Cobre Leon is an advanced Copper (open pit) mining project located in the north-west of Argentina. Cobre Leon has a strong financial position, with a low cost production base for mining copper cathodes with high purity values. The minerals are processed through successive stages of heap leaching. The Cobre Leon project has been developed to final stage feasibility study.

1. Cobre Leon
Copper Mine in Argentina

2. Cobre Leon Copper Mine 02
1 Executive Summary
3 Overview of Cobre Leon
4 Location
5 Geology
6 Mining Operation
7 Mineral Processing
8 Observations
9 Contact Details
Content

3. Executive Summary
Cobre Leon Copper Mine 03
Cobre Leon is an advanced Copper (open pit) mining project located in the north-west of
Argentina.
Cobre Leon has a strong financial position, with a low cost production base for mining
copper cathodes with high purity values. The minerals are processed through successive
stages of heap leaching. The Cobre Leon project has been developed to final stage
feasibility study.
The project now requires a capital investment and working capital estimated at USD
$27.4M to produce 3,000 tons of copper cathodes per year. With an additional
investment of USD $5M for cash flow, the plant can be expanded in the second year of
production to produce 5,000 tons of copper cathodes annually.

4. Overview of Cobre Leon
Cobre Leon Copper Mine 04
• Highly favourable conditions to build one of the first copper producing mines in Argentina.
• It’s geographic location is complimentary in terms of logistics, infrastructure and the provision of
mining services.
• Resource estimation according to JORC standards of 6.66 Mt with a grading of 0.62% copper and
18g/t silver, with a metal content of 41,150 tons of copper and 3.85Moz in silver.
• The estimate of exploitable mineral reserves is 5.02mt with a grading of 0.64% containing 31.900
tons of copper.
• Over USD$15M has been invested in the project. This would generate significant benefits
including accumulated tax losses against revenues and tax credits in the form of Value Added Tax.
• Successful pilot plant producing copper cathodes using AmmLeach® technology to recover higher
quantities of copper than those quoted in the feasibility study. The license and use of this
technology is optional.
• A complete and comprehensive environmental impact study is awaiting approval by the provincial
authorities.

5. Location
Cobre Leon Copper Mine 05
Cobre Leon is located in the Province of
Salta, in north-west Argentina. It is
approximately 125 km south-west by road
from the city of Salta and is about 1,250 km
from Buenos Aires, the capital of Argentina.
The project is at an altitude of 1,400m
above sea level.

6. Geology
Cobre Leon Copper Mine 06
Supergene mineralisation and sulphide oxidation occurs to a depth of 80 metres, consisting of
malachite, azurite, covellite and digenite, and including a complex of iron and manganese oxides and
mixed oxides of fine grains. A resource estimate in accordance with internationally recognised JORC
standards, confirms a model of linear blocks of copper (Cu) and silver (Ag).
Resource Tones (MT) Copper (%) Silver (g/t) Copper (t) Silver (Moz)
Metal in Situ
Copper Deposits
Indicated compound resource 2.54 0.88 20.42 22,370 1.67
Inferred compound resource 0.36 0.47 9.04 1,700 0.10
Total compound resource 2.90 0.83 19.02 24,070 1.77
Lead Deposits
Indicated compound resource 2.90 0.46 17.63 13,330 1.65
Inferred compound resource 0.86 0.44 15.75 3,750 0.43
Total compound resource 3.76 0.45 17.20 17,080 2.08
Totals of Indicated 5.44 0.66 18.98 35,700 3.32
Totals of Inferred 1.22 0.45 13.51 5,450 0.53
Totals of all compound resources 6.66 0.62 17.98 41,150 3.85
Note: Using 0.2% copper cutoff as low limit. Totals may be subject to rounding differences.

7. Mining Operation
Cobre Leon Copper Mine 07
The mineral reserve estimates in the table below have been produced by an independent consultant
and mining engineer who studied the optimisation of an open pit using the Datamine software. The
figures indicate provable reserves and exclude any inferred reserves. As a result, the total amount of
ore is 5.02mt, containing 31,900 tons of copper.
The mining method is the traditional open pit. The mine plan proposed in the feasibility study includes
the design and optimisation of the operation with two open pits. It assumes a copper recovery of 75%
and an initial production plan of 3,000 tons of copper cathodes in the first full year of production,
increasing to 5,000 tons per year in the subsequent five years.
Reserves Estimation Metal Content
Pits Category Mineral Cu Ag Cu Ag Sterile Rock
(Mt) (%) (g/t) (Tn) (Tn) (Mt) (Mt)
Copper Probable Reserves 2.41 0.85 19.70 20,491 47.7 7.70 10.11
Lead Probable Reserves 2.61 0.44 17.00 11,448 44.5 9.68 12.29
Total Reserves 5.02 0.64 18.30 31,940 92.1 17.38 22.40

8. Mineral Processing
Cobre Leon Copper Mine 08
Due to the mineralogy of carbonate rich deposits conventional sulphuric acid leaching may not prove
cost effective. As a result of metallurgical testing conducted, the AmmLeach® process was developed
as an alternative and new metallurgical process.
The AmmLeach® process corresponds to all aspects of conventional processing. Therefore
equipment, treatment and plant design is identical to the traditional heap leach solvent extraction plant
and electro processing (SX-EW), with the only significant difference being - ammonium sulphate is
used in the leaching.
Leaching occurs in two stages: a specific mineral pre-treatment, which converts the metals into
soluble form, and then; the principal stage is recirculated from the solvent extraction stage. Solvent
extraction is used to separate and concentrate the metals, whilst they pass through an ammonia
treatment then onto a sulphuric acid treatment, from which the metals can be isolated using standard
industrial electro processing operations.

9. Observations
Cobre Leon Copper Mine 09
A period of 12 months is estimated to roll out
the project after funding. This includes
improvements to road access, construction of
new facilities at the campsite, fuel and energy
storage facilities and the processing plant
ready for mine production.
Benefits can be gained from an increase yield
in the recovery of copper. Pilot plant tests
indicate that over 80% of copper recovery is
possible using the AmmLeach® technology.
Additional tax savings may be possible from
the sale of copper cathodes of high purity in
the domestic Argentine market, separate to
copper exports.

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11. For more information, please contact:
Fernando Rodriguez
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E: fernando@magellanaustralia.com