43-101 Technical Report on the Laguna Brava Salar Project, 3rd Region - Copiapo, Chile

Pan American Lithium Corp.

Sampling at Laguna Brava

43-101 Technical Report

on the
Laguna Brava Salar Project

Third Region, Copiapo, Chile

UTM 539,153E
7,089,257N
WGS 84 datum

Pan American Lithium Corp.

by

John E. Hiner, Licensed Geologist

May 10, 2010

43-101 Technical Report on the Laguna Brava Salar Project, 3rd Region - Copiapo, Chile
Pan American Lithium Corp.

Table of Contents
Summary

Contents
1.0 Introduction and Terms of Reference ............................................................... 2
1.1 Introduction ............................................................................................ 2
1.2 Terms of Reference ............................................................................... 2
1.3 Purpose of Report.................................................................................. 4
1.4 Sources of Information........................................................................... 4
1.5 Field Examination .................................................................................. 4
2.0 Reliance on Other Experts ................................................................................. 4
3.0 Property Description and Location ................................................................... 4
3.1 Area and Location.................................................................................. 4
3.2 Mineral Property and Title in Chile ......................................................... 5
3.5 Claims and Title at Laguna Brava .......................................................... 8
3.6 Mineralization ........................................................................................ 8
3.7 Environmental Issues in Chile................................................................ 9
3.8 Environmental Liability at Laguna Brava ............................................. 10
3.9 Permits ................................................................................................ 10
4.0 Access, Climate, Local Resources, Infrastructure and Physiography ........ 11
5.0 History................................................................................................................ 13
6.0 Geological Setting............................................................................................. 14
6.1 Regional Geology ................................................................................ 14
6.2 Property Geology ................................................................................. 17
7.0 Deposit Types.................................................................................................... 18
8.0 Mineralization .................................................................................................... 19
9.0 Exploration ........................................................................................................ 20
10.0 Drilling................................................................................................................ 21
11.0 Sampling Method and Approach ..................................................................... 21
12.0 Sample Preparation, Analyses and Security .................................................. 22
13.0 Data Verification................................................................................................ 22
14.0 Adjacent Properties .......................................................................................... 22
15.0 Mineral Processing and Metallurgical Testing ............................................... 22
16.0 Mineral Resource and Mineral Reserve Estimate .......................................... 22
17.0 Other Relevant Data and information.............................................................. 24
18.0 Interpretation and Conclusions ....................................................................... 25
19.0 Recommendations ............................................................................................ 25
20.0 Budget Estimate ................................................................................................ 26
21.0 References......................................................................................................... 27
22.0 Date and Signature Page .................................................................................. 28
23.0 Statement of Qualification................................................................................ 29
43-101 Technical Report on the Laguna Brava Salar Project, 3rd Region - Copiapo, Chile
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List of Figures
Figure 1 Location - Laguna Brava.................................................................................................5
Figure 2 Location Map - Laguna Brava.......................................................................................12
Figure 3 Salar Tectonic Regime .................................................................................................15
Figure 4 Regional Geology Map .................................................................................................16
Figure 5 Laguna Brava Basin Geology .......................................................................................17
Figure 6 Laguna Brava ...............................................................................................................20
Figure 7 Laguna Brava Sample Points .......................................................................................21

List of Tables

Table 1 List of Abbreviations.........................................................................................................2

Table 2 Tier 2 Laguna Brava Physical Characteristics ...............................................................19
Table 3 Laguna Brava Water Chemistry (ppm) ..........................................................................20
Table 4 Tier 2 Water Samples ....................................................................................................20
Table 5 Laguna Brava Evaluation Budget ..................................................................................26

Appendices

Appendix 1 – Claim Data

Appendix 2 – Grid Sampling Data, ALS Water Chemistry
43-101 Technical Report on the Laguna Brava Salar Project, 3rd Region - Copiapo, Chile
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Summary

The author has been requested by the directors of Pan American Lithium Corp. (formerly
known as Etna Resources Inc.), “Pan American” or the “Company”, to prepare a NI 43-
101 compliant report on the Laguna Brava Project that comprises a lithium-in-water and
brine target in central Chile that is held by SALICO and acquired from Gareste as
defined below. This report will summarize all known previous work on the properties and
make recommendations for future exploration.

The Laguna Brava Salar (playa or dry lake) Project and eight other salar properties were
selected by Pan American, as potential candidates for acquisition during a regional
program to identify and acquire lithium properties for exploration, and if warranted,
further development. Pan American’s concept is to develop sufficient lithium resources
from Laguna Brava to justify and enable the construction and operation of a lithium metal
processing facility.

Rights to eight prospective salars were initially obtained by Sociedad Gareste Limitada,
a private Chilean limited liability corporation (“Gareste”) and rights in the La Laguna salar
were initially obtained by PGM International S.A. Cerrada, a closed Chilean corporation
(“PGM”). SALICO was formed by Gareste as a closed Chilean corporation following
which Gareste and PGM transferred the rights to such salars into SALICO. On August
18, 2009, Pan American entered into a Securities Exchange Agreement with Gareste
and the shareholders of SALICO to allow Pan American to acquire 99% of the interests
of SALICO, subject to certain net smelter royalties. At that time, the agreement covered
rights in eight of the salars. Subsequently, the parties and PGM entered into an
Amended and Restated Securities Exchange Agreement dated September 18, 2009,
which clarified the original ownership rights of PGM in one salar and added rights for the
extraction and exploitation of lithium, light metals and commercial salts with respect to a
ninth property, the Piedra Parada salar.

The concessions that make up the package of rights in the nine salars were originally
staked by Gareste and PGM as long ago as the 1990’s, based on the presence of
lithium, potassium, and other metals found in samples taken by Gareste from multiple
salars in the 3rd region of the Chilean Andes.

Lithium occurs in surface and subsurface brines, sedimentary rocks and evaporites that
comprise the salar fill and in some cases in the inflow waters to the salars. Although
Laguna Brava is regionally referred to as a salar, it is technically a brine lake.

It is the author’s opinion that there is potential to delineate lithium resources in both the
brines and the subsurface brine aquifers hosted in salar sediments that occur in the
Laguna Brava salar. Based on the results obtained to date, the Laguna Brava property
warrants additional exploration. A budget to continue exploration is proposed, and
amounts to $897,863.

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1.0 Introduction and Terms of Reference

1.1 Introduction

This report provides a summary of the exploration history, geological setting, mineral
potential, and an initial inferred resource estimate of the Laguna Brava Project located in
the Copiapo Province, Atacama Region III, Chile (Figure 1). Pan American entered into
an Amended Securities Exchange Agreement dated September 18, 2009 (the
“Exchange Agreement”) with Gareste, PGM and the shareholders of SALICO, the closed
Chilean corporation that holds the titles to eight of the concessions, including Laguna
Brava. Following the closing of the Exchange Agreement, Pan American holds 99% of
the interests of SALICO. Recommendations are contained herein to further examine the
Laguna Verde and other salars to determine whether or not lithium resources exist that
are worthy of continued development.

The salars included in the Exchange Agreement, in addition to Laguna Brava, are
Laguna Verde, Laguna Jilguero (also referred to as Jilgero or Jilgero Lakes), Rio
Pedernales, and the rights for the extraction and exploitation of lithium, light metals and
commercial salts with respect to Piedra Parada, Salar Ignorado, Salar Wheelwright,
Laguna Escondida, and La Laguna.

1.2 Terms of Reference

Pan American has requested that Geological Consultant John Hiner visit and review the
Laguna Brava Project acquired by Pan American in Chile and prepare a technical
summary report. This report has been prepared under the guidelines of National
Instrument 43-101 and is to be submitted as a Technical Report to the TSX Venture
Exchange, the British Columbia Securities Commission and the Alberta Securities
Commission.

Currency used throughout this report is the United States of America dollar.

Table 1 List of Abbreviations

Abbreviation Unit or Term

% Percent
0
Degrees of longitude, latitude, compass bearing, gradient, or temperature
< Less than
> Greater than
AA Atomic absorption
0
C Degrees Celsius
3-D Three-dimensional
cm Centimetres
cm3 Cubic centimetres
Cu Copper
CONAMI National Environmental Committee of Chile
DGA Direccion General de Aguas
ENAMI Empresa Nacional de Mineria (National Mining Company of Chile)
EOH End of hole
g Grams

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g/cm3 Grams per cubic centimetre

g/t Grams per tonne
GPS Global positioning system
ha Hectares
ICP Induction coupled plasma
in Inches
IRD Institut de Reserche pour le Development
l or liter(s) Liter(s)
Li Lithium
l/s Liters per second
kg Kilograms
kg/t Kilograms per tonne
km Kilometre(s)
km3 Cubic kilometre(s)
M Million(s)
m Metre(s)
Mg/l Milligrams per Liter
m3 Cubic metre(s)
N North
NSR Net Smelter Return
PGM PGM International S.A. Cerrada
ppb Parts per billion
ppm Parts per million
RC Reverse circulation (a drilling method)
S South
Sernageomin Chilean National Geological and Mining Service
SG Specific gravity
t tonnes
US United States
US$ US dollars
UTM Universal Transverse Mercator

This report utilizes the Universal Transverse Mercator Geographic Coordinate System
(UTM) to establish locations noted in the report. The UTM system divides the world into
60 north-south zones, each consisting of six degrees of longitude in width. The first
zone begins at the International Dateline (180o using geographic coordinate system).
The zones are numbered from west to east, with zone 60 completing the circumference
(174o to the International Dateline).

The origin for north-south location values depends on whether you are in the northern or
southern hemisphere. In the northern hemisphere, the origin is the equator and all
distances north (“northings”) are measured in meters from the equator. In the southern
hemisphere the origin is the South Pole and all northings are measured from there. The
reason for the separate origins in northern and southern hemispheres is to eliminate the
need for any negative numbers.

UTM coordinates are generally given with the UTM zone noted first, then the east
location (“easting”), then the northing. Eastings are always a six digit number, whereas
the northing figure is almost always a seven digit value. For additional reference, the
reader is referred to http://en.wikipedia.org/Global_Positioning_System.

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1.3 Purpose of Report

The purpose of this report is to provide an independent evaluation of the exploration

done to date, to provide detail on an initial inferred resource that has been developed,
and of the future exploration potential of the Laguna Brava salar, which has been
acquired by the Company including the rights for the extraction and exploitation of
lithium, light metals and commercial salts. This report makes recommendations for
further work to evaluate the lithium resource potential of Laguna Brava.

1.4 Sources of Information

Outside sources of information utilized in the preparation of this report consist of

exploration, geological and other reports available in the public record and from private
corporate files. Where cited, references are referred to in the text by author and date.
Complete references are provided in Section 21(References).

1.5 Field Examination

Mr. Hiner visited and examined the Laguna Brava Salar in Atacama Region III, Chile for
a period of one week in September 2009, and for two days in April 2010, becoming
familiar with the geology, morphology, basin characteristics, and types of lithium-bearing
brines and associated metal salts on each of the properties. A subsequent grid
sampling program on the lake was directly supervised by the author. The results of
those programs are outlined below in sections 11 and 12.

2.0 Reliance on Other Experts

In the preparation of this report, the author has relied on information obtained through a
review of public and private documents, reports and data. No independent verification of
historical, geophysical or other technical data was undertaken.

3.0 Property Description and Location

3.1 Area and Location

The Laguna Brava Project is situated in Region 3 of Chile. It is located about 200
kilometres northeast of the regional capital of Copiapo, a small industrial city near the
west coast of Chile, and occurs in the high plateau of the Andes near the Chile-
Argentina border at an altitude of 4,250 meters.

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Figure 1 Location - Laguna Brava

3.2 Mineral Property and Title in Chile

Chile’s current mining policy is based on legal provisions founded in Spanish law with
modifications via a series of prior Mining Codes leading to the revised Mining Code of
1982. These were established to stimulate the development of mining and to guarantee
the property rights of both local and foreign investors. According to the law, the state
owns all mineral resources, but exploration and exploitation of these resources by
private parties is permitted through mining concessions, which are granted, to any
claimant to mineral rights who follows the required procedures. An exploration claim can
be placed on any area, whereas the survey to establish a permanent exploitation claim
(“mensura”) can only be effected on “free” areas which have no valid claims in place or
in process of constitution.

The concessions have both rights and obligations as defined by a Constitutional Organic
Law as enacted in 1982. Concessions can be mortgaged or transferred and the holder
has full ownership rights and is entitled to obtain the rights of way for exploration and
exploitation. The concession holder has the right to use, for mining purposes, any water
flows which infiltrate any mining workings. In addition, the concession holder has the
right to defend his ownership against state and third parties. An exploration concession
is obtained by a claims filing and includes all minerals that may exist within its area.
Exploration and exploitation mining rights in Chile are acquired in the following stages:

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Pedimento: A pedimento is an initial exploration claim whose position is well defined by

UTM coordinates which define north-south and east-west boundaries. The minimum size
of a pedimento is 100 hectares and the maximum is 5,000 hectares with a maximum
length-to-width ratio of 5:1. The duration of validity is for a maximum period of 2 years,
however at the end of this period it may a) be reduced in size by at least 50% and
renewed for an additional 2 years or b) entered in the process to establish a permanent
claim by converting to a “manifestation”. New pedimentos are allowed to overlap with
pre-existing ones; however the pedimento with the earliest filing date always takes
precedence, providing the claim holder continues the process of constitution in
accordance with the Mining Code and the applicable regulations.

Manifestacion: Before a pedimento expires, or at any stage during its two year life, it
may be converted to a manifestacion which lasts for 220 days.

Mensura: Prior to the expiration of a manifestacion, the owner of a manifestacion must

request a survey (“mensura”). After acceptance of the “Survey Request” (solicitud de
Mensura), the owner has approximate 12 months to have the claim surveyed by a
government licensed surveyor. The surrounding claim owners may witness the survey,
which is subsequently described in a legal format and presented to the National Mining
Service (SERNAGEOMIN) for technical review which includes field inspection and
verification. Following the technical approval by SERNAGEOMIN, the file returns to the
judge of the appropriate jurisdiction who must dictate the constitution of the claim as a
“mensura” (equivalent of a patented claim in the United States). Once constituted, an
abstract describing the claim is published in Chile’s official mining bulletin (published
weekly) and 30 days later the claim can be inscribed in the appropriate Mining Registry
(Conservador de Minas).

Once constituted, a “mensura” is a permanent property right, with no expiration date. So

long as the annual fees (patentes) are paid in a timely manner, (from March to May of
each year) clear title and ownership of the mineral rights is assured in perpetuity. Failure
to pay the annual patentes for an extended period can result in the claim being listed for
“remate” (Auction Sale), wherein a third party may acquire a claim for the payment of
back taxes owed (plus a penalty payment). In such a case, the claim is included in a list
published 30 days prior to the Auction and the owner has the possibility of paying the
back taxes plus penalty and thus removing the claim from the Auction List.

Mineral concessions under Chilean mining law provide for direct exploitation of mineral
salts like potassium, magnesium, calcium, and sodium. Lithium, uranium, and thorium
are technically reserved to the state of Chile for the Chilean National Nuclear
Commission. As a consequence, there are three alternative approaches, under each of
which SALICO will be allowed to produce and market lithium minerals:

1. SALICO can secure through the Ministry of Mines a special operating permit that
allows it to process and export lithium products. This permit is authorized and
signed by the President of Chile. This procedure is the format under which all
existing lithium production companies operate in Chile. Neither the author nor
SALICO are aware of any lithium exploitation project wherein the special
operating permit was not granted. SALICO expects to receive such special
permits on its projects that are subsequently shown to be economically feasible.
This author considers this permit scenario to be a reasonable expectation, given

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prior precedents set by Soquem, Chemetall, and other lithium operations in the
country, all of which operate under the special permit process.

2. Alternatively, SALICO may process lithium as a by-product in a conventional salt

recovery circuit. The lithium products are then offered to the Chilean National
Nuclear Commission, which then must elect whether or not to take delivery. If
the Commission decides not to take delivery, then by default SALICO is at liberty
to commercialize the lithium products with third parties.

3. If the Commission elects to take delivery of the lithium products under scenario 2,
SALICO is obligated to deliver the lithium at its cost. Before taking delivery,
however, the Commission is required to pay, in advance, for all infrastructure and
operational costs related to the separation and delivery of the lithium product. In
a typical lithium recovery system, where evaporation ponds are used to
sequentially separate out various non-lithium salts, and where lithium is the last
salt processed, the Commission would have to pay a large portion of the
infrastructure and operational costs, resulting in recovery of all non-lithium by-
products at a drastically reduced capital and operational cost.

Neither the author nor SALICO know of any instance whereby the Commission has
required delivery of lithium. Likewise, neither the author nor SALICO is aware of any
research or development by the government of Chile that would require the acquisition
and use of lithium. Neither the author nor SALICO knows of any special appropriation or
line-item in the national Chilean budget that would allow for the Commission to purchase
lithium and pay for corresponding infrastructure and operational costs.

3.3 Surface Rights and Access for Mining

The Mining Code of Chile guarantees the owner of mining claims the right-of-access to
the surface area required for their exploration and exploitation. This right is normally
obtained by a voluntary agreement between the mineral claim owner and the surface
owner. The mining company may obtain the Rights of Way (Servidumbre) through the
civil court system, if necessary, by agreeing to indemnify the surface owner for the court-
determined value of the surface area. There are no surface owners other than the
government at Laguna Brava, and in this instance the surface rights are attached to the
mineral concessions.

3.4 Water Rights and Usage in Chile

The Chilean system is characterised by a strongly free-market approach, and has been
controversial both in Chile and in international circles. In Chile, under the 1981 Water
Code (water law), water rights are private property, separate from land, can be freely
traded, are subject to minimal state regulation and are regulated by civil law. During the
1990s, the World Bank and the Inter-American Development Bank actively promoted the
Chilean system as an example of effective and efficient water resources management.

Permits are granted by the General Water Directorate (Direccion General de Aguas or
DGA). The DGA grants requests for new rights free of charge whenever water is
physically and legally available. Applicants for new rights do not have to specify or
justify their intended uses to the DGA. Further, the agency has no discretion to deny
such requests if there is water available, or to decide who among competing applicants

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will receive water. If there is not enough water to satisfy simultaneous applications, the
DGA must hold a public auction and sell the new rights to the highest bidder.

Chile distinguishes between surface water rights and groundwater rights, and between
consumptive and non-consumptive uses. Water rights can be acquired through usage
permits which are either consumptive or non-consumptive in nature. None of the waters
tested at the SALICO property sites visited by the author are suitable for consumption for
potable or agricultural uses, because the waters surpass maximum limits for total
dissolved salts and other criteria for human usage. Most of the waters of interest to
SALICO are classified as saline, hyper-saline, brine, and heavy brine. These saline and
brine waters are destined for eventual evaporation with sedimentation of the contained
salts.

Pan American, via SALICO, has applied for the appropriate water exploration permits.

3.5 Claims and Title at Laguna Brava

The Laguna Brava property consists of 16 pedimentos totalling 4300 hectares. Seven of
the pedimentos were staked May 25 2009 and are valid for 2 years (May 25, 2011). The
claims are maintained by making an annual payment to the Chilean government of U.S.
$3.00 per hectare. At the end of the two-year period (May 25, 2011), the claims must be
converted to exploitation claims. In May 2010, SALICO staked an additional nine
pedimentos to cover the remainder of the Laguna Brava basin. The new claims are in
the process of being constituted, which takes approximately 90 days. However, there
are no underlying prior claimants. Therefore, both the original seven claims and the nine
new claims protect the SALICO (and thus Pan American) as to all mineral rights, and a
right of surface access upon agreement with the surface owner. Under the terms of the
Exchange Agreement between SALICO and Pan American, the new claims become part
of the Company’s holdings. As the surface owner at Laguna Brava is the state of Chile,
Pan American will solicit an agreement with the government of Chile if exploration and
evaluation are successful.

Property boundaries at Laguna Brava are determined by UTM coordinates and filed with
the mining recorder in the Province of Chanaral, Community of Diego de Almagro, third
Region, Copiapo.

The Exchange Agreement also includes a net smelter return royalty granted to
SALICO’s predecessor Gareste. The NSR is 2%, of which one-half (1.0%) can be
purchased for U.S. $2,000,000. The royalty is capped at U.S. $6,000,000.

There is no known environmental liability associated with the Laguna Brava property.

A spreadsheet listing the Laguna Brava claims is included as Appendix 1 herein.

3.6 Mineralization

Lithium and associated elements (potassium, magnesium, boron, and sodium) occur in
salar brines as complex salts, fluorides, and sulphates. Lithium also occurs as lithium
dioxide. The high solubility of lithium allows for dispersion in water of the ion Li+.

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Although lithium has been identified in the brines in the Laguna Brava salar, there has
been no known production. There is no record or visible sign of production of any salts
from either the brines or the salar sediments. The author sampled the brines for
confirmation of lithium content.

3.7 Environmental Issues in Chile

The following summary is based upon Chile’s Environmental Law 19.300 and the
Regulations regarding environmental impact studies, as posted on the web site of
Chile’s Regional Commission for the Environment (CONAMA)
(http://www.conama.cl/portal/1255/channel.html).

Chile’s environmental law (Law Nº 19.300), which regulates all environmental activities
in the country, was first published on March 9th, 1994. An exploration project or field
activity cannot be initiated until its potential impact to the environment is carefully
evaluated. This is documented in Article 8 of the environmental law and is referred to as
the Sistema de Evaluación de Impacto Ambiental (SEIA).

The SEIA is administered and coordinated on both regional and national levels by the
Comisión Regional del Medio Ambiente (COREMA) and the Comisión Nacional del
Medio Ambiente (CONAMA), respectively. The initial application is generally made to
COREMA, in the corresponding region where the property is located, however in cases
where the property might affect various regions the application is made directly to the
CONAMA. Various other Chilean government organizations are also involved with the
review process, however most documentation is ultimately forwarded to CONAMA,
which is the final authority on the environment and is the organization that issues the
final environmental permits.

There are two types of environmental review; an Environmental Impact Statement

(Declaración de Impacto Ambiental, or “DIA”), and an Environmental Impact Assessment
(Evaluación de Impacto Ambiental, or “EIA”). As defined in the SEIA, a Declaration (DIA)
must be prepared prior to starting detailed drilling for a mining project (defined as the
stage of reducing “uncertainty” in the quantification of mineral resources and for
purposes of defining a mining plan). The regulations provide an exemption from the
need to prepare a DIA during the “exploratory stage” when the extent of the orebody is
being determined. A DIA is prepared in cases when the applicant believes that there will
be no significant environmental impact or social controversy as a result of the proposed
drilling and advanced exploration activities. The potential impacts include areas such as
health risks, contamination of soils, air and/or water, relocation of communities or
alteration of their ways of life, proximity to “endangered” areas or archaeological sites,
alteration of the natural landscape, and/or alteration of cultural heritage sites. The DIA
will include a statement from the applicant declaring that the project will comply with the
current environmental legislation, and a detailed description of the type of planned
activities, including any voluntary environmental commitments that might be completed
during the project.

In the case of Laguna Brava, the project is located in an isolated setting far from any
significant population, and a Declaration (DIA) is not required at the present stage of
exploration whereby the existence of potentially economic mineralization or an ore body
is still being determined by phased exploration efforts. For any detailed drilling phase, a

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DIA will be required. A full Environmental Impact Study (EIA) will only be required in
connection with permitting process when the project moves forward to approval for
construction. The EIA report is much more detailed and includes a table of contents, an
executive summary, a detailed description of the design of the project facilities and
operating parameters, a program for compliance with the environmental legislation, a
detailed description of the possible impacts and an assessment of how they would be
dealt with and repaired, a baseline study, a plan for compensation (if required), details of
a follow-up program, a description of the EIA presentation made to COREMA or
CONAMA, and an appendix with all of the backup documentation. Once an application is
made, the review process by COREMA or CONAMA will take a maximum of 120 days.
Question and answer cycles typically delay this process. After the basic environmental
approval is given a number of construction/operating permits may be granted by the
appropriate authorities allowing the mine development and facilities construction to
commence. If, however, COREMA or CONAMA comes back with additional questions or
deficiencies, an equal period of time is granted to the applicant to make the appropriate
corrections or additions. Once re-submitted and a 60 day period has elapsed, if no
further notification from COREMA or CONAMA is received, the application is assumed to
be approved. The Laguna Brava project is expected to have minimal impact on any
existing community or significant environmental parameter. No towns or populated areas
fall within the boundaries of the Property and the nearest significant community is Inca
de Oro, which is over 38 km to the southwest and located in a separate and distinct
hydrologic basin. The area in the vicinity is sparsely populated at best, and in general
the local residents have a long history of subsistence living from transient goat herding
and very small scale mining of narrow gold-bearing veins. In general the local
communities have a very favorable attitude towards mining and resource extraction,
particularly in terms of the possibility of future employment.

3.8 Environmental Liability at Laguna Brava

There is no record of any exploration work, other than that detailed in this report, having
been performed in this area in the past. There are no permanent structures or other
facilities at the lake. Because there is no requirement by the Chilean regulatory
agencies regarding the reclamation of such workings by subsequent lessees, there is no
known environmental liability associated with the claims.

3.9 Permits

Permits for exploration and development are administered by the Chilean National
Geological and Mining Service (SERNAGEOMIN). Environmental compliance is
assured via the offices of the National Environmental Committee (CONAMA). Claim
titles are recorded at the local Mining Conservator in Copiapo (Conservador de Minas).

Surface exploration, water sampling, volume calculations and preliminary metallurgical

test work as proposed by the author in Section 19 and table 5 does not require permits
under Chilean mining and environmental laws.

3.10 Water Usage Permits

Presentation of a pre-feasibility or scoping study to the General Direction of Waters

(DGA) that indicates the scope of the project and related criteria are a requirement in
order to obtain the permits. These studies also determine which of the projects require

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consumptive water usage permits, versus non-consumptive water usage permits. A

non-consumptive permit would allow for direct ion absorption of certain salts utilizing
newer technologies, with the treated water returned to its source in better overall quality.

The Laguna Brava property is located within an enclosed drainage system. Under the
Chilean mining law, mineral concessions carry the right to exploit all potential surface
and subsurface mineral assemblages including rock, salt crusts, muds, clays,
unconsolidated and consolidated erosional material and sediments, and other salt
depositional complexes. Processing of brines and other waters contained within the
Laguna Brava property will require additional permits as granted by the Chilean General
Direction of Waters, which has a Regional office in Copiapo.

Neither Pan American nor SALICO anticipates any problems obtaining water usage
permits on those areas shown to be economically feasible. The Company has applied
for the appropriate water exploration permits.

4.0 Access, Climate, Local Resources, Infrastructure and Physiography

The small city of Copiapo, 200 kilometres to the southwest, is the closest community of
any consequence to the Laguna Brava Project. The small mining town of El Salvador is
located 140km north of Copiapo. El Salvador’s population is about 7,000. The
community of Diego de Almagro, population 18,000 is located 150 km west of Laguna
Brava; both communities are a source of minimal or emergency supplies, and limited
food and lodging. Copiapo is the capital of Region 3 (The Atacama Region) and the
province of Copiapo. Copiapo has a diversified economy, but mining is the principal
activity. Agriculture in the Copiapo area is growing, due to a coastal climate that is
conducive for the growth of table grapes and olives.

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Figure 2 Location Map - Laguna Brava

The Laguna Brava Salar is situated near Maricunga, a noted mining district, in the same
general region of the central Andes, near the Argentine border. The property is
accessible via paved International Highway (Camino Internacional) C31 from Copiapo,
leading northeasterly and easterly 161 kilometres to the border station at Maricunga. At
the north end of the Salar Maricunga, provincial road C173 leads north to about 40
kilometres to the southwest side of the Salar Pedernales. Numerous access and
bulldozer drill roads lead easterly around the south end of Pedernales approximately 50
kilometers to Piedra Parada. Laguna Brava is reached from Piedra Parada by traveling
about 15 kilometers on dirt roads leading east and northeast across young volcanic
terrain to the closed basin that constitutes Laguna Brava.

There are no accommodations available within reasonable driving distance of the

properties. Supplies and housing facilities are available in Copiapo.

Climate in the area is typical of the high Andes region. The area is known for its dry
conditions, and rainfall is rare. It is a relatively cool, arid area and low elevations are
occasionally subject to heavy fogs. The Atacama Desert extends from the coast to the
central regions of Chile, giving way to the high Andean Mountains. The Atacama
experiences very little rainfall, and humidities are low. There is some precipitation in the
high Andes from December to March (200-300 mm per year- mainly as snow).
Regardless of altitudes, there is little surface water, rivers are generally ephemeral, and
the hydrologic regime is exemplified by desert terrain. Most of the water resources in

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the area occur in closed basins (salars), which are numerous. The combination of
internal drainage and evaporation due to low humidities has created brine lakes or dry
salars with subsurface waters. Due to the generally temperate climate, work on the
property can be done year round.

The closest source of supplies and materials is Copiapo. An industrial city with a long
mining history, it is an excellent source for dried goods and consumables, various
services, and an experienced work force is available. Numerous hotels and restaurants
provide a variety of food and lodging capabilities.

Electric power is available at Maricunga, about 70km to the SSW. Water is available on
the property.

5.0 History

There is no evidence of previous exploration for or prior production of lithium at Laguna

Brava. However, since one of the targets at Laguna Brava is the closed basin waters,
the lack of surficial evidence or workings does not preclude prior evaluation by industrial
mineral companies involved with evaluating brines in the region and their production
potential. A secondary target is the brines entrapped in sedimentary rocks in the Laguna
Brava basin, and there is no physical evidence of any evaluation of the subsurface
aquifers in the Laguna Brava basin.

In the 1990’s, most of the lakes and salars in central and north Chile were evaluated for
potable water by the French Institut de Recherche pour le Development (IRD). Although
IRD’s program focused on potable waters, the company conducted extensive chemical
evaluation, which included major cation, anion, and metals analyses such as lithium.

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6.0 Geological Setting

6.1 Regional Geology

The geology of Chile is dominated by the eastward plunging subduction zone that has
served to create the Andes Mountains. The northern and central parts of Chile can be
divided into three north-south zones. The coastal zone comprises the Coastal
Cordillera, made up of late Paleozoic and Mesozoic igneous rocks. The central
depression (or central valley) is a downwarp of Mesozoic to Quaternary sedimentary fill;
it constitutes the main agricultural area of Chile and hosts most of the major cities of the
country. The Andes are dominated by Mesozoic to Cenozoic calc-alkaline igneous
rocks, and is overprinted by young volcanism related to the continued underthrusting of
the Pacific Nazca plate.

Present day subduction is shown by an almost continuous chain of active and dormant
volcanoes, mostly andesitic stratovolcanoes that are found the entire north-south length
of the country. In the vicinity of Region 3, the volcanoes are built on high plateaus like
the arid Altiplano and Atacama with elevations up to 4,500 meters. Volcanics built on
these terrains reach altitudes of 6,800 meters or more. More than 1,100 volcanic vents
and volcanic structures have been identified in the northern Andes.

Rotational block faulting associated with Andean uplift created the geomorphological
framework for the creation of the closed basins that occur in the Altiplano and Atacama
plateau regions. Fault structures in the vicinity of active volcanism providing the
plumbing for geothermal systems, whose waters contributed lithium and other elements
to the basins. Figure 5 is an east-west generalized block diagram across Chile and the
Andes showing the effect of block faulting on the localization of Andean salars. Salar
ages are unknown, but precursor basins are suspected to be as old as Mesozoic.
Tertiary-age salars formed in the geomorphological traps in the region are the sites of
ephemeral to perennial lakes. High evaporation rates generally exceed inflow rates so
water bodies evolve to become playa lakes or salt flats. Similar conditions throughout
the Tertiary and modern time created repetitive evaporative events, resulting in
substantial thicknesses of salt, siliciclastic sediments and assorted other evaporates.
Inflows to these basins are largely subterranean, although there are occasional
contributions from small perennial and ephemeral streams. Salar surfaces can be dry,
wet, or saturated, and where inflow exceeds evaporation rates, lakes are formed. Most
salars, due to proximity to young volcanoes and vents, receive some component of
thermal waters.

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Figure 3 Salar Tectonic Regime

(Source: Garrett, 2004)

The principal anions in salar brines and sediments are sulphates, chlorides, and minor
borates, and rarely carbonates in combination with sodium, calcium, magnesium, and
potassium. The introduction and presence of thermal waters provides for concentration
of unusual salts, notably borates and lithium and potassium chlorides.

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Figure 4 Regional Geology Map

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6.2 Property Geology

The Laguna Brava Salar is situated in a region of young and active volcanos and
obvious geothermal acitivity. The entire catchment area is dominated by Cenozoic
dacite and andesite volcanic rocks, many of which have been altered by hydrothermal
fluids associated with volcanism. The lake is fed by active hot springs, which appear to
be the principal source of lithium, potassium, and other metallic salts. Seasonal runoff
probably contributes a small component of the metals budget via leaching and
groundwater inflow. To the immediate north of Laguna Brava are two smaller lakes,
neither of which exhibit geochemically anomalous lithium or potassium content. It is the
author’s conclusion that the geothermal sources that feet Laguna Brava occur in close
proximity to the lake.

IRD sampled Laguna Brava on a cursory basis as part of a program to determine the
potability of the Andes salars. Their chemistry is set forth below:

Smpl No. pH Alk Cl SO4 B Si Na K Li Ca Mg

Bra-2EQ 7.59 5.2 63700 10200 550 15.8 40000 2300 231 787 1750
BRA-1E 7.58 4.87 63100 10100 809 19.5 38200 2570 244 1380 1970
BRA-3E 7.71 6.12 49600 23900 911 21.1 38000 3160 275 392 1400

The basic geology was identified within the catchment basin by IRD, and their map is
displayed below:

Figure 5 Laguna Brava Basin Geology

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7.0 Deposit Types

The metal lithium is found in some pegmatites and in some brines. Lithium in
pegmatites is recovered by standard, hard rock mining techniques and mineral
separation processes, whereas lithium in brines is recovered by evaporation or
processing of brine waters. Recovery of lithium from brines is commonly far lower cost
(operating and capital) than traditional hard rock mining methods. Therefore brines
supply most of the world’s lithium products.

Many of the lithium brines occur in salars or playas (dry lakes) that are located in the
Great Basin of the western U.S., in southwest China, and in the high regions of the
South American Andes. Each of these regions is geologically young and volcanically
active. Lithium-rich hot springs, which are the expression of elevated geothermal
gradients from shallow volcanism, flow into the closed basins that host the dry lakes.
Because lithium is highly soluble, evaporation and deposition of less soluble salts from
the geothermally-enriched waters creates residual lithium-rich brine.

The lithium-rich brines can be pumped into solar evaporation ponds, where low
humidities in the regions that host the dry lakes contribute to accelerated evaporation
and concentration of lithium salts in the isolated brines. Lithium is concentrated in these
brines as a function of its high solubility, and because other less-soluble salts are
precipitated out of solution.

The brines can be further processed to remove other high solubility salts such as boron,
magnesium, and sulphates. Lithium is then precipitated by the addition of soda ash to
create a high purity lithium carbonate. Other lithium products can also be recovered,
such as lithium chloride and lithium sulphate. If desirable, other by-products can be
recovered as well, including potash (potassium chloride), potassium sulphate, and
magnesium sulphate and magnesium chloride.

Presently-producing lithium brine operations have several features in common:

relatively high initial lithium levels, appreciable reserves, and good solar ponding and
evaporation conditions. The brines can occur as lakes, if inflow is sufficient to maintain
standing water, or occur in the porous and permeable strata beneath the playas or
salars. Each of the presently commercial operations also has a distinct and
demonstrable association with lithium-bearing hot springs as the principal source of
lithium.

Brines are processed by pumping into evaporation ponds, where solar evaporation
concentrates lithium in solution. Recovery of lithium is essentially a process of
concentration and conversion into various lithium compounds. The complexity of the
process is a function of brine chemistry.

The dilute concentrations of lithium in brines and the cost of recovering lithium in a
processing plant necessitate prior concentration in all the current brine operations
worldwide. Solar evaporation is a simple and inexpensive concentrating mechanism but
requires large pond areas to allow brine exposure to evaporation and atmospheric

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conditions conducive to sufficient evaporation for timely production. Evaporation rates

are dependent on location, amount of solar radiation, humidity, wind, and temperature.

Pond design and construction and pond materials are important factors. If insufficient
impermeable natural materials are available, commercial products must be used to
reduce or eliminate leakage. For effective evaporation and brine control, ponds must be
divided into segments. To minimize costs, there must be as much gravity control of flow
between ponds as possible during the brine concentration process.

Recovery methods of lithium from brine concentrate varies, depending on brine

chemistry, and there are many chemical processes that have been used to isolate and
precipitate lithium. At Clayton Valley, Nevada, the final liquor is treated with lime to
remove residual magnesium. The resulting slurry is then filtered, heated, and treated
with soda ash (sodium carbonate) to precipitate lithium chloride, the final product. At
Salar de Atacama, the recovery process involves evaporation to concentrate lithium.
The concentrated lithium-rich brine also contains significant boron, magnesium, and
potassium. Soquem and other operators at Atacama recover several products from the
concentrate, which complicates the process. Selective flotation is used to remove
potassium compounds, and the remaining brine is reintroduced to evaporation ponds. In
some instances, the lithium concentrations become sufficiently high (up to 6%) to allow
direct precipitation of lithium salts. As far as is known (Lefond, 1985) the Salar de
Atacama and some other Andean salars are the only places in the western hemisphere
where direct precipitation of lithium concentrations in brine and low humidities allow
direct precipitation of lithium on a commercial scale.

Recent work on alternative lithium recovery and purification processes involves resin-in-
column recovery. An anion exchange resin is treated with AlCl3, then with ammonia to
change the AlCl3 to aluminum hydroxide (Al(OH)3. This resin containing aluminum
hydroxide dispersed in the resin medium is then treated with LiCl (lithium chloride) and
heated for sufficient time to create a molecule of lithium aluminate (LiCl-2Al(OH)3) that
itself is dispersed in the resin. This treated resin is useful to preferentially recover Li+
from brines that contain magnesium. The resin can be cycled many times before losing
substantial exchange capacity, making it an effective and potentially economic means of
selectively extracting a high quality lithium product from lake brines. A proprietary
recovery method similar to the resin column extraction is in use at Salar de Hombre
Muerto in Argentina, but the degree of success is not publicly known.

8.0 Mineralization

Mineralization at Laguna Brava consists of lithium in brine. The brine is rich in sodium,
potassium, and sulphate, as well as chloride. Lithium occurs in the brine as lithium
chloride, as a component of potassium chloride, and as a component of other complex
soluble salts.

The Laguna Brava basin is situated at an elevation of 4250m and has the following
physical characteristics:

Salar Catchment Salar Size Lake area Annual Evaporation Water

Name Basin size Precip. Potential Temp.
L. Brava 545 km2 unknown 8.2km2 140mm/yr 2000 mm/yr -2oC

Table 2 Tier 2 Laguna Brava Physical Characteristics

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Average water chemistry at Laguna Brava for lithium, sodium, and potassium levels, as
set out in table 3 below:

Name pH Cl SO4 B Na K Li Ca Mg
L. Brava 8.25 64300 10200 549 39600 2310 231 1160 1740

Table 3 Laguna Brava Water Chemistry (ppm)

(modified from IRD, 1999)

During the initial visit, the author took 1 water sample at Laguna Brava as listed in table
4. The water sample was taken at lake edge.

Salar Sample UTM E UTM N Media pH Temp description

C
L. Brava 1109005 538531 7091650 Water 7.8 4 1m deep at lake edge

Table 4 Tier 2 Water Samples

Figure 6 Laguna Brava

9.0 Exploration

There has been minimal or no exploration or evaluation done at Laguna Brava. The
author has personal knowledge of a regional examination done by the Chilean
subsidiary of AMAX Inc. in the 1980s, but no data are available.

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10.0 Drilling

To the author’s knowledge, there has been no drilling attempted or completed at Laguna
Brava or at the other eight properties.

11.0 Sampling Method and Approach

For both the author’s initial samples, and the subsequent grid sample program, water
samples were collected in sterilized plastic bottles. The bottles were labelled with felt
marker pen, double-rinsed and submerged to collect a sample with as little entrained
oxygen as possible. None of the samples were acidized, as all of the waters had pH
levels above 7.0, and because the high solubility of lithium in water renders such
buffering unnecessary. Sample locations were noted by GPS and noted in field
notebook. Where possible, photographs of sample sites were taken.

Grid sampling across the lake was undertaken for the purpose of determining lateral and
vertical distribution of lithium and other elements in the lake waters. The sample points
were located by GPS and samples were then taken at surface and at depth.

Figure 7 Laguna Brava Sample Points

Other than potential chemistry changes as a function of season, basin inflow variations,
and climatic variations, the author is not aware of any external factors that would unduly
bias the samples taken. The author’s results compare favorably with water chemistry
results taken in the 1990s, suggesting that water chemistry is consistent over time.

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12.0 Sample Preparation, Analyses and Security

No employee, officer, director, or associate of Pan American, Gareste, or SALICO was

involved in the selection of samples to be taken, involved with the collection of the
samples, or the preparation of the samples. For the grid sampling program, independent
contractors were interviewed, selected, and trained by the author. The author was on
site during sample collection.

The samples remained in the author’s possession until delivered to the Copiapo shipping
facility. Two control samples consisting of distilled water were inserted into the sample
stream. No geochemical lithium standard is yet available commercially in either liquid or
solid form. Samples were sent directly to ALS Chemex Environmental Laboratories in
sealed containers via commercial carrier from Copiapo directly to the ALS Chemex
facility in Burnaby, British Columbia, Canada.

The samples were analyzed directly as submitted by inductively coupled plasma-mass

spectrometry.

It is the author’s opinion that sample preparation, security, and analytical procedures are
adequate for this initial level of evaluation. Future programs to evaluate the Laguna
Brava property should include development of a company held geochemical standard,
and utilization of blanks (geochemically inert material such as deionized water) inserted
into the sample stream for submission to the laboratory to ensure and verify the
precision and accuracy of the assay results, and to enable detection of contamination.

13.0 Data Verification

Geological information for the Laguna Brava property has been compiled from public
and private sources and is dominantly of a geological or geophysical nature. The most
comprehensive data available was retrieved online (www.chile.ird.fr) for a regional water
sampling program conducted by IRD in the 1990’s. IRD personnel studied all the salars
in Regions 1, 2, and 3 as part of an effort to determine the availability of potable water in
the northern Chile salars. No other previous geochemical information was available to
the author for comparison with the results described herein. Other than the results
obtained by the author’s work or work supervised by the author, earlier data has not
been verified.

14.0 Adjacent Properties

There are no adjacent properties at Laguna Brava.

15.0 Mineral Processing and Metallurgical Testing

The property is at an early stage of exploration and no mineral processing or

metallurgical testing has been carried out.

16.0 Mineral Resource and Mineral Reserve Estimate

Elevated lithium and potassium levels were encountered in sampling during the 1990’s
by the French Institut de Recherche pour le Development (IRD). Minimal sampling by
SALICO personnel, who were looking at the lakes and salars in central Chile for other

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purposes, also encountered elevated lithium, potassium, and other salts in lake waters.
The presence of elevated lithium and potassium was confirmed in verification sampling
by the author.

To determine the amount of contained lithium and potassium in waters at Laguna Brava,
a grid sampling program was carried out. Under the supervision of the author, brine
samples were collected and analyzed by ALS Chemex Environmental Laboratories in
Burnaby, British Columbia, Canada. Full assay results are shown in Appendix 2.

Samples were collected on a surface grid established by GPS coordinates, and at depth
to develop a three-dimensional distribution of lithium and potassium contents in water.
Samples taken at depth were collected using a Van Dorn Vertical Water Sampling Bottle
– Type Beta Plus. This device is a weighted elongated cylinder with valves at the top
and bottom that allow the device to pass through water to the desired depth. On
reaching that depth a weighted control travels down the line and on reaching the device
closes the valves thereby collecting an “undisturbed water sample” at depth.

Thirty-two samples were collected at Laguna Brava, as well as two control samples.
Analysis of the values for lithium, magnesium, and potassium throughout the lake
indicates that the standard deviation for each of the elements is no more than 7%,
indicating very homogeneous concentration levels in lake waters. The density of the
lake waters was determined to be constant from surface to bottom at 1.14 (the
measurement of mass per unit volume). Consequently there does not appear to be any
notable increase amount of dissolved solids or grades of metals with depth.

The average chemistry is shown in table 5 below.

Element/Metal Detection Laguna Brava

Limits mg/l Average Grade Standard Deviation
Boron mg/l 10 699 42
Calcium mg/l 5 1074 38
Lithium mg/l 1 310 23
Magnesium 10 2367 138
mg/l
Potassium mg/l 200 2997 197
Sodium mg/l 200 54128 3834
Total Dissolved 200 162875 9954
Solids
Sulfates (SO4) 50 12866 855
Density 1.12 0

Because of the homogeneity of the target metals and elements in the water, kriging was
deemed unnecessary. Further, unlike traditional hard rock mining projects, the host
media is also homogeneous. After consideration, the author decided to conduct an
inferred resource estimate using a volumetric calculation for water volume in the lake,
and calculations of contained metals and elements based on average grades. The
author utilized the following criteria:

• The surface area of the lake was established by both polygonal measurements
and planimetric calculation methods to be 8.2 square kilometers

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• The mean average depth of the lake has been determined by a bathometric
survey using a weighted rope line at 1 meter.
• Based on the results of 32 samples, lithium and potassium values are
consistent throughout the lake. Average grades have a standard deviation of
14mg/l for lithium and 299 mg/l for potassium, a difference of +/- 7%. Based
on current sampling there is no indication grade increases with depth. Any
change in grade would be influenced by a change in density of the brines. The
lake brines therefore can be considered to uniformly consistent based on
available data. Therefore an average grade over the total area and estimated
average depth of 1 meter is applied.
• Spacing of sample points on a grid was at a maximum of 500 m and at times
closer. Where possible vertical samples were taken at between surface, at 1m
depth, and at lake bottom.
• The formula used for calculating lithium carbonate equivalent is 1 tonne of
lithium metal equals 5.285 tons of lithium carbonate. The formula used for
calculating potash equivalent is 1 tonne of potassium metal equals 1.910
tonnes of potassium chloride. The author advises that industrial markets
ordinarily trade lithium and construct offtake agreements as lithium carbonate
equivalent. Likewise, potassium chloride is generally the stated media for both
spot sales and offtake agreements. It is therefore common in initial resource
evaluations by industrial mineral companies to utilize these terms as part of the
measurement of tonnages of product under evaluation.

Histograms of both lithium and potassium populations verified the low standard deviation
and the existence of a single population of each element.

Based on the above criteria, Laguna Brava contains 13,580 metric tonnes of lithium
carbonate equivalent and 46,623 metric tonnes of potassium chloride equivalent.

17.0 Other Relevant Data and information

The author is not aware of any other relevant data or information on the Property other
than as described in this report.

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18.0 Interpretation and Conclusions

There is sufficient evidence from sampling done by reputable agencies such as IRD to
indicate that levels of lithium at Laguna Brava are sufficient to allow extraction by
methods similar to those used by industrial mineral companies like SQM elsewhere in
Chile. The author’s results substantiate lithium concentrations determined by previous
work. Based on these results, a grid sampling program was conducted at the lake to
determine lithium and potassium distribution sufficient to calculate an inferred resource
for lithium and potassium.

Sampling was conducted under the author’s direct supervision, and the sealed samples
were sent to ALS Chemex Environmental Laboratories in Burnaby, British Coumbia,
Canada, where analysis confirmed elevated lithium and potassium in lake brines. The
volumetric calculation of lithium and potassium contained in the brine is 13,580 metric
tonnes of lithium carbonate equivalent and 46,623 metric tonnes of potassium chloride
equivalent. This is an inferred resource only, and additional sampling should be done to
create higher confidence levels in the tonnage potential of the brine.

Although the lithium and potassium in lake brines are of interest, the tonnages are likely
insufficient to justify the capital expense of a standalone processing plant and ancillary
facilities. It is the author’s opinion that the potential for additional lithium and potassium
resources in the Laguna Brava Salar should be investigated to augment the brine.

19.0 Recommendations

To develop more confidence in the inferred resource, additional sampling and basin
studies are necessary. The lake volume needs to be more precisely defined via
classical bathymetric study, and additional sampling is required to develop more
confidence in lithium distribution throughout the lake.

In addition, to thoroughly evaluate the Laguna Brava Salar for its lithium and potassium
content, a program to determine the existence and extent of subsurface brines is
recommended. A drill program that utilizes both core and rotary methods is proposed to
test the basin stratigraphy and aquifer potential for additional lithium and potassium
bearing brine.

If drill testing results indicate sufficient volume and lithium content can be developed to
augment the surface resources, and if basin inflows can sustain pumping to solar ponds
for evaporation or recovery through other methods, then extraction studies are
warranted to determine the amenability of the waters to concentrate lithium by
evaporation. These studies should also incorporate study and analysis of the hydrologic
regime, hydrologic balance measurements for the lake and basin, and atmospheric
studies to confirm the reliability of year round evaporation abilities, or the limitations
thereof.

A budget is set forth below to address the evaluation of Laguna Brava.

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20.0 Budget Estimate

Activity Detail Description Justification Est. Cost Approx time

Stage 1
Establish & staff camp Assume 2 month camp estimate $250/day, 4 men $ 60,000.00 8 weeks
Support field vehicles, expediter, field supplies raw estimate $15,000/mo transport, medical, food, gas, provisions $ 30,000.00
Geologic Mapping
a. senior hydrogeologist bathymetric survey determine lake volume
2 weeks 15 days @ $750/day $ 11,250.00 2 weeks
Geochemistry
a. systematic water sampling‐3d senior hydrogeo 7 days@750 establish geochemical pattern & dist $ 5,250.00 2 weeks
assume 2000 samples technician 15 days@350 establish geochemical pattern & dist $ 5,250.00 3 weeks
b. lab analysis 2000 smpls, $15per smpl $ 30,000.00 3weeks
Analysis, Report & Targets
a. Geologist, graphics, report 10days @750 consolidate information $ 7,500.00 1.5 weeks

Stage 2 subtotal bathymetry & geochem program $ 149,250.00

Basin & Hydrologic analysis
a. senior hydrogeologist 15 days @ $750/day establish surface & subsurface H2O $ 11,250.00
b. technician 15 days @ 350/day $ 5,250.00
c. materials & supplies auger, piezometers, recorders estimate purchase $ 25,000.00
subtotal hydrologic program $ 41,500.00
Metallurgy
a. Bench scale evaporative testwork 3 weeks ‐5 ea ‐1,000 liter samples estimate $10,000/sampl $ 50,000.00 3 weeks
b. Atmospheric Studies‐ field test evap rate6 weeks ‐ 350,000 liters in pond estimate $35000 $ 35,000.00 16 weeks
c. pond construction & supplies 3 weeks ‐ bulldozer, liner etc estimate $50,000 $ 50,000.00 24 weeks
Stage 3 subtotal metallurgy & evaporation testwork $ 135,000.00
Drilling
Core Drilling 2000m ‐stratigraphic analysis H Core ‐$120 per m delineate brine aquifers $ 240,000.00 6 weeks
Rotary Drilling 5000m‐ aquifer distribution 15cm holes $20/m w csg intersect & isolate aquifers for testing $ 100,000.00 4weeks
pump tests 3, geography dependent test basin aquifers, est cost $25K ea $ 75,000.00 2weeks
geochemistry 500smpls @$35ea $ 17,500.00 6weeks
senior hydrogeologist 30 days @$750 $ 22,500.00
subtotal drilling & aquifer evaluation $ 455,000.00

Program Total $ 780,750.00

Contingency @ 15% $ 117,112.50
Grand Total $ 897,862.50
Table 5 Laguna Brava Evaluation Budget

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21.0 References

CIM, 2003a. Exploration Best Practices Guidelines. Adopted by CIM Council, August 20,
2000. Canadian Institute of Mining, Metallurgy and Petroleum.

CONAMA, 1994. Ley 19,300 (Bases Generales del Medio Ambiente). Comisión
Nacional del Medio Ambiente, Santiago de Chile, Diario Oficial, 9 de marzo de
1994

CSA, 2005a. National Instrument 43-101, Standards of Disclosure for Mineral

Projects. Canadian Securities Administrators (CSA); October 7, 2005, 13 p.

CSA, 2005b. Companion Policy 43-101CP to National Instrument 43-101,

Standards of Disclosure for Mineral Projects. Canadian Securities Administrators,
15 p.

CSA, 2005c. National Instrument 43-101, Standards of Disclosure for Mineral

Projects. Canadian Securities Administrators, 14 p.

Garrett, D.E., 2004, Handbook of Lithium and Natural Calcium Chloride, Elsevier
Academic Press, London, U.K.

Gustafson, L.B., and J.P. Hunt, 1975, The porphyry copper deposit at El Salvador, Chile:
Economic Geology, V. 70 p 857-912

JGRCh, 1981. Ley 1.122 (Ley del Codigo de Aguas). Junta de Gobierno de la República
de Chile, Santiago de Chile, Diario Oficial, 13 de Agosto de 1981

JGRCh, 2005. Ley 20.2017 (Modifica el Codigo de Aguas). Junta de Gobierno de la

Republica de Chile, Santiago de Chile, Diario Oficial, 21 de Mayo 2005

JGRCH, 2006. Ley 20.099 (Ley Aumenta a un Ano el Plazo para regularizar derechos
de approvechamiento de agues subteraneas e introduce otras modificaciones a ley
20.017). Junta de Gobierno de la Republica de Chile, Santiago de Chile, Diario Oficial,
03 de Marzo 2006

JGRCh, 1982. Ley 18,097 (Ley Orgánica Constitucional sobre Concesiones

Mineras). Junta de Gobierno de la República de Chile, Santiago de Chile, Diario
Oficial, 21 de enero de 1982

JGRCh, 1983. Ley 18,248 (Código de Minería). Junta de Gobierno de la República de

Chile, Santiago de Chile, Diario Oficial, 14 de octubre de 1983

Lefond, S.J., 1975, Industrial Minerals and Rocks, AIME, New York, NY

May 10, 2010 27

43-101 Technical Report on the Laguna Brava Salar Project, 3rd Region - Copiapo, Chile
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McKay, Christopher P.; Friedmann, E. Imre; Gómez-Silva, Benito; Cáceres-

Villanueva, Luis; Andersen, Dale T.; and Landheim, Ragnhild, 2003. Temperature and
Moisture Conditions for Life in the Extreme Arid Region of the Atacama Desert: Four
Years of Observations Including the El Niño of 1997 1998. Astrobiology, Vol. 3, No. 2,
Pages 393-406

Moreno, T. & W. Gibbons, ed., 2007, The Geology of Chile, London Geological Society,
London, U.K.

MSGPR, 2002. Decreto Supremo Nr. 65/2001 (Modifica Reglamento del Sistema
de Evaluación de Impacto Ambiental). Ministerio Secretaría General de la
Presidencia de la República, Santiago de Chile, Diario Oficial, 7 de diciembre de
2002.

Neumann, J., H., 1972, Prospecciones en la region de El Salvador; Inst. Invest.

Geologicas, informe inedito

Neumann, J., H., 1973, Prospecciones en la region de El Salvador, Reconocimeientos

Preliminares, III Partel; Inst. Invest. Geologicas, infomre inedito

Risacher, F., Alonso, H., and Salazar, C., 1999, Estudio de Cuencas de la III Region, vol
IV, Ministerio de Obras Publicas, Direccion General de Aguas y IRD

Simón, Armando, 2006a. Quality Assurance and Quality Control in Exploration

Geology. Proceedings, MININ 2006, May 23 to 26, 2006, Santiago de Chile.

Wolf, K.H., ed., 1976, Handbook of Strata-Bound and Stratiform Ore Deposits, Elsevier
Scientific Publishing Company, New York, NY

Zentilli, M., 1974, Geological Evolution and Metallogenetic Relationships in the Andes of
Northern Chile between 26o and 29o South, Ph.D thesis, Queen’s University, Kingston,
Ontario, Canada

22.0 Date and Signature Page

Dated at Lynden, Washington this 10th day of May, 2010.

John E. Hiner, Licensed Geologist

May 10, 2010 28

43-101 Technical Report on the Laguna Brava Salar Project, 3rd Region - Copiapo, Chile
Pan American Lithium Corp.

23.0 Statement of Qualification

John E. Hiner
Consulting Mining Geologist
Washington State Licensed Geologist #1804
9443 Axlund Road, Lynden, WA 98264
Ph (360) 318-8352
Email: [email protected]

Certificate of Author

I, John E. Hiner, Licensed Geologist in the state of Washington, of 9443 Axlund Road,
Lynden, Washington, 98264 do hereby certify that:

1. I am a Licensed Geologist #1804 in the State of Washington, a member of the

National Board of State Boards of Geology (ASBOG).

2. I graduated with a B.Sc. degree in geology from San Diego State University, San
Diego, California in 1972.

3. I obtained a M.Sc. degree in economic geology from the Mackay School of

Mines, University of Nevada-Reno, Reno, Nevada in 1978.

4. As a result of my experience and qualifications I am a Qualified Person as defined

in National Policy 43-101. I have practiced my profession continuously for 36 years.
This experience includes 4 years of petroleum exploration experience in the United States
and the United Kingdom, 4 years of geothermal exploration experience in the United
States and Mexico, and 28 years of mineral exploration experience worldwide. This
experience has included all aspects of the resource industry from field exploration and
project generation through management of project exploration and development to senior
exploration management responsibility. I have been involved in the exploration,
discovery, and development of three geothermal fields in Nevada. I have been
responsible for international and domestic project development, examination, evaluation
and reporting on a variety of mineral deposit types and commodities including gold,
copper, lead-zinc-silver, and phosphate.

5. I am the author and am responsible for the preparation of the technical report
titled “43-101 Technical Report on the Laguna Brava Salar Project, Third Region,
Copiapo, Chile”, and dated May 10, 2010 (the “Technical Report”) relating to the Laguna
Brava Project. I visited the Laguna Brava property on two occasions in September 2009
and in April 2010.

6. I am an independent as defined by section 1.4 of National Instrument 43-101. I

have no direct or indirect interest in the subject property described in this report.

May 10, 2010 29

43-101 Technical Report on the Laguna Brava Salar Project, 3rd Region - Copiapo, Chile
Pan American Lithium Corp.

7. I have had no prior involvement with the property that is the subject of the
Technical Report. As of the date of this certificate, to the best of the qualified person’s
knowledge, information and belief, the technical report contains all scientific and
technical information that is required to be disclosed to make the technical report not
misleading.

8. I have read National Instrument 43-101 and Form 43-101F1, and the Technical
Report has been prepared in compliance with that instrument and form.

9. I consent to the filing of the Technical Report with any stock exchange and other
regulatory authority and any publication by them, including electronic publication in the
public company files on their website accessible by the public, of the Technical Report.

Dated at Lynden, Washington, this 10th day of May 2010.

Respectfully submitted,

John E. Hiner
Qualified Person

May 10, 2010 30

43-101 Technical Report on the Laguna Brava Salar Project, 3rd Region - Copiapo, Chile
Pan American Lithium Corp.

APPENDIX I
CLAIM DATA

Laguna Brava Claims

Claim Name date staked no. has

Braguna Uno May 25, 2009 300
Braguna Dos May 25, 2009 300
Braguna Tres May 25, 2009 300
Braguna Cuatro May 25, 2009 200
Braguna Cinco May 25, 2009 200
Braguna Seis May 25, 2009 200
Braguna Siete May 25, 2009 200
original claims total 1700

Braguna Ocho May, 2010 300

Braguna Nueve May, 2010 300
Braguna Diez May, 2010 250
Braguna Once May, 2010 300
Braguna Doce May, 2010 300
Braguna Trece May, 2010 250
Braguna Catorce May, 2010 300
Braguna Quince May, 2010 300
Braguna Diesiseis May, 2010 300
New claims sbtotal 2600

Laguna Brava Total 4300

May 10, 2010 31

 43-101 Technical Report on the Laguna Brava Salar Project, 3rd Region - Copiapo, Chile
Pan American Lithium Corp.

APPENDIX 2

GRID SAMPLE RESULTS

SPREADSHEETS AND ASSAY CERTIFICATES

All UTM
Coordinates
in SAM 56
Surface Depth Li Grade K Grade
Sample ALS Sample in
Point Northing Easting # centimeters (mg/L) (mg/L)

1 7091000 538500 92 0 300 2910

93 60 279 2730
2 7091000 539000 94 0 307 2980
95 65 306 2960
3 7091000 539500 96 0 328 3110
97 60 301 2890
4 7090500 538500 98 0 323 3140
99 60 295 2870
5 7090500 539000 100 0 315 3040
101 65 315 3040
6 7090500 539500 102 0 268 2600
103 65 275 2670
7 7090000 538500 104 0 325 3140
105 65 326 3100
8 7090000 539000 106 0 364 3420
107 70 355 3360
9 7090000 539500 108 0 321 3050
109 75 320 3030
10 7089500 538500 110 0 339 3200
111 50 340 3230
11 7089500 539000 112 0 342 3240
113 75 312 2980
12 7089500 539500 114 0 CONTROL
None >1 meter
13 7089000 538500 115 0 314 3010
116 65 328 3090
14 7089000 539000 117 0 312 3010
118 80 307 2960
15 7089000 539500 None 0
None >1 meter
16 7088500 538500 119 0 314 2990
120 50 318 3020
17 7088500 539000 121 0 299 2850
122 65 311 2970
18 7088500 539500 123 0 268 2550
None >1 meter
19 7088750 540000 None 0
None >1 meter
20 7091500 539750 124 0 289 2750
125 50 313 2997

May 10, 2010 32

43-101 Technical Report on the Laguna Brava Salar Project, 3rd Region - Copiapo, Chile
Pan American Lithium Corp.
ALS Chemex Results
Proje ct- Laguna Br ava
Re port To John Hedges, PAN AMERICAN LITHIUM CORP. Laguna Brava Samples Page 1 #92-106
ALS File No. L878924
Date Re ce ive d 20-Apr-10 11:30
Date 23-Apr-10

RESULTS OF ANALYSIS LAGUNAS BRAVA

Sample ID 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106
Date Sampled
Time Sampled
L878924- L878924- L878924- L878924- L878924- L878924- L878924- L878924- L878924- L878924- L878924- L878924- L878924- L878924-
ALS Sample ID L878924-61 62 63 64 65 66 67 68 69 70 71 72 73 74 75
Matrix Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater
Total Dissolved Solids 185000 160000 161000 164000 161000 151000 176000 155000 171000 175000 148000 148000 173000 160000 170000

Anions a nd N utrie nts

Sulfate (SO4) 12900 12800 12900 13200 12200 13100 14100 12600 13500 13500 11200 11600 13600 12700 13100
T ota l M e ta ls
Aluminum (Al)-Total <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20
Antimony (Sb)-Total <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20
Arsenic (As)-Total 34 33 35 35 34 33 36 34 36 35 30 30 37 35 37
Barium (Ba)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Beryllium (Be)-Total <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50
Bismuth (Bi)-Total <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20
Boron (B)-Total 676 656 699 761 717 679 717 679 714 716 612 615 752 715 757
Cadmium (Cd)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Calcium (Ca)-Total 986 1080 1030 1110 1110 1110 1080 1100 1060 1080 1030 1030 1090 1120 1120
Chromium (Cr)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Cobalt (Co)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Copper (Cu)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Iron (Fe)-Total <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0
Lead (Pb)-Total <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0
Lithium (Li)-Total 300 279 307 306 328 301 323 295 315 315 268 275 325 326 364
Magnesium (Mg)-Total 2290 2190 2360 2370 2430 2280 2470 2260 2400 2420 2050 2080 2480 2400 2610
Manganese (Mn)-Total <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50
Molybdenum (Mo)-Total <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0
Nickel (Ni)-Total <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0
Phosphorus (P)-Total <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30
Potassium (K)-Total 2910 2730 2980 2960 3110 2890 3140 2870 3040 3040 2600 2670 3140 3100 3420
Selenium (Se)-Total <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20
Silicon (Si)-Total 43.3 40.2 42.6 60.5 56.9 51.3 48.3 43.5 43.3 46.3 41.4 42.0 51.8 44.5 47.8
Silver (Ag)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Sodium (Na)-Total 52300 49700 53500 53800 56100 52500 56800 52000 55700 56200 47600 48700 58100 56700 62300
Strontium (Sr)-Total 62.0 60.6 64.5 65.0 69.2 64.8 68.8 64.1 67.0 67.1 58.4 60.1 68.9 69.3 75.2
Thallium (Tl)-Total <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20
Tin (Sn)-Total <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0
Titanium (Ti)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Vanadium (V)-Total <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0
Zinc (Zn)-Total <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50

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43-101 Technical Report on the Laguna Brava Salar Project, 3rd Region - Copiapo, Chile
Pan American Lithium Corp.
Project- Laguna Brava
Report To Laguna Brava Samples Page 2 Samples 107-125
ALS File No.
Date Received
Date

RESULTS OF ANALYSIS
Sam ple ID 107 108 109 110 111 112 113 115 116 117 118 119 120 121 122 124 125
Date Sampled
Time Sampled
L878924- L878924- L878924- L878924-
ALS Sample ID 76 77 78 79 L878924-80 L878924-81 L878924-82 L878924-84 L878924-85 L878924-86 L878924-87 L878924-88 L878924-89 L878924-90 L878924-91 L878924-93 L878924-94
Matrix Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater Seaw ater
Total Dissolved Solids 158000 156000 163000 173000 161000 159000 170000 169000 168000 170000 171000 161000 152000 159000 174000 140000 150000
Anions and N utrients
Sulfate (SO4) 13500 10900 11000 13800 13300 13100 13200 13800 13200 13100 13500 13300 13300 12800 13500 11100 12300
T otal Metals
Aluminum (Al)-Total <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20
Antimony (Sb)-Total <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20
Arsenic (As)-Total 37 32 32 35 37 36 34 34 34 34 35 34 34 33 34 29 32
Barium (Ba)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Beryllium (Be)-Total <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50
Bismuth (Bi)-Total <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20
Boron (B)-Total 771 685 668 718 749 745 695 707 710 707 713 698 716 660 706 596 654
Cadmium (Cd)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Calcium (Ca)-Total 1140 1090 1080 1120 1090 1070 1070 1040 1050 1090 1060 1070 1130 1050 1050 1000 1020
Chromium (Cr)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Cobalt (Co)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Copper (Cu)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Iron (Fe)-Total <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0
Lead (Pb)-Total <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0
Lithium (Li)-Total 355 321 320 339 340 342 312 314 328 312 307 314 318 299 311 268 289
Magnesium (Mg)-Total 2570 2300 2290 2440 2510 2510 2410 2420 2470 2440 2410 2420 2460 2320 2420 2050 2220
Manganese (Mn)-Total <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50
Molybdenum (Mo)-Total <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0
Nickel (Ni)-Total <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0 <5.0
Phosphorus (P)-Total <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30 <30
Potassium (K)-Total 3360 3050 3030 3200 3230 3240 2980 3010 3090 3010 2960 2990 3020 2850 2970 2550 2750
Selenium (Se)-Total <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20
Silicon (Si)-Total 45.1 44.2 44.6 43.6 46.0 43.5 43.3 42.5 44.7 43.1 42.8 42.7 50.8 41.7 41.7 42.5 41.0
Silver (Ag)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Sodium (Na)-Total 61200 54600 54100 58000 59300 59500 53500 53700 54900 53300 52600 53300 54100 50900 53000 45000 49100
Strontium (Sr)-Total 73.8 67.3 67.0 70.6 71.1 71.0 65.7 65.7 66.8 65.8 64.7 65.7 67.6 63.3 66.3 57.7 60.7
Thallium (Tl)-Total <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20 <20
Tin (Sn)-Total <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0
Titanium (Ti)-Total <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0
Vanadium (V)-Total <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0 <3.0
Zinc (Zn)-Total <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50 <0.50

May 10, 2010 34