Karmin Exploration Inc.

Corporate Information

Karmin Exploration Inc. is a public company that is quoted for trading as "KAR" on the TSX-Venture Exchange (TSX-V) headquartered in Toronto, Ontario, Canada. Karmin Exploration Inc. was formerly knows as Ambrex Mining Corporation, the name was changed mid September 1999, at the same time there was a share consolidation of three issued and outstanding shares of Ambrex for one new share of Karmin.

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Aripuanã Joint Venture in Brazil

• Karmin currently has a 30% effective interest in the 11,046 hectare Aripuanã joint venture located in the highly prospective Aripuanã region of Mato Grosso State, Brazil.
• This joint venture area covers 25 kilometres of strike length along a VMS belt in Aripuanã and is managed by Anglo and Votorantim in Brazil.
• The exploration target is to define a 30 million tonne resource in 2007 with a grade of 8% zinc equivalent.
• Anglo has expended US $3.25 million exploration program on the joint venture lands by 2003.
• Votorantim expended over US$1.6 million by the end of 2005.
• Votorantim is analyzing the data from both companies' exploration results for further interpretation. Drilling and geophysics are being conducted over the next year as well as new drilling targets.
• Votorantim and Anglo has agreed to conduct all the work deemed necessary through to a mineable deposit, as Karmin has a free carried interest to and including a third-party bankable feasibility study.
• Once a production decision has been made, both parties of the JV are to participate in the development of the project based on their respective percentage ownerships.
• Karmin/MRA maintains the right to explore for and mine oxide gold on the joint venture property, subject to a 2% NSR.