RECENT HIGHLIGHTS

• Execution of a Heads of Agreement and subsequent Share Sale Agreement to acquire 100% of Peru Minerals SAC which owns 100% of the Santa Rosita and Victoadal/Bacata Licenses. Due diligence was completed to Promesa’s satisfaction and shareholder approval was gained.
• Epithermal gold mineralisation outlined over a “strike length” of 1.8km within Bacata and Victoadal licenses at the Cerro Curunday prospect.
• Exceptional early results from the three main channel/trench areas of 14.80g/t, 10.15g/t and 7.25g/t in the top section of the Cerro Curunday.
• Alteration and gold mineralisation extends into the neighbouring lease to the south for 1 km with channel/trench sample results of up to 4.92g/t 200m down slope, highlighting that the Cerro Currunday prospect lies in a large gold mineralised system.
• Metallurgical studies confirm the presence of gold in the pervasively altered and oxidised rocks of Cretaceous Chimu Formation from 0.4 g/t to 3.5 g/t Au tenors.
• Underwritten Entitlement Issue was closed with a 90% take up to raise $1,726,667 before costs. In addition an underwritten private placement to sophisticated investors to raise a further $504,000 before costs was undertaken and subsequently completed.
• A field campaign was commenced in late January on the licenses holding the Cerro Curunday prospect. The work commenced includes further channel trench and rock chip samples. The work will take approximately 6 weeks and initial results are expected early March.
• Results from this campaign and the existing extensive database of work completed so far will form the basis of an extensive Phase 1 drilling campaign to commence in the April – June quarter 2011. Drilling contractors have been short listed.

Mr Ananda Kathiravelu - Executive Director

Ananda Kathiravelu has been in the financial services funds management and stockbroking industries for over 20 years.

Mr Kathiravelu is the Managing Director of Armada Capital Limited, Chairman of Transit Holdings Ltd, Non-Executive Director of Radar Iron Ltd and Executive Director of Promesa Ltd. His areas of expertise include corporate advice, capital raising, mergers and acquisitions. His focus is in the small cap and resource sectors.

Mr Kathiravelu holds a Bachelor of Business and a Graduate Diploma of Applied Finance and Investment, and is an associate of the Securities Institute of Australia.

Mr Solomon Majteles - Non Executive Chairman

Mr Majteles graduated in law from the University of Western Australia and has been in private legal practice since 1972. He has over 35 years experience in business, corporate, property and commercial law and practise.

He has been a director of various private and ASX listed companies for more than 25 years and is currently non-executive chairman of ASX listed company Metals Australia Limited and a non-executive director of ASX listed Power Resources Limited, Prime Minerals Limited and Blaze International Limited.

Mr Alejandro Calderon - Director

Having completed courses in Business Economics at Université Montesquieu de Bordeaux IV in Bordeaux, France (1998 – 2003), a graduate coursework degree in Business-Economics at the University of California Santa Barbara (2002-2003), and a Masters degree in Management and Finance from Harvard University (2005-2006), Alejandro brings to the board extensive skills as a results oriented professional with broad international experience in management, business development and financial analysis.

He has had senior management roles with companies in South America involved in coal trading and the supply to domestic and international markets, the production of bio-fuels and crude oil derivatives and an investment firm targetting emerging markets in the oil, energy and mining sectors.

Mr Mario Enrique Camacho Bolivar - Director

Mr Bolivar qualified as a Mechanical Engineer in 1995 and has over 15 years experience in all aspects project engineering, including technical and administrative project coordination, engineering consulting, inspection, quality control and assurance.

He is based in Colombia and since February 2009 has been the President of PEGASUS GROUP COLOMBIA SA, in which role he is responsible for business analysis, defining strategic direction, approving application of resources, identifying and approving investment decisions, reviewing the Integrated Management System to ensure compliance with legal and financial obligations of the business, and overseeing its policies and strategic objectives.

Mr Rene Lugo - Senior Geologist

Mr. Lugo is a qualified Engineer, Geologist and Geophysicist. With a career over 36 years, he is very experienced in mapping both igneous, volcano-sedimentary, sedimentary and metamorphic rocks. Most of his professional life has been dedicated to mineral prospecting and exploration, focused on precious and base and ferrous metals