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Pinaya Deposit – Southern Peru:

  • One of Peru’s premier gold and copper exploration prospects
  • 19,300 hectare property located 110 km northeast of Arequipa, Peru
  • Excellent infrastructure - main highway, railway, port, power
  • Indicated Resources: 498,000 oz of gold and 269,000,000 lbs of copper (2006)
  • Inferred Resources: 168,000 oz of gold and 115,000,000 lbs of copper (2006)
  • Ongoing drilling program focused on expanding resource base
  • Peru has one of the most positive political climates for mining in all of Latin America
  • Peru is home to many of the world’s largest and low-cost producing mines
  • 100% ownership

The Pinaya Gold-Copper Project is located approximately 775 kilometers southeast of Lima, the capital of Peru, and 110 kilometers north-northeast of Arequipa, the second largest city in Peru. The property area is comprised of twenty-eight mineral concessions, totalling 19,300 hectares or approximately 193 square kilometres. The Company holds 100% interest in the concessions through its Peruvian subsidiary Canper Exploraciones S.A.C.

Figure 1
Property Location Map

Figure 2
Property Access Map

Regionally, Pinaya is located within the southeastern end of the emerging Andahuaylas-Yauri metallogenic belt which hosts the Tintaya Mine (Xstrata PLC), the Las Chancas deposit (Southern Peru Copper Corporation), the Las Bambas deposit (Xstrata PLC), as well as numerous other copper-gold-molybdenum porphyry and skarn occurrences.  The Tintaya Mine, one of the largest copper producers in Peru, and situated 100 km north of the Pinaya Project, was recently purchased by Xstrata from BHP Billiton for US$750 million.

Figure 3
Regional Geology

AM Gold commenced exploration on the Pinaya Project shortly after acquiring it in April 2004.  Surface mapping and rock sampling programs, geophysical surveys, soil geochemistry programs, trenching and more than eight diamond drilling campaigns have since been carried out.  As a result of the work, ten copper-gold zones have been identified: the Gold Oxide Skarn; Western Porphyry; North Western Porphyry; Vizcachani; Montaña de Cobre y Oro; Minas Jorge; Don Pedro; Antaña Este; Los Vientos; and Saitocco zones.  Silver anomalies have also been identified in samples from the Montaña de Cobre y Oro and Saitocco zones.

Figure 4
Location of Mineralized Zones

A total of 160 diamond drill holes totalling over 40,000 meters have been drilled at Pinaya, mainly in three zones: the Western Porphyry, Northwestern Porphyry and Gold Oxide Skarn Zones.  In September of 2006, based on just the first 70 holes drilled, an initial resource report yielded an Indicated Resource of 29.13 million tonnes grading 0.53 g/t gold and 0.42% copper and an Inferred Resource of 12.72 million tonnes grading 0.41 g/t gold and 0.41% copper.  This equates to approximately 498,000 ounces of gold and 269,000,000 pounds of copper in the Indicated category, and 168,000 ounces of gold and 115,000,000 pounds of copper in the Inferred category (Complete Oct 2006 Technical Report).

Figure 5
Dill Hole Locations

Figure 6
Pinaya Geomodel Oct 2006

As of January 2008, AM Gold has completed an additional 90 holes bringing the project total to 160 core drill holes totalling over 40,000.  Drilling since the release of the initial resource estimate continues to define and expand the deposit. 

In 2011, drilling will test some of newly defined zones of mineralization as well as continue to scope areas of known mineralization with large step outs. Furthermore, the Company is considering a deep drilling rig capable of reaching depths of more than 1,000 meters to test the depth potential of the current resource area.

AM Gold believes that there is great potential to expand the current resource base and prove up a major deposit at Pinaya.

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