Strategy and Objectives 

The Company has a strategy to explore and develop its portfolio of iron ore project and potential gold and iron mineral sands projects. In pursuit of this strategy, the immediate Company's objectives are to:

1. establish structured and focussed exploration programs targeting known anomalous areas close to ports and infrastructure; and
2. drill targets within the existing geological data base where target minerals are highly prospective.
3. expand JORC inferred resource at Guadalupito
4. complete Scoping study at Guadalupito
5. complete 12,000m drilling program at Mariela
6. commence detailed exploration program at Ilo Concessions
7. increase shareholder value by achieving sound fundamental milestones

The medium to long term objectives of the Company are to:

1. pursue the discovery of economic mineralisation;
2. seek future projects either by direct application or in joint ventures; and
3. become a producer of minerals from one or more of its existing concessions or new projects acquired in the future (subject, of course, to being able to delineate an economic ore body).

Figure 1: Location of LRS major projects