News

Acero-Martin to Acquire Panchito and La Mamita Mining Claims

January 7, 2005

Acero-Martin Exploration Inc. has entered into a purchase agreement to acquire a 50-per-cent interest in certain mineral claims located in Peru known collectively as the Panchito claims. The company's wholly owned subsidiary, Canper Exploraciones SAC, is currently the beneficial owner of the other 50-per-cent interest of the Panchito claims. Hence, the company will own an undivided 100 per cent in the Panchito claims. Consideration is $11,000 (U.S.) (paid) and 100,000 shares in the capital of the company as follows:

50,000 within 10 days of TSX Venture Exchange approval of this agreement; and
50,000 within 12 months of the approval date.

The Panchito claims encompass 300 hectares and are contiguous to the south of the company's Pinaya gold property, located in southern Peru. These claims may cover the southerly extensions to the known gold mineralization at Pinaya.

The company has also entered into an agreement with Trivello Ventures to acquire the La Mamita mining right (comprising 1,000 hectares) located in the Ancash mining department in northern Peru. Consideration for La Mamita will be $25,000 (U.S.) ($5,000 (U.S.) paid as a deposit) and 25,000 common shares issuable within 10 days of TSX-V approval. The La Mamita concession is underlain by quartzites belonging to the Cretaceous-age Chimu and Chicama formations. The sedimentary rocks are strongly fractured and brecciated. Results from a recent surface sampling program show highly anomalous gold values ranging from 0.23 gram per tonne to 6.37 g/t gold, and averaging 1.43 g/t gold.

The Panchito and La Mamita acquisitions are subject to regulatory approval. Securities issued will be subject to a four-month hold period. No finder's fee will be payable in connection with these transactions.