WORK BY KINGS MINERALS, 2004-2006

On July 22, 2004, Kings Minerals NL of Brisbane, Australia (ASX:KMN) announced a Joint Venture with Wheaton River Minerals Ltd., subsequently acquired (2005) by Goldcorp Inc., which granted Kings the right to earn a 51% interest in San Anton by reimbursing $US510,000 to Wheaton River and by spending a minimum of $US1,000,000 on exploration in the first year and a total of $US3,000,000 over the first two years.

Kings subsequently embarked on an aggressive program of exploration which focused on the Cerro del Gallo gold-silver  (+copper, +/-molybdenum) prospect.  This work included a high resolution airborne magnetic and radiometric survey over the entire project area; the acquisition and interpretation of ASTER satellite imagery; a ground 3D IP survey centered on Cerro del Gallo; the acquisition of historic data from previous exploration companies and integration of this data into Kings’ datasets; a program of measuring the orientation of quartz-sulphide veins on and around Cerro del Gallo, and multiple phases of diamond core and reverse circulation drilling.

In January 2006, Kings initiated a process to transfer their 51% share of the San Anton Property into a North American listing as a way of surfacing the value of the Cerro del Gallo asset.  This process culminated late in the year with the formation of San Anton Resource Corporation, a TSX listing (December 12, 2006), and a $Cdn17.25 million financing placed largely with institutional investors in Canada and the U.S.