The Carmelita Property is a 2400 hectare property that lies within the Coastal Belt of the Andean Cordillera of Chile.  The land package is located approximately 55 km northeast of the city of La Serena and is approximately 20 km east of the Pan American Highway at elevations not more than 1500 meters above sea levels.

The property is underlain by lower Cretaceous volcanic and volcaniclastic rocks in contact with mid-Cretaceous granodiorites of the Coastal Batholith.  Copper +/- gold mineralization is hosted in numerous shear zones within the Atacama Fault Zone.

Dorex Minerals Inc. has entered into an Option Agreement with Inversiones Minera Coyote Ltda., to acquire a 100% interest in the Carmelita claims by issuing 500,000 common shares and paying $440,000 over a period of two years.  The property is also subject to a 2% NSR reserved to the underlying Option or, 1% of which can be bought out at anytime for up to five years for $1,000,000.

Over the last 15 years, portions of the Chilean Iron Belt have received more intensive exploration attention due to significant IOCG discoveries at Candelaria and Manto Verde, both of which are located several hundred km north of the Carmelita Property.  It has been suggested that these and other copper and copper-gold deposits in the Chilean Iron Belt are associated with structures along the Atacama Fault Zone, a north-northeast trending regional structure that stretches for over 1000 km, including the Iron Belt.  The main trend of the Atacama Fault Zone passes about 5km west of the Carmelita Property.

1992 Zorzal Sampling, ENAMI

From B. Torrealba, 1992 – Informe de Muestro de la Mina Zorzal

Verification Sample Descrptions

***Conclusions and Recommendations***

The Carmelita Property has not been subjected to any modern systematic exploration programs.  In the past, small high grade operations exploited near-surface copper oxide mineralization that was focused on structures that were afforded relatively easy access.  The property is in a geological environment that is somewhat similar to that of the prolific copper producing regions to the north at Candelaria and Manto Verde.

Copper +/- gold mineralization is present in a number of locations and is most evident in a well altered porphyritic andesite unit that has the potential to host significant copper +/- gold mineralization in a porphyry-type or an IOCG-type environment or, in the least, host higher grade copper mineralization confined to fault-related shear zones.

The area around the historic Zorzal workings would be the obvious choice for a Phase 1 program on the property.  Cursory prospecting resulted in the recognition of approximately two km of porphyry style alteration to the north and south of the Zorzal workings.

Additional exploration would have to be done to assess the potential for IOCG targets on the property but there is evidence of zones of hydrothermal alteration with associated magnetic mineralization that has been reported from previous work done on the property.

A Phase 1 exploration program is recommended to assess the potential of mineralization on the property.  This would be a grass roots program focusing on target generation throughout the entire property.  Geological mapping and prospecting would be the main focus of this program while at the same time a wide spaced soil sampling program and ground magnetics geophysical survey should also be undertaken to further assess the property, which does not have a great deal of outcrop.  This Phase 1 program is estimated to cost approximately $100,000 and should take about two months to complete.

Success in the Phase 1 program would provide the basis for a Phase II program focused on target delineation type work consisting of mechanical trenching, more detailed geophysical surveying and soil geochemical grid sampling that would lead toward generating drill targets for future work programs.

Encouraging results in the Phase I program may also require an increase in the size of the property.

Project #2

The Podpolom Property is now totaling over 15 square kilometers combined with the Klokoc South ( the “Southwest Zone”), Klokoc Exploration License that is located within the northern extension of the Carpathian Volcanic Arc of central Slovakia, approximately 150 kilometres east of the capital city of Bratislava. The area has had a history of exploration for industrial minerals and base metals and was only first explored for precious metals in the late 1990’s.

The Southwest Zone covers potential extension of well defined soil anomaly. This soil anomaly is located about one kilometer southwest of the Podpolom quarry and is coincident with both Induced Polarization and magnetic anomalies and has dimensions of 350 by 150 meters. Rock-chip float stone sampling was carried out over the center of the anomaly and four of the six samples returned anomalous gold (over 400 ppb gold). Two of the four float values of 15.2 and 26.6 g/t gold. Only one drill hole was drilled in December 1997 to test the anomaly and averaged 0.50 g/t over its entire length (Marlow et al, 1998). No work was done to follow up this initial work on this anomaly.

The Podpolom property is underlain by a strongly ferruginous oxidized breccia that has formed in the core of a competent massive, barren silica. Previous exploration indicates that the highest gold grades are associated with breccias that have more ferruginous matrix as opposed to grades encountered in more silica or argillic altered samples.

A large region that included the current Klokoc Exploration License was the focus of an extensive exploration program by the Geological Survey of Slovakia from 1975-1985. That study focused on regional, deep seated porphyry copper targets at a time when major porphyry copper deposits were being discovered and developed all over the world. Although the program was successful in discovering porphyry copper mineralization, it was deemed too deep to be economic and the program was abandoned.

The government program also discovered numerous hydrothermal centers in the region that were recognized by Rhodes Slovakia s.r.o., a local subsidiary of an Australian company, for their potential to host epithermal gold mineralization. From 1996-1998, Rhodes conducted exploration on a 26.3 square kilometer license that included the Klokoc License. Rhodes performed grid sold geochemical sampling, induced Polarization geophysical surveys, and drilled 22 diamond drill holes on their license. Rhodes was successful in outlining significant gold-rich mineralization on targets that lie within the current Klokoc License and were forced to abandon their exploration in the spring of 1998 due to the downturn in commodity prices that depressed exploration investment at that time.

Dorex Minerals Inc. has an agreement to earn a 75% in the Podpholom property, which is reached by paved highway to the mall town of Klokoc. The Company entered into the agreement in August 2004 and performed a modest program of grid geochemical sampling in September 2004.

Recommendations for an exploration program budgeted at $250,000 are included in this report and has been tentatively scheduled to begin in the Summer of 2006.

The company is very actively researching advanced exploration projects in South America (Chile, Peru, Argentina).