In 1994, Pincock, Allen & Holt (PAH) conducted an evaluation of the Los Pinos Project for Asarco Inc. PAH’s *report summarized the resource modeling methodology, resource estimate, mine plans, and mineable reserves. Capital and operating costs were reviewed and mine plans were generated. PAH provided data for ASARCO Inc. to incorporate into a prefeasibility-level evaluation of the project. The **historical resource estimated by PAH in 1994 was 63,191,000 tonnes with an average grade of 0.36% total copper at a cut-off grade of 0.22% copper. A mine plan and production schedule demonstrated mining 3.6 million tonnes per year for 10 years at an average grade of 0.40% copper with a strip ratio of 1 to 1 producing approximately 25 million pounds of cathode copper per year. The copper price used in the 1994 study was US$0.90 per pound compared to US$3.00 per pound at present. Tamerlane optioned the property March 28, 2007.

*The PAH feasibility report data is outdated and should not be relied on.

** Historical estimates should not be relied upon. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Tamerlane is not treating the historical estimate as current mineral resources or mineral reserves