Repercussions of National Mining

Day 2009 in Argentina: Barrick’s

Pascua Lama will begin
construction in 3Q 2009 and Troy´s
Casposo to follow in 4Q.

Contact Us:
Agustín Álvarez 1348 Barrio Arizu, Godoy Cruz M5501BFB, Mendoza, Argentina.
Tel / Fax: +54 (261) 4243479 - info@argentinamining.com - www.argentinamining.com
 May 7 was declared Mining Day in the
country on 1813, with the passing of the first
law to aid the development of Mining.
Throughout the country, many festivities
take place to commemorate a growing part
of the economy that has been present since
independence in the country that owes its
name to Silver (Argent, from French).

On spite of the global crisis, Argentina continues to crystallize

projects and mines of significant importance, further enhancing
an already dynamic sector. Along with the four mines opened
between November and April of 2009, this year’s mining day had
two meaningful announcements.

The most significant took place in Buenos

Aires and involved the Argentinean President,
Cristina Fernandez and Barrick’s CEO Aaron
Regent. At the Pink House, a formal ceremony
took place where many authorities where
present, such as Canadian Ambassador in
Argentina, Tim Martin. This follows the
agreement of both governments to divide the
taxes according to the actual ore reserves, -70% in Chile and 30% in
Argentina- along with the granting of pending permits. Initial contracts
will be awarded during May and mobilization for on site construction
infrastructure, and early critical path work, including camp construction,
will take place in the third quarter, with construction scheduled to begin
by September. The mine will require an mega investment estimated in
2,8 - 3,0 billion dollars (for Spanish readers, 2.800-3.000 millones de
dolares).
For their side, Troy’s managers met provincial and national officials and
informed that they had completed the option process to acquire Casposo
from Intrepid Mines, and intend to start construction before the end of
this year. Troy’s track record in South America is remarkable, they
already have two mines and it only took them between 14 to 16 months

Contact Us:
Agustín Álvarez 1348 Barrio Arizu, Godoy Cruz M5501BFB, Mendoza, Argentina.
Tel / Fax: +54 (261) 4243479 - info@argentinamining.com - www.argentinamining.com
to put them into production. The investment for Casposo is estimated in
100 million dollars.
These two new mines will join the 16 existing mines, 12 of which are
metalliferous. The current type of production shows a over 30% of the
mines producing silver and gold. This trend will continue to be deepened
with Pascua Lama and Casposo, which will be also producing those two
metals.

The impact of these announcements is extremely important; not only

the production of the country will soon increase again, but also there will
be a myriad of business opportunities and jobs for those companies and
professionals specialized in constructing projects.
Truly, a “Mining Day” to remember.

Contact Us:
Agustín Álvarez 1348 Barrio Arizu, Godoy Cruz M5501BFB, Mendoza, Argentina.
Tel / Fax: +54 (261) 4243479 - info@argentinamining.com - www.argentinamining.com