2. Caution Regarding Forward Looking Statements
TSX: EOM
This presentation contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities
regulations in Canada and the United States (collectively, “forward-looking information”). The forward-looking information contained in
this presentation is made as of the date of this presentation. Except as required under applicable securities legislation, Eco Oro does not
intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not
limited to, statements with respect to planned exploration programs and estimates of the costs thereof, anticipated rates of recovery,
timing and amount of future production, anticipated capital cost , currency exchange rates, future price of gold and the effects thereof,
estimation of measured and indicated resources, realization of mineral resource estimates and the economic viability thereof, timing and
amount of estimated capital expenditures, project infrastructure and layout, estimated project time-line, requirements for additional capital
and alternatives for project development.
The forward-looking information contained in this presentation is based on certain assumptions that Eco Oro believes are reasonable,
including, that the current price of and demand for gold will be sustained or will improve, the supply of gold will remain stable, Eco Oro’s
development plans can be achieved, the general business and economic conditions will not change in a material adverse manner,
financing will be available if and when needed on reasonable terms and Eco Oro will not experience any material accident, labour
dispute, or failure of plant or equipment.
However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Eco Oro to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such factors include, among others, risks relating to Eco Oro’s ability to obtain
adequate financing for the development of the Angostura Project, conclusions of economic evaluations, changes in project parameters as
plans continue to be refined, future prices of gold, mineral resources are not as estimated, unexpected variations in grade or recovery
rates, risks related to fluctuations in the currency market, risks relating to title disputes, risks relating to all Eco Oro’s properties being
located in Colombia, accidents, labour disputes and other risks of the mining industry, delays in the completion of development or
construction activities, delays or failure to obtain required environmental and other governmental approvals, as well as those factors and
other risks more fully described in Eco Oro’s Annual Information Form for the year ended December 31, 2010 filed on SEDAR at
www.sedar.com. Although Eco Oro has attempted to identify important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking information, there may be other factors that cause actions, events or results not be as
anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent
uncertainty thereof.
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3. Additional Cautionary Notes & Statements
TSX: EOM
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MEASURED AND INDICATED RESOURCES.
Information concerning the properties and operations of Eco Oro has been prepared in accordance with Canadian standards under
applicable Canadian securities laws, and may not be comparable to similar information for United States companies. The terms
“mineral resource”, “measured mineral resource” and “indicated mineral resource” used in this presentation are Canadian mining terms
as defined in accordance with NI 43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”)
Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on December 11, 2005. While the terms “mineral
resource”, “measured mineral resource” and “indicated mineral resource” are recognized and required by Canadian regulations, they are
not defined terms under standards of the United States Securities and Exchange Commission. Under United States standards,
mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be
economically and legally produced or extracted a the time the reserve calculation is made. As such, certain information contained in this
presentation concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information
made public by United States companies subject to the reporting and disclosure requirements of the Unites States Securities and
Exchange Commission. Readers are cautioned not to assume that all or any part of measured or indicated resources will ever be
converted into mineral reserves.
STATEMENT REGARDING TECHNICAL INFORMATION
The technical information in this presentation is derived from Eco Oro’s news releases, technical reports and other continuous
disclosure documents filed by Eco Oro available on SEDAR at www.sedar.com, each of which has been reviewed by one or more
qualified persons, as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The estimates of Eco Oro’s
mineral resources are subject to the qualifications and assumptions set out therein and readers are cautioned that mineral resources
which are not mineral reserves do not have demonstrated economic viability The technical information in this presentation is derived
from Eco Oro’s news releases, technical reports and other continuous disclosure documents filed by Eco Oro available on SEDAR at
www.sedar.com, each of which has been reviewed by one or more qualified persons, as defined by National Instrument 43-101 –
Standards of Disclosure for Mineral Projects. The estimates of Eco Oro’s mineral resources are subject to the qualifications and
assumptions set out therein and readers are cautioned that mineral resources which are not mineral reserves do not have demonstrated
economic viability.
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4. Summary
TSX: EOM
Eco Oro is a Canadian exploration and development company focused on
the Angostura gold/silver project in Colombia
“First mover” status in Colombia - over 30,000 hectares of exploration
concessions in emerging California district
Strong balance sheet US$80.9 million cash; no debt (June, 2011)
Permitting applications in respect to an open pit/heap leach project have
been suspended owing to environmental concerns – awaiting definition of
“Paramo”
Positive Preliminary Economic Evaluation on underground project
Initial underground mineable resource estimate of 2.4 million oz gold and
13.4 million oz silver. Good potential to increase
Contracts awarded to four international engineering companies to perform
feasibility studies for underground project
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6. Management
TSX: EOM
Anna Stylianides
Interim President & CEO, Director and Co-Chairman (September 16, 2011)
Holds law degree from University of Witwatersrand, Johannesburg. Previous positions at
Investec Merchant Bank Ltd., as Director of Nasdaq publicly-traded companies and CEO
of FinTec Holdings. In 2005, Ms. Stylianides joined the Surgical Spaces, Inc. Group as
Director and CEO. She is also on the BOD of institutions such as Callinan Mines Ltd.,
Kaiser Foundation and the Fraser Institute.
David Heugh
Chief Operating Officer (March, 2011)
Previously held a number of senior and management positions with Anglo American,
including Head of Operations (Free State), Head of Mining (AngloGold SA) and Vice
President Mining (Anglo Base Metals).
Paul Robertson
Chief Financial Officer (September, 2011)
Managing Partner of Quantum Advisory Partners LLP, a professional services firm
dedicated to assisting publicly listed companies with their financial reporting, taxation and
regulatory requirements.
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7. Location
TSX: EOM
Angostura Gold/Silver Project
16 years in Colombia
In excess of C$160 million invested at
Angostura gold-silver project to date
Land acquisition, exploration programs
and technical studies
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8. Colombia, one of the world’s most unexplored mineral regions
TSX: EOM
Accesible Location
Located 55 km by road from Bucaramanga, a city with population of 1.2 million
Access to site at all seasons by road or helicopter
Extensive Infrastructure
Access to major power grid
Abundant water and materials available
Access to educated local work force
Foundation for Growth
Colombia is one of the world’s most under explored mineral regions
GDP growth in 2010 of 4.8%
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9. Social Responsibility
TSX: EOM
Sustainable Social Responsibility
SSR Model:
Founded on 3 pillars, Core Business, Support Business
and the Foundation. All provide employment opportunities
and freedom of movement between them.
Model seeks to provide human and capital capacity within
the area of operations.
Support Business refers to essential but secondary
services that are often outsourced to small business
concerns in the area of operations.
Primary mandate of Foundation is to provide education,
Village children in an art camp
training, formation and capacitation to Core and Support
Business.
In addition, the Foundation provides support to local
communities and regional security in the area of
operations.
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10. Environment
TSX: EOM
Environmental Stewardship
Ongoing efforts to assess and develop best practice in
environmental management.
Environmental stewardship through:
Investment in regional environmental restoration
initiatives.
Nursery propagation of native flora species.
Hydrological management.
Preservation and conservation of Páramo ecosystem.
Restoration of lost habitats with species association.
Protection and rehabilitation of slopes through re- Frailejones cultivated in GSL nursery
vegetation.
Solid waste management.
Industrial sewage treatment.
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11. Chronology – recent past
TSX: EOM
Eco Oro announces
positive scoping study
for Angostura Eco Oro announces
Eco Oro announces underground project election of new
information meeting (NI 43-101) and Board of Directors
on Angostura open change of Officers and
pit project was held Directors
in Bucaramanga
Feb. Mar. Apr. May June
2011 2011 2011 2011 2011
Second public hearing
held but terminated early Eco Oro announces
after public disorder. cancellation of AIM
listing
Company withdraws
request for environmental
license and announces
potential of alternative
underground project
Opposition to Angostura’s open-pit project and the designated location of project facilities in
areas termed as Paramo drew criticism from residents of Bucaramanga as well as regional and
national government
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12. Chronology – going forward
TSX: EOM
Annual reports
- Financial
- Social Responsibility Angostura NI43-101
Eco Oro announces - Safety & Occupational UG Pre-Feasibility
award of engineering Health
contracts for UG - Environment
project feasibility
studies - Resources & Reserves
Aug Q4 Q1 Q2 Q3 Q4
2011 2011 2012 2012 2012 2012
Angostura NI43-101 UG Q1 financial report Angostura NI43-101
PEA update UG Feasibility
Investor & Analyst
Mongora NI43-101 PEA visit to mine site
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14. Motivation for UG project
TSX: EOM
No requirement for Angostura & Paez leach pads.
No requirement for large open pit.
No requirement for large waste dump at Móngora.
No plant infrastructure in Páramo.
Much reduced rock movement (<2% of open pit).
Much reduced impact on environment, no intervention in
Páramo, reduced water consumption, reduced impact on
water table and reduced risk of water contamination.
Much reduced plant and infrastructure and hence much
reduced capital investment.
Reduction in land acquisition.
Reduction in explosives, reagents and chemicals
consumption.
Reduction in movement of personnel and supplies to and
from mine site, thereby reducing transport risk.
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15. Characteristics of UG project
TSX: EOM
Targets high grade oxides, transitional ores and sulfides.
Potential for waste and tailings placement (backfill) in mine
workings.
Smaller waste dump and tailings dam footprint on surface.
Smaller plant and infrastructure footprint on surface.
Because of smaller volumes, potential for overhead cable
transport of ores to plant and remote plant location.
Potential for local grinding and transport of pulp in pipeline to
remote treatment plant location.
Potential to increase mineable resources (high grade targets
outside of stope boundaries, mineralization open at depth and
to south, incremental cost approach for lower grade resources).
The underground project may neutralize prospect of ever
returning to an open pit project because the high grade
resources will be exhausted making an open pit uneconomic.
Total gold and silver production is less and the rate of
production lower than would be the case in an open pit project.
Nonetheless, the underground project would remain a large
scale operation.
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16. Angostura UG project
TSX: EOM
Mineable resources @ 3.0 g/t Au cut-off grade
Ore (t) Au (g/t) Au Oz Ag (g/t) Cu (%)
INDICATED + INFERRED
Oxides 616,324 5.75 113,859 19 0.026
Transition 2,291,293 5.68 418,133 22 0.043
Sulfides 10,519,881 5.46 1,846,692 17 0.087
TOTAL 13,427,498 5.51 2,378,690 18 0.077
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17. Strategies to reconfigure project
TSX: EOM
Engage government and local authorities on project
reconfiguration and definition of Páramo.
Implement Sustainable Social Responsibility (SSR)
strategy.
Aggressively pursue drilling programme to increase
underground resources and improve classification.
Complete feasibility study for UG project.
Develop human and capital capacity in the area of
operations for construction and operating phases of
project.
Maintain investors and analysts properly and timeously
informed of project progress.
Provide flexibility in project configuration for consolidation
of mineral resource assets including the satellite deposits
of Móngora, La Plata and Armenia.
Provide flexibility in project configuration for consolidation
of mineral resource assets owned by others in the area of
operations.
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18. Mineral concessions
TSX: EOM
ECO ORO
CALVISTA
GALWAY
VENTANA
•Over 30,050
hectares of
exploration con-
cessions, less
than 10% of
which has been
evaluated
•3,538 hectares
of surface rights
•16 new mining
title applications
in 5 departments
in Colombia
(80,000 hectares)
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19. Exploration drilling & tunneling
TSX: EOM
Over 300,000 metres Over 3,000 metres
of drilling of underground development
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20. Upside – Armenia, Mongora, La Plata
TSX: EOM
ECO ORO
CALVISTA
GALWAY
VENTANA
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21. Exploration targets
TSX: EOM
ECO ORO
CALVISTA
GALWAY
VENTANA
EXTENT
INFILLS
LA PLATA
MÓNGORA
ECO ORO LICENSES
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24. Metallurgy
TSX: EOM
Test results for high gold grade sulphides
Process Au Recovery Conditions
Recovery on cleaner concentrate - Mass
Flotation Range from 85% to 90%
Pull* between 10-14%. Pilot plant tested
Cyanidation of flotation Tails Range from 39% to 65% Extra 4-9% overall recovery
Flotation Concentrate Selling Au grade Clean concentrate (As < 1800 ppm, no Hg),
Option between 40-50 gpt Cu content in concentrate of around 1.0%
Best conditions to be optimized. More
Roasting Range from 89% to 93%
testing planned.
Batch and pilot plant conducted using
Bio-oxidation Range from 92% to 96%
BIOX® technology.
Results for early testing. Optimal conditions
Pressure oxidation (POX) Range from 95% to 97%
still to be defined. Ore amenable to POX.
* Mass Pull: The % of material in which gold recovered is concentrate.
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25. Investment Case
TSX: EOM
In spite of current permitting difficulties, a significant opportunity exists to develop a robust
underground project at Angostura.
The advantages of an underground project compared to the open pit options include:
Reduced environmental footprint
Lower capital cost
More easily financed
Shorter lead time to production
Access to higher grade material
Significant blue sky potential in terms of expansion of current resources and new target areas
(Armenia, Mongora, La Plata).
A healthy resource remains in place with potential to increase through further drilling and exploration
programmes. To date only 10% of 30,050 hectares have been explored.
A good address: the company is operating in a highly prospective region.
Strong balance sheet US$80.9 million cash; no debt (June, 2011).
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30. High grade veins
TSX: EOM
Oxidation Drilling Programme
Limit
Objective
Reduce infill drilling spacing
PFS Pit to:
Shell
Existing Drill Improve categorization of
Holes resources
Obtain better definition of
high grade veins
(continuity and extension)
Programmed
Drill Holes Estimate parameter
definition for high grade
veins mineral resource
model
High Grade Vein 200 m
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31. Angostura
TSX: EOM
18,740 metres of core drilled, testing higher grade mineralized structures at
depth and along strike (2010-11)
Significant intercepts confirm presence of mineralization along strike and
down dip in northern limit of Angostura
Geochemical sampling:
- Stream sediment sampling
- Soil sampling
- Rock sampling
Determination of geochemical anomalies
Drilling of geochemical targets
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34. La Plata exploration
TSX: EOM
5 kilometres southwest from Angostura. Elevation of up to 2,500 m.a.s.l.
Mineralization of gold, silver, copper, lead and zinc, a part of the
mineralizing system parallel to La Baja creek; also hosts mineralization of
Angostura and La Mascota.
Occurs in sheeted faulted veins striking to northeast and east-west, steeply
dipping to north and south.
System of fracturing controls the distribution of the alteration and
mineralization.
7,162.35 metres of core drilling have been completed since 2010. Future
drilling program will be focused in defining the mineralization extension.
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35. Regional exploration
TSX: EOM
In addition to the California
District, Eco Oro is conducting
regional exploration for new
gold targets in the
departments of Tolima,
Caldas, Norte de Santander
and Santander
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