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Angostura Infill Drill Results

Impact Potentially Positive

Details & Analysis Eco Oro released infill drill results from its 2011/2012 drilling program at

the Angostura project in Colombia. The program has continued to

highlight the potential for resource growth to support an underground

mining scenario for the project. Results from 291 intercepts containing

over 2g/t gold in 53 drill holes returned weighted-average grades of 5.4g/t

gold and 15.9g/t silver over an average intercept of 3.3m. Three holes

returned no significant results. Targeted higher grade gold shoots from the

drilling program have a weighted-average grade of 6.35g/t gold and

18.22g/t silver over an average intercept of 7.44m. The grades returned by

the drilling program are above the global resource gold grade (indicated &

inferred) of 4.49g/t. The results from the 22,983m of drilling will form the

basis of a resource estimate update expected in Q1/13. A pre-feasibility

study is currently underway on the project for an underground operation.

Using spot metal prices, Eco Oro’s shares are trading at a 43% discount to

our 10% NAV estimate of US$2.25/share, slightly below the emerging

producers in BMO Research’s coverage universe, which trade, on average,

at a 27% discount