has 3,606 hectares located on the Eastern flank
of the Eastern mountain range.
The property has two small scale mines known as Lbano and Sirpe (El Gran
Porvenir), which have been permitted to continue operating, with a maximum
production of 80 and 50 tonnes per day, respectively. Both mines can be acquired
in advance if OroAndes decides to accelerate the payments.
Traditional mining in the region has centered in quartz and sulfur veins associated
with intrusive igneous events that affected the carbonated shales of the Cajamarca
Complex, whose thickness ranges from 2.5 m to 4.5 m and extend 3.5 km inside of
the property. Recent investigations have revealed other mineralizes veins that are
close to each other.
The independent report prepared by SRK Exploration Services confirms the
presence of epithermal characteristics and notes that the area may compromise an
epithermal poly-metallic system of veins and seams.
INVESTMENTS: The report on investment amounts is not available.

5.33. Bandera Gold

Contact:
Position:
Address:
Phone:
E-Mail:
Url:
Daniel Quartas
Project Director
Suite 6, 3908-97st Edmonton, Alberta Canada, T6E 6N2
1-877-642-7622
info@banderagold.com
http://www.banderagold.com
CORPORATE PROFILE: Bandera Gold Ltd. (TSX-V: BGL) is a Canadian

exploration company with interests in North and South America. Bandera has 10
properties in the department of Antioquia where it has been operating since 2004.
AFFILIATE IN COLOMBIA: Nueva California S. A.
BELMIRA PROJECT: Located in the Municipality of Belmira, department of
Antioquia, in an area with over 150 years of records in mining activity.
At present, it is in the process of assessing the information for the preparation of
the NI 43-101 technical report; however, the company has reported the following
results:
Geochemical and active sediment samplings show that gold-bearing mineralization
is broadly distributed throughout the property. The potential for exploration has
been estimated at one million tonnes, with which it is possible to plan a small
underground exploitation. In accordance with the economic parameters and
estimates performed, the mineral resources to be defined should count with tenors
in the order of 10 g/t in order to be of economic interest. A 4,000 metre drilling
program with 16 bores has been planned in the areas of Finlandia, Reventn and
Buenaventura, with a cost of approximately US$ 1.2 million.
INVESTMENTS: The Company does not reveal the amount of its investments; it
only indicates that, at present, its average costs are US$ 1.2 million per year.

5.34. Bearing Gold Corp.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
Url:
Rafael Guillermo Silva Silva

Manager
Calle 49 # 28-10 Of. 401
(577) 578 24 93
rsilva@eldoradominas.com
http://www.bearinggold.ca
CORPORATE PROFILE: Bearing Gold Corp. (CDNX:SRW) is a company with

headquarters in Alberta, Virginia, dedicated to the exploration, evaluation and
application for mining properties.
AFFILIATE IN COLOMBIA: El Dorado Minerals Associated Ltd.
CERRO PLATEADO PROJECT: 495 hectares located in the Municipality of
Frontino, department of Antioquia, on the Western mountain range. There is
traditional craft mining on the property. At present, the company is in the detailed
sampling stage in order to define the most important areas. The company has
planned bringing the project on stream in 2012, with an annual production of 0,8 t.
INVESTMENTS: Dorado Minerals Associated Ltd. has not reported the
investments that it will make.

5.35. Bellhaven Copper & Gold

Contact:
Position:
Address:
Phone:
City:
E-mail:
Url:
Nestor Daro Londoo

Manager
Carrera 48 # 44-20
(574) 862 79 20
Medelln, Antioquia
aurumexplorationinc@gmail.com
http://www.bellhavencg.com
CORPORATE PROFILE: the Bellhaven Copper & Gold Mining Company (TSXV:BHV) possesses a well-diversified portfolio of securities, with several gold and
copper projects in Panama. Four of the existing projects already have a resource
(in general terms, in accordance with NI 43-101), which will be expanded rapidly
with future drilling programs. At present, the focus is, on the one hand, on the
Cerro Chorcha project, which exhibits a magnificent exploration potential. On the
other hand, the company has acquired the Cerro Quema project, which it plans to
put into production within the next two years.
In Colombia, the company has five mining concession applications and two
contracts.
AFFILIATE IN COLOMBIA: Aurum Exploration Inc. Colombia
SOUTH OF BOLVAR PROJECT: The Jovo and Ventura prospects are located in
the south of the department of Bolvar. In total, they comprise 6,400 hectares. At
present, the gold is being produced from a precious metal mineralization in an
epithermal system.
Preliminary sampling at the traditional artisan mines located in the areas has
determined tenors of 102 g/t of gold and 633 g/t of silver.
SANTA MARA PROJECT: Located at the Municipality of Gmez Plata in the
department of Antioquia, where the company forecasts a one million dollar
investment in exploration and development.
INVESTMENTS: One million dollars are forecast for the Santa Mara project.

5.36. El Zancudo Mining

Contact:
Position:
Phone:
City:
E-Mail:
Ezequiel Jannus
Manager
(574) 571 57 79
Envigado, Antioquia
miningco@yahoo.com; mineraelzancudo@yahoo.com;
elzancudominingco@yahoo.com
CORPORATE PROFILE: A private company whose objective is to acquire and

develop properties with gold mineralizations in South and Central America. The
company is dedicated to the exploration, development and production of alluvial
and seam mines in Colombia and Panama.
In January 2010, the company was sold to a company the name of which, as of
now, has not been disclosed that has, amongst its shareholders, members of the
board of directors of Coal Corp., Medoro Resources and Pacific Rubiales Energy.
AFFILIATE IN COLOMBIA: Compaa Minera El Zancudo S. A.
EL ZANCUDO MINE: The El Zancudo mine is located in the Colombian Andean
region, on the Western flank of the Central mountain chain, in the Municipality of
Titirib, department of Antioquia. Among the metallic minerals of greater interest,
that are worth mentioning: arsenopyrite, pyrite, sphalerite, tetrahedrite, bournonite,
galena, gold and silver.
EL EJE MINE: This artisan mine is located in the Municipality of Barranco de Loba,
department of Bolvar. It is contained within a 35-hectare mining concession. The
economic potential of the deposits include meso-epithermal veins and stockworks
of veins, in addition to alluvial gold.
LA PRIMERA PROJECT: is located Northeast of the Municipality of Titirib,
department of Antioquia. It consists of two adjacent mining concessions that cover
an area of 62.35 hectares and 53.07 hectares, respectively. The placer deposits of
the project include both alluvial and coluvial types.
INVESTMENTS: The Company is in the process of assessing the expansion of the
project, reason for which it still does not have investment cost estimates.

5.37. Cadan Resources Corp.

Contact:
Address:
Phone:
E-mail:
Url:
Pedro Morn
Suite 1720 1111 West Georgia Street Vancouver, BC V6E 4M3
(604) 687-0760
info@cadanresources.com
http://www.cadanresources.com
CORPORATE PROFILE: Cadan Resources Corp. (TSX-V:CXD), formerly known

as Sur American Gold, is a gold and copper exploration company with interests in
the Philippines and in Colombia, where it has been since 1995.
AFFILIATE IN COLOMBIA: Exploradora La Esperanza S.A.
MINA RICA PROJECT: Located in the Municipality of Quincha, department of
Risaralda. It consists of an epithermal auroargentiferous deposit that is under
exploration.
GAVIA PROJECT: Located in the Municipality of Riosucio, department of Caldas.
It consists of an epithermal auroargentiferous deposit that is under exploration.
INVESTMENTS: No reports on future investments are available.

5.38. Gemini Exploration

Contact:
Position:
Address:
Phone:
City:
Url:
Juan Fernando Restrepo

Manager
Carrera 48 # 12 sur - 148, Of. 301
(574) 313 98 11
Medelln, Antioquia
http://www.geminiexploration.com
CORPORATE PROFILE: Gemini Exploration (OTCBB:GXPI) is a mining

exploration company that carries out its operations in Colombia, where it has two
properties at present.
AFFILIATE IN COLOMBIA: Minera Primecap Geological Services S.A.
LA PLANADA PROJECT: This project, 100% Gemini, is located in the
Municipality of Sotomayor (Los Andes), department of Nario, in an area that has
been recognized historically for the presence of high-tenor gold veins and where
traditional mining has existed.
The project foresees undertaking open pit mining. The main seams have
thicknesses that range between 0.4 m and 2 m, while the secondary ones, with
spacing between 1 m and 2 m, have thicknesses between 3 cm and 20 cm. The
main seams have a N25 to 30W trend, with a 10 dip.
The preliminary results have indicated tenors between 1.4 g/t and 4 g/t of gold. The
company considers that the depth of the mineralization reaches 100 m, with the
possibility of reaching up to 200 m. If this hypothesis were to be true, Gemini
expects to have resources in the amount of 59 million tonnes, with a cut-off assay
of 1.5 g/t, that is to say, resources in the amount of 3.1 million Troy ounces of gold.
LA TAPATA PROJECT: This property is located in the municipalities of El Bagre
and Zaragoza, in the department of Antioquia. The company foresees building
modern facilities in order to increase the efficiency in the production of gold, silver
and copper.
INVESTMENTS: No information

5.39. Caerus Resources Corp.

Contact:
Position:
Address:
Phone:
City:
E-Mail:
URL:
Adrian F. C. Hobkirk
Investor Relations
1525 - 57 Avenue West Suite 212
604 218-2716
Vancouver, B.C. Canada V6P 6E9
info@resourceexploration.com
http://www.resourceexploration.com/index.html
CORPORATE PROFILE: Caerus Resource Corporation (TSX-V: CA) is an

exploration company of base and precious metals with headquarters in Canada
and a successful record of findings in its history.
With the acquisition of 100% of White Gold Corp. and its Colombian subsidiary
Barracuda Gold Ltd., the company acquired a valuable portfolio of mining projects
in Colombia.
The company has expanded gold exploration contracts in Colombia and signed a
letter of intent with the Minera El Pino company to take over the El Pino mine in the
municipality of Maceo, Antioquia.
The operation will be implemented through the payment of USD 960,000 in cash
and the delivery by the present owners of 250,000 shares of this U.S. Company.
COLOMBIAN SUBSIDIARY: Minera Ophir S.A. and Oro Barracuda Ltd.
CACHIRA PROJECT: This 500-hectare project in the municipality of Cachira in the
department of Norte de Santander department is in a region with significant recent
gold discoveries, such as the Angostura project (Greystar Resources) and the La
Bodega project (Ventana Gold Resources). Moreover, the company has applied for
six mining concessions for a total of 11,040 hectares.
TOLIMA-QUINDO PROSPECT: Caerus has 38,000 hectares to the South, West
and East of AngloGold Ashantis La Colosa project.
BURITICA PROSPECT: The Company has 500 acres near the town Buritic in
Antioquia and adjacent to the Continental Gold Ltd. gold project. The gold in this
area is contained in gaps and mesothermal veins in porphyry gold. It has now been
commissioned by the NI 43-101 technical report.
EL PINO: Caerus Resources revealed at its headquarters in Vancouver that
Minera El Pino also processes around 2.5 tons per day of material that is visually
identified and then crushed and separated by the gravity method.
The foreign company will make new geological studies to determine the current
reserves of the concession, taking into account the history of exploitation.

Before this agreement, the project was under the control of AngloGold Ashanti,
through its subsidiary Kedahda, which in 2007 determined that, under small-scale
conditions, El Pino could produce 0.967 grams of gold per ton of material.
The agreement between Caerus Resource and Empresa Minera El Pino is subject
to approval by the authorities of the Canadian stock market and the government of
Colombia.
OTHERS PROSPECTS: The Company has 35 mining titles of which 29 were
awarded during 2009 and 292 applications for gold, distributed throughout the
country. In addition, through its subsidiary Minera Ophir, it has requested multiple
licenses for concessions covering 11,040 hectares from Ingeominas.
INVESTMENTS: The Company has not disclosed figures for investments planned
in forthcoming years.

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Colombia

Projected Investment on Mine Development and

A market research study on behalf of

The Australian Trade Commission - Austrade

Project Investment on Mine Development

Project Investment on Mine Development

5.31. Orofino Gold Corp. .................................................................................... 62

III. LIST OF TABLES

Project Investment on Mine Development

Project Investment on Mine Development

Project Investment on Mine Development

Project Investment on Mine Development

2. COLOMBIAN MINING SECTOR POLICIES

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3. Policy for the enhancement of productivity and competitiveness: Aimed at

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3. THE COLOMBIAN MINING SCENE IN 2009

Variacin porcentual anual

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FIGURE 2. Value of Colombian oil and mining exports in billions of US$

FIGURE 3. Distribution of the value of Colombian mining exports in millions of dollars.

Project Investment on Mine Development

Project Investment on Mine Development

FIGURE 5 Production of Colombian coal in millions of tonnes

The following table presents coal production in detail, by department and by

Project Investment on Mine Development

CARBONES COLOMBIANOS DEL CERREJON AREA LA COMUNIDAD

CONSORCIO MINERO UNIDO S.A.

CARBONES DEL CARIBE - AREA LA

Source: INGEOMINAS, for data on the collection of royalties.

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FIGURE 6. National nickel production and international nickel prices.

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3.3 Precious Metals

FIGURE 7. Colombian production of precious metals in kilograms

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FIGURE 8. Colombian gold exports and international gold prices

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4. ELECTRICITY GENERATION PROJECTS

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5. DEVELOPMENT AND EXPANSION PROJECTS BY COMPANY

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Coal expansions &new projects

Basic metals expansions & new projects

Gold expansions & new projects

Source: Company reports and calculations by Asomineros Chamber of ANDI

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Figure 9 shows a schematic diagram of the principal mining projects in Colombia,

FIGURE 9. Development and expansion projects in Colombia

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FIGURE 10. Location of development and expansion projects that are to be

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5.1. Carbones del Cerrejn LLC.

Luis Germn Meneses

CORPORATE PROFILE: Cerrejn is an open pit coal mining operation that is

Project Investment on Mine Development

Project Investment on Mine Development

5.2. Cerro Matoso

CORPORATE PROFILE: Cerromatoso S. A., owned by BHP Billiton, is a company