Overview

Minera Valle Central – A Long Term Low Cost Copper and Molybdenum Producer

Minera Valle Central (MVC) produces copper and molybdenum concentrates from tailings from the world’s largest underground copper mine, Codelco’s El Teniente mine, a copper producer for the past 100 years with remaining ore reserves lasting many more decades. MVC currently treats all the fresh tailings from El Teniente’s present production, and has the right to treat the higher grade old tailings from a 200 million tonne abandoned tailings impoundment located near MVC's plant.

MVC’s goal is to increase annualized production to approximately 60 million pounds of copper and 1 million pounds of molybdenum through:

(1) Projected increases in throughput of fresh tailings from current levels.

(2) Increasing extraction of old tailings through an expansion initiated in 2005. MVC has the right to process up to 45,000 tpd in old tailings, and already has much of the equipment in place to process at these levels.

Strong Management

Mr. Steven Dean - Chairman, Director
Previous President & Director of Teck Cominco Limited (1999 to 2002).

Dr. Klaus Zeitler - President, Director
Senior Vice President of Teck Cominco Limited (1997 to 2002). On the Board of Directors of Teck Corp. (1981 to 1997) and of Cominco Limited (1986 to 1996). President and CEO of Inmet 1987 to 1996.

Mr. Raul Poblete - Operations Manager, MVC Operations Manager at MVC since 1992, headed technical engineers who studied, bid, and obtained the rights to process tailings from El Teniente in 1989. Mr. Poblete designed and built the MVC plant.

In the year ended December 31, 2008:

• Amerigo produced 34.63 million pounds of copper and 769,142 pounds of molybdenum in concentrate.
   
• Loss for the year was US$18.99 million (US$0.20 per share), including a US$18.9 million unrealized write-down of investments.
   
• Cash flow from operations was US$10.61 million.
   
• Cash costs were US$2.01 per pound.
   
• Total costs after royalty, depreciation and accretion were US$2.75 per pound. 
   
• Amerigo funded capital plant additions and expenditures of US$23.1 million and paid US$11.8 million in dividends.
   
• Cash balance was US$3.19 million at December 31, 2008.