Mr. Allen Sabet reports

DRILLING NOW AT FILO SUR PROJECT

Drilling of key priority targets has started on Mogotes Metals Inc.'s Filo Sur project located directly south of the large BHP/Lundin Filo Del Sol (FDS) Cu-Au-Ag (copper-gold-silver) resource. Mogotes intends to drill from the selection of high-priority targets for porphyry copper (PCD) and high-sulphidation epithermal (HSE) gold-silver mineralization outlined by the company's exploration programs starting at the Stockwork hills and Cruz del Sur target cluster in Argentina.

Chief executive officer Allen Sabet commented:

"Our first diamond drill rig is now turning on site. Stockwork Hills is an attractive target for higher-grade stockwork Cu-Au-Ag-Mo mineralization. We are excited for the findings from the compelling Stockwork Hills target and its sister target at Cruz del Sur."

Drilling is planned to continue to the rest of the priority targets highlighted in Figure 1 as shown in the original release as the season progresses. Access works and platform construction are underway for the targets and access and premiting are advanced for the priority Chilean targets that were identified at the end of last season.

Currently drilling: Stockwork Hills (SWH) and progress to the nearby Cruz Del Sur (CDS) porphyry Cu-Au targets:

• Shallow: The top of the drill target starts at a relatively shallow, approximately 350 metres below the surface.
• Low elevation: Elevation is approximately 4,300 metres (relatively lower altitude).
• Size: The footprint of the geophysical target is approximately 600 m by 200 m.
• Compelling geophysical signature:
  • Highly chargeable in IP survey (plus 50 ms);
  • Magnetic anomaly.
• Trenching at the SWH prospect tested a high-order Cu-Au soil anomaly on the edge of gravel cover.
• Assays from trench channel sampling returning encouraging Cu-Au (Zn-Ag-Mo) (zinc-silver-molybdenum) results associated with moderate intensity A and B quartz veinlet stockworking with visible supergene (malachite-chrysocolla copper oxides) mineralization hosted in sericite-clay-silica altered volcanics and diorite dikes.
• Assays results from channel sampling of the trenches include:
  • Trench CDS T7, 147 metres at 0.2 gram per tonne Au and 600 parts per million Cu, including 12 m at 0.29 g/t Au and 0.32 per cent Cu;
  • Trench CDS T8, 106 m at 0.14 g/t Au and 700 ppm Cu, including 17 m at 0.27 g/t Au and 0.14 per cent Cu.
• SWH trenches outline a 400 plus m long, north-south-oriented zone of mineralization that projects under gravel cover in both directions. The SWH Cu-Au zone outcrops approximately 350 m above a 600 plus m long, strong chargeable (plus 50 ms) and magnetic geophysical anomalies that represents an attractive target for higher-grade stockwork Cu-Au-Ag-Mo mineralization.

About Mogotes Metals Inc.

Mogotes Metals is a mineral exploration company exploring for copper, gold and silver in the prospective Vicuna district of Argentina and Chile. Mogotes flagship project, Filo Sur, adjoins the large Filo del Sol copper-gold-silver discovery, and is along the same north-south-trending belt as the Filo Del Sol -- Aurora and NGEx Minerals Lunahuasi and Los Helados copper-gold deposits.

Qualified persons

The scientific and technical disclosure for the Filo Sur project included in this news release have been reviewed and approved by Stephen Nano who is the qualified person as defined by National Instrument 43-101. Mr. Nano is a director and technical adviser of the company.

Note that the qualified person has not verified the information regarding adjacent properties such as Filo del Sol and that the information regarding the mineralization of the Filo del Sol project is not necessarily indicative of the mineralization on the Filo Sur project.

Mogotes applies industry-standard exploration sampling methodologies and techniques. All geochemical soil, stream, rock and drill samples are collected under the supervision of the company's geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples from Argentina are dispatched bagged in raffia bags and packaged for shipment by an exclusive truck to the ALS laboratory in Mendoza, Argentina. Samples from Chile are dispatched bagged in raffia bags and delivered to the ALS laboratory in Copiapo, Chile. These facilities carried out sample preparation (PREP-31B) which includes crush to 70 per cent less than two millimetres, riffle split off one kilogram, pulverize to 85 per cent passing 75 micrometres. The prepared samples are sent to the ALS laboratory in Lima, Peru, for gold and multielement analysis. Gold (Au-ICP21) was analyzed by fire assay fusion with ICP-AES finish on a 30 g sample. Samples were also analyzed for a suit of 48 elements (ME-MS61) with four-acid digestion and ICP-MS finish.

Assay results from drill core samples may be higher, lower or similar to results obtained from surface rock, channel, trench samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.

We seek Safe Harbor.