Magnetita project - UM

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COLOMBIA MINING CORPORATIONCOLOMBIA MINING CORPORATION

LA MAGDALENA LA MAGDALENA FEBRUARY 2009FEBRUARY 2009

UMUNIVERSAL MINING S.A.S.

Colombia Pais Minero

CONTENTCONTENT1. Introduction 2. Location

1. Geographic location2. Map of Licenses3. Areas and status of licenses

3. Exploration works1. Sampling2. Magnetic survey3. Lab Analysis

1) Oxide Analysis2) Petro graphic Analysis3) Magnetic Analysis

a. High Magnetic Separationi. X Ray Analysisii. Spectrum Electro-Microscopic Analysis

b. Low Magnetic Separationi. X Ray Analysisii. Spectrum Electro-Microscopic Analysis

4) Metallurgical Analysisa. Pulverization and magnetic separationb. Density medium separationc. Furness

4. Exploration works conclusion4. Short term work plan5. Annexes

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1. INTRODUCTION1. INTRODUCTIONPROJECT MAGDALENA is named after the Magdalena River (Spanish Rio Magdalena) which is the principal river of Colombia running about 1540 km from south to north through the western half of the country it is navigable through much of its lower reaches. Its headwaters are in the south of the country where the Andean sub-ranges Cordillera Central and Cordillera Oriental separate . The river then runs east of north in a great valley between the two cordilleras at high velocity. It reaches the great port city of Barranquilla still at high sluice velocity carrying all the eroded heavy minerals of Colombia in its sediment load which then empties into the Caribbean sea where the lights and slimes separate in a great plume that can be seen from space. . This geologically serendipitous event is further enhanced by a strong east west long shore current which further winnows , cleans and concentrates the heavy minerals into probably the worlds greatest deposit of thick concentrated heavy minerals predominating in high quality magnetite.Estimations indicate that more than 500 million tones might be present in this deposit with a potential of several billion of total mineral resource.

Long shore drift from mouth of the Magdalena River



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2. GEOGRAPHICAL LOCATION2. GEOGRAPHICAL LOCATIONUSA

Colombia

Brazil

Mexico



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MAP OF LICENSESMAP OF LICENSES



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LICENSE AREAS AND STATUSLICENSE AREAS AND STATUSNAME LICENSE PLATE LICENSE STATUS AREA Ha. AREA Km2

LA MAGDALENA HAU-103 AWARDED 520,31 5,20 HAU-10061X AWARDED 548,79 5,49 HAU-10062X AWARDED 885,70 8,86 HAU-10063X AWARDED 886,10 8,86 HAU-10064X AWARDED 141,16 1,41

MALLORQUÍN GC3-111 APPLICATION 2.755,84 27,56 HOREB HDL-081 AWARDED 964,25 9,64

HDL-08091X AWARDED 2.648,47 26,48 TREBOL GC3-102 APPLICATION 4.027,00 40,27 VELERO JAS-14061 APPLICATION 705,86 7,06

VELERO PEQUEÑO JBQ-10461 APPLICATION 78,60 0,79 PUERTO CAIMÁN FGL-131 APPLICATION 1.454,37 14,54 SANTA VERÓNICA FLV-092 APPLICATION 1.680,53 16,81

LA ARENOSA JG3-09471 APPLICATION 3.920,48 39,20 PORTEÑA JG2-16512 APPLICATION 3.954,92 39,55

CARNAVALERA JG3-10111 APPLICATION 4.576,00 45,76

TOTAL 29.748,39 297,48



CMC MAGDALENA SAMPLINGCMC MAGDALENA SAMPLING

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CMC SAMPLING UMUNIVERSAL MINING S.A.S.


DELTA MAGDALENA SAMPLINGDELTA MAGDALENA SAMPLING

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MALLORQUIN LICENSEMALLORQUIN LICENSE

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HOREB LICENSEHOREB LICENSE

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MAGDALENA LICENSEMAGDALENA LICENSE

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VELERO LICENSEVELERO LICENSE

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PUERTO CAIMAN LICENSEPUERTO CAIMAN LICENSE

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EL TREBOL LICENSEEL TREBOL LICENSE

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SANTA VERONICA LICENSESANTA VERONICA LICENSE

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CORE DRILLING

CORE

MINERAL SEDIMENTS

3. EXPLORATION WORKS3. EXPLORATION WORKS

MINERAL CONCENTRATION UMUNIVERSAL MINING S.A.S.


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MAGNETIC SURVEYMAGNETIC SURVEY



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OXIDE ANALYSISOXIDE ANALYSIS



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PETROGRAPHIC ANALYSISPETROGRAPHIC ANALYSISPuertoPuerto ColombiaColombia



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MallorquínMallorquínPETROGRAPHIC ANALYSISPETROGRAPHIC ANALYSIS



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Puerto CaimánPuerto Caimán

PETROGRAPHIC ANALYSISPETROGRAPHIC ANALYSIS



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Santa Verónica Santa Verónica PETROGRAPHIC ANALYSISPETROGRAPHIC ANALYSIS



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MAGNETIC ANALYSISMAGNETIC ANALYSIS

• Hand Magnetic separation 900 gauss Magnet

• Electro- Magnetic separation0,5 A – 1,0A – 1,5A



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HIGH MAGNETIC SEPARATIONHIGH MAGNETIC SEPARATIONX RAY ANALYSISX RAY ANALYSIS

Muestra % Cuarzo % % % Esfena % % % Hematita % % %Ilmenita Magnetita Hornblenda Plagioclasa Ti5O9 Rutilo Amorfos

GS/I Col 15.2 8.9 10.3 13.6 39.7 ‐‐‐‐ ‐‐‐‐ 12.39

GS/I Mal 10.9 15.1 15.6 14.1 37 ‐‐‐‐ ‐‐‐‐ 7.415

GS/I ‐‐‐ ‐‐‐‐ 69.7 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 30.3PCam 14GS/I S1 21.7 3.7 ‐‐‐‐ ‐‐‐‐ 38.9 ‐‐‐‐ 3.6 21 2.6 8.5

Entire sample



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Hand magnetic sample analysis

Muestra % Cuarzo % % % Esfena % % % Hematita %Ilmenita Magnetita Hornblenda Plagioclasa Amorfos

GS/I Col ‐‐‐‐ 38.5 43.5 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 189

GS/I Mal ‐‐‐‐ 16.4 18.5 ‐‐‐‐ 40 ‐‐‐‐ 8.5 16.615

GS/I ‐‐‐‐ ‐‐‐‐ 78.6 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 21.4PCam 14GS/I S1 ‐‐‐‐ 21 30.3 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 48.7




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0.5 Amp. Magnetic sample analysis

Muestra % Cuarzo % % % % % % % % Hematita %Ilmenita TiO2 Pseudobrookita Magnetita Esfena Hornblenda Plagioclasa Amorfos

GS/I Col 9 3.1 3.5 ‐‐‐‐ 12 40.1 33.5 ‐‐‐‐ 7.8

GS/I Mal 12.8 18.9 ‐‐‐‐ 38.6 ‐‐‐‐ ‐‐‐‐ 15.6 14.215

GS/I PCam 2.8 11.3 10.6 54.4 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 9.3 11.514

GS/I S1 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 98%



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1 Amp. Magnetic sample analysis

Muestra % Cuarzo % % % TiO2 % % % % % % Hematita % % %Ilmenita Ti4O7 Rutilo Magnetita Esfena Hornblenda Plagioclasa Titanomagnetita Zircon Amorfos

GS/I Col 23.3 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 2.8 9.6 21.2 40.1 ‐‐‐‐ 1 ‐‐‐‐ 1.99

GS/I Mal 18.2 6 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 4.9 16.9 ‐‐‐‐ 47 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 7.115

GS/I 40.2 1.9 13.3 33.4 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 6.4 1.8PCam 14

GS/I S1 37.7 ‐‐‐‐ 19.4 ‐‐‐‐ 2.3 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 36.2 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 4.4



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1.5 Amp. Magnetic sample analysis

Muestra % Cuarzo % % % % % % % % % % Hematita %Ilmenita TiO2 Ti4O7 Fe Zircón Magnetita Esfena Hornblenda Plagioclasa Amorfos

GS/I Col 47.1 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 51.6 ‐‐‐‐ 1.39

GS/I Mal 68.9 5.3 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 5 ‐‐‐‐ ‐‐‐‐ 18.8 ‐‐‐‐ 215

GS/I 16 2.9 10 18 31.2 12.4 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 9.5PCam 14GS/I S1 20.7 ‐‐‐‐ ‐‐‐‐ 13.8 ‐‐‐‐ 26.2 ‐‐‐‐ ‐‐‐‐ ‐‐‐‐ 31.9 4.2 3.2



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HIGH MAGNETIC SEPARATION HIGH MAGNETIC SEPARATION SEM ANALYSISSEM ANALYSIS



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MallorquinPuerto Caiman



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Puerto ColombiaSanta Veronica



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Puerto Colombia Hand Magnetic Separation

Titanium: 6,07% - Iron: 46,06%1 : 7,6

Puerto Colombia Residual 1,5ª Mag. Separation

Titanium: 7,3% - Iron: 15,35%1 : 2,10



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Puerto Caiman Hand Magnetic Separation

Puerto Caiman Residual 1,5ª Mag Separation

Titanium: 3,42% - Iron: 52,52%1 : 15,35 Titanium: 7,47% - Iron: 12,25%

1 : 1,66UM

UNIVERSAL MINING S.A.S.Colombia Pais Minero

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Santa Veronica Hand Magnetic Separation

Santa Veronica Residual 1,5A Mag Separation

Titanium: 3,21% - 41,79Iron: %1 : 13,01

Titanium: 3,8% - Iron: 6,47%1 : 1,70



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MallorquinHand Magnetic Separation

MallorquinResidual1,5A Mag Separation

Titanium: 5,66% - Iron: 51,61%1 : 9,11

Titanium: 0,26% - Iron: 2,36%1 : 9



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LOW MAGNETIC SEPARATIONLOW MAGNETIC SEPARATIONSEM ANALYSISSEM ANALYSIS

MALLORQUIN

Magnetic Separation660 Gauss MagnetSieved 200

Average resultsFe: 44,56%Ti: 5,74%



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PUERTO CAIMAN





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PUERTO COLOMBIA





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SANTA VERONICA





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METALLURGICAL ANALYSISMETALLURGICAL ANALYSISMagnetic Separation Material cast

Spec for metal analysisProduct



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METALLURGICAL ANALYSIS RESULTSMETALLURGICAL ANALYSIS RESULTS

Al C Co Cr Cu Fe Mn Mo Nb Ni

0.00942 3.71 0.0668 0.442 0.0244 86 0.587 <0.0100 0.0349 7.32

P S Si Sn Ti V W

0.669 >0.240 0.453 <0.0010 0.250 0.207 0.0126


0.00175 2.08 0.0474 0.0633 0.0192 93.2 0.0359 <0.0100 <0.0050 4.11

P S Si Sn Ti V W

0.118 >0.240 0.0191 <0.0010 0.00533 0.0155 <0.0100


0.00211 ≈4.65 <0.0100 0.0157 <0.0100 94.6 <0.0100 <0.0100 <0.0050 0.270

P S Si Sn Ti V W

0.145 >0.240 <0.0100 <0.0010 0.00778 0.00625 <0.0100



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SHORT TERM WORK PLANSHORT TERM WORK PLAN

Completing feasibility studies, drilling and metallurgical.

Complete of project implementation plan.

Creating a plan and mining stocks.

Preparation of a detailed engineering design and analysis of capital cost.

Construction of marine dredges including magnetic separators capable of producing 30,000 tons of magnetite per day.

Acquisition of land adjacent to the ports for storage and loading of ships.

Plan and construction of a steel mill for processing iron ore and steel production.

Export of steel and iron ore



SHORT TERM DRILLING OPTIONSSHORT TERM DRILLING OPTIONSVibracore drillingVibracore drilling

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SHORT TERM DRILLING OPTIONSSHORT TERM DRILLING OPTIONSMACC MACC

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Hydraulic power

pack

Hoses

Frame

Drive unit

Lead weights (adjustable)

5” coring barrel

Core catcher



SHORT TERM DRILLING OPTIONSSHORT TERM DRILLING OPTIONS

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• Drill type: Vibracore• Drilling mechanism: Vertical and horizontal

vibration• Purchase cost: US$ 25,000• Rental cost: N/A• Delivery: 1 month• Sample depth: 2m sections up to 10m• Core sample width: 3”• JORC compliance: Although the vibracore

has not been proven, our onshore testing with the CMC manufactured system has given positive results and 100% recovery. A JORC approved geologist has stated on look at some of our drilling sampling that he would be sign off on what he has seen.

• Notes: The drilling system is compact and inexpensive, operating from surface to the seabed. The system could lend itself to a smaller less expensive vessel requirement.

• Drill type: MACC (Marine Autonomous Compacting Coring System)

• Drilling mechanism: Vertical vibration /hydraulic

• Purchase cost: N/A• Rental cost: US$ • Delivery: 3months• Sample depth: 5m• Core sample width: 5” to 8”• JORC compliance: The MACC is a proven JORC,

Snowden’s system from New Zealand. TTRL (Trans Tasman Resource Limited) will not allow CMC to buy the system however would advise and operate for the Magdalena project. TTRL have undertaken a similar project in NZ which could be mutually beneficial to both projects.

• Notes: Drilling from sea bed. System requires a 4ton crane and to operate from a 17 to 20m vessel, US$3,500/day.

Magnetita project - UM

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