news rappot of gestion on sedarDuring the period of the moratorium, activities will include completion of the in-house mineral resource estimation,
initiation of conceptual engineering studies and Economic Scoping Study, and filing of the NI43-101 compliant
Technical Report on Exploration for the Condor Gold Project.
The Company also participated in discussions with the Association of Canadian Mining Companies in Ecuador
(“CANAMINE”), National Chamber of Mines on mining law reform proposal, and consultation with various
Government departments including the Ministry of Mines and Energy.
Draft copies of the new mining legislation in public circulation indicate that there will be no major changes which will
materially affect the exploration activities of the Company. The new legislation will include stricter environmental
protection measures, increased tenement rental fees, and a production royalty.
The new mining legislation is planned to be introduced in October 2008 and the Company will restart the exploration
activities beginning with diamond drilling on the Rio Zarza project pending approval of the EIA study