San Timoteo

Claims

The San Timoteo property includes several claims, which total 793 hectares. These are San Timoteo, San Timoteo II, Oro Leon, Las Trojas and Bufalo B.

Exploration Program

The first drilling attempt in 2001 had very poor recovery with eight holes totaling only 1.767 metres. Due to the poor recovery the drill program was cut short and the current diamond drilling is the first to follow the 2001 work.   Shallow drilling in fall of 2006 followed up by major diamond drilling program in 2007.  Area drilled covers the area from the old San Timoteo workings, across Las Trojas and to the north and east towards the north end of the Nueva Union property.  Planned drilling is for at least 5,000 metres with hole depths ranging from 150 to 770 metres.   Surface a mapping and sampling as well as some underground sampling.

Geology

Northeast trending structures and at least one east west structure cut intensely altered dacitic volcanics and minor sedimentary rocks of the Lower Volcanic sequence and small intrusive bodies. Stockwork veining extensive in some areas.  Numerous old mine workings occur on this property, including several levels of adits on the San Timoteo claim; a major adit on the Las Trojas claim (the San Martin Mine) – which is the only old mine in uruachic known to have tracks, as well as several smaller tunnels. San Timoteo II contains the old Las Animas, Sucursal and Polo Norte mines.

Location & Map North, central portion of the Uruachic camp.  Adjacent to main access road and crossed by numerous drill roads. Drilling Results Results from the 2001 drilling included 4.55 metres of 1.09 g/t gold and 132.37 g/t silver in hole ST-DD-01-2, 11.7 metres of 0.39 g/t gold and 16.8 g/t silver and 8.6 metres of 0.37 g/t gold and 23.75 g/t silver in hole ST-DD-01-8 and 56.2 metres of 0.14 g/t gold and 1.75 g/t silver in hole ST-DD-01-7.  Five holes totaling 1,104.1 metres were completed in the vicinity of the old San Martin mine located on the San Timoteo property by the end of August 2007.

Additionally, five shorter holes totaling 462.25 metres were completed further north, close to the old Las Animas Mine, where historic production grades ranged from 5.67 to 7.08 kilograms of silver per tonne.   The first 2007 San Timoteo drill hole intersected 217 grams silver/tonne over 1.25 metres at a depth of 192 metres, which was just prior to entering an unknown underground working that stopped the hole just as it entered the target zone. This hole will be re-drilled to avoid the workings and test the target zone.   The first short Las Animas hole also cut 61 grams silver/tonne and 0.2 grams gold/tonne from 42 to 43 metres.   Assay results from the majority of holes are still pending.

San Timoteo property has San Martin tunnel & underground workings that are about 1200m long and 2.2 m wide. Records show that San Martin ore graded 1,038 g/t silver & 7.3 g/t gold. Golden Goliath started modern exploration studies on San Timoteo in 2001-2002, and drill campaign in 2007-2008. In 2007 the Company intersected 21m of 89.5 g/t silver, 0.31 g/t gold,2.5% Zn, & 1.6% Pb in a diamond drill hole ST-07-08. In 2008 underground systematic chip sampling and mapping program returned 20m of 5.96 g/t gold,202 g/t gold, 2.5% Pb, & 0.4% Zn. The mineralized areas, within the recently rehabilitated tunnel which are denoted as Zones A, B and C, are shown in a table below.

The Company is currently aggressively drilling to extend the mineralized horizon intersected in ST-07-08 and in the underground workings.