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 November 14, 2012
President's Letter November 2012

 Cosigo continues to receive encouraging news about the request for a Forestry Reserve Subtraction on the Machado project, but to date, no final approval.

The Machado project has coarse gold which makes accurate and repeatable sampling challenging. One good aspect of the delay in drilling is that Cosigo has had the time to develop a reliable system for handling and processing the reverse circulation cuttings that will be recovered from the drilling program. The program involves taking larger than normal samples, careful homogenization and splitting, thorough recording at all stages, a separate gravity recovery check and an assay process suited to the coarse gold environment. The system, which includes a rigorous quality control process, will be reported on by an independent engineer.

When the Machado project was delayed in order to obtain the Forestry Reserve Subtraction, Cosigo had a number of Mobile Metal Ion (MMI) samples in the field awaiting transport and assaying by a Canadian lab. Recently, a resolution by the Minister of Environment provided new outlines for activities allowed without a Forestry Reserve Subtraction. We are now planning to have the remaining MMI samples processed in order to be better able to define additional drill targets along the Machado Serrania.

On the east side of the Colombian border, work is progressing well on our Brazilian projects with local native groups. With a Memorandum of Understanding and a Letter of Intent in place, Cosigo is proceeding to further define its role in operating projects within the Indigenous territories. Cosigo is also developing its own project areas on the Brazilian side of the border. A man-portable drill, designed for first pass programs in remote or hard to access areas, is currently being built with technical assistance from Cosigo personnel. This drill, which can be brought to site using man-power alone, requires no prepared trails or drill-pads and has a very small environmental footprint. Once completed, the drill will be available to Cosigo and it stands to be the ideal tool for testing the gold targets identified on the Brazilian side so far.

We will continue to keep you informed on our progress.

Dennis Milburn
President & CEO

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