During exploration of the deposit, Northern Orion Explorations Ltd. (NNO) geologists identified several different ore types at Agua Rica that were formalised into a classification system for block modelling and resource estimation. In general terms, these ore types fall within three main categories that in turn can be related to the evolutionary history of mineralization on the property, the interpreted geological model, and the style of the mineralization:

Stage 1: Early porphyry mineralization associated with the Seca and Trampeadero porphyries: quartz stockwork and disseminations of pyrite, molybdenite, chalcopyrite, and rare bornite and pyrrhotite;

Stage 2: An overprinting epithermal event carrying precious metals and copper sulphosalts and best exemplified in the central Quebrada Minas breccia body that separates the Seca and Trampeadero porphyries, and in the Trampeadero porphyry itself;

Stage 3: Supergene enrichment of hypogene copper mineralization forming an extensive blanket of higher copper values, now partially eroded into remnants on both sides of Quebrada Minas.

These three stages and deposit types form the basis for Agua Rica’s resource and are found within three principal zones, namely Seca Norte on the west and Trampeadero on the east with Quebrada Minas breccia in the centre, all combining to form an elongated zone measuring ~2.75 kms long (east- west) by ~2.5 km wide (north-south). The principal characteristics of these three bodies are summarised as follows:

Seca Norte: An enriched porphyry sequence of Cu- Mo-Au, with a core rich in Cu-Mo flanked by a halo of Mo to the south and west. In area, measures ~400m by 400m over a vertical interval of ~500m (level 3,400m to below 2,950m);

Quebrada Minas: Dominated by epithermal sulphides within a funnel-shaped hydrothermal breccia unit that formed the conduit for deep-seated hydrothermal fluids. Outcrops in Quebrada Minas, measures ~300m by 300m between approximately level 3,000m to ~2,500m;

Trampeadero: Forming the eastern third of the deposit, displays both epithermal and porphyry styles of mineralization. Occurs over a vertical interval of 300m as an elongated unit 500m east- west by 400m north-south.

Ore types at Agua Rica have been formalized by NNO into a classification system that reflects both mineralogy and metallurgy. Classifications in the latest, 176-hole geological model are based principally on:

• Contaminant elements, principally on the basis of the As-bearing mineral, enargite;

• Mineralogy: for example primary and secondary copper minerals
• Mineralogical texture: for example, coarse versus finer-grained covellite;

• Alteration: based on variations in clay facies alteration products.

A total of 13 ore type zones were classified using this scheme, and can be summarised as follows:

Major “Dirty” Ore Types: occur principally in the Trampeadero and Quebrada Minas zones with dominant mineralogy consisting of covellite, chalcocite, digenite, and enargite with minor sphalerite and galena, and abundant molybdenite locally (for example on the eastern fringe of the zone);

Major “Clean” Ore Types: generally confined to the Seca porphyry unit: covellite, chalcocite, chalcopyrite, and digenite. Locally abundant molybdenite.

These two ore types comprise over 80% of the mineralization at Agua Rica with the balance made up of Minor “Clean” and “Dirty” Ore Types within the three mineralized zones.The elements of economic interest at Agua Rica are Cu, Mo, Au and Ag, although some 70% of the value lies in Cu, depending on recovery and metal prices. Molybdenum is the most significant by-product. The contaminant elements of As, Pb and Zn are also present in quantities sufficient to be of local concern.

The Bajo de la Alumbrera porphyry Cu-Au deposit, Argentina, is in the eastern Andes, near the north edge of a region of reverse fault-bound basement uplifts that overlie a low-angle segment of the subduction zone.

The deposit is centered on a closely spaced cluster of small felsic porphyry stocks and dikes, emplaced into andesites during seven phases of intrusion. Dikes of several phases define a radial pattern. Most of the porphyries are very similar to one another, with phenocrysts of plagioclase, hornblende, biotite, and quartz, in a matrix of fine grained quartz, K-feldspar, and minor plagioclase, biotite, and magnetite. Individual porphyries are distinguished mainly on the basis of intrusive contact relationships.

Highest Cu-Au grades are associated with abundant quartz veins, secondary K-feldspar, ±magnetite, ±biotite, ±anhydrite, in the earliest porphyry (P2), and adjacent andesite. P2-related mineralization is truncated by porphyries of the second phase of ore-related intrusions (Early P3 and Quartz-eye porphyry), which contain similar but generally less intense mineralization and alteration. Porphyries of the next phase (Late P3) truncate mineralization associated with earlier phases and are weakly mineralized with Cu-Au, sparse quartz veins, and secondary biotite. The still later Northwest porphyries truncate most Cu-Au, quartz veins, and potassic alteration, and themselves contain only traces of such mineralization and partially biotitized hornblende. Postmineral porphyries, the youngest, truncate all such mineralization and alteration, and none of their hornblende is biotitized. Los Amarillos porphyry and igneous breccia, along the western periphery of the porphyry cluster, is between P2 and Early P3 in age but shows little relationship to mineralization.

A low-grade core zone consists in large part of barren K-feldspar-magnetite alteration and quartz veins in Early P3 porphyry, and in part consists of later barren porphyry, so is mostly younger than the Cu-Au deposited with P2 porphyry.

The PFS for the integrated project considers the Agua Rica deposit will be mined via a conventional high tonnage truck and shovel open pit operation. Average life of mine material moved is expected to be approximately 108 million tonnes per year, with ore feed of 40 million tonnes per year and average life of mine strip ratio of 1.66.

Ore extracted from the mine will be transported from the open pit by truck to the primary crusher area and then transported via a conventional conveyor to the existing Alumbrera processing plant. To route the overland conveyor system, approximately 5.2 kilometres of tunnel development will be required. The conveyor extends 35 kilometres to the Alumbrera process plant, where it will feed the existing stacker conveyor via a new transfer station.

The processing plant produces three products: a copper flotation concentrate containing the major gold credit, Dore bullion from gravity recovery of coarser free gold, and molybdenum concentrates.

Molybdenum concentrates are trucked to Chile for processing. Copper and gold concentrates are pumped through a pipeline over the Nevados del Aconquija mountains to the province of Tucuman. The concentrates are transported by rail to Alumbrera’s port facility in Puerto General San Martin, located near Rosario in the province of Santa Fe. The concentrate is then shipped overseas for refining.