Company History

Chariot is a TSX listed resource company focused on the exploration, acquisition and development of copper and precious metal mineral deposits in the Andes region of Latin America with the objective of becoming a mid-tier metals producer within the next five years. Management of the company possess proven discovery and development expertise in Latin America. The objective of the company is to provide high returns to its shareholders through the successful discovery, acquisition and profitable development of copper and precious metal resources whilst maintaining its responsibilities to local communities and the environment.

Chariot Resources Limited was incorporated as Hyperion Resources Corp. on 12 November, 1996, under the Business Corporations Act of the Yukon Territory.

The Company changed its name to Chariot Resources in May 2002. In July 2002 Chariot announced the acquisition of several exploration prospects in Peru, signalling its intention to focus on resource opportunities in the Andean region of South America. Recent big discoveries and the development of low cost "major" mining operations underpin this region as one of the premier mining centres in the world today. Current directors, Alex Black and Bob Baxter took control of the company during 2003, invited Ulli Rath to the board and at the time, set a strategy to make a significant acquisition for the company.

In August 2004, Chariot announced that it had formally signed agreements with Rio Tinto and their joint venture partner, Shougang Hierro Peru, to acquire the Marcona Copper Project located in southern Peru. The agreement required Chariot to complete the acquisition by 3 January 2005 by paying Rio Tinto and Shougang a total of US$20.5m.

In October 2004, Chariot announced that it had signed a joint venture agreement with two of the largest mineral industry corporations in Asia, Korea Resources Corporation (KORES) and LG-Nikko Copper Inc. to jointly acquire and develop the Marcona Copper Project. Concurrently with the formation of the Joint Venture, Chariot has entered into off-take agreements with LG Nikko for 90% of future Cathode production and 70% of future concentrate production for an initial 10 year period on International comparable terms to be reviewed annually once copper production commences. A Peruvian registered company, Marcobre S.A.C. has been incorporated, owned 70% by Chariot and 30% by both KORES and LG Nikko, to acquire the Marcona Copper Project.

In December 2004, Chariot announced that it had acquired the Marcona Copper Project after closing a C$27.5 million equity offering. The proceeds of the offering allowed Chariot to contribute to its 70% of the project acquisition payment of US$20.5 million with the balance of the proceeds to be used principally to fund its 70% portion of exploration of development costs during 2005 with the other 30% to be funded by Chariot's Korean partners. Also during December 2005, Chariot moved its listing.

Management considers the Marcona Copper Project to be one of the best undeveloped copper projects in Latin America and believe that this acquisition has positioned Chariot as an emerging, Canadian listed, mid-tier copper company.

The objective of the company is to commence exploration activities at the project in March 2005 and to embark on a detailed feasibility study of the project later in the year.

Whilst embarking on this work program, Chariot will also be progressing exploration activities on its current portfolio of early stage projects and also continuing to review projects for potential acquisition.