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LAGUNA DEL MAULE & PELLADO ("MARIPOSA") - CHILE

Maule & Pellado owned 100%
104,000 hectares (256,990 acres), region VII, southern Chile
Recent volcanism and hot springs near concession
Geology, geochemistry, geophysics programs completed Mar-09
Slim hole drill program completed Jun-09 +200^oC water at 650 m depth

Additional slim hole drill program undeway

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The Maule & Pellado Property ("Mariposa") is located in the Andes Mountains in Region VII of Chile, centered on coordinates 36°00' South and 70°30' West, approximately 281 km south of Santiago. It is made up of one exploration concession, Mariposa (104,000 hectares). The elevation of the plateau area is 2,300 metres above sea level and the closest major town is Talca (170,000 inhabitants), 103 km north northwest of the concession. Access to the area is by highway 115, a major paved international highway.

The area of the Mariposa Property corresponds to an active volcanic zone. The region is composed of several large super-imposed volcanic structures. Several fumaroles and hot springs are noted around the volcanic systems, evidence of past volcanic activity. Fumaroles are found on the concessions and hotsprings are located nearby. Work done to date suggests the presence of a magma chamber five to ten km in depth that may be the driving force for the geothermal system found in the area. Significant volumes of pyroclastic material constitute the underlying volcanic sequences and may represent potential reservoir rocks.

The work of the University of Chile during 2000 to 2003, identified the Mariposa Property area as having potential for significant geothermal resources. Additional geological studies were carried out under the auspices of the Chilean National Geological Survey. These studies focused on geological mapping and interpretations of the stratigraphy in order to describe the volcanic events in the area.

Nearby hydro power projects may provide an opportunity for collaboration on transmission facilities allowing connection to the Central Power Grid at distances between 15 km to 25 km.

Schlumberger Water Services completed a geophysical resistivity survey on the Mariposa Property in March 2009. Magma also undertook geological mapping, structural analysis and water and gas chemistry analysis. Gas chemistry indicated high temperature (greater than 230°C) subsurface fluids. The resistivity survey also indicated a very large (greater than 26 km2) anomaly. Based on the encouraging preliminary results, a 1000 metre slim core hole drilling program was completed June 2009