July 22, 2009

Edson
sancourier comercial exportadora ltda
cnpj 67.138.388/0001-62
av.ribeiro preto 460
mairipor-sp-brasil
cep 07600-000
011 44851875
011 96249697
tucasansone@gmail.com
Dear Edson,
Please find attached the results of the gravity concentration test for gold recovery on the Serra
Pelada sample.
Please feel free to contact us if you have any questions.

Sincerely,

Alex Lum, P.Eng.

Metallurgical Engineer

8515 Eastlake Drive Burnaby, BC CANADA V5A 4T7

Tel: 604-421-7622 Fax: 604-421-7603 www.met-solvelabs.com

GRAVITY GOLD RECOVERY ON

SERRA PELADA SAMPLE

Prepared for:

Edson
sancourier comercial exportadora ltda
cnpj 67.138.388/0001-62
av.ribeiro preto 460
mairipor-sp-brasil
cep 07600-000
011 44851875
011 96249697
tucasansone@gmail.com

Prepared by:

Met-Solve Laboratories Inc.

8515 Eastlake Drive
Burnaby, BC
V5A 6R9
Canada

Project Number:

MS1184

Alex Lum, P.Eng

Metallurgical Engineer

Ish Grewal, M.A.Sc. P.Eng

President
July 22, 2009

Note: This report refers to the samples as received. The information contained in this report is provided
'as is' without warranty of any kind with respect to the interpretation and use of the data by the client.

8515 Eastlake Drive Burnaby, BC CANADA V5A 4T7

Tel: 604-421-7622 Fax: 604-421-7603 www.met-solvelabs.com

Project MS1184 Serra Pelada

1.0 BACKGROUND
Met-Solve received a bag of mineral sample, weighing approximately 11.9 kg, on June 29, 2009.
The samples were sent by:
Edson Sansone
AV Ribeirao Preto 450
Mairipora, Sao Paulo
Brazil
Ph: 55-11-44851875
Earlier, a 1 kg sample of this material was received by Met-Solve on June 24, 2009. The two
samples were combined to produce a composite material for testing.
Met-Solve was informed via e-mail that these samples are from Serra Pelada. The objective of the
test program was to determine if the material was amenable to gravity concentration of gold.

2.0 METHODOLOGY
The sample was screened at 850 m to remove oversize material, which could interfere with
efficient gravity operation of the lab test unit. A multistage low mass yield test was done on the
undersize material (-850 m) using the Falcon L40 to recover gold. The test procedure used the
following flowsheet.

Pan Tail 1

L40 Tails
Pan Tail 2

Pan Con 1

Pan Tail 3

Pan Con 2
Pan Con 3

Three sequential stages were done and each concentrate was panned to get an idea of achievable
grades. A gold recovery curve, as a function of mass yield, was generated from the results.

Project MS1184 Serra Pelada

In addition, the head (feed material) and the L40 tailings were assayed for gold by fractions to get
an idea of the gold distribution and recovery by particle size.

3. 0 RESULTS
The detailed mass balance and size-by-size assay is shown in the appendix. Also included are the
ICP values for the head (feed), the gravity tails, and the oversize material (+850 m). The particle
size analysis, including head and screened head, are also attached.
The gravity concentration report shows that the material responds well to gravity with 70% of the
gold recovered in just under 6% mass yield.

The good agreement between the calculated head, 0.88 grams/tonne, (calculated by mathematically
combining the gold grade of all the test products) and screen-calculated head, 0.78 grams/tonne,
(from screen analysis IA101 with the +850 m fractions omitted) increases confidence in the results.
The size-by-size analysis and the ICP summary show that the oversized material (+850 m) has
higher gold grade, 1.65 grams/tonne.
Comparing the size-by-size assay of the feed and head material, show that the bulk of the recovered
gold came from the sub 212 m (70 mesh) fractions.
The ICP show that the material has a significant copper content, 1.5%. The copper content of the
+850 m, at 3.1%, is particularly rich.

Project MS1184 Serra Pelada

3. 0 RECOMMENDATION

Since the gold grade is higher in the coarse fractions, particularly in the +1,700 m, the oversize
material should be ground and processed with the remaining material. Additional gravity tests
should be done to investigate gold recovery with grinding. Removing the oversize material, with a
gold grade of 1.65 grams/tonne, reduces the overall gold grade from 0.93 grams/tonne to 0.78
grams/tonne.
Due to the significant content of copper in the material, copper extraction, such as by sulfuric acid
leach, should be investigated.

Project MS1184 Serra Pelada

APPENDICES

GRAVITY CONCENTRATION TEST REPORT

Client: Serra Pelada - Edson
Test: IA102
Sample: Samples received June 29/09 & June 24/09

Products

Date: 06-Jul-09
Project: MS1184

Weight
(g)
(%)
9.21
0.12
148.19
1.86
157.40
1.98
7.96
0.10
147.60
1.85
155.56
1.95
12.38
0.16
150.33
1.89
162.71
2.04
475.67
5.97
7,485.47
94.03
7,961.14
100.00
8,001.00

Pan Concentrate 1
Pan Tail 1
L40 Concentrate 1
Pan Concentrate 2
Pan Tail 2
L40 Concentrate 2
Pan Concentrate 3
Pan Tail 3
L40 Concentrate 3
Total L40 Concentrate
L40 Tails
Calculated Head
Screen Calculate Head

Assay (g/t)
Au
198.6
11.5
22.5
23.6
3.0
4.0
37.7
1.8
4.5
10.3
0.3
0.9
0.8

Distribution (%)
Au
26.1
24.4
50.6
2.7
6.3
9.0
6.7
3.8
10.5
70.0
30.0
100.0

Feed

Pan Tail 1

L40 Tails
Pan Tail 2

Pan Con 1

Pan Tail 3

Pan Con 2
Pan Con 3

Precious Metal Recovery (%)

80
70

Test Conditions
Pulp Density: 25%
Bowl: 1/32 holes
Fluid'n Pressure: 3 psi
G-Force: 150 g
Speed: 55.3 Hz

60
50
40
30
20
10
0
0

Mass to Concentrate (%)

SIZE BY SIZE ASSAY

Client: Serra Pelada - Edson

Test: IA101 - Screen Head Material
Sample: Received June 29/09 & June 24/09

Precious Metals
Tyler Mesh Microns

Weight
(g)

2,360
250.0
1,700
60.7
1,180
65.7
850
61.3
600
83.5
425
105.0
300
118.5
212
80.5
150
75.5
106
78.3
75
67.2
53
76.3
37
41.7
-37
502.5
NET: 1,666.7
Assayed Head:

8
12
16
20
30
40
50
70
100
140
200
270
400
-400

Date: 6-Jul-09
Project: MS1184

(%)
15.0
3.6
3.9
3.7
5.0
6.3
7.1
4.8
4.5
4.7
4.0
4.6
2.5
30.1
100.0

(g/t)
1.42
2.19
0.89
0.70
0.49
0.36
0.49
1.12
0.21
1.02
1.40
0.94
0.94
0.85
0.93
0.72

Au
Dist'n (%)
22.9
8.6
3.8
2.8
2.7
2.5
3.8
5.8
1.0
5.2
6.1
4.6
2.5
27.7
100.0

SIZE BY SIZE ASSAY

Client: Serra Pelada - Edson

Test: IA103 - Screen Tails
Sample: Gravity Tails from IA102

Precious Metals
Tyler Mesh Microns
2360
1,700
1,180
850
600
425
300
212
150
106
75
53
37
-37
NET:
Assayed Head:

8
12
16
20
30
40
50
70
100
140
200
270
400
-400

Date: 9-Jul-09
Project: MS1184

Weight
(g)

(%)

0.0
0.0
0.0
0.0
0.0
110.5
52.5
42.4
37.5
45.4
37.1
39.4
29.5
270.3
664.5

0.0
0.0
0.0
0.0
0.0
16.6
7.9
6.4
5.6
6.8
5.6
5.9
4.4
40.7
100.0

(g/t)

0
0
0
0
0.51
0.48
1.31
0.18
0.28
0.17
0.19
0.28
0.25
0.37
0.28

Au
Dist'n (%)
0.0
0.0
0.0
0.0
0.0
22.9
10.2
22.6
2.7
5.2
2.6
3.0
3.4
27.4
100.0

SIZE BY SIZE ASSAY

Client: Serra Pelada - Edson

Date: 6-Jul-09
Test: IA101 - Screen Head Material
Project: MS1184
Sample: Received June 29/09 oversized screened out to get Gravity Feed grade

Precious Metals
Tyler Mesh Microns
8
12
16
20
30
40
50
70
100
140
200
270
400
-400

Weight
(g)

2,360
1,700
1,180
850
600
83.5
425
105.0
300
118.5
212
80.5
150
75.5
106
78.3
75
67.2
53
76.3
37
41.7
-37
502.5
NET: 1,229.0

(%)
0.0
0.0
0.0
0.0
6.8
8.5
9.6
6.6
6.1
6.4
5.5
6.2
3.4
40.9
100.0

(g/t)
1.42
2.19
0.89
0.70
0.49
0.36
0.49
1.12
0.21
1.02
1.40
0.94
0.94
0.85
0.78

Au
Dist'n (%)
0.0
0.0
0.0
0.0
4.3
4.0
6.1
9.4
1.7
8.3
9.9
7.5
4.1
44.8
100.0

MS1184: Serra Pelada ICP Summary

Sample
Sample
Number
Name
78134 Head Material
78135 Gravity Tails
78136 Oversized, +850 m

ICP
Ag
ppm
2.7
2.9
16.5

ICP ICP
Al As
% ppm
0.34 10
0.36 10
0.13 14

Sample
Sample
Name
Description
78134 Head Material
78135 Gravity Tails
78136 Oversized, +850 m

ICP ICP
Mo
Na
ppm
%
3 0.01
4 0.01
13 <0.01

Sample
Sample
Name
Description
78134 Head Material
78135 Gravity Tails
78136 Oversized, +850 m

FA
Au
g/t
0.72
0.28
1.65

ICP
Ni
ppm
191
226
151

ICP
Ba
ppm
739
864
369

ICP
Be
ppm
1.3
1.3
0.5

ICP
Bi
ppm
94
85
157

ICP
Ca
%
0.03
0.03
0.02

ICP
Cd
ppm
2
2
1

ICP
Co
ppm
233
261
209

ICP
ICP
Cr
Cu
ppm
ppm
59 15,000
73 12,800
55 30,700

ICP
P
ppm
297
425
<10

ICP
Pb
ppm
78
69
139

ICP
S
%
0.01
0.01
0.03

ICP
Sb
ppm
9
10
6

ICP
Sc
ppm
6
6
1

ICP
Sr
ppm
16
17
9

ICP
Th
ppm
6
6
<5

ICP
Ti
%
0.03
0.03
0.01

ICP
Fe
%
14
14
8

ICP
Hg
ppm
4
4
2

ICP
K
%
0.01
0.01
0.01

ICP
La
ppm
10
<10
<10

ICP
Mg
%
0
0
0

ICP
Mn
ppm
8,560
9,549
4,601

ICP
Tl
ppm
<10
<10
<10

ICP
U
ppm
34
36
18

ICP
V
ppm
96
100
49

ICP
W
ppm
29
26
146

ICP
Zn
ppm
128
130
124

ICP
Zr
ppm
9
9
4

PARTICLE SIZE ANALYSIS

Client: Serra Pelada - Edson

Test: IA101 - Screen Head Material
Sample: Received June 29/09 & June 24/09

Sieve Size
Tyler Mesh
Microns
2,360
2,000
1,180
850
600
425
300
212
150
106
75
53
37
-53
TOTAL:

250.0
60.7
65.7
61.3
83.5
105.0
118.5
80.5
75.5
78.3
67.2
76.3
41.7
502.5
1666.7

Rosin-Rammler Model
Size
Passing
(um)
P (%)
1491
80
195
50

Cummulative (%)
Retained
Passing

(%)
15.00
3.64
3.94
3.68
5.01
6.30
7.11
4.83
4.53
4.70
4.03
4.58
2.50
30.15
100.0

100
90
80
70
60
50
40
30
20
10
0

15.00
18.64
22.58
26.26
31.27
37.57
44.68
49.51
54.04
58.74
62.77
67.35
69.85
100.00

85.00
81.36
77.42
73.74
68.73
62.43
55.32
50.49
45.96
41.26
37.23
32.65
30.15

Linear Interpolation
Size
Passing
(um)
P (%)
1717
80
205
50

100

Cum. Pass. (%)

Cum. Passing (%)

8
10
16
20
30
40
50
70
100
140
200
270
400
Undersize

Weight
(g)

Date: 6-Jul-09
Project: MS1184

200

400

600

800

Particle Size (um)

1,000

1,200

10

1
1

10

100

0
Particle Size (
m)

1,000

10,000

PARTICLE SIZE ANALYSIS

Client: Serra Pelada - Edson

Test: IA103 - Screen Tails
Sample: Gravity Tails from IA102

Sieve Size
Tyler Mesh
Microns
2360
2000
1180
850
600
425
300
212
150
106
75
53
37
-53
TOTAL:

Weight
(g)

Cummulative (%)
Retained
Passing

(%)

0.0
0.0
0.0
0.0
0.0
110.5
52.5
42.4
37.5
45.4
37.1
39.4
29.5
270.3
664.5

0.00
0.00
0.00
0.00
0.00
16.63
7.90
6.38
5.64
6.83
5.58
5.92
4.43
40.68
100.0

100
90
80
70
60
50
40
30
20
10
0

0.00
0.00
0.00
0.00
0.00
16.63
24.53
30.92
36.55
43.39
48.97
54.89
59.32
100.00

100.00
100.00
100.00
100.00
100.00
83.37
75.47
69.08
63.45
56.61
51.03
45.11
40.68

Rosin-Rammler Model
Size
Passing
(um)
P (%)
300
80
74
50

Linear Interpolation
Size
Passing
(um)
P (%)
372
80
71
50

100

Cum. Pass. (%)

Cum. Passing (%)

8
10
16
20
30
40
50
70
100
140
200
270
400
Undersize

Date: 9-Jul-09
Project: MS1184

200

400

600

800

Particle Size (um)

1000

1200

10

1
1

10

100

0
Particle Size (
m)

1000

10000

PARTICLE SIZE ANALYSIS

Client: Serra Pelada - Edson

Test: IA101 - Screen Head Material
Sample: Received June 29/09; +850 m removed to get P80 for Gravity Feed

Sieve Size
Tyler Mesh
Microns
2,360
2,000
1,180
850
600
425
300
212
150
106
75
53
37
-53
TOTAL:

83.5
105.0
118.5
80.5
75.5
78.3
67.2
76.3
41.7
502.5
1229.0

Rosin-Rammler Model
Size
Passing
(um)
P (%)
319
80
75
50

Cummulative (%)
Retained
Passing

(%)
0.00
0.00
0.00
0.00
6.79
8.54
9.64
6.55
6.14
6.37
5.47
6.21
3.39
40.89
100.0

100
90
80
70
60
50
40
30
20
10
0

0.00
0.00
0.00
0.00
6.79
15.34
24.98
31.53
37.67
44.04
49.51
55.72
59.11
100.00

100.00
100.00
100.00
100.00
93.21
84.66
75.02
68.47
62.33
55.96
50.49
44.28
40.89

Linear Interpolation
Size
Passing
(um)
P (%)
365
80
73
50

100

Cum. Pass. (%)

Cum. Passing (%)

8
10
16
20
30
40
50
70
100
140
200
270
400
Undersize

Weight
(g)

Date: 6-Jul-09
Project: MS1184

200

400

600

800

Particle Size (um)

1,000

1,200

10

1
1

10

100

0
Particle Size (
m)

1,000

10,000