Name of Optionee         Position                                Number of
                                                             Common Shares
                                                              Reserved for
                                                                  Issuance

Daniel Major             Chief Operating Officer
                          and Director                             600,000

Fran Scola               President, Chief Executive
                          Officer and Director                     400,000

Andrew Robertson         Chief Financial Officer                   200,000

Mark Kesselman           Corporate Secretary, Executive
                          Vice-President and Director              100,000

Nick Demare              Assistant Secretary                        50,000

Keith Hulley             Chairman of the Board
                          and Director                             150,000

Willie Lamarque          Director                                  100,000

Chris Charlier           Director                                  100,000

Gary Artmont             Chief Geologist                           100,000

Steve McMullen           Vice-President of
                          Exploration - Ecuador                     50,000

Paulo Lisboa             General Manager, Brazil
                          Operations                               100,000

Diego Benalcazar         General Manager, Ecuador
                          Operations                               100,000

Rodrigo Izurieta         Controller, Ecuador Operations             50,000
                                                                 ---------

TOTAL                                                            2,100,000