OVERHEAD %

Supervision Salaries 2.81%

Labour-Administration&Support 3.09%
Labour-Drilling Chilenos (Hrs) 7.18%
Labour-Downtime Equip Breaskdown 2.15%
Labour-Moving Between Holes 0.48%
Labour-Bad Weather 0.24%
Labour-Overtimes 1.19%
Labour-Stand by& Other 1.37%
Fringes Benefits 1.41%
Diamonds Products & Tricones 6.44%
Fuel & Propane 7.79%
Supplies-Wireline/Corebarrel 10.55%
Security-Safety Equipment 1.00%
Board, Camp&Lodging Less Recovered 7.71%
Transportation 6.81%
General Expenses -2.85%
Provision-Repairs Drills 3.84%
Provision-Rolling Equipment 2.06%
Provision-Wear&Tear Rods 2.64%
Mobilization 5.22%
Desmobilization 0.86%
Depreciation Equipment 5.83%
Vehicles&Equipment-Rental 5.06%
Drill & Equipment - Rental 2.75%
Landed Costo Reserve 0.77%
CONTRACT COST 86.41%
Contract Revenue 93.47%
CONTRACT PROFIT 7.06%

Cost + Cost - Labour 1.76%

Cost + Revenue - Labour 5.13%
PROFIT 3.37%

Cost + Cost - Materials 1.20%

Cost + Revenue - Materials 1.40%
PROFIT 20.00%
TOTAL COST + PROFIT 3.57%
TOTAL DRILLING COST 89.37%
TOTAL REVENUE 100.00%
TOTAL PROFIT (LOSS) - % FOOT 10.63%
TOTAL FOOTAGE 206,982

MAJOR DRILLING CHILE S.A.

JOB COST REPORTS OFFICIAL
10 MONTHS ENDED FEBRUARY 29, 2004

Landed Costo Reserve 0.77%

Drill & Equipment - Rental 2.75%

Vehicles&Equipment-Rental 5.06%

Depreciation Equipment 5.83%

Desmobilization 0.86%

Mobilization 5.22%

Provision-Wear&Tear Rods 2.64%

Provision-Rolling Equipment 2.06%

 10 MONTHS ENDED FEBRUARY 29, 2004

Landed Costo Reserve 0.77%

Drill & Equipment - Rental 2.75%

Vehicles&Equipment-Rental 5.06%

Depreciation Equipment 5.83%

Desmobilization 0.86%

Mobilization 5.22%

Provision-Wear&Tear Rods 2.64%

Provision-Rolling Equipment 2.06%

Provision-Repairs Drills 3.84%

-2.85% General Expenses

Transportation 6.81%

Board, Camp&Lodging Less Recovered 7.71%

Security-Safety Equipment 1.00%

Supplies-Wireline/Corebarrel

Fuel & Propane 7.79%

Diamonds Products & Tricones 6.44%

Fringes Benefits 1.41%

Labour-Stand by& Other 1.37%

Labour-Overtimes 1.19%

Labour-Bad Weather 0.24%

Labour-Moving Between Holes 0.48%

Labour-Downtime Equip Breaskdown 2.15%

Labour-Drilling Chilenos (Hrs) 7.18%

Labour-Administration&Support 3.09%

Supervision Salaries 2.81%

-4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00%

 91,840
104,325
242,180
72,533
16,272
8,020
40,280
46,148
47,504
217,047
262,629
355,630
33,611
260,152
229,770
-96,151
129,659
69,563
89,030
176,179
28,852
196,587
170,634
92,789
25,919
2,913,972
3,151,948
237,975

59,403
173,059
113,656

40,343
47,174
6,831
120,487
3,013,718
3,372,181
358,462
206,982

LE S.A.
FFICIAL
ARY 29, 2004

5.06%

5.83%

5.22%
ARY 29, 2004

5.06%

5.83%

5.22%

6.81%

7.71%

10.55%

7.79%

6.44%

7.18%

6.00% 8.00% 10.00% 12.00%

OVERHEAD %
Supervision Salaries 2.65%
Labour-Administration&Support 2.79%
Labour-Drilling Chilenos (Hrs) 6.83%
Labour-Downtime Equip Breaskdown 2.10%
Labour-Moving Between Holes 0.42%
Labour-Bad Weather 0.21%
Labour-Overtimes 0.98%
Labour-Stand by& Other 1.32%
Fringes Benefits 1.26%
Diamonds Products & Tricones 5.29%
Fuel & Propane 7.34%
Supplies-Wireline/Corebarrel 9.27%
Security-Safety Equipment 1.05%
Board, Camp&Lodging Less Recovered 7.62%
Transportation 6.36%
General Expenses -2.24%
Provision-Repairs Drills 3.88%
Provision-Rolling Equipment 1.98%
Provision-Wear&Tear Rods 2.92%
Mobilization 4.42%
Desmobilization 0.83%
Depreciation Equipment 5.56%
Vehicles&Equipment-Rental 5.05%
Drill & Equipment - Rental 2.38%
Landed Costo Reserve 0.63%
CONTRACT COST 80.91%
Contract Revenue 93.63%
CONTRACT PROFIT 12.72%

Cost + Cost - Labour 1.66%

Cost + Revenue - Labour 5.10%
PROFIT 3.45%

Cost + Cost - Materials 1.07%

Cost + Revenue - Materials 1.26%
PROFIT 0.19%
TOTAL COST + PROFIT 3.64%
TOTAL DRILLING COST 83.64%
TOTAL REVENUE 100.00%
TOTAL PROFIT (LOSS) - % FOOT 16.36%
TOTAL FOOTAGE 219,034

MAJOR DRILLING CHILE S.A.

JOB COST REPORTS OFFICIAL
11 MONTHS ENDED MARCH 31, 2004

Landed Costo Reserve 0.63%

Drill & Equipment - Rental 2.38%

Vehicles&Equipment-Rental 5.05%

Depreciation Equipment 5.56%

Desmobilization 0.83%

Mobilization 4.42%

Provision-Wear&Tear Rods 2.92%

Provision-Rolling Equipment 1.98%

 11 MONTHS ENDED MARCH 31, 2004

Landed Costo Reserve 0.63%

Drill & Equipment - Rental 2.38%

Vehicles&Equipment-Rental 5.05%

Depreciation Equipment 5.56%

Desmobilization 0.83%

Mobilization 4.42%

Provision-Wear&Tear Rods 2.92%

Provision-Rolling Equipment 1.98%

Provision-Repairs Drills 3.88%

-2.24% General Expenses

Transportation 6.3

Board, Camp&Lodging Less Recovered

Security-Safety Equipment 1.05%

Supplies-Wireline/Corebarrel

Fuel & Propane

Diamonds Products & Tricones 5.29%

Fringes Benefits 1.26%

Labour-Stand by& Other 1.32%

Labour-Overtimes 0.98%

Labour-Bad Weather 0.21%

Labour-Moving Between Holes 0.42%

Labour-Downtime Equip Breaskdown 2.10%

Labour-Drilling Chilenos (Hrs)

Labour-Administration&Support 2.79%

Supervision Salaries 2.65%

-4.00% -2.00% 0.00% 2.00% 4.00% 6.00%

4

5.05%

5.56%

4.42%
4

5.05%

5.56%

4.42%

6.36%

7.62%

9.27%

7.34%

5.29%

6.83%

6.00% 8.00% 10.00%

OVERHEAD
Supervision Salaries 2.16%
Labour-Administration&Support 0.00%
Labour-Drilling Chilenos (Hrs) 4.37%
Labour-Downtime Equip Breaskdown 1.41%
Labour-Moving Between Holes 0.41%
Labour-Bad Weather 0.00%
Labour-Overtimes 0.49%
Labour-Stand by& Other 0.34%
Fringes Benefits 0.35%
Diamonds Products & Tricones 5.52%
Fuel & Propane 6.83%
Supplies-Wireline/Corebarrel 5.41%
Security-Safety Equipment 0.96%
Board, Camp&Lodging Less Recovered 4.06%
Transportation 9.94%
General Expenses -61.11%
Provision-Repairs Drills 4.07%
Provision-Rolling Equipment 2.07%
Provision-Wear&Tear Rods 4.27%
Mobilization 65.44%
Desmobilization 2.70%
Depreciation Equipment 5.73%
Vehicles&Equipment-Rental 5.66%
Drill & Equipment - Rental 0.92%
Landed Costo Reserve 0.00%
CONTRACT COST
Contract Revenue
CONTRACT PROFIT

Cost + Cost - Labour

Cost + Revenue - Labour
PROFIT

Cost + Cost - Materials

Cost + Revenue - Materials
PROFIT
TOTAL COST + PROFIT
TOTAL DRILLING COST
TOTAL REVENUE
TOTAL PROFIT (LOSS) - % FOOT
TOTAL FOOTAGE

MAJOR DRILLING CHILE S.A.

JOB COST REPORTS OFFICIAL
501043-PATAGONIA GOLD S.A. (POLLUX)
11 MONTH ENDED MARCH 31, 2004

Landed Costo Reserve

0.00%

Drill & Equipment - Rental 0.92%

Vehicles&Equipment-Rental 5.66%

Depreciation Equipment 5.73%

Desmobilization 2.70%

Mobilization

Provision-Wear&Tear Rods 4.27%

Provision-Rolling Equipment 2.07%

 JOB COST REPORTS OFFICIAL
501043-PATAGONIA GOLD S.A. (POLLUX)
11 MONTH ENDED MARCH 31, 2004

Landed Costo Reserve

0.00%

Drill & Equipment - Rental 0.92%

Vehicles&Equipment-Rental 5.66%

Depreciation Equipment 5.73%

Desmobilization 2.70%

Mobilization

Provision-Wear&Tear Rods 4.27%

Provision-Rolling Equipment 2.07%

Provision-Repairs Drills 4.07%

-61.11% General Expenses

Transportation 9.94%

Board, Camp&Lodging Less Recovered 4.06%

Security-Safety Equipment 0.96%

Supplies-Wireline/Corebarrel 5.41%

Fuel & Propane 6.83%

Diamonds Products & Tricones 5.52%

Fringes Benefits 0.35%

Labour-Stand by& Other 0.34%

Labour-Overtimes 0.49%

Labour-Bad Weather
0.00%

Labour-Moving Between Holes 0.41%

Labour-Downtime Equip Breaskdown 1.41%

Labour-Drilling Chilenos (Hrs) 4.37%

Labour-Administration&Support
0.00%

Supervision Salaries 2.16%

-80.00% -60.00% -40.00% -20.00% 0.00% 20.00% 40.00

 UX)
4

65.44%
 UX)
4

65.44%

20.00% 40.00% 60.00% 80.00%

OVERHEAD
Supervision Salaries 2.15%
Labour-Administration&Support 0.00%
Labour-Drilling Chilenos (Hrs) 7.21%
Labour-Downtime Equip Breaskdown 2.53%
Labour-Moving Between Holes 0.06%
Labour-Bad Weather 0.11%
Labour-Overtimes 0.00%
Labour-Stand by& Other 1.39%
Fringes Benefits 0.78%
Diamonds Products & Tricones 5.72%
Fuel & Propane 9.79%
Supplies-Wireline/Corebarrel 15.14%
Security-Safety Equipment 1.57%
Board, Camp&Lodging Less Recovered 5.67%
Transportation 4.30%
General Expenses 0.74%
Provision-Repairs Drills 2.56%
Provision-Rolling Equipment 1.02%
Provision-Wear&Tear Rods 2.66%
Mobilization 0.45%
Desmobilization 0.00%
Depreciation Equipment 7.39%
Vehicles&Equipment-Rental 11.15%
Drill & Equipment - Rental 0.80%
Landed Costo Reserve 0.00%
CONTRACT COST 83.18%
Contract Revenue 91.11%
CONTRACT PROFIT 7.92%

Cost + Cost - Labour 1.62%

Cost + Revenue - Labour 8.47%
PROFIT 6.85%

Cost + Cost - Materials 0.38%

Cost + Revenue - Materials 0.42%
PROFIT 0.05%
TOTAL COST + PROFIT 6.90%
TOTAL DRILLING COST 85.18%
TOTAL REVENUE 100.00%
TOTAL PROFIT (LOSS) - % FOOT 14.82%
TOTAL FOOTAGE 2,014

MAJOR DRILLING CHILE S.A.

JOB COST REPORTS OFFICIAL
501051-MINERA TECKCOMINCO CHILE LTDA. (EL ESPINO)
11 MONTH ENDED MARCH 31, 2004

0.00%
Landed Costo Reserve
Drill & Equipment - Rental 0.80%

Vehicles&Equipment-Rental
Depreciation Equipment 7.39%
0.00%
Desmobilization
Mobilization 0.45%

Provision-Wear&Tear Rods 2.66%

Provision-Rolling Equipment 1.02%

 JOB COST REPORTS OFFICIAL
501051-MINERA TECKCOMINCO CHILE LTDA. (EL ESPINO)
11 MONTH ENDED MARCH 31, 2004

0.00%
Landed Costo Reserve
Drill & Equipment - Rental 0.80%

Vehicles&Equipment-Rental
Depreciation Equipment 7.39%
0.00%
Desmobilization
Mobilization 0.45%

Provision-Wear&Tear Rods 2.66%

Provision-Rolling Equipment 1.02%

Provision-Repairs Drills 2.56%

General Expenses 0.74%

Transportation 4.30%

Board, Camp&Lodging Less Recovered 5.67%

Security-Safety Equipment 1.57%

Supplies-Wireline/Corebarrel
Fuel & Propane 9.79%

Diamonds Products & Tricones 5.72%

Fringes Benefits 0.78%

Labour-Stand by& Other 1.39%

0.00%
Labour-Overtimes
Labour-Bad Weather 0.11%

Labour-Moving Between Holes 0.06%

Labour-Downtime Equip Breaskdown 2.53%

Labour-Drilling Chilenos (Hrs) 7.21%

0.00%
Labour-Administration&Support
Supervision Salaries 2.15%

0.00% 2.00% 4.00% 6.00% 8.00% 10.00%

EL ESPINO)

11.15%
%
EL ESPINO)

11.15%
%

15.14%
9.79%

0% 10.00% 12.00% 14.00% 16.00%

OVERHEAD
Supervision Salaries 3.17%
Labour-Administration&Support 3.22%
Labour-Drilling Chilenos (Hrs) 5.52%
Labour-Downtime Equip Breaskdown 2.26%
Labour-Moving Between Holes 0.24%
Labour-Bad Weather 0.00%
Labour-Overtimes 0.00%
Labour-Stand by& Other 1.31%
Fringes Benefits 0.60%
Diamonds Products & Tricones 4.39%
Fuel & Propane 3.23%
Supplies-Wireline/Corebarrel 7.08%
Security-Safety Equipment 1.29%
Board, Camp&Lodging Less Recovered 7.51%
Transportation 4.26%
General Expenses 0.20%
Provision-Repairs Drills 4.11%
Provision-Rolling Equipment 1.64%
Provision-Wear&Tear Rods 4.11%
Mobilization 0.04%
Desmobilization 0.04%
Depreciation Equipment 5.88%
Vehicles&Equipment-Rental 2.68%
Drill & Equipment - Rental 0.21%
Landed Costo Reserve
CONTRACT COST 63.02%
Contract Revenue 98.39%
CONTRACT PROFIT 35.37%

Cost + Cost - Labour 0.72%

Cost + Revenue - Labour 1.08%
PROFIT 0.36%

Cost + Cost - Materials 0.46%

Cost + Revenue - Materials 0.52%
PROFIT 0.07%
TOTAL COST + PROFIT 0.43%
TOTAL DRILLING COST 64.20%
TOTAL REVENUE 100.00%
TOTAL PROFIT (LOSS) - % FOOT 35.80%
TOTAL FOOTAGE 7,273

MAJOR DRILLING CHILE S.A.

JOB COST REPORTS OFFICIAL
501052-MINERA EL TESORO (EL TESORO)
11 MONTHS ENDED MARZO 31, 2004

Landed Costo Reserve

Drill & Equipment - Rental 0.21%

Vehicles&Equipment-Rental 2.68%
Depreciation Equipment

Desmobilization 0.04%

Mobilization 0.04%

Provision-Wear&Tear Rods 4.11%

 JOB COST REPORTS OFFICIAL
501052-MINERA EL TESORO (EL TESORO)
11 MONTHS ENDED MARZO 31, 2004

Landed Costo Reserve

Drill & Equipment - Rental 0.21%

Vehicles&Equipment-Rental 2.68%

Depreciation Equipment

Desmobilization 0.04%

Mobilization 0.04%

Provision-Wear&Tear Rods 4.11%

Provision-Rolling Equipment 1.64%

Provision-Repairs Drills 4.11%

General Expenses 0.20%

Transportation 4.26%

Board, Camp&Lodging Less Recovered

Security-Safety Equipment 1.29%

Supplies-Wireline/Corebarrel

Fuel & Propane 3.23%

Diamonds Products & Tricones 4.39%

Fringes Benefits 0.60%

Labour-Stand by& Other 1.31%

Labour-Overtimes
0.00%
Labour-Bad Weather
0.00%

Labour-Moving Between Holes 0.24%

Labour-Downtime Equip Breaskdown 2.26%

Labour-Drilling Chilenos (Hrs) 5.5

Labour-Administration&Support 3.22%

Supervision Salaries 3.17%

0.00% 1.00% 2.00% 3.00% 4.00% 5.00%

RO)
4

5.88%

4.11%
RO)
4

5.88%

4.11%

4.11%

4.26%

7.51%

7.08%

4.39%

5.52%

% 5.00% 6.00% 7.00% 8.00%

OVERHEAD
Supervision Salaries 1.83%
Labour-Administration&Support 0.00%
Labour-Drilling Chilenos (Hrs) 5.33%
Labour-Downtime Equip Breaskdown 2.31%
Labour-Moving Between Holes 0.00%
Labour-Bad Weather 0.12%
Labour-Overtimes 0.00%
Labour-Stand by& Other 1.10%
Fringes Benefits 0.53%
Diamonds Products & Tricones 4.13%
Fuel & Propane 8.53%
Supplies-Wireline/Corebarrel 2.28%
Security-Safety Equipment 0.65%
Board, Camp&Lodging Less Recovered 9.67%
Transportation 4.60%
General Expenses 0.05%
Provision-Repairs Drills 3.54%
Provision-Rolling Equipment 1.42%
Provision-Wear&Tear Rods 3.72%
Mobilization 0.29%
Desmobilization 0.00%
Depreciation Equipment 2.51%
Vehicles&Equipment-Rental 2.67%
Drill & Equipment - Rental 2.64%
Landed Costo Reserve 0.00%
CONTRACT COST 57.91%
Contract Revenue 87.58%
CONTRACT PROFIT 29.66%

Cost + Cost - Labour 2.57%

Cost + Revenue - Labour 12.42%
PROFIT 9.85%

Cost + Cost - Materials 0.00%

Cost + Revenue - Materials
PROFIT
TOTAL COST + PROFIT 9.85%
TOTAL DRILLING COST 60.48%
TOTAL REVENUE 100.00%
TOTAL PROFIT (LOSS) - % FOOT 39.52%
TOTAL FOOTAGE 2,861

MAJOR DRILLING CHILE S.A.

JOB COST REPORTS OFFICIAL
501053-MINERA LUMINA CHILE S.A. (REGALITO)
11 MONTHS ENDED MARCH 31, 2004

0.00%
Landed Costo Reserve
Drill & Equipment - Rental 2.64%

Vehicles&Equipment-Rental 2.67%

Depreciation Equipment 2.51%

0.00%
Desmobilization
Mobilization 0.29%

Provision-Wear&Tear Rods 3.72%

Provision-Rolling Equipment 1.42%

 501053-MINERA LUMINA CHILE S.A. (REGALITO)
11 MONTHS ENDED MARCH 31, 2004

0.00%
Landed Costo Reserve
Drill & Equipment - Rental 2.64%

Vehicles&Equipment-Rental 2.67%

Depreciation Equipment 2.51%

0.00%
Desmobilization
Mobilization 0.29%

Provision-Wear&Tear Rods 3.72%

Provision-Rolling Equipment 1.42%

Provision-Repairs Drills 3.54%

General Expenses 0.05%

Transportation 4.60%

Board, Camp&Lodging Less Recovered

Security-Safety Equipment 0.65%

Supplies-Wireline/Corebarrel 2.28%

Fuel & Propane

Diamonds Products & Tricones 4.13%

Fringes Benefits 0.53%

Labour-Stand by& Other 1.10%

0.00%
Labour-Overtimes
Labour-Bad Weather 0.12%

0.00%
Labour-Moving Between Holes
Labour-Downtime Equip Breaskdown 2.31%

Labour-Drilling Chilenos (Hrs) 5.33%

0.00%
Labour-Administration&Support
Supervision Salaries 1.83%

0.00% 2.00% 4.00% 6.00% 8.00%

ALITO)
ALITO)

9.67%

8.53%

00% 8.00% 10.00% 12.00%

OVERHEAD
Supervision Salaries 2.39%
Labour-Administration&Support 3.13%
Labour-Drilling Chilenos (Hrs) 6.27%
Labour-Downtime Equip Breaskdown 2.41%
Labour-Moving Between Holes 0.08%
Labour-Bad Weather
Labour-Overtimes
Labour-Stand by& Other 1.53%
Fringes Benefits 0.96%
Diamonds Products & Tricones 5.40%
Fuel & Propane 8.83%
Supplies-Wireline/Corebarrel 12.11%
Security-Safety Equipment 2.36%
Board, Camp&Lodging Less Recovered 6.16%
Transportation 6.33%
General Expenses 1.57%
Provision-Repairs Drills 5.23%
Provision-Rolling Equipment 2.09%
Provision-Wear&Tear Rods 5.32%
Mobilization 3.08%
Desmobilization
Depreciation Equipment 4.35%
Vehicles&Equipment-Rental 2.36%
Drill & Equipment - Rental 0.82%
Landed Costo Reserve
CONTRACT COST 82.77%
Contract Revenue 96.14%
CONTRACT PROFIT 13.37%

Cost + Cost - Labour 1.67%

Cost + Revenue - Labour 3.86%
PROFIT 2.20%

Cost + Cost - Materials

Cost + Revenue - Materials
PROFIT 0.00%
TOTAL COST + PROFIT 2.20%
TOTAL DRILLING COST 84.44%
TOTAL REVENUE 100.00%
TOTAL PROFIT (LOSS) - % FOOT 15.56%
TOTAL FOOTAGE 3,620

MAJOR DRILLING CHILE S.A.

JOB COST REPORTS OFFICIAL
501054-CIA MINERA DOÑA INES DE COLLAHUASI (COLLAHUASI)
11 MONTHS ENDED ,MARCH 31,2004

Landed Costo Reserve

Drill & Equipment - Rental 0.82%
Vehicles&Equipment-Rental 2.36%
Depreciation Equipment 4.35%
Desmobilization
Mobilization 3.08%
Provision-Wear&Tear Rods 5.32%
Provision-Rolling Equipment 2.09%
 501054-CIA MINERA DOÑA INES DE COLLAHUASI (COLLAHUASI)
11 MONTHS ENDED ,MARCH 31,2004

Landed Costo Reserve

Drill & Equipment - Rental 0.82%
Vehicles&Equipment-Rental 2.36%
Depreciation Equipment 4.35%
Desmobilization
Mobilization 3.08%
Provision-Wear&Tear Rods 5.32%
Provision-Rolling Equipment 2.09%
Provision-Repairs Drills 5.23%
General Expenses 1.57%
Transportation 6.33%
Board, Camp&Lodging Less Recovered 6.16%
Security-Safety Equipment 2.36%
Supplies-Wireline/Corebarrel
Fuel & Propane 8.83%
Diamonds Products & Tricones 5.40%
Fringes Benefits 0.96%
Labour-Stand by& Other 1.53%
Labour-Overtimes
Labour-Bad Weather
Labour-Moving Between Holes 0.08%
Labour-Downtime Equip Breaskdown 2.41%
Labour-Drilling Chilenos (Hrs) 6.27%
Labour-Administration&Support 3.13%
Supervision Salaries 2.39%

0.00% 2.00% 4.00% 6.00% 8.00% 10

 (COLLAHUASI)
04
 (COLLAHUASI)
04

12.11%
8.83%

8.00% 10.00% 12.00% 14.00%

OVERHEAD
Supervision Salaries 1.44%
Labour-Administration&Support 0.00%
Labour-Drilling Chilenos (Hrs) 5.46%
Labour-Downtime Equip Breaskdown 1.57%
Labour-Moving Between Holes 0.34%
Labour-Bad Weather 0.00%
Labour-Overtimes 0.00%
Labour-Stand by& Other 0.75%
Fringes Benefits 0.81%
Diamonds Products & Tricones 4.39%
Fuel & Propane 6.33%
Supplies-Wireline/Corebarrel 10.23%
Security-Safety Equipment 4.35%
Board, Camp&Lodging Less Recovered 4.22%
Transportation 2.82%
General Expenses 0.00%
Provision-Repairs Drills 7.97%
Provision-Rolling Equipment 3.19%
Provision-Wear&Tear Rods 7.97%
Mobilization 0.00%
Desmobilization 0.00%
Depreciation Equipment 2.97%
Vehicles&Equipment-Rental 4.71%
Drill & Equipment - Rental 2.72%
Landed Costo Reserve 0.00%
CONTRACT COST 72.25%
Contract Revenue 99.35%
CONTRACT PROFIT 27.10%

Cost + Cost - Labour 0.11%

Cost + Revenue - Labour 0.65%
PROFIT 0.55%

Cost + Cost - Materials

Cost + Revenue - Materials
PROFIT 0.00%
TOTAL COST + PROFIT 0.55%
TOTAL DRILLING COST 72.36%
TOTAL REVENUE 100.00%
TOTAL PROFIT (LOSS) - % FOOT 27.64%
TOTAL FOOTAGE 1,725

MAJOR DRILLING CHILE S.A.

JOB COST REPORTS OFFICIAL
501055-CIA MINERA CARMEN DE ANDACOLLO (ANDACOLLO)
11 MONTHS ENDED MARCH 31, 2004

0.00%
Landed Costo Reserve
Drill & Equipment - Rental 2.72%

Vehicles&Equipment-Rental 4.71%

Depreciation Equipment 2.97%

0.00%
Desmobilization
0.00%
Mobilization
Provision-Wear&Tear Rods 7.97%

Provision-Rolling Equipment 3.19%

 JOB COST REPORTS OFFICIAL
501055-CIA MINERA CARMEN DE ANDACOLLO (ANDACOLLO)
11 MONTHS ENDED MARCH 31, 2004

0.00%
Landed Costo Reserve
Drill & Equipment - Rental 2.72%

Vehicles&Equipment-Rental 4.71%

Depreciation Equipment 2.97%

0.00%
Desmobilization
0.00%
Mobilization
Provision-Wear&Tear Rods 7.97%

Provision-Rolling Equipment 3.19%

Provision-Repairs Drills 7.97%

0.00%
General Expenses
Transportation 2.82%

Board, Camp&Lodging Less Recovered 4.22%

Security-Safety Equipment 4.35%

Supplies-Wireline/Corebarrel
Fuel & Propane 6.33%

Diamonds Products & Tricones 4.39%

Fringes Benefits 0.81%

Labour-Stand by& Other 0.75%

0.00%
Labour-Overtimes
0.00%
Labour-Bad Weather
Labour-Moving Between Holes 0.34%

Labour-Downtime Equip Breaskdown 1.57%

Labour-Drilling Chilenos (Hrs) 5.46%

0.00%
Labour-Administration&Support
Supervision Salaries 1.44%

0.00% 2.00% 4.00% 6.00% 8.00%

 ANDACOLLO)
04

7.97%
 ANDACOLLO)
04

7.97%

7.97%

10.23%

6.33%

00% 8.00% 10.00% 12.00%

 POLLUX ESPINO TESORO REGALITO COLLAHUASI ANDACOLLO
Supervision Salaries 5,536 3,197 13,935 3,685 4,096 771
Labour-Administration&Support 0 0 14,177 0 5,349 0
Labour-Drilling Chilenos (Hrs) 11,211 10,742 24,294 10,745 10,728 2,919
Labour-Downtime Equip Breaskdown 3,615 3,774 9,953 4,663 4,124 840
Labour-Moving Between Holes 1,060 84 1,063 0 138 183
Labour-Bad Weather 0 166 8 243 0 0
Labour-Overtimes 1,252 0 0 0 0 0
Labour-Stand by& Other 869 2,067 5,753 2,206 2,612 401
Fringes Benefits 902 1,155 2,637 1,075 1,637 434
Diamonds Products & Tricones 14,170 8,529 19,328 8,314 9,251 2,347
Fuel & Propane 17,535 14,592 14,186 17,190 15,106 3,389
Supplies-Wireline/Corebarrel 13,883 22,556 31,136 4,590 20,734 5,474
Security-Safety Equipment 2,452 2,339 5,694 1,311 4,042 2,328
Board, Camp&Lodging Less Recovered 10,421 8,445 33,050 19,481 10,549 2,260
Transportation 25,509 6,407 18,747 9,271 10,828 1,509
General Expenses -156,825 1,100 869 92 2,684 0
Provision-Repairs Drills 10,445 3,816 18,072 7,134 8,951 4,265
Provision-Rolling Equipment 5,306 1,526 7,229 2,854 3,581 1,706
Provision-Wear&Tear Rods 10,960 3,970 18,096 7,488 9,107 4,265
Mobilization 167,948 671 179 591 5,280 0
Desmobilization 6,934 0 179 0 0 0
Depreciation Equipment 14,698 11,018 25,869 5,054 7,438 1,589
Vehicles&Equipment-Rental 14,530 16,611 11,800 5,381 4,035 2,518
Drill & Equipment - Rental 2,353 1,189 942 5,327 1,406 1,454
Landed Costo Reserve 0 0 0 0 0 0
CONTRACT COST 184,764 123,952 277,194 116,694 141,676 38,653
Contract Revenue 219,674 135,755 432,742 176,464 164,558 53,149
CONTRACT PROFIT 34,910 11,803 155,548 59,770 22,882 14,497

Cost + Cost - Labour 5,263 2,409 3,171 5,179 2,854 58

Cost + Revenue - Labour 27,738 12,623 4,770 25,033 6,611 350
PROFIT 22,475 10,214 1,599 19,854 3,758 292

Cost + Cost - Materials 8,062 560 2,005 0 0 0

Cost + Revenue - Materials 9,219 630 2,306 0 0 0
PROFIT 1,157 70 301 0 0 0

TOTAL COST + PROFIT 23,632 10,284 1,900 19,854 3,758 292

POLLUX ESPINO TESORO REGALITO COLLAHUASI ANDACOLLO

TOTAL DRILLING COST 198,090 126,921 282,370 121,872 144,530 38,711 912,494
TOTAL REVENUE 256,632 149,008 439,818 201,497 171,169 53,499 1,271,623
TOTAL PROFIT (LOSS) - % FOOT 58,542 22,087 157,448 79,624 26,639 14,789 359,129
TOTAL FOOTAGE 5,325 2,014 7,273 2,861 3,620 1,725 22,818

POLLUX ESPINO TESORO REGALITO COLLAHUASI ANDACOLLO

TOTAL REVENUE 256,632 149,008 439,818 201,497 171,169 53,499

MAJOR DRILLING CHILE S.A.

JOB COST REPORTS OFFICIAL
11 MONTHS ENDED MARCH 31, 2004

POLLUX
ESPINO
TESORO
130,000
REGALITO
COLLAHUA
ANDACOL

80,000

30,000

Camp&Lodging Less Recovered

Supplies-Wireline/Corebarrel
ur-Downtime Equip Breaskdown

Transportation

Mobilization

Drill & Equipment - Rental

Labour-Drilling Chilenos (Hrs)

Labour-Bad Weather

Labour-Stand by& Other

Fuel & Propane

Desmobilization

Vehicles&Equipment-Rental
Provision-Wear&Tear Rods
Labour-Moving Between Holes

Security-Safety Equipment

General Expenses

Provision-Repairs Drills

Provision-Rolling Equipment

Depreciation Equipment
Supervision Salaries

Labour-Administration&Support

Labour-Overtimes

Fringes Benefits

Diamonds Products & Tricones

-20,000

-70,000
 -170,000
-120,000
-70,000
-20,000
30,000

50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
Supervision Salaries

Labour-Administration&Support

198,090
Labour-Drilling Chilenos (Hrs)

256,632

58,542
Labour-Downtime Equip Breaskdown

Labour-Moving Between Holes

Labour-Bad Weather

126,921
149,008
Labour-Overtimes

22,087
Labour-Stand by& Other

Fringes Benefits

Diamonds Products & Tricones

282,370
439,818

Fuel & Propane

157,448
Supplies-Wireline/Corebarrel

Security-Safety Equipment

Board, Camp&Lodging Less Recovered

MAJOR DRILLING CHILE S.A.
JOB COST REPORTS OFFICIAL

121,872
11 MONTHS ENDED MARCH 31, 2004

201,497

Transportation

79,624
General Expenses

Provision-Repairs Drills

Provision-Rolling Equipment
144,530
171,169

Provision-Wear&Tear Rods
26,639

Mobilization

Desmobilization
TOTAL REVENUE

Depreciation Equipment
TOTAL FOOTAGE

38,711
53,499
TOTAL DRILLING COST

Vehicles&Equipment-Rental

Drill & Equipment - Rental

TOTAL PROFIT (LOSS) - % FOOT
250,000

198,090 201,497
200,000 171,169
157,448
149,008 144,530
150,000 126,921 121,872

100,000 79,624
58,542 53,499
38,711
50,000 22,087 26,639
14,789
5,325 2,014 7,273 2,861 3,620 1,725
0
POLLUX ESPINO TESORO REGALITO COLLAHUASI ANDACOLLO
 MAJOR DRILLING CHILE S.A.
TOTAL DRILLING COST/TOTAL REVENUE
11 MONTHS ENDED MARCH 31, 2004

POLLUX
POLLUX
20%
22% COLLAHUASI ANDACOLLO
COLLAHUASI ANDACOLLO
13% 4%
16% 4%

REGALITO ESPINO
REGALITO 16% 12%
13% ESPINO
14%

TESORO
TESORO
35%
31%
 TESORO
TESORO
35%
31%
Provision-Wear&Tear Rods

Mobilization

Desmobilization

Depreciation Equipment

Vehicles&Equipment-Rental

Drill & Equipment - Rental

ESPINO
POLLUX

TESORO
REGALITO

ANDACOLLO
COLLAHUASI
Landed Costo Reserve
 Provision-Wear&Tear Rods

6,639
Mobilization

Desmobilization

TOTAL REVENUE
Depreciation Equipment

TOTAL FOOTAGE

38,711
53,499
TOTAL DRILLING COST
Vehicles&Equipment-Rental

Drill & Equipment - Rental

TOTAL PROFIT (LOSS) - % FOOT

Landed Costo Reserve
 53,499
38,711
6,639
14,789
3,620 1,725

UASI ANDACOLLO
POLLUX
20%

ESPINO
12%