In 2011, we structured and placed a US$25 million mining exploration fund, oriented to explore mining tenements in Chile. Asset Chile was selected by CORFO, the Chilean Development Agency, as recipient of a US$ 16 million non-recourse loan, which is granted directly to the fund. This loan is part of CORFO’s “Fenix Fund” program. CORFO’s program seeks to boost junior mining activity in the country, and to connect the Chilean mining and financial communities. In addition to the loan, Asset Chile raised US$9 million from private local investors (families). Our fund’s business model is to partner with local small and mid size mining firms and with listed foreign junior mining companies with projects in Chile. The tenements must have some level of exploration so additional drillings -financed by the fund- may lead to infer new resources or reserves. The focus will be on certain types of deposits, such oxides, veins or mantles, consistent with the size of the Fund. The Fund investment period is 3 to 5 years, after which it will seek an exit to the investments, including a potential IPO. The Fund receives constant support from Asset Chile’s corporate finance team and its independent board includes members with vast experience in areas such as mining law, finance, geology and exploration.