Josemaria Project, Argentina.

• During the quarter, the Company received results from a seven hole, 2,253 metre drill program completed in December, 2009. Josemaria is a large copper/gold porphyry project located in San Juan Province, Argentina near the Los Helados project described below. Josemaria contains a NI 43-101 inferred resource of 460 million tonnes at 0.39% copper and 0.30 grams/tonne gold at a 0.3% copper cut off. The objective of this drill program was to test the potential for a significant expansion of the existing resource. All holes were drilled outside the 0.3% copper shell of the current resource. The drilling targeted coincident moderate chargeability and strongly anomalous copper and gold in soils located on the periphery of the known resource. Six of the seven holes drilled intersected thick sections of porphyry style alteration and sulfide mineralization outside the current resource envelope. Highlights include DDH-08 with 290m @ 0.3% Cu, 0.18 g/t Au; DDH-10 with 88m @ 0.27% Cu, 0.2 g/t Au including 18m@ 0.49% Cu, 0.26 g/t Au. The results confirm that the already large Josemaria deposit lies within a much larger mineralized porphyry system. Future exploration will focus on finding higher grade zones within the newly identified extensions.

The past year was one of significant positive changes for the Company. We believe that the consolidation of three of the Lundin Group's junior exploration companies, Canadian Gold Hunter, Suramina and Sanu, into NGEX has created a company that is very well positioned to benefit from several powerful long term trends affecting both the global economy and the mining industry.

• Towards the end of the second quarter the Company began to mobilize personnel, supplies and equipment to the Josemaria project for the drill program that is expected to start in November, 2009. The drill program will test possible extensions of the current inferred resource of 460 million tonnes at 0.39% copper and 0.30 grams/tonne gold at a cut off grade of 0.3% copper. Reprocessing and reinterpretation of previously collected geophysical data highlighted a chargeability anomaly that is coincident with the known resource and extends for approximately 500 metres to the northeast and 750 metres to the southwest. Copper and gold in soils are strongly anomalous over the northeast lobe of the geophysical anomaly. This suggests that there is potential to increase the resource at Josemaria. We plan to drill up to 2000 metres in 5 or 6 holes to test these targets. The US$ 2 million program is funded by JOGMEC who may earn up to a 40% interest in Josemaria by spending $6.13 million over three years.

• The business combination with Suramina Resources Inc. was completed on April 17, 2009. Through the transaction, the Company acquired an outstanding portfolio of South American copper‐gold projects. Suramina's most advanced project was Josemaria which contains a NI 43‐101 compliant inferred resource at a 0.3% TCu cut off of 460 million tonnes at 0.39% TCu and 0.30 g/t Au. The Josemaria resource is open in several directions. Other significant projects include Los Helados in Chile a large copper gold system, where drilling in early 2009 hit 762 meters of 0.43% copper and 0.22 g/t gold.