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South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
South American Silver Corporate Presentation, Q1, 2011
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South American Silver Corporate Presentation, Q1, 2011

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  • 1. A Growth Focused Exploration & Development Company<br />Growing and advancing one of the world’s largest <br />undeveloped silver and indium resources.<br />TSX: SAC, US OTC: SOHAF<br />Corporate Presentation<br />Q1 2011<br />www.soamsilver.com<br />
  • 2. Forward Looking Statements<br />Certain statements contained herein constitute “forward-looking statements.” Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as “plans,” “intends,” anticipates,” “should,” “estimates,” “expects,” “believes,” “indicates,” “targeting,” “suggests,” “potential,” and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. The Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. <br />TSX:SAC<br />US OTC:SOHAF<br />
  • 3. Investment Highlights<br />South American Silver Corp.<br /><ul><li>Experienced management team with track record of successful project development and value creation
  • 4. Two large-scale deposits in South America
  • 5. Malku Khota: one of the world’s largest silver-indium resources
  • 6. Escalones: high potential copper-gold deposit
  • 7. Well definedbusiness plan to drive shareholder value
  • 8. Leveraged to silver with over $40 of silver value per $1 invested
  • 9. Attractive investment value relative to peers at low value per oz
  • 10. Exposure to the high-tech indium market
  • 11. Potential value from new copper-gold resource
  • 12. Strong focus on community relations
  • 13. Well financed into feasibility</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 14. World-Class Deposits<br />Two large-scale assets in South America <br /><ul><li>Malku Khota, Bolivia, silver-indium project
  • 15. 100% ownership
  • 16. Bulk mineable open-pit, sediment hosted deposit
  • 17. Low capital and operating costs and as a heap leach or heap leach/milling operation
  • 18. Resource expansion potential with only 4 km of 50 sq km </li></ul> property drill tested<br /><ul><li>PEA and resource update in end of Q1-2011
  • 19. Pre-Feasibility process to start in 2011 & Feasibility in 2012
  • 20. Potential to be one of the top producing silver and indium mines
  • 21. Funded into Feasibility
  • 22. Escalones, Chile, copper-gold project
  • 23. 100% controlled, large scale target in world-class mining district near El Teniente
  • 24. Exploration program and geophysics to start Q1-2011
  • 25. Potential significant copper, gold, silver deposit</li></ul> <br />Malku Khota<br />Escalones<br />TSX:SAC<br />US OTC:SOHAF<br />
  • 26. Share Capitalization2<br />TSX:SAC, US OTC:SOHAF<br />Issued & Outstanding<br />Warrants<br />Options<br />Fully Diluted1<br />97.8M<br />114.8M<br />8.6M<br />8.4M<br />Major Shareholders <br /><ul><li>Zamin—19.7%
  • 27. Private Swiss investors--19%
  • 28. SAC Management1 --15%</li></ul>Institutional Ownership<br /><ul><li>Sprott Asset Management
  • 29. Front Street
  • 30. K2 funds
  • 31. Kudu Partners
  • 32. U.S. Global Investors
  • 33. ~$200 million Market Capitalization
  • 34. Average trading volume 500,000 shares/day
  • 35. Well financed with +$30 million estimated in cash at year end1
  • 36. Potential NYSE-AMEX listing to increase visibility and liquidity</li></ul>As of November 8, 2010 with proposed $28 million financing<br />(1)On a fully diluted basis<br />(2) As of December 16, 2010<br />
  • 37. Zamin Group - Strategic Investment<br />A Key Regional Player<br /><ul><li>Well funded regional player in South American resources industry with major projects in Brazil, Uruguay, Bolivia, and Chile
  • 38. Strategic 19.7% investment positions SAC in strong financial and operational position to advance projects to feasibility
  • 39. Track record of successfully facilitating South American project development through relationships with national and state governments in the region
  • 40. Portfolio of South American projects with strong government support in permitting, rail and port infrastructure
  • 41. Bamin Project-Brazil
  • 42. Valintine Project-Uruguay
  • 43. Acquiring assets in Bolivia over past year</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 44. Comparative Resources in the Americas<br />Second largest development stage silver resource<br />Millions of Silver Ounces<br />Mexico<br />El. Salvador<br />Mexico<br />Mexico<br />Mexico<br />Peru<br />Mexico<br />Yukon<br />Argentina<br />Nunavut<br />Peru<br />Guatemala<br />Bolivia<br />Chile<br />Source: CanaccordReport as of January 11, 2011<br />Note: All companies have projects in South and/or North America<br />
  • 45. Enterprise Value in the Americas<br />Undervalued relative to peers<br />Average EV/oz of companies with >200Moz silver resource: >$2.65/oz<br />Average EV/oz for development stage silver companies: >$1.70/oz<br />*<br />Source: Canaccord Report January 17, 2011<br />Share prices as of January 14, 2011,<br />Note: All companies have projects in South and/or North America<br />*EV/oz truncated to $10 . Alexco excluded from early stage average EV/oz AgEq $18/oz<br />
  • 46. Development Stage Value Curve<br />Potential value growth with project advancement<br />Enterprise Value per Oz of Silver by Stage<br />Increased value with project advancement<br />$<br />/oz<br />Increased value through resource expansion <br />Construct<br />Permits<br />FS<br />PFS<br />$<br />PEA<br />Resource<br />Definition<br />$<br />Discovery<br />Production<br />Early Stage<br />Exploration & Development<br />Advanced<br />Development Stage (Reserves)<br />Source: Recent average enterprise value per ounce of silver at various development stages for North and South American based projects. Canaccord, Wellington West and Company reports.<br />
  • 47. Silver Company Valuations by Stage<br />EV/Oz<br />Source: Canaccord Report January 17, 2011<br />Share prices as of January 31, 2011,<br />Note: All companies have projects in South and/or North America<br />
  • 48. Silver Supply/Demand<br />Surging investment demand plus improving industrial consumption suggests continued demand growth with flat total supply<br />Total Global SilverSupply<br />Total Global SilverDemand<br />& ETFs<br />& ETF<br />Source: GFMS World Silver Survey 2010<br />
  • 49. Silver Fundamentals Positive<br />For continued higher prices<br /><ul><li>One of the only precious metals not yet to hit all-time nominal highs from the 1980’s ($35/oz and $50/oz 1980)
  • 50. Bullish supply/demand outlook
  • 51. Silver equities generally show a 3-5x leverage to silver price moves due to profit margins
  • 52. Continued increase in investment and industrial demand for silver
  • 53. Annual mine production vs total demand remains in short-fall
  • 54. Few new major deposit discoveries
  • 55. Projected new production by analysts have failed to have </li></ul> been realized<br />TSX:SAC<br />US OTC:SOHAF<br />
  • 56. Indium—a key strategic metal<br />Rapidly growing market for high-tech uses <br />Uses<br /><ul><li>Indium-tin oxide (ITO) a key component of flat panel displays (FPDs) and touch screens
  • 57. High-efficiency thin film solar panels (CIGS Photo-Voltaics), and LED lighting
  • 58. Fiber optics, specialized and transparent semiconductors</li></ul>Supply<br /><ul><li>Global indium use growing rapidly and could surpass available supply from by-product zinc refining at current price range
  • 59. One of the most scarce strategic metals due to low recycling and few primary producers</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 60. Indium Fundamentals<br />Compelling supply/demand dynamics<br />Indium Supply/Demand dynamics<br /><ul><li>Indium highlighted in UN and US DOE studies as a critical technology metal in potential shortage, along with several key rare earth metals, due to rapidly increasing growth, low recycling rates and low primary production
  • 61. China is largest producer and consumer of indium and has imposed export quotas and tariffs like other key high-technology specialty metals
  • 62. Zinc market growing at 1-3% annually with indium market estimated at 15-20% growth
  • 63. Current price ~$600/kg with five-year prices from $400/kg to over $1000/kg</li></ul>Malku Khota Annual Indium Production<br /><ul><li>Malku Khota projected to be one of the worlds largest indium producers
  • 64. Potential to represent 10% or more of global mine supply</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 65. Indium Demand<br />Growing demand in high-tech markets<br />2010 total indium production<br />End-use Market Demand (tonnes)<br />Growth assumptions based on data from Displaybank in LCD TV Association “LCD TV Matters”-Volume 3, Issue 2, February 2010 , Strategies Unlimited, August 2009 , Solarbuzz, Photon International, GFMS , Nanomarkets, and the US Department of Energy Critical Minerals Strategy Report<br />
  • 66. Indium Fundamentals<br />Zinc Production vs. Indium Demand (U.S.)<br />U.S. Indium Demand (tonnes)<br />Zinc Production (thousand tonnes)<br />Source: U.S Department of Energy: Critical Materials Strategy, December 2010; <br />Zinc Production USGS Materials Flow of Zinc in the US. 1850-1990, USGS Minerals <br />Yearbook 1994-2008 <br />
  • 67. Key Metal Consumption vs Reserves<br />Remaining Years of Supply <br />Years of Supply<br />INDIUM<br />
  • 68. Opportunity in Bolivia<br />An emerging resource based economy<br /><ul><li> Bolivia experiencing its besteconomy in 30 years
  • 69. Member of Mercosur Regional trade organization with Brazil as largest trading partner
  • 70. One of the world’s premier silver districts with billions of ouncesof historical production
  • 71. Planned $32 billion 5-7 year infrastructure build-out by Bolivian government for new rail and road corridors and hydropower generation
  • 72. Three Major silver mines built within last four years
  • 73. Substantial resource industry investments in Bolivia
  • 74. Jindal Steel of India investing US$2.3 billion for 50% interest in El Mutun iron ore deposit
  • 75. Petrobras of Brazil—Latin America’s largest publicly traded oil company – investing US$1 billion of new capital into the Bolivian gas fields
  • 76. Repsol of Spain investing $1.6 billion to increase gas production in Bolivia</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 77. Silver Mines in Bolivia<br />One of the world’s premier silver mining districts<br /><ul><li>Historical district production of billions of ounces of silver
  • 78. Highly prospective & under-explored
  • 79. Increase from 9th largest global silver producer to 5th largest with completion of three major silver mines in past four years:
  • 80. Pan American Silver – San Vincente
  • 81. Coeur D’Alene - San Bartolome
  • 82. Sumitomo - San Cristobal</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 83. Malku Khota Project, Bolivia<br />One of the world’s largest silver-indium resources<br />Indicated: 145 M oz of silver & 845 tonnes of indium<br />Inferred: 178 M oz of silver & 968 tonnes of indium<br /><ul><li>50 square km, 100% owned, road accessible project, long life open pit mine
  • 84. low capital and operating costs and high internal rate of return
  • 85. Ongoing drill campaign with recent higher grade discoveries
  • 86. Potential to be one of the top primary silver and indium producing mines</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 87. Established Infrastructure<br />Low projected capital and operating costs<br /><ul><li>Open pit, bulk mineable
  • 88. Accessible by road
  • 89. Commercial power within 15km
  • 90. Access to water</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 91. Mineralization<br />Open pit, bulk mineable deposit <br />Host rock sandstone with disseminated <br />silver, indium, gallium, lead, zinc and copper<br />Enrichment starts at surface <br />Average grade first ten years:<br /><ul><li> Silver: 38.6 g/t (60 g/t Ag Eq)
  • 92. Indium: 8.1 g/t
  • 93. Economic cut-off grade <10 g/t(at $15/oz Ag)</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 94. Mineralization<br />High Grade Sandstone1160 g/t Silver<br />Geological formations looking south from Limosna<br />Malku Khota<br />Sandstone<br />Aroifilla Fm<br />WaraWara<br />Sandstone<br />TSX:SAC<br />US OTC:SOHAF<br />
  • 95. Malku Khota Drilling<br />Grade thickness map<br /><ul><li>75 drill holes in current resource with updated resource for Q1-2011
  • 96. 2010 program focused on in-fill & confirmatory drilling
  • 97. 2011 program to target conversion from resources to reserves & expansion drilling
  • 98. Mineralization begins at surface
  • 99. Deposit open along trend and down dip with excellent potential for expansion
  • 100. New discovery of higher grade zones and down dip expansion of surface mineralization</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 101. New Exploration Results<br />Discovery of broad continuous mineralization horizon<br />LMD048: 286 meters grading 76 g/t Ag Eq Grade thickness values of over 21,500 g-m AgEq<br />TSX:SAC<br />US OTC:SOHAF<br />
  • 102. Malku Khota Deposit<br />Only 4km of 50 sqkm property drill tested<br /><ul><li>2010 program focused on in-fill and confirmation drilling for PEA Update
  • 103. Excellent potential to expand resources</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 104. Metallurgy Flow Sheet<br />Acid-Chloride Leach <br />Open Pit Mining<br />Crushing<br /><ul><li>Similar process as used for SX-EW* copper-oxide heap leach and by zinc refineries for indium
  • 105. Similar recoveries for silver/gold as for cyanide leach
  • 106. Production of high purity silver bars and indium ingots on site
  • 107. Additional production of by-product metals including lead, zinc, copper and gallium</li></ul>Heap Leach or Milling with Acid Solution<br />Silver, Gold and Copper Recovery<br />Indium and Gallium Recovery<br />Lead Recovery<br />Zinc Recovery<br />Further refining with solvent extraction (SX-EW ) process to metal doreor high purity concentration<br />* solvent extraction and electo-winning<br />TSX:SAC<br />US OTC:SOHAF<br />
  • 108. Summary of PEA 2009<br />Updated PEA with expanded throughput for Q1 2011<br />Pincock, Allan and Holt<br />Heap Leach Operation – 20,000 Tonnes per Day <br />Base Case Silver Price: US$13.30/oz<br />Base Case Indium Price: US$530/kg<br />In US dollars, March 2009, PEA by Pincock Allan and Holt. Updated study utilizing higher production levels and new cost estimates anticipated Q1-2011<br />First ten years of production<br />
  • 109. Near Term Mine Development Projects<br />SAC one of largest near-term producers at 20,000 tpd<br /><ul><li>Annual estimated potential silver production of new development projects anticipated in the next 2-4 years</li></ul>Barrick<br /> 25<br />Bear Creek<br />Millions of Ounces<br />So American Silver<br />Alexco Resource Corp<br />Fresnillo Plc<br />Pan American<br />Gold Resource<br />Andean Resources<br />Wildcat Silver Corp<br />Bear Creek<br />Minmetals, Jiangxi Copper<br />Fortuna Silver<br />Augusta Resource<br />Silvermex Resources<br />Greystar Resources<br />Yukon Zinc Corp.<br />Antofagasta plc<br />Gabriel Resources<br />CobarConsilidated<br />China Minmetals<br />Norsemont Mining<br />Chariot Resources<br />Jinchuan Group<br />Antofagasta plc<br />Intrepid Mines<br />Oxiana<br />Vale<br />Source: CPM Silver Yearbook 2010<br />
  • 110. Global Silver Industry Cash Cost Curve<br />Anticipated low-cost silver production<br />Cumulative Percentile of Silver Mine Production Cost<br />Malku Khota<br />6.4 Mozs/yr<br />~ $3.75/oz<br />Total Cash Cost Per Ounce of Silver<br />Industry AverageCash Cost<br />$5.25/oz<br /> Source: GFMS World Silver Survey 2010<br />
  • 111. Escalones-Copper-Gold project, Chile<br />High potential, large-scale target<br /><ul><li>70 square km,100% controlled, road accessible, large scale system
  • 112. Located in world-class copper mining district near El Teniente
  • 113. Historic drilling shows >1% copper grades at surface and untested porphyry system grading 0.6% copper
  • 114. Additional significant gold, silver and molybdenum credits
  • 115. Exploration drill program targeted for Q1 2011
  • 116. Resource estimate targeted for 2nd half of 2011</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 117. Drill Results Grade Thickness Map<br />Large-scale porphyry system<br /><ul><li>Open in all directions
  • 118. Strong historic results</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 119. Escalones<br />Geological cross-section<br /><ul><li>Enriched zones with high grades at surface at over >1% copper with significant gold and molybdenum
  • 120. Large scale porphyry target intercept of 176 m @ 0.6% copper with additional gold, silver and molybdenum</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 121. Community Relations<br />A key to successful project development<br /><ul><li>Assistance of BSR* to develop proactive community relations strategy
  • 122. Two full-time indigenous community relations officers working in region
  • 123. Objectives to facilitate economic development in communities</li></ul>*Business for Social Responsibility, San Francisco, CA<br />
  • 124. Project Milestones<br />Value drivers over the next 6-12 months<br /><ul><li>Malku Khota Silver and Indium Project, Bolivia
  • 125. Drill campaign underway with additional drills being mobilized
  • 126. Updated resource estimate targeted Q1 2011
  • 127. Updated Preliminary Economic Assessment at higher throughput Q1-2011
  • 128. Pre-feasibility targeted for 2011 and feasibility for 2012
  • 129. Escalones Copper and Gold porphyry project, Chile
  • 130. Target for initial resource estimate in 2nd half of 2011
  • 131. Potential for significant deposit of copper, gold and silver</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 132. Leveraged to Silver<br />Value of silver per dollar invested<br />Silver value per $1 invested<br /> SAC has some of the best leverage to silver of any development stage company with over $40 of silver value per $1 invested<br />Average value of silver <$8 of silver per $1 invested*<br />Source: Canaccord as of January 17, 2011, Share prices updated January 14, 2011<br />Note: all companies have projects in South and/or North America<br />Calculated using $25/oz Ag. Dollar value of silver per $1 invested = (silver resource/shares outstanding) x $25/oz silver) divided by share price<br />Value only shown for silver with no contribution from other metals<br />
  • 133. Why South American Silver?<br />Investment highlights<br /><ul><li>World-class scale projects with excellent expansion potential
  • 134. Track record of discovery and successful project development
  • 135. Growing shareholder value through resource expansion and advancing projects up the development value curve toward feasibility
  • 136. Leveraged to silver with over$40 of silver value per $1 invested
  • 137. Attractive investment value relative to peers at low value per oz
  • 138. Exposure to rapidly growing Indium high-technology market
  • 139. Potential new value from copper resource definition and expansion
  • 140. Continued investor outreach to broaden market awareness of Company
  • 141. Potential near-term NYSE-AMEX listing in the U.S.</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 142. TSX: SAC<br />OTC: SOHAF<br />Phone: 604.681.6926<br />1.855.681.6926<br />www.soamsilver.com<br />Greg Johnson<br />President & CEO<br />TSX:SAC<br />US OTC:SOHAF<br />
  • 143. Relative Stock Performance<br />SAC outperforming key silver & gold indices<br /><ul><li>Trading liquidity increasing with average volume of 500,000 shares/day
  • 144. SAC undervalued relative to peers at $0.50/oz vs average of more than $1.70/oz for early stage resources and $2.65/oz for >200Moz resources</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 145. Management Team<br />A track record of success<br />Ralph Fitch, Executive Chairman<br /><ul><li>Co-founder of South American Silver, High Desert Gold, and General Minerals
  • 146. Key role in discovery of Collahuasi copper porphyry , Malku Khota, Vizcachitas, and Escalones deposits</li></ul> Greg Johnson, President and CEO<br /><ul><li>Co-founder of NovaGold, key role in growing company from $50 million to $2 billion market capitalization
  • 147. Recognized for discovery and advancement of the 40 M oz Donlin Creek gold deposit for NovaGold and Barrick</li></ul>William Filtness, Chief Financial Officer<br /><ul><li>Chartered Accountant with twenty plus years of financial experience, including Manager, Corporate Development at Aurizon Mines</li></ul>Felipe Malbran, Vice President of Exploration<br /><ul><li>Extensive experience in exploration management in Bolivia, Chile, Peru and Argentina
  • 148. Key role in discovery of MalkuKhota, Vizcachitas, and Escalones deposits</li></ul>Phillip Brodie-Hall, Vice President of Project Development<br /><ul><li>Global industry experience in engineering construction and project development experience covering nearly every aspect of evaluation, feasibility studies and project development in the mining and mineral processing industries</li></ul>David Dreisinger,Vice President of Metallurgy<br /><ul><li>Professor and Industrial Research Chair in Hydrometallurgy at the University of British Columbia (UBC)
  • 149. Actively involved in developing and commercializing hydrometallurgical process at a number of operating mines in Australia and Southeast Asia.</li></ul>Richard Doran, Vice President and corporate secretary<br /><ul><li>Former VP Investor Relations for General Minerals and Marketing Manager for Chevron Resources</li></ul>Andrew Clark,Manager of Project Implementation<br /><ul><li>Global industry experience in the design and management of industrial, mining, materials handling, chemical and petrochical projects from feasibility studies through to commissioning and handover of completed facilities. </li></ul> Xavier Gonzales Yutronic,General Manager Compañía Minera Malku Khota S.A.<br /><ul><li>Mining Industry experience in finance, accounting, logistics, human resources and community relations at Comsur S.A., SinchiWayra (Glencore) from 2005-2007, and CompañíaMinera Malku Khota S.A. from October 2008 to date</li></ul>TSX:SAC<br />US OTC:SOHAF<br />
  • 150. Board of Directors<br />Strong industry and financial experience<br />Ralph Fitch, Executive ChairmanGreg Johnson, President and CEO<br />Antonio Canton, Director - Mr. Canton is an independent consultant for international companies in marketing, finance and real estate. He is a director of a number of Swiss companies and brings to the board extensive experience in accounting and finance.<br />Peter Harris, Director - Mr. Harris is an engineer with over 40 years of mining industry experience including as Senior VP and Chief Operating Officer at Nova Gold Resources Inc., and Senior VP of Project Development at Placer Dome Inc. He has been involved in the construction and operation of over 20 different mines in North and South America, Africa, Australia and Papua New Guinea. <br />William Murray, Director - Mr. Murray is an engineer in the mining industry with over 33 years of experience in construction management and project evaluation in North America and Africa. He currently serves as the executive chairman and director of Polymet Mining Corp. Mr. Murray has been involved in numerous successful projects while working at Fluor Daniel, Denison Mines, Optimum Project Services and Anglo American Corp. in South Africa. <br />Paul Haber, Director - Mr. Haber is a Chartered Accountant and a Certified Public Accountant with a strong background in US/Canadian accounting and finance. Presently manages Haber & Co. Ltd. Has previously been Chief Financial Officer and Corporate Secretary of a TSX Venture listed company. <br />John Watson, Director - Mr. Watson has been the President of a TSX Venture Exchange listed company since 2002. He is also the manager/member of a limited liability corporation that owns and manages commercial real-estate.<br />Tina Woodside, Director - Ms. Woodside is currently the head of the corporate finance department in Gowlings’ Toronto office and a member of the firm’s National Executive Committee. Ms. Woodside practices corporate and securities law with particular emphasis on corporate finance, mergers and acquisitions and corporate governance matters. <br />TSX:SAC<br />US OTC:SOHAF<br />

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