Mantaro reported results from a petrographic study on drill core from the Company's maiden drill program at the Gold Hill gold deposit in Bolivia. This report represents a final stage of verification prior to release of a maiden mineral resource estimate. Highlights: Gold deposition at La Escarcha, including gold grades intercepted in the maiden drill program, is primary and not related to supergene effects.

This has positive implications for gold grades at depth. Gold occurs as free-milling native gold present primarily at quarts-carbonate crystal boundaries and along fractures within quartz and pyrite. Gold grain size and shape, and likelihood that a significant percentage of native gold will liberate freely during comminution, is consistent with the results of bench-scale metallurgical tests which reported excellent gold recovery by gravity and cyanidation.

Sulphide content is generally low, which in conjunction with abundant acid-neutralizing carbonate gangue minerals, have positive implications for tailings. A petrographic study was conducted on 32 drill core samples from the Company's maiden drill programs at La Escarcha and Gabby. Samples were collected at vertical depths of 20 to 120 meters below surface and are representative of the style and grade of mineralization intercepted.

The primary objective of the petrographic study was to: better understand the mineralogical signature of the auriferous quartz-carbonate shear zones, quantify gold grain size, distribution and morphology, characterize gold-gangue (waste) mineral relationships for input into metallurgical studies, and provide input for future exploration targeting. A combination of thin section, polished block microscopy and scanning electron microscope ("SEM") backscattered electron mapping was used.