President report that the Government of Salta, Argentina has awarded to the Company and its partner in Puesto Guardian two exploration licence areas surrounding Puesto Guardian, namely Matorras and Ocultar. President will be the operator of the two licences. The bid for Pizzaro was not successful due to a higher work programme bid of some US$43 million by a company, backed by a large Chinese industrial conglomerate.
Concurrently with these licence awards, President has signed an agreement with its Partner in Puesto Guardian to acquire for nominal value 100% of the equity in Matorras and Ocultar. The transfer is subject to prior consent and approval of the regulatory authorities in the Province of Salta.