Junin Mineral Property: Proposed Exploration & Development

The aim of this program is fourfold: to confirm the mineralization recorded in past work by twinning selected holes; to better understand the geological continuity and nature of the mineralized zone as currently interpreted; to explore the mineralized zone at depth; and by infill holes on section lines B, C and D, establish preliminary concepts as to the continuity of grade within the mineralized zone.

In the immediate future Ascendant plans to complete relogging of existing core from past exploration work, complete a program of check analyses and collect more data for determination of specific gravity. While significant work has been completed in the concession by past operators, potential within the wider concession still exists. Follow up geophysical and geochemical work is planned in the SSE, and NNE sectors of the concession, where new exploration targets are expected to be generated.

Ascendant plans to begin the drilling program consisting of 35 holes on the Junin property in the first quarter of 2007.

Proposed First Phase Exploration Budget

The largest component of the proposed budget is for drilling (US$3,694,000) and related assaying (US$336,000). The drilling program comprises 35 holes to an average depth of some 750m, totalling 26,180m. Drill holes completed in the previous exploration phases averaged approximately 325m in depth. Most holes in these programs were stopped within the mineralized zone, with few, if any, providing a complete exposure of the zone. The proposed program is designed to test the interpreted mineralized zone at depth. The estimated cost of drilling at approximately US$140/m comprises: the aggregate of third party quotes for drilling at US$131/m, including mobilization and demobilization; the cost of corporate staff and related support, including camp costs and vehicles, at US$9/m. It is anticipated that approximately 10,000 resulting core samples will be assayed.

The completion of this proposed exploration program will enable Ascendant to perform a pre-feasibility study to provide initial insight as to the possible economic viability of mining the Junin property. Assuming favourable results from this work, additional exploration and development work will be required to support completion of a final feasibility study prior to commencing any commercial development activities on the Junin property.