Item 8.01. Other Events.

As disclosed in our quarterly report on Form 10-Q filed with the Commission on November 12, 2008, as a result of the recent turmoil in worldwide financial markets and the reluctance of investors to participate in the exploration sector, the Company has been unable to raise additional capital and is the process of restructuring its operations, reducing its operating costs, and negotiating with its creditors to address the Company's liquidity issues.

In connection with this restructuring, the Company was unable to make its November 30, 2008 interest payment with respect to the Company's $2.6 million Promissory Note (the "Loan") with Global Resource Fund (the "Lender"), due December 29, 2008. The Company's failure to make a regularly scheduled interest payment to the Lender as it became due is technically an event of default pursuant to the terms of the Loan. As a result, the Lender has the right to declare the Loan to be due and payable at any time up to and including December 29, 2008. The Company has not received any demand for payment or notice of acceleration from the Lender. The Loan is collateralized by the Company's shares in RNC (Colombia) Ltd. and collateralized by a pledge of the Company's shares in Compania Minera de Caldas ("Caldas") and Gavilan Minerales S.A. ("Gavilan"). Caldas and Gavilan are the Company's principal operating subsidiaries and the titleholder of the Company's mineral rights and legal mine titles, which comprise the majority of the Company's assets.

The Company continues its discussions with its creditors to restructure the Company's obligations and continue as a going concern however there can be no assurance that these initiatives will be successful.

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