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South American Silver Corporate Presentation
 

South American Silver Corporate Presentation

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South American Silver Corporate Presentation

South American Silver Corporate Presentation

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    South American Silver Corporate Presentation South American Silver Corporate Presentation Presentation Transcript

    • A Growth Focused Exploration & Development Company
      Growing and advancing one of the world’s largest
      undeveloped silver and indium resources.
      TSX: SAC, US OTC: SOHAF
      Corporate Presentation
      Q2 2011
      www.soamsilver.com
    • Forward Looking Statements
      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. Investors are advised to review the Company’s Annual Information Form filed at www.sedar.com for a detailed discussion of investment risks. 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.
      TSX:SAC
      US OTC:SOHAF
    • Investment Highlights
      South American Silver Corp.
      • Experienced management team with track record of successful project development and value creation
      • Two large-scale deposits in South America
      • Malku Khota: one of the world’s largest silver-indium resources
      • Escalones: high potential copper-silver-gold deposit
      • Updated 2011 PEA study doubles estimated production to 13.2 M oz silver, 80 tonnes of indium and 15 tonnes of gallium per year, for first 5 yrs
      • Measured and Indicated resources expanded 60% to 230 M oz silver
      • Well definedbusiness plan to drive shareholder value
      • Leveraged to silver nearly 4 oz of silver per share (6 oz silver equivalent)
      • Attractive investment value relative to peers at low value per oz
      • Exposure to the high-tech indium and gallium market
      • Potential value from new copper-silver-gold resource
      • Strong focus on community relations
      • Well financed into feasibility
      TSX:SAC
      US OTC:SOHAF
      1
    • World-Class Deposits
      Two large-scale assets in South America
      Malku Khota, silver-indium project, Bolivia (100%)
      • Bulk mineable open-pit, sediment hosted deposit
      • Low capital and operating costs as a heap leach or milling operation
      • Update resource increases M&I 60% to 230 M oz silver
      • Pre-Feasibility process to start in 2011 & Feasibility in 2012
      • Resource expansion potential with only 4 km of 50 sq km
      property drill tested
      • Potential to be one of the top producing silver and indium mines
      • Funded into Feasibility
      Escalones, copper-gold project, Chile (100%)
      • Large scale target in world-class mining district near El Teniente
      • Exploration program and geophysics underway
      • Resource definition program in 2011
      • Potential significant copper, gold, silver deposit
       
      *AgEq=total contained metal
      2
    • Share Capitalization2
      TSX:SAC, US OTC:SOHAF
      Issued & Outstanding
      Warrants
      Options
      Fully Diluted1
      99.9M
      117.3M
      7.2M
      10.0M
      Major Shareholders
      • Zamin—19.7%
      • Private Swiss investors--19%
      • Management1 --15%
      Institutional Ownership
      • Sprott Asset Management
      • Front Street
      • K2 funds
      • Kudu Partners
      • ~$300 million Market Capitalization (1)
      • Average trading volume 500,000 shares/day
      • Well financed with +$30 million in cash(2)
      • Potential NYSE-AMEX listing to increase visibility and liquidity
      As of November 8, 2010 with proposed $28 million financing
      (1
      (1) On a fully diluted basis
      (2) As of March 31, 2011
      3
    • Zamin Group - Strategic Investment
      A Key Regional Player
      • Well funded regional player in South American resources industry with major projects in Brazil, Uruguay, Bolivia, and Chile
      • Strategic 19.7% investment positions SAC in strong financial and operational position to advance projects to feasibility
      • Track record of successfully facilitating South American project development through relationships with national and state governments in the region
      • Portfolio of South American projects with strong government support in permitting, rail and port infrastructure
      • Bamin Project-Brazil
      • Valintine Project-Uruguay
      • Acquiring assets in Bolivia over past year
      TSX:SAC
      US OTC:SOHAF
      4
    • Comparative Resources in the Americas
      Second largest development stage silver resource
      $1.71
      Millions of Silver Ounces & (Enterprise Value Per Oz)
      $0.72
      $11.30
      $3.37
      Millions of Silver Ounces
      $2.17
      $2.44
      $8.08
      $1.87
      $5.82
      $17.89
      $9.13
      $39.35
      Mexico
      El. Salvador
      Peru
      Yukon
      Peru
      Mexico
      Nunavut
      Mexico
      Mexico
      Mexico
      Argentina
      Bolivia
      Chile
      Guatemala
      Source: CanaccordReport resource numbers as of January 11, 2011
      Based Msy 24, 2011 share price
      Note: All companies have projects in South and/or North America
      5
    • Enterprise Value per Resource Oz
      By project development stage
      Producer Average
      >$20/oz
      EV of >$0.85 base on 230.3 million M&I oz Ag
      Advanced Development Stage Average >$6/oz
      Development Stage
      Average >$3.50/oz
      Source: Canaccord & Intierra as of May 24, 2011,
      Note: All companies have projects in South and/or North America
      *EV/oz truncated to $25
      6
    • Development Stage Value Curve
      Potential value growth with project advancement
      Production
      Average Enterprise Value per Oz of Silver by Stage
      Take-Over offers or Partnerships common at this stage
      $20/oz
      Construct
      Increased value through resource expansion
      Increasing Market Value
      Permits
      FS
      $6/oz
      PFS
      Resource
      Definition
      PEA
      3/oz
      Advanced
      Development Stage (Reserves)
      Early Stage
      Exploration & Development
      Production
      Discovery
      Increasing value with project advancement
      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.
      7
    • Current Silver Company Valuations by Stage
      Circle size represents EV/oz
      500
      EARLY DEVELOPER STAGE
      ADVANCED DEVELOPER STAGE
      US Gold
      PRODUCER STAGE
      Esperanza
      $2,000
      Source: Canaccord Report January 17, 2011
      Intierra, May 24, 2011
      Note: All companies have projects in South and/or North America
      8
    • Positive Silver Fundamentals
      A Paradigm Shift for Silver?
      • Silver remains well below inflation adjusted highs of $130/oz ($50 in 1980)
      • Silver is a “hybrid” precious and industrial metal due to its scarcity and unique properties including superior electrical and thermal conductivity, malleability, reflectance, and catalytic/biologic reactivity
      • Price increases driven by 40% increase in investment demand and 21% increase in industrial demand in 2010
      • Total annual mine production growth only 2.5% last year with reduced contribution of by-product silver from copper and gold production
      • Projected new mine supply anticipated to be consumed by new industrial demand through at least 2015
      • Chinese imports up 4x since 2009 with change from net sellers of more than 100 M oz of silver in 2005 to net buyers of more than 120 M oz in
      2010
      • Few major new deposit discoveries and growing
      time lag from time of discovery to metal production
      Source: 1) GFMS World Silver Survey 2011
      2) BMO Capital Markets Global Mining Research April 2011
      10
    • Silver Supply/Demand Fundamentals
      • Dramatically increased demand growth driven by strong investment demand plus increased industrial consumption(1)
      • Demand expected to outstrip production growth(2)
      Source: 1) GFMS World Silver Survey 2011
      2) BMO Capital Markets Global Mining Research April 2011
      9
    • Silver Primary and By-Product Production(1)
      • 70% of silver is by-product production from base metals and gold
      • Reduced by-product silver production expected from base metal sector(2)
      Source: 1) GFMS World Silver Survey 2011
      2) BMO Capital Markets Global Mining Research April 2011
      11
    • Indium & Gallium—two key strategic metals
      Rapidly growing market for high-tech uses
      Uses
      • Indium-tin oxide (ITO) a key component of flat panel displays (FPDs) and touch screens
      • High-efficiency CIGS (copper, indium, gallium, selenide) photo-voltaic thin-film solar panels, and LED lighting
      • Fiber optics, specialized and transparent semiconductors
      Supply
      • Global indium use growing rapidly and could surpass available supply from by-product zinc refining at current price range
      • One of the most scarce strategic metals due to low recycling and few primary producers
      TSX:SAC
      US OTC:SOHAF
      11
    • Indium & Gallium Fundamentals
      Compelling supply/demand dynamics
      Indium and Gallium Supply/Demand dynamics
      • Indium and gallium highlighted in UN and US DOE studies as a critical technology metals in potential shortage, along with several key rare earth metals, due to rapidly increasing growth, low recycling rates and low primary production
      • China is largest producer and consumer of indium and has imposed export quotas and tariffs like other key high-technology specialty metals
      • Indium market estimated to see 15-20% annual growth with most indium produced as by product of zinc refining growing at 1-3% annually
      • Current indium and gallium price ~$900-1000/kg up from lows of 2008-2009 of $400-500/kg
      • Gallium market estimated to be a conservative 15% annual growth rate which could increase significantly with more rapid growth in photovoltaics or as a rare earth substitute
      Malku Khota annual indium and gallium production
      • Malku Khota projected to be one of the world’s largest indium & gallium producers (80 tonnes and 15 tonnes per year)
      • Potential to represent 10% or more of global mine supply of indium and over 5% of global supply for gallium
      12
    • Indium Demand Growth
      Growing demand in high-tech markets
      5 year projected demand growth
      End-use Market Demand (tonnes)
      2010 total indium production level
      Growth assumptions based on data from Displaybank in LCD TV Association “LCD TV Matters”-Volume 3, Issue 2, February 2010 , Strategies Unlimited, August 2009 , Solarbuzz, Photon International, GFMS , Nanomarkets, and the US Department of Energy Critical Minerals Strategy Report
      13
    • Indium Fundamentals
      World indium demand vs price (1969-2013*)
      Current Indium Price
      X
      Indium Demand
      Indium Price/kg ($US)
      Source: Indium: Global Industry Markets and Outlook, 9th Edition 2010 (Roskill)
      *2011-2013 Data are estimates only
      14
    • Opportunity in Bolivia
      An emerging resource based economy
      • Bolivian government encouraging private investment
      • Member of Mercosur Regional trade organization with Brazil as largest trading partner
      • Government bond rating upgraded by Moody’s & Fitch
      • Mining second largest economic sector representing 40% of GDP
      • One of the world’s premier silver districts with billions of ouncesof historical production
      • Planned $32 billion 5-7 year infrastructure build-out by Bolivian government for new rail and road corridors and hydropower generation
      • Three Major silver mines built within last four years by Pan American Silver, Coeur D’Alene, and Sumitomo
      • Substantial resource industry investments in Bolivia
      • Jindal Steel of India investing US$2.3 billion for 50% interest in El Mutun iron ore deposit
      • Petrobras of Brazil—Latin America’s largest publicly traded oil company – investing US$1 billion of new capital into the Bolivian gas fields
      • Repsol of Spain investing $1.6 billion to increase gas production in Bolivia
      TSX:SAC
      US OTC:SOHAF
      15
    • Silver Mines in Bolivia
      One of the world’s premier silver mining districts
      • Historical district production of billions of ounces of silver
      • Highly prospective & under-explored
      • Increase from 9th largest global silver producer to 5th largest with completion of three major silver mines in past four years:
      • Pan American Silver – San Vicente
      • Coeur D’Alene - San Bartolome
      • Sumitomo - San Cristobal
      TSX:SAC
      US OTC:SOHAF
      16
    • Malku Khota Project
      One of the world’s largest silver-indium resources
      • 50 square km, 100% owned, road accessible project
      • Low capital and operating costs on a per ounce basis
      • Potential to be one of the top primary silver and indium producing mines at 13.2 M oz silver per year and 80 tonnes of indium1
      • Project base case annual Cash flows and NPV’s more than doubled
      • 60% expansion of Measured and Indicated Resources2
      • Pit model 80% M&I resources for conversion to reserves with PFS
      • Excellent resource expansion potential with just 4 km tested of trend
      • Moving into Pre-Feasibility in 2011 and Feasibility in 2012
      on average for the first 5 years of production
      See March 31, 2011 News Release for detailed resource estimate
      Total contained metal
      17
    • Established Infrastructure
      Low projected capital and operating costs
      • Open pit, bulk mineable
      • Accessible by road
      • Commercial power within 15km
      • Access to water
      TSX:SAC
      US OTC:SOHAF
      18
    • Mineralization
      Open pit, bulk mineable deposit
      Host rock sandstone with disseminated
      silver, indium, gallium, lead, zinc and copper
      Enrichment starts at surface
      Average grade first five years:
      • Silver: 42.2 g/t (58 g/t Ag Eq) 1
      • Indium: 7.55 g/t
      • Economic cut-off grade <15 g/t(at $18/oz Ag) 2
      AgEq comprised of all contained metals
      Economic cut-off grade comprised only of silver and indium
      19
    • Mineralization
      High Grade Sandstone1160 g/t Silver
      Geological formations looking south from Limosna
      Malku Khota
      Sandstone
      Aroifilla Fm
      WaraWara
      Sandstone
      TSX:SAC
      US OTC:SOHAF
      20
    • Malku Khota Drilling
      Grade thickness map
      • 115 drill holes in current resource with updated resource Q1-2011
      • Updated resource results increase total M&I oz to 230 Moz Ag (a 60% increase in M&I oz) plus an additional 140 M inferred Ag oz
      • 2011 program to target conversion from resources to reserves & expansion drilling
      • Mineralization begins at surface
      • Deposit open along trend and down dip with excellent potential for expansion
      • New discovery of higher grade zones and down dip expansion of surface mineralization
      21
    • New Exploration Results
      Discovery of broad continuous mineralization horizon
      LMD048: 286 meters grading 76 g/t Ag Eq Grade thickness values of over 21,500 g-m AgEq
      OPEN
      OPEN
      TSX:SAC
      US OTC:SOHAF
      22
    • Malku Khota Deposit
      Only 4km of 50 sqkm property drill tested
      • 2010 program focused on in-fill and confirmation drilling for March 2011PEA Update
      • Excellent potential to expand resources
      Wara Wara Area
      Sucre Area
      Concession Boundary
      Limosna Area
      Continuation of favourable sedimentary host rocks
      TSX:SAC
      US OTC:SOHAF
      23
    • Production Processes
      From ore to metal
      Open Pit Mining
      • Large scale shovel and truck open pit mining operation
      • Ore crushed in preparation for leaching
      • Acid-chloride leaching in captures silver, indium, copper, lead, zinc, gallium and gold
      • Metal recovery in several steps:
      • Acid recovery
      • Silver-gold-copper cementation
      • Indium-gallium precipitation
      • Lead and zinc sulfides
      • Downstream processing to metal products
      Crushing
      Leaching
      Metal Recovery
      & Processing
      Silver, Gold, Copper
      Indium & Gallium ingots
      Lead and Zinc concentrates
      TSX:SAC
      US OTC:SOHAF
      24
    • 2011 Economic Assessment
      Metal Prices ($US)
      Mid Case
      Recent
      Base Case
      Mining Rate
      Life of Mine
      Ore Mined (LOM)3
      Average Silver Grade 2
      Average Indium Grade2
      Ag Eq grade
      40,000 tpd
      15 years
      200M tonnes
      42.2 g/t
      7.55 g/t
      58 g/t
      $35/oz
      $650/kg
      $730/kg
      Silver : $18/oz
      Indium : $500/kg
      Gallium: $500/kg
      $25/oz
      $570/kg
      $570/kg
      LOM
      Annual
      First
      5 years
      Total
      Recovered Metals
      Silver (oz)
      Indium (tonnes)
      Lead (lbs)
      Zinc (lbs)
      Copper (lbs)
      Gallium (kgs)
      158 M
      1,184
      191M
      135 M
      88 M
      212,962
      13.2 M
      80.7
      12.48M
      4.42M
      5.64M
      15,184
      10.5 M
      78.9 M
      12.7 M
      9 M
      5.87 M
      14,198
      Base Case
      Mid Case
      Recent
      First 5 years cash flow
      Net cash flow
      NPV (5% discount rate)1
      Internal Rate of Return
      Payback period (years)
      $185M/yr
      $1,261M
      $704M
      37.7%
      27 months
      $287M/yr
      $2,528M
      $1482M
      63%
      19 months
      $430M/yr
      $4,298M
      $2571M
      92.9%
      15 months
      In US dollars, March 2011, PEA
      First 5 years of production (average)
      LOM = Life of Mine
      25
    • Near Term Mine Development Projects
      MalkuKhota one of largest near-term producers at over 13 Moz/yr
      Estimated potential annual silver production of new development projects anticipated within the next 2-4 years
      Barrick Gold
      South American Silver
      Pan American Silver
      Bear Creek Mining
      Gold Resource Corp
      Silver Standard
      Polymetal MNPO
      Bear Creek Mining
      Fortuna Silver Mines
      Hochschild Mining
      Minco Silver Corp
      Andean Resources
      Wildcat Silver Corp.
      Continental Minerals Corp
      Aurcana Corp
      Yamana Gold
      CobarConsilidated
      Alexco Resource
      Augusta Resource
      Malachite Resources
      Kimberley Metals
      CS T Mining Group
      Silvercorp Metals Ltd
      Silver Standard
      Hellas Gold SA
      CBH Resources
      Argent Minerals
      Silvercorp Metals
      Conquest Mining
      Troy Resources
      Antofagasta
      Source: CPM Silver Yearbook 2011
      *Based on mine production of 13.2 Moz /year for first five years
      26
    • Global Silver Industry Cash Cost Curve
      Anticipated low-cost silver production
      Cumulative Percentile of Silver Mine Production Cost
      Malku Khota
      13.25 Mozs/yr (1)
      ~ $2.94/oz (2)
      Total Cash Cost Per Ounce of Silver
      Industry AverageCash Cost
      $5.27/oz
      Source: GFMS World Silver Survey 2011
      Average first 5 years of production
      Silver cash costs after credits ($US)/oz
      27
    • Advancing to Production
      Development Timeline for MalkuKhota
      2011
      Pre-Feasibility Studies
      2012
      Feasibility
      Study
      2013-14
      Projected
      Mine Development
      TSX:SAC
      US OTC:SOHAF
      28
    • Escalones-Copper-Gold project, Chile
      High potential, large-scale target
      • 70 square km, road accessible, large scale system
      • Located in world-class copper mining district near El Teniente
      • Historic drilling shows >1% copper grades at surface and untested porphyry system grading 0.6% copper
      • Additional significant gold, silver and molybdenum credits
      • Exploration program underway
      • Resource estimate targeted for 2nd half of 2011
      TSX:SAC
      US OTC:SOHAF
      29
    • Escalones
      Exploration
      Ownership: 100% through Lease
      Location: 35km E of El Teniente
      Elevation: 3800m
      6,889 hectares
      Escalones porphyry prospect located 97 km southeast of Santiago in central Chile
      12,666m drilled in 30 DDH
      • 10,159m in the skarn
      • 500m in the porphyry
      SAC property
      Gas pipeline
      Access Road
      TSX:SAC
      US OTC:SOHAF
      30
    • Drill Results Grade Thickness Map
      Large-scale porphyry system
      • Open in all directions
      • Strong historic results
      TSX:SAC
      US OTC:SOHAF
      31
    • Escalones
      Geological cross-section
      • Enriched zones with high grades at surface at over >1% copper with significant gold and molybdenum
      • Large scale porphyry target intercept of 176 m @ 0.6% copper with additional gold, silver and molybdenum
      Alto
      Bajo
      TSX:SAC
      US OTC:SOHAF
      32
    • Community Relations
      A key to successful project development
      • Recent key additions to community relations team:
      • Jim Mallory, VP Operations and Corporate Social Responsibility
      • Miguel Angel, Director of Community Relations
      • Objectives to facilitate economic development in communities as part of project exploration, development and construction activities
      • Project construction will see workforce of over 1,000 with mine workforce of 400 or more
      *Business for Social Responsibility, San Francisco, CA
      33
    • Project Milestones
      Value drivers over the next 6-12 months
      • Malku Khota, silver-indium-gallium project, Bolivia
      • Updated resource estimate & PEA more than doubles annual production to 13.2 M oz of silver, 80.7 tonnes of indium and 15 tonnes of gallium per year*
      • Updated resource results show 60% increase in M&I ounces to 230 M oz of silver with an additional 140M oz inferred, and indium to 1,481 tonnes M&I and 935 tonnes inferred
      • Cash flows, project valuations and rates of return significantly expanded over previous studies
      • Pre-Feasibility work beginning in second half of 2011
      • Feasibility work to begin in 2012
      • Escalones, copper and gold porphyry project, Chile
      • Exploration and Geophysics program underway
      • Target for initial resource estimate in 2nd half of 2011
      • Potential for significant deposit of copper, gold and silver
      *Average first five years of production
      34
    • Leveraged to Silver
      Value of silver per dollar invested
      Silver value per $1 invested
      SAC has some of the best leverage to silver of any development stage company with nearly $40 of silver value per $1 invested
      Average value of silver <$8 of silver per $1 invested*
      Source: Canaccord as of January 17, 2011, Share prices updated May 24, 2011
      Note: all companies have projects in South and/or North America
      Calculated using $25/oz Ag. Dollar value of silver per $1 invested = (silver resource/shares outstanding) x $25/oz silver) divided by share price
      Value only shown for silver with no contribution from other metals
      35
    • Why South American Silver?
      Investment highlights
      • World-class scale projects with excellent expansion potential
      • Track record of discovery and successful project development
      • Growing shareholder value through resource expansion and advancing projects up the development value curve toward feasibility
      • Leveraged to silver with nearly 4 oz of silver per share
      • Attractive investment value relative to peers at low value per oz
      • Exposure to rapidly growing indium and gallium high-technology market
      • Potential new value from copper resource definition and expansion
      • Continued investor outreach to broaden market awareness of Company
      • Potential near-term NYSE-AMEX listing in the U.S.
      TSX:SAC
      US OTC:SOHAF
      36
    • TSX: SAC
      OTC: SOHAF
      Phone: 604.681.6926
      1.855.681.6926
      www.soamsilver.com
      Greg Johnson
      President & CEO
      TSX:SAC
      US OTC:SOHAF
    • Relative Stock Performance
      SAC outperforming key silver & gold indices
      • Trading liquidity increasing with average volume of 500,000 shares/day
      • SAC undervalued relative to peers at >$0.80 Enterprise Value/oz vs average of more than $4/oz for early stage resources
      TSX:SAC
      US OTC:SOHAF
    • Management Team
      A track record of success
      Ralph Fitch, Executive Chairman
      • Co-founder of South American Silver, High Desert Gold, and General Minerals
      • Key role in discovery of Collahuasi copper porphyry , Malku Khota, Vizcachitas, and Escalones deposits
      Greg Johnson, President and CEO
      • Co-founder of NovaGold, key role in growing company from $50 million to $2 billion market capitalization
      • Recognized for discovery and advancement of the 40 M oz Donlin Creek gold deposit for NovaGold and Barrick
      William Filtness, Chief Financial Officer
      • Chartered Accountant with twenty plus years of financial experience, including Manager, Corporate Development at Aurizon Mines
      Felipe Malbran, Vice President of Exploration
      • Extensive experience in exploration management in Bolivia, Chile, Peru and Argentina
      • Key role in discovery of MalkuKhota, Vizcachitas, and Escalones deposits
      Phillip Brodie-Hall, Vice President of Project Development
      • 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
      David Dreisinger,Vice President of Metallurgy
      • Professor and Industrial Research Chair in Hydrometallurgy at the University of British Columbia (UBC)
      • Actively involved in developing and commercializing hydrometallurgical process at a number of operating mines in Australia and Southeast Asia.
      Richard Doran, Vice President and corporate secretary
      • Former VP Investor Relations for General Minerals and Marketing Manager for Chevron Resources
      Andrew Clark,Manager of Project Implementation
      • 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.
      Xavier Gonzales Yutronic,General Manager Compañía Minera Malku Khota S.A.
      • 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
      TSX:SAC
      US OTC:SOHAF
    • Board of Directors
      Strong industry and financial experience
      Ralph Fitch, Executive ChairmanGreg Johnson, President and CEO
      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.
      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.
      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.
      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.
      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.
      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.
      TSX:SAC
      US OTC:SOHAF