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Tequila Property During the 2008 fiscal year the Company entered into an option to acquire a 100% interest in the Tequila Property located approximately 30 kilometres north of the city of Tequila, Jalisco, Mexico and 100 kilometres north of Guadalajara. The property consists of four concessions covering approximately 564 hectares. It is a high grade system hosted within a mineralized breccia zone. In 2008 the Company completed a total of 3,829 meters in 18 holes. A total of 1,225 meters in 7 drill holes were drilled north of the Santiago River and 2,604 meters in 11 drill holes were drilled south of the Santiago River using a second drill rig. The project is located in a belt of rhyolitic breccias and was acquired to assess the high grade, epithermal gold veins and the bulk tonnage potential of the breccia. The main feature on the property is a large breccia zone hosting a system of narrow, high grade parallel and cross cutting veins. Several small scale operations have been conducted on the property in the past and there are a number of underground workings and crosscuts. Prior to commencing a first phase drill program the Company completed surface and underground sampling and mapping to verify the tenure of certain high grade zones and examine the economic potential of the breccia zone. Preliminary estimates suggested the breccia zone extends at least 1 km along strike and 300 metres down dip. The first hole from the drill program, BDVG-1, was located to test the width of the Veta Grande Vein and associated breccias zone approximately 20 metres down dip from the existing underground workings. The hole was successful in intersecting the Veta Grande as well as four additional veins within a lower grade breccia envelope. The hole also intersected four veins/zones with significant gold values between 95.5 and 122.8 metres. Assay's from this hole were received in the previous interim period and included 1.21 g/t Au across 17 metres between 23.00 and 40.00 metres (including 2.53 g/t Au across 5 metres between 24.00 metres and 29.00 metres) and 4.77 g/t across 25.55 metres between 95.50 metres and 122.80 metres (including 9.02 g/t Au across 2 metres between 96.50 metres and 98.50 metres, 10.71 g/t Au across 5.55 metres between 103.50 and 109.05 metres (including 39.57 g/t Au across 1.55 metres between 107.50 and 109.05 metres), 6.65 g/t Au across 5 metres between 113.80 metres and 118.80 metres and 3.33 g/t Au across 2.00 metres between 120.80 and 122.80 metres). The intersections approximate true widths. The Company has also received encouraging results from its channel sampling program of other recently discovered surface and underground workings. Dewatering and subsequent channel sampling of the foot and hanging wall of the Lupita shaft returned 40 g/t gold and 100 g/t silver across an average width of 2.4 metres. Channel sampling of the La Gaviota vein, approximately 100 metres west of the Veta Grande vein returned 12.67 g/t gold across 1.5 metres. Company geologists believe La Gaviota may be the extension of the La Lupita vein. The drill program also tested the Grano de Oro, Lupita and Guadalupe veins. Surface exploration and sampling of the Guadalupe and La Lupita veins and general reconnaissance mapping and sampling of the entire property was also completed. During the period the Company received the remaining assays from the drill program. Seventeen of the holes were completed to test the down dip continuity of the Veta Grande vein. This system appears to be related to a dilation zone formed by the intersection of two regional structures that appear to be responsible for a number of gold occurrences that outcrop along 600 meters of strike length. The system varies from 0.50 to 15 meters in width. The gold mineralization is consistent with that of a low sulphidation "hot spring type" epithermal vein system characterized by colloidal quartz, pervasive argillic alteration and depleted sulphide mineralization. The gold mineralization is hosted in a quartz stockwork formed by a system of micro veins and veinlets up to 1 meters wide within silicified breccias. The drilling completed to date has tested less than 30% of the total strike length of the mineralizing system. Of the 18 holes drilled, 14 intersected gold values. Two holes, BD-06 and BD-08 were completed to test the continuity of the Guadalupe vein along strike and at BD-06 was collared 700 meters from the underground working where the Guadalupe vein is exposed. This hole returned 0.926 g/t Au across 1.0 meters at a down hole depth of 30.50 meters and 5.64 g/t Au across 1.5 meters at a down hole depth of 136 meters. BD-08 returned 0.548 g/t Au across 1.0 meters at 60.5 meters. Technical staff believe the flexure in the Santiago River represents the intersection of two regional structural trends, potentially an important structural feature regarding the deposition of precious metal mineralization.
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